Source of bitcoins

[erikalui]

I use exchange websites to withdraw my bitcoins for fiat to my bank account. I wish to know that if in case the bank asks about the source of the income and source of bitcoins, what would I proof can I give them? I commonly earn from signature campaigns, freelance tasks and translations but giving them the complete details would be too much.


Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?

[xvids]

I really like to know the answer for this to I have been earning some bitcoin for my living through signatures,
What would I ever say or write in my resume if I ever tried to apply in some company to work as a regular worker?

[johnwest]

I was thinking and discussing the same matter a few days ago. If my BTC reaches 5000$ one day then how can I sell my BTC to fiat and cash out my money?? The only possible solution was to sell the BTC in pieces and send it to many of my friend's accounts. Because if you sell all your BTC at once then obviously the government will ask too many questions about it.

[White sugar]

There is nothing that links the account to your identity(at least in legal terms) and I doubt the revenue would accept signature campaign and faucets as valid and legal income.

You(and we all) are earning money that we don't legally have. A trouble if you want to withdraw for large expenses, but THEY won't be able to take it from you because you don't have it.

Solutions: withdraw slowly and don't have a lifestyle much bigger than you could have with your "legal" sources of income. Or gain much more by other ways, so your Bitcoins earnings could pass by without being noticed

[pecson134]

I use exchange websites to withdraw my bitcoins for fiat to my bank account. I wish to know that if in case the bank asks about the source of the income and source of bitcoins, what would I proof can I give them? I commonly earn from signature campaigns, freelance tasks and translations but giving them the complete details would be too much.


Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?

This would become a problem if you were going to release a large sum of bitcoins for cash out since it is expected that banks would be suspicious on you because there are money launderers. I'm also thinking how can I prove to them clearly that those money I earned was from an online work related. You can have them provide some transaction logs or something but I doubt they will sit there on just that when we are talking about on large quantity. I think there would be a slight problem(maybe) when it comes to smaller value but still you can be a subject for clarification.

[amacar2]

If you are really worried about getting caught by your government why don't you try to sell your bitcoin via localbitcoins or meet buyers personally near by you. However if you are not earning much than what other normal people earns then I don't think you will ever have to give info about your source of income.

[mrfreezeh]

This is really a difficult reason, because we have no way to explain this source of income most clearly. So it's best to split it into several parts, withdrawing each week or every month, based on the average income of a regular Youtuber or Freelancer normal, so it will be easier.

[webtricks]

I use exchange websites to withdraw my bitcoins for fiat to my bank account. I wish to know that if in case the bank asks about the source of the income and source of bitcoins, what would I proof can I give them? I commonly earn from signature campaigns, freelance tasks and translations but giving them the complete details would be too much.


Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?

According to Indian law,
Misc. Income from internet or Online advertiser could work.
But maybe in case you could ask for website info or source of income. I always guide people to make at least one personal representative website which declare you as freelancer if one earn from sources like you mentioned.
Well being within 2.5L slab shouldn't make you fear anything from income tax except banks or if income is above that you could save yourself with periodic payment of taxes as every buy/sell routed through your PAN card via Unocoin, Zebpay or Coinsecure.

[drwtsn32]

Not a problem unless bitcoin is not popular enough in your country. You can just tell them that you are an online freelancer and you have just closed a huge deal with a client.

One question in my mind though, if you personally bring cash to the bank and made a deposit, will they ask where did you get it? I don't think so. That's no different if you transfer online. Banks do like deposits.

[lemipawa]

I use exchange websites to withdraw my bitcoins for fiat to my bank account. I wish to know that if in case the bank asks about the source of the income and source of bitcoins, what would I proof can I give them? I commonly earn from signature campaigns, freelance tasks and translations but giving them the complete details would be too much.


Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?

If you tell them (bank) that one of your source of income is through Bitcoins, you might end up with somwone giving you a blank stare. I havent experienced this yet but whenever my brother or sister come to my house and ask me my source of income they give this blank stare like im a cracked pot.

[cybersofts]

Just tell them the truth, how you make your money online.

You may tell them you make your money through promoting other people product online in form of affiliate marketing.

Plus, you are doing some freelancing jobs to make extra income online.

[European Central Bank]

There is nothing that links the account to your identity(at least in legal terms) and I doubt the revenue would accept signature campaign and faucets as valid and legal income.

You(and we all) are earning money that we don't legally have. A trouble if you want to withdraw for large expenses, but THEY won't be able to take it from you because you don't have it.

Solutions: withdraw slowly and don't have a lifestyle much bigger than you could have with your "legal" sources of income. Or gain much more by other ways, so your Bitcoins earnings could pass by without being noticed

what is it with you and the constant scaremongering?

of course it's your money and of course it's legally earned. you're not selling drugs here. it's a trickle of bitcoin.

if they care enough point them to a thread and pm them from your account or sign an address.

[suzanne5223]

I use exchange websites to withdraw my bitcoins for fiat to my bank account. I wish to know that if in case the bank asks about the source of the income and source of bitcoins, what would I proof can I give them? I commonly earn from signature campaigns, freelance tasks and translations but giving them the complete details would be too much.


Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?

You're right about this your question because this causes a lot of problem in India acouple of months back where loose their money because they couldn't provide any proof.
I think the best way is to do some local sell of some of your bitcoin maybe through localbitcoin and accept the payment WU or MG while you also sell some through the use of exchange site and you can accept through bank account or get a bitcoin atm card.

[zedsacs]

I'm also thinking about the same thing bro. I wonder how to provide a legal proof to show you that you own a btc. But I don't think right now you need a proof to show you that you own a bitcoin, because we are exchanging money here freely.

[European Central Bank]

I'm also thinking about the same thing bro. I wonder how to provide a legal proof to show you that you own a btc. But I don't think right now you need a proof to show you that you own a bitcoin, because we are exchanging money here freely.

the proof of owning a bitcoin is the ability to control it. that's all.

screenshots are enough to prove that you earned it or showing txid to known campaign addresses.

[TravelMug]

I think there will be no problem from using an exchange to convert your btc to fiat. Of course you will need to submit all necessary documentations for KYC and AML compliant. The only problem I see is that the exchange won't allow you to withdraw all your bitcoin in one transaction. They will put on how much you can only withdraw daily. So there would be a limit.

[gribble]

I use exchange websites to withdraw my bitcoins for fiat to my bank account. I wish to know that if in case the bank asks about the source of the income and source of bitcoins, what would I proof can I give them? I commonly earn from signature campaigns, freelance tasks and translations but giving them the complete details would be too much.


Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?

I think you must explain about the source of bitcoins to them, i don't think there are way to prove to them
because there are no indentity needed on bitcoins, how if you change the method withdrawal to fiat via
bitcoins debit cards that no needs verification when use them like uquid debit cards.

[chaser15]

I use exchange websites to withdraw my bitcoins for fiat to my bank account. I wish to know that if in case the bank asks about the source of the income and source of bitcoins, what would I proof can I give them? I commonly earn from signature campaigns, freelance tasks and translations but giving them the complete details would be too much.


Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?

I will assume you cashout money that is considered as beyond the standard level. I have experience like that in our local exchange preferrably bank withdrawal options. My usual transactions with average amount never been questioned but when I tried to withdraw decent amount beyond the standard level (I think level 3 tier max. withdraw), they asked me where I got those funds. I answered them nicely but not to the extent that I will show them proof of works. I just showed them some "minor" things like the nature of works, websites (trading) and what is crypto all about and no questions asked later. I will try to dig the email and show to you what Im done.

Take note: They cashout the money first before asking the question so here it's not strict but I need to comply with the rules so I response nicely. In the first place, they have my identity so just respond to them and tell them the truth.

[Kemarit]

I use exchange websites to withdraw my bitcoins for fiat to my bank account. I wish to know that if in case the bank asks about the source of the income and source of bitcoins, what would I proof can I give them? I commonly earn from signature campaigns, freelance tasks and translations but giving them the complete details would be too much.


Has anyone ever provided proof or their source of bitcoins to any bank or legal organization? What would be the best way to prove it?

I think you must explain about the source of bitcoins to them, i don't think there are way to prove to them
because there are no indentity needed on bitcoins, how if you change the method withdrawal to fiat via
bitcoins debit cards that no needs verification when use them like uquid debit cards.

In my case, the local exchange that I used will initially asked you the source of your bitcoin before being approved by them. You have to submit some valid documents like passport or SSS Id. They will verify this and will make the decision to approved you or not. I was denied initially because they said that the documents I submitted was blurred and asked me to resubmit. So after a few weeks of back and forth email, they have finally approved it. And if I want to increased the maximum withdrawal, I have to submit another legal document. But I didn't bother because I only converted few bitcoin because the rest is it my desktop or paper wallet.

[lionheart78]

You do not have to create a story.  Just tell them where you got your bitcoins.  You have payments recorded on the blockchain and you also have the access to those wallet.  Why complicate things when you can just tell them the truth.  You are working online and your work is legit and not some illegal stuff.