Source of bitcoins - page 3. | Bitcointalksearch.org

suzanne5223

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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?

You're right about this your question because this causes a lot of problem in India acouple of months back where loose their money because they couldn't provide any proof.
I think the best way is to do some local sell of some of your bitcoin maybe through localbitcoin and accept the payment WU or MG while you also sell some through the use of exchange site and you can accept through bank account or get a bitcoin atm card.

European Central Bank

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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 is it with you and the constant scaremongering?

of course it's your money and of course it's legally earned. you're not selling drugs here. it's a trickle of bitcoin.

if they care enough point them to a thread and pm them from your account or sign an address.

cybersofts

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Just tell them the truth, how you make your money online.

You may tell them you make your money through promoting other people product online in form of affiliate marketing.

Plus, you are doing some freelancing jobs to make extra income online.

lemipawa

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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?

If you tell them (bank) that one of your source of income is through Bitcoins, you might end up with somwone giving you a blank stare. I havent experienced this yet but whenever my brother or sister come to my house and ask me my source of income they give this blank stare like im a cracked pot.

drwtsn32

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Not a problem unless bitcoin is not popular enough in your country. You can just tell them that you are an online freelancer and you have just closed a huge deal with a client.

One question in my mind though, if you personally bring cash to the bank and made a deposit, will they ask where did you get it? I don't think so. That's no different if you transfer online. Banks do like deposits.

webtricks

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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?

According to Indian law,
Misc. Income from internet or Online advertiser could work.
But maybe in case you could ask for website info or source of income. I always guide people to make at least one personal representative website which declare you as freelancer if one earn from sources like you mentioned.
Well being within 2.5L slab shouldn't make you fear anything from income tax except banks or if income is above that you could save yourself with periodic payment of taxes as every buy/sell routed through your PAN card via Unocoin, Zebpay or Coinsecure.

mrfreezeh

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This is really a difficult reason, because we have no way to explain this source of income most clearly. So it's best to split it into several parts, withdrawing each week or every month, based on the average income of a regular Youtuber or Freelancer normal, so it will be easier.

amacar2

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If you are really worried about getting caught by your government why don't you try to sell your bitcoin via localbitcoins or meet buyers personally near by you. However if you are not earning much than what other normal people earns then I don't think you will ever have to give info about your source of income.

pecson134

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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?

This would become a problem if you were going to release a large sum of bitcoins for cash out since it is expected that banks would be suspicious on you because there are money launderers. I'm also thinking how can I prove to them clearly that those money I earned was from an online work related. You can have them provide some transaction logs or something but I doubt they will sit there on just that when we are talking about on large quantity. I think there would be a slight problem(maybe) when it comes to smaller value but still you can be a subject for clarification.

White sugar

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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

johnwest

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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.

xvids

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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?

erikalui

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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?

Topic: Source of bitcoins - page 3. (Read 1838 times)