Source of bitcoins - page 2. | Bitcointalksearch.org

vohoanghiep55

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Quote from: White sugar on June 03, 2017, 10:07:37 AM

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 you

Vohoanghiep

full member

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Quote from: erikalui on June 03, 2017, 08:51:21 AM

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?

Actually I am also confused about this issue. Most of the money I earn from Bitcoin is from signature campaigns, so if the bank investigates that money, I really do not know how to respond. Maybe we need more evidence from the deals but it's too time consuming and hassle. I am waiting for a solution from you

bohr

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Quote from: erikalui on June 03, 2017, 08:51:21 AM

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?

I don’t think it is such a huge issue what I mean is most of the time unless you are making a big amount of money then no one is going to do a great investigation effort, they are going to make a few questions and that will be it.

Sarah08

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Quote from: xvids on June 03, 2017, 09:00:02 AM

I really like to know the answer for this to I have been earning some bitcoin for my living through signatures,
What would I ever say or write in my resume if I ever tried to apply in some company to work as a regular worker?

Signature campaigns gives us a really good profit monthly it is one of the best way to earn bitcoin easily but there are also some ways bitcoin is the banks worst fear and i dont think they like bitcoin as a part but i guess there are some having a good partnership in bitcoin.

MingLee

hero member

Activity: 490

Merit: 520

Quote from: erikalui on June 03, 2017, 08:51:21 AM

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?

Banks typically only care about sources of income if you're making a large amount or if they have to give out a loan, otherwise as long as you pay your taxes chances are they won't give a damn and just accept the money that flows into their accounts. Just make sure that you never dump a ton of money in all at once and space it out over time.
Key term; pay your taxes. Don't take loans.

Victorycoin

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Activity: 1134

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Quote from: erikalui on June 03, 2017, 03:42:17 PM

Quote from: chaser15 on June 03, 2017, 12:56:44 PM

Quote from: erikalui on June 03, 2017, 08:51:21 AM

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?

I will assume you cashout money that is considered as beyond the standard level. I have experience like that in our local exchange preferrably bank withdrawal options. My usual transactions with average amount never been questioned but when I tried to withdraw decent amount beyond the standard level (I think level 3 tier max. withdraw), they asked me where I got those funds. I answered them nicely but not to the extent that I will show them proof of works. I just showed them some "minor" things like the nature of works, websites (trading) and what is crypto all about and no questions asked later. I will try to dig the email and show to you what Im done.

Take note: They cashout the money first before asking the question so here it's not strict but I need to comply with the rules so I response nicely. In the first place, they have my identity so just respond to them and tell them the truth.

Not large amounts but since the bitcoin prices have increased and will continue to increase, this could become an issue. Large bitcoin trades might be questioned and then I don't know what exactly to prove as I don't have any paper proof to show them. I can just link them to this forum and explain from where the income has come in and then taxes would apply which is fine. If they go about questioning and asking further details I am not sure what to tell them then.

Ler it be settled in your mind that by signature campaign, you are in effect advertising people's business and getting paid for it same way media houses do. You have all the proofs you'll ever need in here and blockchain even if Bitcoin becomes $1M, you earned it, so nothing stands in the way of your confidence. Trouble can only surface f you start lowerng your head, looking the other way or agitated by such normal and simple security checks. Btw, want to believe you're not less than 18?

erikalui

legendary

Activity: 2632

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Quote from: chaser15 on June 03, 2017, 12:56:44 PM

Quote from: erikalui on June 03, 2017, 08:51:21 AM

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?

I will assume you cashout money that is considered as beyond the standard level. I have experience like that in our local exchange preferrably bank withdrawal options. My usual transactions with average amount never been questioned but when I tried to withdraw decent amount beyond the standard level (I think level 3 tier max. withdraw), they asked me where I got those funds. I answered them nicely but not to the extent that I will show them proof of works. I just showed them some "minor" things like the nature of works, websites (trading) and what is crypto all about and no questions asked later. I will try to dig the email and show to you what Im done.

Take note: They cashout the money first before asking the question so here it's not strict but I need to comply with the rules so I response nicely. In the first place, they have my identity so just respond to them and tell them the truth.

Not large amounts but since the bitcoin prices have increased and will continue to increase, this could become an issue. Large bitcoin trades might be questioned and then I don't know what exactly to prove as I don't have any paper proof to show them. I can just link them to this forum and explain from where the income has come in and then taxes would apply which is fine. If they go about questioning and asking further details I am not sure what to tell them then.

I am glad that they did not ask you further questions and I hope the same happens in my case too. I also trade on exchanges so I guess I can tell them the same.

Clement Kaliyar

hero member

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I never thought about this,i think it wont be an issue as the exchange i am selling the coins will be forwarding the money using NEFT transaction and the bank does not bother from where i am getting the money and if there is an issue it will be at the hands of income tax department as i have to file those earnings with them.

eaLiTy

hero member

Activity: 2814

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Have Fun )@@( Stay Safe

Since it is mostly a freelance work you should just inform them as such,you really do not need to go into specifics about how you are earning your money and even when you are filing your income tax returns just provide these incomes too and you can get deductions on specific things and for all these details it is better to consult an expert

Eternu

sr. member

Activity: 560

Merit: 257

Quote from: erikalui on June 03, 2017, 08:51:21 AM

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?

Hmm that is an interesting and serious question. Till now i have only done some small amount of transfers from bitcoin to fiat currency, highest one was around 60 dollars. But i did not have any problem with the bank. I guess there is no problem, unless you make it. But honestly, i do not think that any bank will make you a problem, because they get their money from you, so why would they make you any kind of problem. And bitcoin is not illegal so Cheesy

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Victorycoin

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Quote from: peter0425 on June 03, 2017, 02:45:17 PM

Quote from: lionheart78 on June 03, 2017, 01:22:15 PM

You do not have to create a story. Just tell them where you got your bitcoins. You have payments recorded on the blockchain and you also have the access to those wallet. Why complicate things when you can just tell them the truth. You are working online and your work is legit and not some illegal stuff.

Tell them that you are freelancing and accepting bitcoin as payment. Simple as that. Or you could add that you are joining signature campaigns in bitcointalk forum and you are being paid with bitcoin as well. Maybe you just add a few explanation what signature campaign is. I think if you stay to be honest with them and just be straight forward, you will eventually be approved.

Good to finally see everyone on this thread have not gone berserk. And for those people already running for cover when nothing is actually chasing them, check yourselves if you can't show proofs of promoting some projects in here. By the way, what could be earned through signature campaign and faucets can hardly attract bank attention except he is not telling us the whole story.

lite

legendary

Activity: 1400

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Are you withdrawing large amounts($10k or more)? if you're withdrawing small amounts the banks won't ask you anything. even if they do ask you, you can tell them the truth or say you're a trader or bought bitcoins at $400 or something and you're cashing out profits now. Roll Eyes

peter0425

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Quote from: lionheart78 on June 03, 2017, 01:22:15 PM

You do not have to create a story. Just tell them where you got your bitcoins. You have payments recorded on the blockchain and you also have the access to those wallet. Why complicate things when you can just tell them the truth. You are working online and your work is legit and not some illegal stuff.

Tell them that you are freelancing and accepting bitcoin as payment. Simple as that. Or you could add that you are joining signature campaigns in bitcointalk forum and you are being paid with bitcoin as well. Maybe you just add a few explanation what signature campaign is. I think if you stay to be honest with them and just be straight forward, you will eventually be approved.

lionheart78

legendary

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Merit: 1153

You do not have to create a story. Just tell them where you got your bitcoins. You have payments recorded on the blockchain and you also have the access to those wallet. Why complicate things when you can just tell them the truth. You are working online and your work is legit and not some illegal stuff.

Kemarit

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Merit: 1353

Quote from: gribble on June 03, 2017, 12:54:55 PM

Quote from: erikalui on June 03, 2017, 08:51:21 AM

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?

I think you must explain about the source of bitcoins to them, i don't think there are way to prove to them
because there are no indentity needed on bitcoins, how if you change the method withdrawal to fiat via
bitcoins debit cards that no needs verification when use them like uquid debit cards.

In my case, the local exchange that I used will initially asked you the source of your bitcoin before being approved by them. You have to submit some valid documents like passport or SSS Id. They will verify this and will make the decision to approved you or not. I was denied initially because they said that the documents I submitted was blurred and asked me to resubmit. So after a few weeks of back and forth email, they have finally approved it. And if I want to increased the maximum withdrawal, I have to submit another legal document. But I didn't bother because I only converted few bitcoin because the rest is it my desktop or paper wallet.

chaser15

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Quote from: erikalui on June 03, 2017, 08:51:21 AM

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?

I will assume you cashout money that is considered as beyond the standard level. I have experience like that in our local exchange preferrably bank withdrawal options. My usual transactions with average amount never been questioned but when I tried to withdraw decent amount beyond the standard level (I think level 3 tier max. withdraw), they asked me where I got those funds. I answered them nicely but not to the extent that I will show them proof of works. I just showed them some "minor" things like the nature of works, websites (trading) and what is crypto all about and no questions asked later. I will try to dig the email and show to you what Im done.

Take note: They cashout the money first before asking the question so here it's not strict but I need to comply with the rules so I response nicely. In the first place, they have my identity so just respond to them and tell them the truth.

gribble

hero member

Activity: 966

Merit: 552

Quote from: erikalui on June 03, 2017, 08:51:21 AM

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?

I think you must explain about the source of bitcoins to them, i don't think there are way to prove to them
because there are no indentity needed on bitcoins, how if you change the method withdrawal to fiat via
bitcoins debit cards that no needs verification when use them like uquid debit cards.

TravelMug

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I think there will be no problem from using an exchange to convert your btc to fiat. Of course you will need to submit all necessary documentations for KYC and AML compliant. The only problem I see is that the exchange won't allow you to withdraw all your bitcoin in one transaction. They will put on how much you can only withdraw daily. So there would be a limit.

European Central Bank

legendary

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Quote from: zedsacs on June 03, 2017, 12:23:51 PM

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.

the proof of owning a bitcoin is the ability to control it. that's all.

screenshots are enough to prove that you earned it or showing txid to known campaign addresses.

zedsacs

sr. member

Activity: 322

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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.

Topic: Source of bitcoins - page 2. (Read 1838 times)