How can I extract cash from exchanges without going through a bank?

[pey]

I know what you mean, the simple answer to that: you can't run away from the government. But if you talk about insignificant amount of money then it does not matter much.

[rizkyhiw]

I know what you mean, the simple answer to that: you can't run away from the government. But if you talk about insignificant amount of money then it does not matter much.

Very risky indeed if you are too forced to make individual withdrawals from everyone who wants to buy or exchange them, I strongly agree that we cannot be completely out of the scope of the government but I believe the government provides better security by withdrawing from the bank, where stay? maybe there is like a Bitcoin ATM or something like that if there isn't already there isn't too much to do and the bank is a good and safe choice than others for now.

[yesyes18]

I guess OTC exchanges may he your best choice. With that, you only find a peer to send your money to and you wouldn't need any bank as a medium. Also with OTC, you decide on the payment method you'd want to use. You should however check on your jurisdiction and how they treat OTC transactions. Some countries don't like it when they can't track your transactions.

[Mpamaegbu]

I bought crypto coins during the winter of 2018-2019 when prices were bottomed out.  So when the next big price surge tops out, I'll have some nice PROFITS.  I've got accounts on several exchanges, like Coinbase, Gemini, and others.  All seem to be reputable with the FDIC banks, and I'm confident I can withdraw my cash from exchanges to banks and then get cash from the banks.

BUT -- I don't think I want the banks knowing all my business, and I certainly don't want to pay too much in taxes.  Some ok, but not everything.

So what are my options for transferring numbers in my exchange account to cash in my hand, nice and anonymous and tax-free like?  I've heard of gift cards being charged up with exchange funds and withdrawn from ATMs.

Any details to share?

Once an ATM is involved, the bank is. Just know this.

From my perspective, an easy way to go about such withdrawal without using the exchange directly to your bank is to sell directly to a buyer with whom you are in the same group or someone you know personally and the buyer pays the money into your account or hands it over directly to you. However, there is a risk involved in this if you don't use an escrow. There is a section of this forum where you can get such a services. Just browse through the Market place.

[BigBrother]

You can have a few cards of different banks, or use cards to your loved ones. Then you can divide your profit into small amounts and send it to these cards. Then no one will suspect you of anything.

[traderethereum]

You can ask your friends to withdraw the money into his account, and then he will go to the ATM to withdraw the money and give it to you.
In that case, you don't have to bother with the government at all, and besides that, the money will not go into your bank account, and your friend is your savior in that story
But I am curious about how long you can hide from the government because they will investigate your friend bank account, especially if they found that your friend has already withdrawn big money to his account.

[bitbollo]

I bought crypto coins during the winter of 2018-2019 when prices were bottomed out.  So when the next big price surge tops out, I'll have some nice PROFITS.  I've got accounts on several exchanges, like Coinbase, Gemini, and others.  All seem to be reputable with the FDIC banks, and I'm confident I can withdraw my cash from exchanges to banks and then get cash from the banks.

BUT -- I don't think I want the banks knowing all my business, and I certainly don't want to pay too much in taxes.  Some ok, but not everything.

So what are my options for transferring numbers in my exchange account to cash in my hand, nice and anonymous and tax-free like?  I've heard of gift cards being charged up with exchange funds and withdrawn from ATMs.

Any details to share?

You can find a local exchanger that can pay with cash or just loading a prepaid card.
Check on your local board here on bitcointalk, there are always people that provide exchanges at reasonable rates even with escrow.

[Mahanton]

Any details to share?

If you are only dealing with small amounts then i dont see a reason why would you bother too much on not dealing with banks when it comes to encashments of your crypto to fiat.
If you do have some serious cash amount there then they might really able to track you out.You can make p2p on your place which had been said by other members which you can
potentially make transactions between them but you should aware on possible risk.

[bonker]

I bought crypto coins during the winter of 2018-2019 when prices were bottomed out.  So when the next big price surge tops out, I'll have some nice PROFITS.  I've got accounts on several exchanges, like Coinbase, Gemini, and others.  All seem to be reputable with the FDIC banks, and I'm confident I can withdraw my cash from exchanges to banks and then get cash from the banks.

BUT -- I don't think I want the banks knowing all my business, and I certainly don't want to pay too much in taxes.  Some ok, but not everything.

So what are my options for transferring numbers in my exchange account to cash in my hand, nice and anonymous and tax-free like?  I've heard of gift cards being charged up with exchange funds and withdrawn from ATMs.

Any details to share?

Local bitcoins have alternative payment options as well along with bitcoin like western union or even you can meet the persons and can complete the transactions but those were risky compared to bank transactions.

[barbara44]

I bought crypto coins during the winter of 2018-2019 when prices were bottomed out.  So when the next big price surge tops out, I'll have some nice PROFITS.  I've got accounts on several exchanges, like Coinbase, Gemini, and others.  All seem to be reputable with the FDIC banks, and I'm confident I can withdraw my cash from exchanges to banks and then get cash from the banks.

BUT -- I don't think I want the banks knowing all my business, and I certainly don't want to pay too much in taxes.  Some ok, but not everything.

So what are my options for transferring numbers in my exchange account to cash in my hand, nice and anonymous and tax-free like?  I've heard of gift cards being charged up with exchange funds and withdrawn from ATMs.

Any details to share?

This is the easiest thing you are looking for, that is why we have local exchanges that would do that for you, especially the ones that are directly operating in your country over the counter, where you can walk to and make your order.

If you use the online local exchanges, bank may still trace their deposit because whatever accounts those ones will use to transfer will be the one opened for cryptocurrency which may definitely have element of cryptocurrency in their registration. Over the counter, you can just request for cash which I am sure they will attend to such request.

[darewaller]

I know what you mean, the simple answer to that: you can't run away from the government. But if you talk about insignificant amount of money then it does not matter much.

Of course he can, he will perform his transaction in a clan way without the government tracing it to cryptocurrency, but hard cash will surely be involved, it is now left to him to explain to the bank when depositing how he got the cash if the amount is very significant for them to query.

All he needs to do is just involve a local exchanger, they will do all the dirty work for him, and then get him his cash once they get their own BTC. After all, government cannot even trace anything that is being done through the blockchain transaction, and since he will be depositing cash by hand, no one will be able to trace it too with that.

[jrrsparkles]

I know what you mean, the simple answer to that: you can't run away from the government. But if you talk about insignificant amount of money then it does not matter much.

Of course he can, he will perform his transaction in a clan way without the government tracing it to cryptocurrency, but hard cash will surely be involved, it is now left to him to explain to the bank when depositing how he got the cash if the amount is very significant for them to query.

All he needs to do is just involve a local exchanger, they will do all the dirty work for him, and then get him his cash once they get their own BTC. After all, government cannot even trace anything that is being done through the blockchain transaction, and since he will be depositing cash by hand, no one will be able to trace it too with that.

I don't know why people want to hide themselves from the eye of governments,if they are everything legally and obtained the money in right way then no need to worry about and also you have to pay the right taxes from the earnings or it also will be a punishble offence.

But lot of loopholes and underworld market available where we can pay extra and can get everything done in the way want.

[RapTarX]

I don't know why people want to hide themselves from the eye of governments,if they are everything legally and obtained the money in right way then no need to worry about and also you have to pay the right taxes from the earnings or it also will be a punishble offence.

But lot of loopholes and underworld market available where we can pay extra and can get everything done in the way want.

It's not about paying the taxes all the time. You can't believe how a govt can interfere in all of your funds, it depends on the country where you live though.

[jrrsparkles]

I don't know why people want to hide themselves from the eye of governments,if they are everything legally and obtained the money in right way then no need to worry about and also you have to pay the right taxes from the earnings or it also will be a punishble offence.

But lot of loopholes and underworld market available where we can pay extra and can get everything done in the way want.

It's not about paying the taxes all the time. You can't believe how a govt can interfere in all of your funds, it depends on the country where you live though.

Good point,but when we earned all this money in right way then they can't take our money from us and if you still thinks that they will take your money then better keep it as cryptos in the way they can never take anything from us without our permission and for sure we can use cryptos for paying many things even now and in some years it will be everywhere so there will be no need of conversion.

[Pursuer]

I know what you mean, the simple answer to that: you can't run away from the government. But if you talk about insignificant amount of money then it does not matter much.

Of course he can, he will perform his transaction in a clan way without the government tracing it to cryptocurrency, but hard cash will surely be involved, it is now left to him to explain to the bank when depositing how he got the cash if the amount is very significant for them to query.

All he needs to do is just involve a local exchanger, they will do all the dirty work for him, and then get him his cash once they get their own BTC. After all, government cannot even trace anything that is being done through the blockchain transaction, and since he will be depositing cash by hand, no one will be able to trace it too with that.

I don't know why people want to hide themselves from the eye of governments,if they are everything legally and obtained the money in right way then no need to worry about and also you have to pay the right taxes from the earnings or it also will be a punishble offence.

But lot of loopholes and underworld market available where we can pay extra and can get everything done in the way want.

I don't know about him, but sometimes in some countries the governments have not yet decided what kind of approach to take about cryptocurrencies and some people prefer to keep their privacy in case their government suddenly decided to take an aggressive approach in which case those with a lot of cryptocurrency related transactions can face a hard time and a lot of legal fees to solve something that could have been avoided.

[Gibreil]

I bought crypto coins during the winter of 2018-2019 when prices were bottomed out.  So when the next big price surge tops out, I'll have some nice PROFITS.  I've got accounts on several exchanges, like Coinbase, Gemini, and others.  All seem to be reputable with the FDIC banks, and I'm confident I can withdraw my cash from exchanges to banks and then get cash from the banks.

BUT -- I don't think I want the banks knowing all my business, and I certainly don't want to pay too much in taxes.  Some ok, but not everything.

So what are my options for transferring numbers in my exchange account to cash in my hand, nice and anonymous and tax-free like?  I've heard of gift cards being charged up with exchange funds and withdrawn from ATMs.

Any details to share?

What you need to is to buy it in any department store that accept online currency. Then, sell it on your community. By that, you did not withdraw it in a bank but you just pass it through a business. However, you cannot withdraw your cryptocurrency without any access of the bank. We are all centralized and banks have their important role in regulating currency.

[gentlemand]

Erm, if you're signed up to the big exchanges then your details will be there for the tax man to tap in future if they decide to look a little closer. You may get away with it. You may not. Either way you've already marked yourself and it's not as if they're going to get more relaxed as the years go on.

Pay the tax and save yourself ball ache and risk.

If you're determined then the only real way is a cash in hand trade in person. I can't see many posting cash in the mail.

[Cryptohistory7]

There are plenty of safe and secure digital wallets from various blockchain/crypto projects that also pair debit cards with their corresponding wallets - these cards instantly convert your coins to fiat at little to no transaction/exchange fees so you can use them to pay for purchases at physical stores, for example. This is probably one way to 'extract' and use cash from exchanges and also bypassing the bank.

[Kiweikoo]

I know what you mean, the simple answer to that: you can't run away from the government. But if you talk about insignificant amount of money then it does not matter much.

There are options where OP can run away from government as well as their taxes so it is not mandatory needed to pay the un-expected taxes just for trading our crypto coins. OP is been holding coins since a long time and also the time he/she bought coins was the time when all major coins were at a dip so until now, OP might surely be landing into high profits and I can deeply understand his/her concern that they won't wish to lose their winnings into the taxes. From my end, I think that the government can deduct a fixed percentage of amount from your total amount depending on your country and taxes ratio but by taking some efforts, you can minimize that.

[jrrsparkles]

I don't know about him, but sometimes in some countries the governments have not yet decided what kind of approach to take about cryptocurrencies and some people prefer to keep their privacy in case their government suddenly decided to take an aggressive approach in which case those with a lot of cryptocurrency related transactions can face a hard time and a lot of legal fees to solve something that could have been avoided.

It happened with some countries earlier like Bangladesh I guess where holding any crypto currencies will be a punishable act but now knowing the current situation there,they might change their activity later as well even after they said they are going to ban it.

But when we want to avoid these cases then we might have to find a buyer locally and the prices also will be lesser from the current price,if people are ready to do this to keep their privacy then no problem for them.