Topic: Questionable wealth because of Crypto - page 5. (Read 1023 times)
I would return ask them that is casino and gambling illegal? if not why the gambling currencies are becoming illegal
The question that I often get from my neighbors or from relatives, who see my lifestyle getting better, of course this is a positive thing of course I tell them, in order not to think further negative about me and my small family, the first thing I told them I was trading and they knew that, so they understood what I did every night or when I started trading, the point is that when we are asked to our relatives, we must remain calm and know the meaning of Crypto , so they can also understand what we are talking about to them ...
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?
Show yourself to the revenue/tax agency of your country and declare how you became rich. They will believe if you will tell them that bitcoin is the reason why you became rich. Bitcoin is popular and well known nowadays so they are not going to doubt with every single word you are going to say just to clear your name and obligations.
That's really serious, such governments shouldn't even be in existence. Anyways your trading history could help out if you're a trader and if you're into bounties your trading history can still help you out.
Just buy things with Crypto, nobody knows how you've paid for it and then just sell the assets
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 are questioned by the government since possibly you did not declare your assets or source of income. Before we encash our bitcoins we should declare to the banks where are our funds coming from since if you dont declare it you will be questioned by the Anti Money Laundering Commission. But if you do not want to be in trouble if you have enough money then establish a business so that they will not question you anymore.
You should fill out the appropriate tax forms and disclose the reason you got wealth from and if you have any prove that you owned the crypto (so save all receipts), you will be all right. The key here is paying the appropriate taxes - after you pay taxes, then they will not bother you anymore.
A lot of people have made a lot of money from crypto and a lot of them have becomes millionaires. It's their hardwork and patience paying off.
This happen to my friend a lot of times since he is a millionaire because of the cryptocurrencies and when he tried to apply for a bank account so he can settle some of his profit for savings then the bank ask him if what is his source of income and when he told them that his source of income is from the cryptocurrencies, they rejected his application which is very unfair.
our government here will always ask the people around .who are going to be rich instantly sometimes most will relate all to a wealth of drugs and smuggling so everyone can send as to jail for a questionable wealth and not playing taxes all will do activities we all did keep thinking that we did illegally. how do I become a rich .because of bitcoin make us think everyone will believe .I'm saying that its bitcoin that we are making the rich how will I explained for them.. 
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?
why are you so worried about all that. you can show from the investment, trade or mining. do not we have any proof of what we have done from involvement in crypto?
this is strong evidence. I am not worried about all that.
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?
In my opinion, in any country, government agencies must prove the illegality of sources of wealth, and not you have to prove that your money you earned honestly. You just have to specify this source, that is, in this case it will be a deal with crypto currency. If in your country the crypto currency is not legalized yet, however, it is not forbidden, then you have nothing to fear. As a general rule, everything in business is not prohibited, has the right to use. If in your country circulation of the crypto currency is already settled, it is necessary to find out whether the taxation is established on the profit from operations with the crypto currency and pay the corresponding taxes. Then, I think, all problems will be lifted.
In a survey of 10 countries in Asia, six countries concur with systematic Cryptocurrency management. The remaining countries are quite cautious on this issue. For those countries that have not accepted Cryptocurrency yet, the income from Cryptocurrency is questionable. When finalizing the legal framework for Cryptocurrency, you will pay taxes to the State from your personal income. At the same time, you do not have to worry about legal issues with the work you are doing with regards to Cryptocurrency. You can improve the quality of your life and at the same time fulfill your individual obligations to your country. Meaningful.
The problem is time.
The problem is time.
I think the government can't do that instantly with their people. At first, they can do some background check on the nature of your lifestyle. Why you suddenly get rich. Maybe when they find out that your wealth is from bitcoin and other digital currencies . Perhaps, they will only give you some papers to pay a proper tax to the government to avoid accusations about your questionable wealth. So that, they can not sue you any case in the future. And no one can not accused you of doing illegal activities because of that wealth....
I think the best way for you is to let them know about your bitcoin earnings and start paying taxes. I know you will lose a lot of money by doing this but its much better than going to jail. Its a bad experience for anyone to spend one night in jail without doing anything. It feels like you were caged or something. Do every means to avoid that and just tell the truth. I'm sure they will understand and let you go.
Well, there will be no worries if we will pay the right taxes to the government, and this is the right thing to do to avoid questionable wealth. Government is already aware with bitcoin its not new to them that earning here is good and there are possibilities that people who are engage with bitcoin become wealthy. They become what they are right now because of their hard work and determination to reach what they want in life. As long as we clearly know our responsibilities as a good citizen, what is due to the government is due to them nothing to worry about our wealth.
You cant anymore become rich with bitcoin because the price is very high right now so in order to make a lot of profit you need to invest a lot of money
Crypto is a doorway for the well-being of society and success for everyone who believes in it. It takes a lot of patience, perseverance, and positivity when you're part of crypto family. It's never easy, living in a world of uncertainties, we have to be strategic and look for ways to earn and gain decently. I think if you work hard and sacrifice for it, and you do what is right then it's never questionable. 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 is also in my mind. Authorities who implant drugs just to extort rich businessmen is very common here in my place so I feel scared that it could happen to me.
Simply I don't know because I am not good at explaining LOL
I don't think that there will be any action from government site if the person is paying taxes as per his eligibility and jurisdiction. Crypto is in the grey area right now and thus I am not expecting any harsh action from the legal authorities as of now. I am talking about general users and not the users for using Bitcoin for illegal activities or tax evasion purpose. I am sure that most of the governments will try to regulate Bitcoin instead of completely banning it
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