Source of bitcoins

[haroldtee]

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?

Thank God every transaction online can easily be traced. Although it can be cumbersome. Since you know this can happen in your place, try as much as possible to always keep all your transaction details from all these your source so as to tender them should in case such matters arise. Don't be worried as there is no cause for alarm obviously.

[Victorycoin]

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 you say is absolutely correct. We do not have any information regarding your identity and your Bitcoin account so we can not prove that it is legitimate, and of course it is not legal. So your solution is the best solution. It will make the bank pay less attention to you

How absurd! So you have with your eyes open been earning money illegitimately and yet you didn't quit?  The fact remains that Bitcoin is not untraceable, might be a hurdle tracing owner of an account, but not when the one who has the keys and history is showing them to you.

If some guys are panicking now that we're merely scratching the surface of Bitcoin, it is a wonder if they won't end behind bars as we land on the moon hopefully in the near future, for their inability to explain the source of their wealth.

[bohr]

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?

For now i have been doing this stuff already on which most of my earning here on bitcoin world is directly been credited to my bank account by the use of third party wallets which do have features on directly cashouting it directly to your card.Until now i didnt still experienced such issue about bank verification regarding on your earnings.If it does really require you then tell the truth that you are earning on that stuffs.

If you have not experienced it you are going at some point because that is the way it works but since everything we are doing is legal then you have nothing to hide just tell them the truth and they are going to leave you alone very soon.

[noictib]

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?

Yes , one of my friend is doing the same thing , usually he made earning if 0.5+ byc per month and sell online for the bank money
But the description for the sell and deposit money for him is giving by two methods simultaneously .
Trading : he shows that he is making money through buy and sell of assets online and make money .
Second is altcoin trading : Usually there are many assets and make buy and sell when price get rise much high .
In this way these two types of the description he made for the tax payment monthly .
So here I don't think it would be much hardworking , but here Is reality that you need to hire a lawyer or atleast make every detail map for yourself by spending the whole day .

[DOGE12321]

It would only be a trouble if you want to withdraw large expenses, but they won't be able to take it from you because you don't have it.

The only solution that I see is to withdraw slowly and with low amounts.

[Faiyz]

Well if that were me i would say i am writer for the btc forum and i  am paid via bitcoin. Then i think it is managable enough to explain what btc is. Because that is mostly my answer to whoever is asking how i am making money while i am doing no effort. It is not a lie and definitely very true. For me that is just the most simple term i could say without them asking many questions on how i am earning.

[Juggy777]

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 know this will be difficult for you to explain it to them, but you could cite it as a gift or loan or find out reading your country laws which items you need not declare. Once you come in the tax scanner boom you are gone, would advise you to have a word with your consultant and post this in your country local board here, so you shall find a more detailed information to your question.

[equator]

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 have been giving as short term profit from online income and i have given proof of the transaction id which i am sending through my wallet. till now no problem faced. or else you can also show as other way of income because their will be only incoming entry and you can even show your business entry.

[Eternu]

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 have been giving as short term profit from online income and i have given proof of the transaction id which i am sending through my wallet. till now no problem faced. or else you can also show as other way of income because their will be only incoming entry and you can even show your business entry.

I did not have any problem with exchange bitcoins to fiat currency so far, but i have heard that there is small fuss about income in my country. I hope this will sort out for better, but i think even if they ask me where do i get this money, now i know what to tell them and how. Thanks for information dude .

[JimmieA]

This community only as a place in the middle for that to implement the transactions and make the profit. When btc is paid for you and you sell btc to switch to Fiat or bank account, there will be a account tranfers to you. All is just like switching between acquaintances and does not need to explain or prove anything.

[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?

This is pretty easy and hard. The reason why I said it hard is because the government law of the country in reside may not approve bitcoin. However, most countries had sign bitcoin into their law and if country is not part of those countries you have a lot of home work to do. But I will advice you to use a legit/register exchanger, set up your account on your genuine name and have a picture copy of every transaction you do to be in case.

[v0rtecxz]

Why you should be complicated with the problem, of course it is your money that you can properly by promoting an online product or other work that its paying using bitcoin and not violate any law, tell them you get it well without deviating from law That exists, and you can provide proof that can reinforce if what is working is true

[ekoice]

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.

Absolutely,thats the best way left to escape from being targeted by governments for our bitcoin earnings.Just sending small amounts of BTC to different accounts to cash out.Well,my earning has not reached that much big and so i don't have such problem now.Our government has already asked all banks to give details of persons whose accounts have more than $1500 transaction for taxing purpose.So in future,i will use the above mentioned option.