I was thinking and discussing the same matter a few days ago. If my BTC reaches 5000$ one day then how can I sell my BTC to fiat and cash out my money?? The only possible solution was to sell the BTC in pieces and send it to many of my friend's accounts. Because if you sell all your BTC at once then obviously the government will ask too many questions about it.
Absolutely,thats the best way left to escape from being targeted by governments for our bitcoin earnings.Just sending small amounts of BTC to different accounts to cash out.Well,my earning has not reached that much big and so i don't have such problem now.Our government has already asked all banks to give details of persons whose accounts have more than $1500 transaction for taxing purpose.So in future,i will use the above mentioned option. 
Topic: Source of bitcoins (Read 1838 times)
Why you should be complicated with the problem, of course it is your money that you can properly by promoting an online product or other work that its paying using bitcoin and not violate any law, tell them you get it well without deviating from law That exists, and you can provide proof that can reinforce if what is working is true
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I use exchange websites to withdraw my bitcoins for fiat to my bank account. I wish to know that if in case the bank asks about the source of the income and source of bitcoins, what would I proof can I give them? I commonly earn from signature campaigns, freelance tasks and translations but giving them the complete details would be too much.
Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?
This is pretty easy and hard. The reason why I said it hard is because the government law of the country in reside may not approve bitcoin. However, most countries had sign bitcoin into their law and if country is not part of those countries you have a lot of home work to do. But I will advice you to use a legit/register exchanger, set up your account on your genuine name and have a picture copy of every transaction you do to be in case. Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?
This community only as a place in the middle for that to implement the transactions and make the profit. When btc is paid for you and you sell btc to switch to Fiat or bank account, there will be a account tranfers to you. All is just like switching between acquaintances and does not need to explain or prove anything.
I use exchange websites to withdraw my bitcoins for fiat to my bank account. I wish to know that if in case the bank asks about the source of the income and source of bitcoins, what would I proof can I give them? I commonly earn from signature campaigns, freelance tasks and translations but giving them the complete details would be too much.
Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?
Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?
I have been giving as short term profit from online income and i have given proof of the transaction id which i am sending through my wallet. till now no problem faced. or else you can also show as other way of income because their will be only incoming entry and you can even show your business entry.
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I use exchange websites to withdraw my bitcoins for fiat to my bank account. I wish to know that if in case the bank asks about the source of the income and source of bitcoins, what would I proof can I give them? I commonly earn from signature campaigns, freelance tasks and translations but giving them the complete details would be too much.
Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?
Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?
I have been giving as short term profit from online income and i have given proof of the transaction id which i am sending through my wallet. till now no problem faced. or else you can also show as other way of income because their will be only incoming entry and you can even show your business entry.
I use exchange websites to withdraw my bitcoins for fiat to my bank account. I wish to know that if in case the bank asks about the source of the income and source of bitcoins, what would I proof can I give them? I commonly earn from signature campaigns, freelance tasks and translations but giving them the complete details would be too much.
Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?
Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?
I know this will be difficult for you to explain it to them, but you could cite it as a gift or loan or find out reading your country laws which items you need not declare. Once you come in the tax scanner boom you are gone, would advise you to have a word with your consultant and post this in your country local board here, so you shall find a more detailed information to your question.
Well if that were me i would say i am writer for the btc forum and i am paid via bitcoin. Then i think it is managable enough to explain what btc is. Because that is mostly my answer to whoever is asking how i am making money while i am doing no effort. It is not a lie and definitely very true. For me that is just the most simple term i could say without them asking many questions on how i am earning.
It would only be a trouble if you want to withdraw large expenses, but they won't be able to take it from you because you don't have it.
The only solution that I see is to withdraw slowly and with low amounts.
The only solution that I see is to withdraw slowly and with low amounts.
I use exchange websites to withdraw my bitcoins for fiat to my bank account. I wish to know that if in case the bank asks about the source of the income and source of bitcoins, what would I proof can I give them? I commonly earn from signature campaigns, freelance tasks and translations but giving them the complete details would be too much.
Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?
Yes , one of my friend is doing the same thing , usually he made earning if 0.5+ byc per month and sell online for the bank money Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?
But the description for the sell and deposit money for him is giving by two methods simultaneously .
Trading : he shows that he is making money through buy and sell of assets online and make money .
Second is altcoin trading : Usually there are many assets and make buy and sell when price get rise much high .
In this way these two types of the description he made for the tax payment monthly .
So here I don't think it would be much hardworking , but here Is reality that you need to hire a lawyer or atleast make every detail map for yourself by spending the whole day .
I use exchange websites to withdraw my bitcoins for fiat to my bank account. I wish to know that if in case the bank asks about the source of the income and source of bitcoins, what would I proof can I give them? I commonly earn from signature campaigns, freelance tasks and translations but giving them the complete details would be too much.
Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?
For now i have been doing this stuff already on which most of my earning here on bitcoin world is directly been credited to my bank account by the use of third party wallets which do have features on directly cashouting it directly to your card.Until now i didnt still experienced such issue about bank verification regarding on your earnings.If it does really require you then tell the truth that you are earning on that stuffs.Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?
There is nothing that links the account to your identity(at least in legal terms) and I doubt the revenue would accept signature campaign and faucets as valid and legal income.
You(and we all) are earning money that we don't legally have. A trouble if you want to withdraw for large expenses, but THEY won't be able to take it from you because you don't have it.
Solutions: withdraw slowly and don't have a lifestyle much bigger than you could have with your "legal" sources of income. Or gain much more by other ways, so your Bitcoins earnings could pass by without being noticed
What you say is absolutely correct. We do not have any information regarding your identity and your Bitcoin account so we can not prove that it is legitimate, and of course it is not legal. So your solution is the best solution. It will make the bank pay less attention to youYou(and we all) are earning money that we don't legally have. A trouble if you want to withdraw for large expenses, but THEY won't be able to take it from you because you don't have it.
Solutions: withdraw slowly and don't have a lifestyle much bigger than you could have with your "legal" sources of income. Or gain much more by other ways, so your Bitcoins earnings could pass by without being noticed
If some guys are panicking now that we're merely scratching the surface of Bitcoin, it is a wonder if they won't end behind bars as we land on the moon hopefully in the near future, for their inability to explain the source of their wealth.
I use exchange websites to withdraw my bitcoins for fiat to my bank account. I wish to know that if in case the bank asks about the source of the income and source of bitcoins, what would I proof can I give them? I commonly earn from signature campaigns, freelance tasks and translations but giving them the complete details would be too much.
Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?
Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?
Thank God every transaction online can easily be traced. Although it can be cumbersome. Since you know this can happen in your place, try as much as possible to always keep all your transaction details from all these your source so as to tender them should in case such matters arise. Don't be worried as there is no cause for alarm obviously.
I use exchange websites to withdraw my bitcoins for fiat to my bank account. I wish to know that if in case the bank asks about the source of the income and source of bitcoins, what would I proof can I give them? I commonly earn from signature campaigns, freelance tasks and translations but giving them the complete details would be too much.
Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?
Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?
I know the feeling mate. I have the same experience too I think about December last year. I just don't know how it was triggered because I used our exchanges here for years. Maybe Im doing a weekly withdrawals of the amount I can consider as not that small. I told them everything about some various method Im doing. Their response after that is not related anymore to the source of my bitcoin but they just suggest me to resubmit my ID verification and until now no such things like that ever happened again. I think this is just applied to bank withdrawals since other options are fine.
As you mentioned above, I see no problem if you will tell them about trades as it was not illegal as you are using a reputable exchanges.
I use exchange websites to withdraw my bitcoins for fiat to my bank account. I wish to know that if in case the bank asks about the source of the income and source of bitcoins, what would I proof can I give them? I commonly earn from signature campaigns, freelance tasks and translations but giving them the complete details would be too much.
Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?
Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?
I've never done this before because the bank is not asking me where am I getting my money, it is none of their business, that is why maybe they are not asking me what is the source of my income. They are going to ask you if you are just a random guy who would withdraw money from them, but if you are their regular customer then, they are just going to smile at you.
If you don't want to be asked again, then why not try to use ATM rather than withdrawing it in the bank directly, in this way, you could avoid to many questions if that is what you want.
I don't really know how your system works, but getting all the necessary data like the guy above me said won't be a bad idea. I see no reason to worry knowing it is legitimate and you can always get the source. Unless you are worried you don't want them to have a clue how you get your money but what are the odds?
I'm also thinking about the same thing bro. I wonder how to provide a legal proof to show you that you own a btc. But I don't think right now you need a proof to show you that you own a bitcoin, because we are exchanging money here freely.
just provide transactyion data, i saved all my log from kraken for example, in case they need proof i show them allt he sepa that i did, i don't think you need to provide more info about your bitcoin
i would just provide info about the fiat that i exchanged, my bitcoin amount should remain private, i don't know how they would react if you declare also your bitcoin total amount
in any casew you are not dealing with drug, bitcoin it's not illegal, you are safe from that point of view
I use exchange websites to withdraw my bitcoins for fiat to my bank account. I wish to know that if in case the bank asks about the source of the income and source of bitcoins, what would I proof can I give them? I commonly earn from signature campaigns, freelance tasks and translations but giving them the complete details would be too much.
Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?
Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?
I will take screenshot of the transaction and show them. Maybe they will understand what I'm doing. In addition, I will withdraw small amounts of daily living expenses. You should not spend too much money for life because it will make the bank pay attention to you
I use exchange websites to withdraw my bitcoins for fiat to my bank account. I wish to know that if in case the bank asks about the source of the income and source of bitcoins, what would I proof can I give them? I commonly earn from signature campaigns, freelance tasks and translations but giving them the complete details would be too much.
Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?
For now i have been doing this stuff already on which most of my earning here on bitcoin world is directly been credited to my bank account by the use of third party wallets which do have features on directly cashouting it directly to your card.Until now i didnt still experienced such issue about bank verification regarding on your earnings.If it does really require you then tell the truth that you are earning on that stuffs. Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?
No i dont think the bank will ask you because earning bitcoins from signature campaigns and freelancing tasks will not be huge and bank would not give that much importance to this.May be if you are withdrawing some big amounts regularily then may be they can ask.
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