Converting bitcoin to fiat without problems

[leonair]

Hello,friends
The question is more for those who once converted a lot of bitcoins into fiat to their bank accounts
How did you do it so that the tax authorities and the bank manager would not question where the money came from?
The thing is that many years ago i bought my bitcoins from a person in cash and he transferred them to me in my presence
How can i make sure that this money is transferred to my bank card without any problems?

-Regards

Basically i use p2p service from different centralized exchange platform like Binance, Kucoin there also Bank transcation is available. you can sell big amount of bitcoin, USDT or some valuable crypto currencys. But after depositing the money in the bank, if the bank authority asks you where the money came from, if Bitcoin is legal in your country, then show the truth. And if illegal then you have to handle these transactions very carefully at your own risk.

[btcinfo891]

I want to comment on the suggested use of P2P exchanges to avoid the attention of the tax authorities. Some people seem to believe that personal (non-business) bank transfers are not scrutinized by the bank, especially if the transfers involve small amounts.

In the general case that is not true. The algorithms used by the banks to detect suspicious transactions and/or accounts are quite complex. They vary one jurisdiction to another and even from one bank to another. And you don't really know what is suspicious to the bank. Multiple small transfers coming from various unrelated people can easily flag your account as suspicious and it could be locked until you provide more information about the sources of these transfers, or you could just be silently reported to the tax authorities.

Also remember that all bank transactions are kept for at least 10 years and potentially forever. So they can easily come after you in 5 years.

The only kind of transfer that leaves very few traces is when the two parties meet face-to-face and exchange crypto for physical cash. And of course it has its own set of problems already mentioned by the other posters, the $5 wrench attack and fake cash being the most serious ones.

[Ludmilla_rose1995]

Hello,friends
The question is more for those who once converted a lot of bitcoins into fiat to their bank accounts
How did you do it so that the tax authorities and the bank manager would not question where the money came from?
The thing is that many years ago i bought my bitcoins from a person in cash and he transferred them to me in my presence
How can i make sure that this money is transferred to my bank card without any problems?

-Regards

why do you have to worry about this, currently there are many ways to exchange bitcoin to fiat and vice versa, one way is to trade person to person but you have to be able to find a trusted person because there are many fraudsters out there, you can look for them on your local board for the start, for now in my opinion the safest way to avoid being detected when making bitcoin to fiat transactions or vice versa is with P2P

[bitterguy28]

Hello,friends
The question is more for those who once converted a lot of bitcoins into fiat to their bank accounts
How did you do it so that the tax authorities and the bank manager would not question where the money came from?
The thing is that many years ago i bought my bitcoins from a person in cash and he transferred them to me in my presence
How can i make sure that this money is transferred to my bank card without any problems?

-Regards

Have you decided what to do? or have you withdrawn the funds already because you did not completely explain where are the funds stays now , is it in your personal wallet or exchange wallet?
because from that we can conclude and explain to you what to do specially that you seems to be scared about banks asking
you about the funds from where it comes .