Bitcoin Forum

Hello all,
As one of the greatest things about BTC is that you can stay anonymous, I want to ask the following:
Lets say a friend of mine has $30k in his bank account, he wants to buy BTC with those money and then sell it for cash in other country.
What is the best way to do it and which service should he use? What is the fastest and the cheapest way also the safest in order to avoid any tax issues?
Thanks!

Regards,

Gondel

localbitcoins.com is your best option.
you will be meeting with users selling it for a price though. but sure its one of the safest to be anonymous online still. Its a huge about, seller will be suspicious though.

For $30k, to deal in person you might need more time as you may need more sellers. Some exchanges support dealing in huge volume but requires verification, kraken cex.io and btc-e are few of them.

To avoid many complications (document verification and taxes), I do suggest to deal in person but small amount at a time is the complexity in that.

You can to use localbitcoin for that but I think it's hard to buy $30k from person to person because now many service requires verification for that. Maybe you can to find website without verification but I think their price must be different and bad for you. If you want to be anonymous while using bitcoin and making bitcoin payments, you can to use VPN and bitcoin mixing services also but last one needs fees for that. ( bitcoin mixing websites require fees for offering their service ).
P.S you can't fully avoid paying taxes and fees because transaction requires fees and what you want also.

But where is the point in exchanging cash 2 btc 2 cash again?

Using extensive exchange
Disadvantages.
- Prove your document for verification
-The tax is quite high rather than dealing with person method.
Advantages
- The range is so large for deposit or withdraw
- There is more guaranteed for this

Dealing in person
Disadvantages
-Using escrow be any obligation for you
-Too difficult for finding a particular seller.
Advantages
-Cheap in the tax

About the speed of your transaction are depending with your input value.

Hello,
The purpose of this question is for example I do not want to make a bank transfer or to smuggle such amount.
for example in Bulgaria there is a service provider who do not ask any questions for amounts up to $3k. I can make 10 transactions and withdraw my cash, but the think is that I want to buy the btc first anonymously.

Regards,

G

not really. you are not really anonymous just because you are using bitcoin. read this website for more information:
bitcoinisnotanonymous.com


banking system is different in each country but.
- when you take out that kind of money out of your bank you may encounter some problems because some flags are risen especially when you buy bitcoin with the money.
- then selling bitcoin for money in another country you may also raise some flags again depending on that country. it is not just about taxes.

but the best way is using localbitcoins and going through with exchanging with cash face to face.

This is  the best way on which  you would  need to deal  in  person   but  i  would suggest  also that you should  onyl transact on small amounts  and   do  it  simultaneously   onto  different   person for  you  to avoid  such risk  of being   holdup by someone and  stole  money  from you.  Exchanges  would be  good also  but they do have  limit  on  each transactions you could made and  you would need verifications which is  not  anonymous anymore.

you can not have all of these in one place, these factors are usually against each other. you can't ask for fast and cheap and safe at the same time especially when you want to stay anonymous.

if you are so worried about taxes and remaining fully anonymous you should deal with cash but that is neither fast nor cheap. you will be paying much higher than exchange price and will take time to find a trusted person.

It depends which country he is based, some local exchanges will allow an individual to deposit huge amounts of money then buy Bitcoin. But for him to remain anonymous he has to meet quite a number of people on localbitcoin to buy bitcoin

The best option for your friend to choose is thru local bitcoins just listen for some advices so those money will became safetier in that area, don't just trust on peer to peer trade online since your friends might gonna lose that huge money,  just remember scammers are in here only watching, lurking and finding some ways to earn from bad acts for there selves,  i think tax is just a butter on that don't avoid it just face and pay for the cost of actions.

localbitcoin would be the best  way as  long you  know  that it is  safe and  you should  really be careful. Peer to peer transactions  online is somehow risky  because  of   scammers and you are right  they are  just watching and   lurking somewhere finding  the  best timing to  get  the  opportunity to scam  you. $30k in  btc is  already a huge amount  and  we  must be sure on  our future transactions.

As others have said localbitcoins is really the way to go, buying volume on an exchange not only often takes away your anonymity but also can cost extra. If you are buying bulk off localbitcoins I'd also heavily suggest doing your best to make sure they aren't "Dirty btc" from an illegal source as hypothetically they could be taken from you by popo as profits of crime.

The best thing to do is putting it from bank to a local coin app. It is instant and secured.

I suggest to use the BTC-e. BTC-e is a reliable exchanger services and one of the largest today. I have invested in the BTC-e, and I was very happy with the facilities and conveniences offered by BTC-e.

When you are talking cash, that means you are trying to hide everything so there definitely won't be a need of tax.
But when he wants to buy, he might use some of his family members' and friends' bank accounts and divide the money and then buy the coins, that way he would be able to save tax somehow.

Just pay your tax. That's the best thing to do. I remember an episode of 60minutes in CNN regarding money laundering. A hidden camera was set by (globewatch or earthwatch), and surprisingly  lawyers advised the ''undercover'' on how to do ''the tranfer(s)".

 Pay your taxes. It is an obligation.

I don't see the point either ?! If someone can explain ? Will appreciate it .

Guys, thank you for the replies.
And can someone recommend me a company from the European Union which buys BTC and I can pay by bank transfer??????
Again, buying btc and then sell them for cash can help you transfer money from one country to another avoiding smuggling. Also coins shuffeling would protect you anonymous.
Thanks!

Regards,

Gondel

I think Kraken is the best option for your needs as it has option for trading with euros using which you can have your coins be bought and sold in your currency itself (if you belong there). Coins shuffeling is not a problem unless you leave any evidence about any address you used.