Questionable wealth because of Crypto

[pumbum]

Bitcoin, like any other asset, can grow and generate income. In this regard, you can make a Declaration of income as a trader. Show the purchase price and show the sale price and from that pass the tax. There's nothing weird about that.

[ohlawdy]

This is why it is important to file you taxes, a lot of people seem to underestimate this and i think it will come and bite them in the ass. In the usa i understand it because of their weird taxes on crypto , which can leave you with next to nothing. But once governments have a better idea how crypto works , then they will try and get the people who never payed up.

[avoxosuccesful]

the truth is in the part of the world i come from?when ever they see you from broke to walth,they relate it with one crime or the oder.and sometimes the few people you tell find it out to believe that the internet is a wealth plartform.but that shldn't distract our mind from our work and those of us that believe's in blockchain and the digital currency i don't think we should get busy with those who don't believe.and i dont think my gov is gonna storm at my door cause i got rich with crypto because they'v not helped me in any way.but the thing just pay your tax,if u do i dont se why the gov will be @ your door

[ellabanana]

Even if we become rich with cypto, I don't think it will be that suspicious. Once you have the wealth, you can invest in land and with that you're gonna pay taxes and that's what they wanted. So, just go and be rich.

[Dmitry.Vastov]

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

I think BTC has that potential that it can make you very rich just like drugs and smuggling can make you and yes I can understand your situation too that if you become very rich with the bitcoin then in the present scenario, it is very difficult to make people believe that it's the bitcoin, not other illegal activities because in present scenario, the people are unaware of the complete potential of BTC. So for now,  u can tell them the success stories of those people who has become that much popular and rich because of bitcoin only.

[MakeMoneyBtc]

You cant anymore become rich with bitcoin because the price is very high right now so in order to make a lot of profit you need to invest a lot of money. I dont think anyone should worry that to many people will get rich with bitcoin and then become unhealthy because as far as I can tell there aren't anymore so much people that even make some profit with bitcoin and we speak about becoming rich. In order for someone to become rich through bitcoin he has to buy 5-10 bitcoin then way a few year,at least 5-10(maybe more than few) so that the price increases ten times and he gets a huge profit becoming rich. As you can see it is not that easy to become rich with bitcoin and you also have to invest thousands of dollars. It's not like old times when you had to invest only 1000$ and become a millionaire.

[Kayla]

I do not think we should show our wealth to others or we live simply to avoid something we do not want, like a crime or a government suspicion of our wealth. We should not be too much or often in transactions, so that the banks and the government do not question. If the government questions it, I will answer that I am rich because of bitcoin. I will explain as much as I can. As long as I do not violate the rights why I should be afraid, because I do not feel harm to others.

[signup01]

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

many think bad with bitcoin and profit from bitcoin investment I think it's very easy to explain bitcoin it is an investment that requires capital and patience in its fair investment if we succeed in getting investment from the investment

[Rajs64]

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they don't find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

I am not sure if you are from India? But we do have the same scenario as what you have stated.  The best way around is to talk to tax consultant and mention how are you making extra $ from bitcoins, and whether your income source will fall under tax scheme. Sometimes we feel that by not disclosing our earnings we can save amounts, but that all are in vain,  Banks and Govt are having records. It's better to disclose now and be safe, rather than be penalized later.

[kalstarzz]

you will never go to jail as long as bitcoin is not banned. even though bitcoin is not legal yet, even if illegal bitcoin can not entrap us with a crime article unless you use bitcoin.

[longminh123]

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

You can explain to them by giving transactions to the trading floor and the times you are laundering. You should note all such transactions to prevent misunderstandings.
This is very important for countries that do not block bitcoins. Keep that information very carefully.

[Nilda]

If you like flaunting your wealth, better be ready for a lifestyle check. Friend and relatives may get curious on how did you get rich without them seeing you working in a company or running your own business. In most Third World Countries, the taxman don’t care, but is a different story when you’re in the US. Just make a record on all your transactions to be safe.

[speeder]

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

Well, practically if they don't have evidences that you do drugs or something like that, somethig illegaly , they can't put you in jail. maybe only if online trading are something illegal in your country i think ,but all you can do is paying your taxes to the state an then , try to explain to them how this works, or try talking about how the technology of these years has advanced.Really you it can't anything happen to you if they don't have a proof that you've done something illegaly.

[dimastegar]

I sometimes have trouble explaining the money I get from Cryptocurrency. Moreover, if they are lay people who are less knowledgeable of technology. They must have thought the money I got from the gamble, while I hate gambling. In essence I answer their questions honestly and with simple delivery.

[ogtejiri]

I for one am really affected by this issue because in my country, young men gets harrassed by the police all the time especially if you're well to do you become their target.
And it has been generalized by most that those who work from their laptops at home are normally involved in cyber crime. I find it hard convincing my loved ones that this platform has nothing to do with cyber crime, talk much less of the police who only care of how much they can extort fom you. It's quite unfortunate.

[oni4an]

A lot depends on the country you live in and how the crypto belongs to your state and many other factors. If the crypt in your country is legal, then you have nothing to fear just pay taxes.

[Chopmoney]

As long as you remain below these trigger points, the bank will likely not start an investigation and demand for proof of funds. The only thing is that they can change their terms at any time.

[gabmen]

A lot depends on the country you live in and how the crypto belongs to your state and many other factors. If the crypt in your country is legal, then you have nothing to fear just pay taxes.

Well is there even a country today that found a way to successfully tax btc yet? As far as i know there's none. And money you put in banks that came from crypto can be questioned especially in big amounts. Banks control the money you put in there anyways that's why a lot of people support this crypto revolution to put control over their money back in their hands

[BelieveInBTC]

Some governments still associate Bitcoin investors with money laundering. I understand it because they should know that Bitcoin is not really anonymous and people switched to some other cryptocurrencies which offer much higher anonymity. There should not be any problem if you always pay your taxes from Bitcoin income like trading or mining. Both of these activities are easy to prove. Cryptocurrencies became so popular that nobody should be surprised that you earn from them.

[Mymikagab]

they are the reason for the rapid growth of people in bitcoin and because people are not perfect it makes a mistake and continues to abusing money especially oneself but it does not mean that the government knows how to get rich because it.hope those people know their limit, if they have pay taxes pay it immediately