Title: Service legitimacy question: Bitcoin to USD Post by: ivcosphi on May 25, 2024, 09:28:50 PM Hello,
I have someone that is willing to pay me a % of BTC for converting it to USD and sending it to India. Basically they are wanting to send me 2 BTC and I am supposed to convert those to USD (in US) and send to an Indian bank account. I know usually these things are questionable but since BTC is irreversible... any thoughts on below: 1) Tax implications since these will go towards MISC earnings on W2 and even if I write majority as expenses since most will be sent back in USD. 2) Is this frowned upon since I am not a registered coin exchange in my state of residence? 3) Is this seen as $ launder1ng? Probably yes to all questions, but wanted to confirm. Thanks guys. Title: Re: Service legitimacy question: Bitcoin to USD Post by: odolvlobo on May 27, 2024, 04:34:26 AM I have someone that is willing to pay me a % of BTC for converting it to USD and sending it to India. Basically they are wanting to send me 2 BTC and I am supposed to convert those to USD (in US) and send to an Indian bank account. Is this someone that you know and trust, or is it a random stranger? It seems to me that there is a high probability of it being a scam or being illegal in some way. Why can't this person sell their bitcoins for USD and send the USD? Why can't the person just send the BTC directly? As for possible scams, the person might want to set up a wallet for you or insist that you set up a wallet at a specific site. Then they would take back the bitcoins once you have sent the USD. Title: Re: Service legitimacy question: Bitcoin to USD Post by: peter0425 on May 27, 2024, 10:45:10 AM I have someone that is willing to pay me a % of BTC for converting it to USD and sending it to India. Basically they are wanting to send me 2 BTC and I am supposed to convert those to USD (in US) and send to an Indian bank account. Is this someone that you know and trust, or is it a random stranger? It seems to me that there is a high probability of it being a scam or being illegal in some way. Why can't this person sell their bitcoins for USD and send the USD? Why can't the person just send the BTC directly? |