Topic: Questionable wealth because of Crypto - page 2. (Read 1023 times)
if nothing triggers to investigate you do not be afraid. For example, having multiple bank accounts and not showing the wealth that you can in the crypto in social media. I'm sure it will be safe.
Whether we like it or not a person living a flamboyant life style will be questioned but how do we overcome such a scenario? I belief we need to convince people how Cryptos can turn things around as far as our fortunes is concerned and evidently shows all the proofs based on transactions recorded on the ledger of our wallets or else our source of wealth might be linked with illegal source especially drug trafficking.
Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?
I think if you belong in a country that knows about bitcoin then there is nothing to worry about..because they already know bitcoins potential in making someones life to be wealthy.You don't owe them an explanation because bitcoin is the most profitable digital currency of all time and it proven its worth for the last 9 years of its existence.If people speculate tell them about your experience of bitcoin as an easy way to earn money compared in having a job that is very tiring but with low salary.If they on believe and still wonder how it change your life to be rich that fast then let them feel envy on what you become. Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?
That's a valid issue. I also agree with this point with 100% because I knew a lot of people who have made a huge money by working in this platform, not only that but also they are trading and investing also here. But you can't find out them at any cost. but I don't have any problem with this issue because they are making money through a source whatever they can, so government should not interfere with this matter until the institution itself hampered. 
I experience this too , I remember one time when I try to withdraw some of my earning here in bitcointalk in money exchanger or the teller ask me what is my work so me thinking that she actually thinking that I get it in gambling or in a bad way because I always withdrawing money always in their office.
You should not have any issues unless you come from a country where law and order are not respected or where people in power can disobey the Constitution at will. Once you have a very good evidence as to what your source of income is and you are able to prove it, then you should be okay.
Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?
Bitcoin in the first place is not illegal so there's nothing to explain to them where our wealth came from because we work hard for it.And besides our country accept bitcoin,so I think there's nothing for me to worried about it if in case I become instant millionaire because of bitcoin.
they are the reason for the rapid growth of people in bitcoin and because people are not perfect it makes a mistake and continues to abusing money especially oneself but it does not mean that the government knows how to get rich because it.hope those people know their limit, if they have pay taxes pay it immediately
Some governments still associate Bitcoin investors with money laundering. I understand it because they should know that Bitcoin is not really anonymous and people switched to some other cryptocurrencies which offer much higher anonymity. There should not be any problem if you always pay your taxes from Bitcoin income like trading or mining. Both of these activities are easy to prove. Cryptocurrencies became so popular that nobody should be surprised that you earn from them.
A lot depends on the country you live in and how the crypto belongs to your state and many other factors. If the crypt in your country is legal, then you have nothing to fear just pay taxes.
Well is there even a country today that found a way to successfully tax btc yet? As far as i know there's none. And money you put in banks that came from crypto can be questioned especially in big amounts. Banks control the money you put in there anyways that's why a lot of people support this crypto revolution to put control over their money back in their hands
As long as you remain below these trigger points, the bank will likely not start an investigation and demand for proof of funds. The only thing is that they can change their terms at any time.
A lot depends on the country you live in and how the crypto belongs to your state and many other factors. If the crypt in your country is legal, then you have nothing to fear just pay taxes.
I for one am really affected by this issue because in my country, young men gets harrassed by the police all the time especially if you're well to do you become their target.
And it has been generalized by most that those who work from their laptops at home are normally involved in cyber crime. I find it hard convincing my loved ones that this platform has nothing to do with cyber crime, talk much less of the police who only care of how much they can extort fom you. It's quite unfortunate.
And it has been generalized by most that those who work from their laptops at home are normally involved in cyber crime. I find it hard convincing my loved ones that this platform has nothing to do with cyber crime, talk much less of the police who only care of how much they can extort fom you. It's quite unfortunate.
I sometimes have trouble explaining the money I get from Cryptocurrency. Moreover, if they are lay people who are less knowledgeable of technology. They must have thought the money I got from the gamble, while I hate gambling. In essence I answer their questions honestly and with simple delivery.
Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?
Well, practically if they don't have evidences that you do drugs or something like that, somethig illegaly , they can't put you in jail. maybe only if online trading are something illegal in your country i think ,but all you can do is paying your taxes to the state an then , try to explain to them how this works, or try talking about how the technology of these years has advanced.Really you it can't anything happen to you if they don't have a proof that you've done something illegaly.
If you like flaunting your wealth, better be ready for a lifestyle check. Friend and relatives may get curious on how did you get rich without them seeing you working in a company or running your own business. In most Third World Countries, the taxman don’t care, but is a different story when you’re in the US. Just make a record on all your transactions to be safe.
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Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?
You can explain to them by giving transactions to the trading floor and the times you are laundering. You should note all such transactions to prevent misunderstandings.This is very important for countries that do not block bitcoins. Keep that information very carefully.
you will never go to jail as long as bitcoin is not banned. even though bitcoin is not legal yet, even if illegal bitcoin can not entrap us with a crime article unless you use bitcoin.
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