Topic: What to do with our new found wealth??? - page 19. (Read 3280 times)

the bitcoin and the various types of altcoin are not controlled by the government and therefore no tax is paid for the same poor citizen. So there are countries that bitcoin and various types of digital currency ban because they do not have tax.For me the bitcoin is grace from god. This is why bitcoin is a tool in my home based economy that can save money and help my parents and home expenses.

Investing in cryptos is a good idea right now because as bitcoin price is increasing, some other coins are also increasing. Their maybe some independent coins that is not going with the flow of bitcoin, and it is on your own discretion to invest on it or not.

if you are earning money and you want to arrange some plan for this then i will suggest you to invest this money in crypto in some good coins then you can make this money profitable by earning more money and through this way in last you will become a great investors with a huge money. Never store your money in cash this will not good decision.

I thought I'll get one or two replies.

Great problem to have by the looks of it. Call me an optimist this is a very real "Challenge" which I hope many of my crypto friends will have one day.

The best thing for them to be unsuspicious is to be able to remain under the table. To have trusted people where you can allocate your money into and withdraw it from them. that way you can cash out from multiple accounts simultaneously with ease

In our country there's a legislative bodies who check the legality of every transactions it is also know as the AMLA (Anti-money Laundering Act) and if you will do such transactions let's say a million of amount to be deposited or withdraw on your account surely they will call the attention of those people to look over you. In my opinion if you want to withdraw your millions just in case, better put them in different accounts so that it would not call the attention of AMLA.

It may be good to ask yourself a different question. Which one of the following paths do you want to take in your life because a decision like this has long term consequences:

Option 1.
Breaking the law. Spending time trying to cheat the system. Being secretive and having people around you being suspicious or worried. Risk losing the money to shady characters, thieves or even fines/retroactive tax charges. Maybe even risk going to jail. Not being able to freely use the money for larger purchases or investments where fiat is needed. Never being able to fully relax, always on the lookout.

If you want this option I don't have any advice for you more than don't do it. Not only will it give you a poor quality of life, it will affect people close to you. Don't do it.

Option 2 (recommended).
Following the law. Spending time on what matters in your life. Being able to do whatever you want with your money. Enjoying the security of societal structures like banks, law enforcement etc. Being able to sleep well at night, not worrying. Being free.

This is the option you want. Just contact a reputable tax advisor, tell him/her about your situation and get advice on how to proceed. Pay taxes and enjoy your life. Also, consider using some of the money to make the world a better place. Be a force of good in the world.

The simple way to convert you cryptocurrencies investments back to fiat is through local bitcoin or face to face selling and by this your government will be completely knocked out.  I have been selling my coins through face to face selling and though, most time I do sell below the market value but I prefer to do that because of the government I  have. My government do not deserve any tax from my earnings.

IT might be better to donate to those unfortunate ones , Go visit hospitals and meet those patients  who are in needs of financial support . And helping people who are beyond poverty.

we should appreciate knowing if this is the answer to all our  need in my life would i join here to help my parents and building out our house so i did aunt to post here to wage a large and not my problem my student as

you can exchange your bitcoin amount into fiat but you don't have to exchange the biggest amount because it will make the government smell your money and will investigate where the money come from. you can do this at least once or twice in a month or for weekly so they don't suspect that you make corruption too like others. you can stay under the radar with this way and you can still enjoy the money you've got from bitcoin.

All you have to do is to find someone to trust. Because a lot of money is involved in your talk. So it's a face to face meeting you sell it. To no hassle withdraw from banks. You also sell it with a discount so you can easily find a buyer of your million Bitcoins value. It is hard now that our governments are especially greedy. We're sure they'll make the case and take our money.

That should be the simplest thing to be worried about since the country is largely corrupt then they don't have your time. Also since your intention is to stay under the radar, find out the maximum amount you are allowed to transfer into your fiat bank account and by no means go beyond that amount. If there is  restriction on yours, you can seek the help of another trusted individual. If you are to receive more than the amount your account can accept, break it into parts and spread the receipt over a couple of days. With that, you should be fine.

I am also thinking about that, so what I've come to think is that you first should know the regulations regarding money transfer to bank accounts and how much you can cash out to avoid suspicion from them. I think that the best way is to transfer it do different accounts and in small amounts.

FIAT is not anonymous, when you convert your crypto earnings into FIAT, you are not anonymous anymore and you are now under the radar and under the laws of your country, If you plan to cash out, take it slow, don't cash out big money, Just an example: you can do 50K (in PHP) each month and for that process, I Don't see government running for you for that 50,000 Php.

It would be hard to be on your situation. Because if you really started from nothing and suddenly you become a millionaire because of Bitcoin being under the radar would be impossible. Also migrating to another country won't be a good solution too because they would obviously start with your background, a man who entered poor in their country that suddenly will become a rich person in a few weeks would raise a lot of red flags. If I were you I would declare Bitcoin as my income in your tax returns if that is possible for you.

The idea of Bitcoin being an anonymous currency would obviously become useless now because you now have millions because of it. Trying to be under the radar would be useless because you will be detected, trying to launder it with a business will also be obvious as they will link it up until they find a source.

Both of the ideas are good.But i had already decided to go with the second idea as it seems to be practically applicable and there seems to be no risks in it as it would be difficult to find more number of trustful persons.I have another idea too.Just to sell our bitcoins in localbitcoins.com directly with seller face to face.i hope that in future,i would have to implement any of the above ideas since bitcoin's price is surging high.

What "god"? The fetish or the Deity?

Anyway, OP this is a very simple issue. I don't know what country you are from. But I do believe that there's a way for you to sell your cryptos from the comfort of your home. Get into telegram forums or WhatsApp groups, use escrows there and like the speed of lightning you will find those willing to buy. Again, going through localbitcoin may give you that unnecessary exposure which you seek to avoid because your bank account details will be linked to you.

The idea of crypto is to be anonymous. In what specific do you live? Do you rake that millions now in your currency? Do you have local exchange there? What I can suggest is that just comply to the law of your country, if they will tax you just pay the tax and tell them that you are a crypto investor simple as that. But if you do really want to evade, don't do transactions that are totally high. Take a portion of it everytime you sell.

you can ask help from your family or relatives or friends by using their name for cashing out but do not cash out with big amount. just bit by bit until you successfully cash out all the money you want to cash out. and there are some that buying bitcoin online in social media be careful though cause they make scam you.