Questionable wealth because of Crypto

[tayogpanganiban]

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?

Bitcoin in the first place is not illegal so there's nothing to explain to them where our wealth came from because we work hard for it.And besides our  country accept bitcoin,so I think there's nothing for me to worried about it if in case I become instant millionaire because of bitcoin.

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[brooklynian]

You should not have any issues unless you come from a country where law and order are not respected or where people in power can disobey the Constitution at will. Once you have a very good evidence as to what your source of income is and you are able to prove it, then you should be okay.

[Jenn09]

I experience this too , I remember one time when I try to withdraw some of my earning here in bitcointalk in money exchanger or the teller ask me what is my work so me thinking that she actually thinking that I get it in gambling or in a bad way because I always withdrawing money always in their office.

[Alex9813]

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?

That's a valid issue. I also agree with this point with 100% because I knew a lot of people who have made a huge money by working in this platform, not only that but also they are trading and investing also here. But you can't find out them at any cost. but I don't have any problem with this issue because they are making money through a source whatever they can, so government should not interfere with this matter until the institution itself hampered.

[rosepetals]

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 if you belong in a country that knows about bitcoin then there is nothing to worry about..because they already  know bitcoins potential in making someones life to be wealthy.You don't owe them an explanation because bitcoin is the most profitable digital currency of all time and it proven its worth for the last 9 years of its existence.If people speculate tell them about your experience of bitcoin as an easy way to earn money compared in having a job that is very tiring but with low salary.If they on believe and still wonder how it change your life to be rich that fast then let them feel envy on what you become.

[gabbie2010]

Whether we like it or not a person living a flamboyant life style will be questioned but how do we overcome such a scenario? I belief we need to convince people how Cryptos can turn  things around  as far as our fortunes is concerned and evidently shows all the proofs based on transactions recorded on the ledger of our wallets or else our source of wealth might be linked with illegal source especially drug trafficking.

[rafiADN]

if nothing triggers to investigate you do not be afraid. For example, having multiple bank accounts and not showing the wealth that you can in the crypto in social media. I'm sure it will be safe.

[allycn]

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?

If you live in a country where you are already paying taxes on your crypto earnings, then you should be fine. If you don't, then just make sure you keep a record of the transactions you have made so that you can provide proof that your earnings were legal, should you ever need to prove it (of course this is assuming all your BTC / crypto transactions were legal).

[jpaul]

You don't have to explain anything to anyone just pay your taxes that will be due based on how much you earn through cryptos. Crypto currencies haven't been declared illegal that you are fearing so much and there are billionaires who are investing millions of dollars into bitcoin and don't fear anything than why do you fear.

[Kambal2000]

You don't have to explain anything to anyone just pay your taxes that will be due based on how much you earn through cryptos. Crypto currencies haven't been declared illegal that you are fearing so much and there are billionaires who are investing millions of dollars into bitcoin and don't fear anything than why do you fear.

We don't need to make things complicated, just let us make sure that before we will buy something from our earnings here in bitcoin we have to make sure that we have done our part and that is to pay the right taxes before anything else, so no question will ask later.

[MrRiuss]

just show them how you get your bitcoin. give them the prove. if you are miner, ask them to go to your place to see your miner, if necessary. if you are trader, show them your trading account

[gentlemand]

One of the reasons people are tickled by Bitcoin is that nifty immutability thing. This means you can categorically prove when you received your coins, when you controlled your coins and when you sold them.

If you have a bank statement showing a transfer to an exchange to buy them and a similar one to receive the proceeds of the sale then there's absolutely zero question of the source of your funds. So what if your $100 turned into $10 million? It's your property that you sold on a legit market. You can prove it all.

Hang on to all of your private keys, including the empty ones, and you're bulletproof. People seem to be very cavalier with their records when it's no sweat to retain them and may well save your arse at some point.

[hason88hvbc]

You pay taxes for your Bitcoin earnings. They can't accuse you of anything illegal. However, it is difficult to pay the tax correctly.

[Zizi19231]

If you just pay your taxes, you should have nothing to fear. So I see nothing wrong in becoming rich through bitcoin if you used it legally and pay your taxes.

[butrsukumpanumet]

Just declare your income so that you are taxable. Declaring your profit, your nature of business / source of income then you are safe.

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[bimbie]

If you declared what is needed to declare and pay appropriate tax I think it is enough there is no questionable wealth because of crypto.or if that all are not sufficient show them the proof that you get all your wealth in crypto.

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[CryptoManiaks]

Pay your tax, no matter the amount - No one can bother you then

[wiser]

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?

Track everything you do. Use a tracking service such as CoinTracking. Record all your deposits, withdrawals and trades. Seek appropriate tax advice and pay your taxes. You shouldn't have any problems.