Converting bitcoin to fiat without problems

[m2017]

For amounts exceeding ten thousand Dollars, I would expect any Bank to ask me to prove where the Money came from.  It is how Banks operate pretty much.

No bank as a bank is interested in where your money comes from. The question of the origin of the money does not come from the bank but from the government.

Right to the point.

Banks should be viewed as businesses interested only in making a profit from us, and not in controlling financial transactions and the origin of funds. Any bank is also under the yoke of the regulator at the end of the chain “central bank (under the influence of the regulator) -> any bank” and has neither the desire nor the ambition to completely monitor your wallet.

It is the government that wants to have insight into your finances and (if everything is legal) to charge you as much tax as possible.

And if it’s illegal, will take everything.

Therefore, need to be prepared for the regulator’s request for the origin of funds through the banking layer.

[Moreno233]

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

This depends on the country you come from and what is obtainable there. There are countries where Bitcoin is banned, in that case users have to device means of converting Bitcoin to fiat which they might not be willing to share in public due to crackdown by the authorities. Furthermore, there are countries where Bitcoin is not banned but there is no tax on Bitcoin. In these case, there will be several ways of converting to fiat including using CEX, agents, and even p2p transactions. Finally, for the countries where there is crypto taxes, it is up to the individual to report his earnings to the tax authorities to be able to calculate the taxes and pay accordingly. Even when p2p means of converting BTC to fiat is available, the user can still fill BTC as source of funds to be able calculate the appropriate taxes.

[Pandorak]

Also, make your transactions staggered not one time big time transaction. If you can make it on a daily/weekly basis, much better. I have had the same thoughts before and what I did was I converted my btc to fiat at different time intervals, not on a daily basis though. Use exchange platform that is reputable, and if you will use your local exchange, better make sure you submitted legit docs. Don't give them reason to freeze your account for some carelessness.
Try also to check binance p2p, there are so many sellers/buyers who have high limits. But again, don't do it one time. Intermittent transaction is much better to avoid those prying eyes.

I have never made a large withdrawal so it never occurred to me to make transactions gradually as you said. But now that i think about it your idea is not a bad idea. And one more thing regarding Binance P2P, make sure to choose a seller/buyer who already has a good reputation, my friend was once cheated there even for a small money.

The right solution. Instead of having to use strategies a and b, we just have to be busy and spend money over and over again, where the final goal is how BTC can be converted into fiat and entered into our personal accounts without many questions from any party.

100%

[Abu-Naim]

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

To do this without any task from either government of your bank suspense since some of these banks also have bitcoin regulations, you need to sell your Bitcoin the same way you bought it which is through p2p.

P2P can be physical the same way you buy your BTC, and it can be through the use of centralized exchanges that offers p2p service.
If you don't have someone to trade with physically, you can download a centralized exchange like Bybit to be using them as your market just to buy and sell your coins with them; don't leave your coins in the exchange.

[Unity for Humanity]

Some people messaged my telegram account and they told me that they buy bitcoins and they are ready to pay any currency against bitcoins. I don't have any bitcoins right now so I can't tell you how to sell bitcoins and convert them to local currency but maybe I can convert my bitcoins to local currency when I have bitcoins through those who messaged me on telegram.

[Cryptomultiplier]

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

To do this without any task from either government of your bank suspense since some of these banks also have bitcoin regulations, you need to sell your Bitcoin the same way you bought it which is through p2p.

P2P can be physical the same way you buy your BTC, and it can be through the use of centralized exchanges that offers p2p service.
If you don't have someone to trade with physically, you can download a centralized exchange like Bybit to be using them as your market just to buy and sell your coins with them; don't leave your coins in the exchange.

Since the use of P2P trading has been made aware to this question asked by OP, there should be the need for him to know that withdrawal of the funds could be done in bits for regions were it becomes flagged and a suspicious act, also, it could be possible to buy BTC ETF and do the needful from there having waited a while before diversifying or withdrawal of funds to ones bank account.

Using a good wallet during the period of trying to convert Bitcoin to fiat is necessary inorder not to lose funds that wasn't planned and a good hardware wallet for large red funds sounds appropriate enough to ensure that funds don't get lost during and after withdrawal.

[Silberman]

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

We get questions like that from time to time on the forum, but there is no way to give you an accurate answer as your specific circumstances are unknown to us, we do not know if bitcoin is legal to own where you live, how much bitcoin we are talking about, if you want to sell on installments or sell all your coins at once, and without that information we cannot give you a good answer, so you should try to find people where you live which went through a similar experience and see what they did.

[yazher]

I don't think it's a good idea for you to sell your bitcoins at once when you have a huge amount of it and the best thing you can do about it is to diversify it whenever you want to convert them to fiat by using multiple exchanges and cash them out in each one of them. Local exchanges already have rules and regulations and just make sure not to violate them because they will surely hold your account and prevent you from withdrawing your money if they find something illegal with your account. the best thing to convert it is using P2P in some known exchanges which most people do nowadays.

[adpinbr]

First of all it, depending on the amount you converted when you mean conversion, we don’t know the particular amount it may be something that the bank may not even look into unless the amount is stated, and secondly, most of the exchange that you can convert bitcoin to cash is always Centralized exchange that require you to do some verification and uploading on documents, which is the kyc and with this you may not have because the bank have already align with the order things you needed to do so you don’t have a problem

[Catenaccio]

I don't think it's a good idea for you to sell your bitcoins at once when you have a huge amount of it and the best thing you can do about it is to diversify it whenever you want to convert them to fiat by using multiple exchanges and cash them out in each one of them.

If these centralized exchanges are all KYC mandatory, it's not big different if you cash out from one centralized exchange or from multiple centralized exchanges. They all know who you are by your KYC documents submitted for verification.

the best thing to convert it is using P2P in some known exchanges which most people do nowadays.

The most common P2P exchanges are like a most favorite targets for banks and governments to put these platforms under their radars.

P2P can be traded through a P2P platforms that increase risk for your privacy.

P2P can be traded in person, it's good for privacy because you will complete your trade in cash, in person but it has another risk. You can be robbed, physical attack or you can receive faked cash.