CASHING OUT YOUR CRYPTO-CURRENCY PROFITS

[Eugenar]

when I made a bank account book. I don't think there will be employees who ask where my money is coming from. they just ask what I do for a living. and in my country I have accepted and allowed bitcoin as a trading and investment community. so if for example there is a bank employee who asks about where my money comes from, of course I will answer from cryptocurrency. and
I will save the proceeds from the crypto profits in several bank accounts.

It depends, because there still a country that do not put their trust in cryptocurrency. Basically the analogy is simple, if we don't want banks, they do not want us either. So when ever in case we encounter bank tellers or associates asking us if it is from crypto or not, we shouldn't be surprised at all. But sooner or later, they will realize that the cryptocurrency is now become dominant that they need to adopt it.

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[Kambal2000]

when I made a bank account book. I don't think there will be employees who ask where my money is coming from. they just ask what I do for a living. and in my country I have accepted and allowed bitcoin as a trading and investment community. so if for example there is a bank employee who asks about where my money comes from, of course I will answer from cryptocurrency. and
I will save the proceeds from the crypto profits in several bank accounts.

It depends, because there still a country that do not put their trust in cryptocurrency. Basically the analogy is simple, if we don't want banks, they do not want us either. So when ever in case we encounter bank tellers or associates asking us if it is from crypto or not, we shouldn't be surprised at all. But sooner or later, they will realize that the cryptocurrency is now become dominant that they need to adopt it.

You can still do your daily task without using a bank. It is not that necessary for us to get into traditional banking system because we already have a lot of options in the internet, we can use cryptocurrency as a safe haven of our money and we can use other services to do payments online which is faster and way cheaper than bank fees. Banks will become useless in the next few years.

Yes that's right it's good thing now that we do have some payment system such as the remittance center that we can use as an alternate way to cash out our profits from crypto. So, for me it's okay for as long as the remittance fee is lesser so it won't cost that much.

This is a good thing now that we are in innovative world , the impossible is becoming possible.

[Oneandpure]

Always cash out how much profit you got because if you want to use for re investing maybe you will miss chance to earn and enjoy with yoru profit when next time your investing lost, always enough with how much profit you get and cash out first with your profit. You can compund if your profit have reached more than 30% and you can withdraw about 10% of your profit and half use for re investing.

[Faxmate]

indeed there is no harm if I make a withdrawal of the profits obtained from trading but I have to be able to think far because I trade using money capital whereas if I do not increase trading capital then the results I get are very little so that I will not withdraw all of the profit but I will only withdraw 10% -20% of the profit and the rest I use for additional trading capital.

With the passage of time of you are getting profit and are sure that now you are getting expert in trading then you have not to withdraw all of your profit and have to follow the strategy which you mentioned, like you have to continue to trade with even those money which you earn in trade. It will help to have the chance of getting high profit with your high investment. I also started the trade with a smaller amount and when I got the profit from there I continued to trade with all of them and increased my portfolio. Now I withdraw some amount and add the remaining profit to my portfolio.

[alyssa85]

Bank is not care how much money you deposit in your account and they will glad if you received much money and deposit to your account, they don't care with your money from bitcoin because they only get benefit if you have and save much money in the bank they can use your benefit for loan your money to the other member, maybe you want to get chance with bank to ask you where is from deposit moeny in your bank.

Exactly, they care a lot if you are withdrawing your fund to them, I remembered one time when I want to cash out my money, but they even interview me and asking what is the reason, they even offered me money for me not to withdraw my fund, I don't have much money of it, but maybe it's a question for them when someone closed their account.
[/quote]

Banks have "trigger amounts". So if people are suddenly depositing large amounts, but they don't normally do this, their algorithms flag it.

Go with small amounts (less than $1000) and withdraw slowly over time.

[owengtam09]

Hi everybody, I have a serious question to address:

How will you tell (or reveal) to your Bank that the huge daily (or weekly) deposits into your Bank Account are from crypto-currency profits?
- Would you go to your local Bank Branch and tell them ahead of time, that you are a crypto-currency investor BEFORE you make huge deposits?
- Would you go to your local Bank Branch and tell them that you are a crypto-currency investor AFTER you make huge deposits?

This question is important, especially for people of modest income that SUDDENLY start to make huge profits from crypto-currency.

EDIT: I would love to pop into my Local Bank branch (in the United Kingdom) to tell them that I am into crypto, but I am a local person in the area - I do not want to attract attention to myself (or to attract potential thieves), because we do not really know who these Bank staff really are, or if they have connections to the criminal underworld.
I do not want to turn myself into a local target.

EDIT 2: The reason why I was suggesting contacting the bank first, before making serious deposits (single large deposits or frequent small deposits), is because some banks just call the police (without contacting you first), when they notice strange transactions in your account.
When a bank calls the police on their customers, this automatically gives the police the permission to issue a "search warrant" on your living premises.
This means unwanted visits from the police, who have authority to scuffle through your possessions and seize all of your electronic communication equipment.
While doing this, they now have the opportunity to search your home for anything else that they think is wrong, or to issue trumped up charges against their victims.

The real reason why I want to contact my bank before I make any serious deposits from crypto profits, is to avoid the possibility of unwanted police visits or investigations. Police love to confiscate electronics (computers phones), which could prevent you from accessing any market while the electronics are in police custody.

EDIT 3: I am not scared of paying high taxes. I just want to cash out honestly, without being worried of the unpredictable and punitive behavior of the Authorities, who always criticize or attempt to make accusations "on suspicion" of wrongdoing.
I want to pay the correct tax, and get over and done with this issue. I do not want the Authorities chasing me around for unpaid taxes later in life.

I don't think the police also have the right to judge you and to give you a search warrant because of your huge deposit transaction on your bank. The bank should be happy because you choose them to make your money safe and not to judge you by doing anything wrong. They also don't need to be care about how you earn those big profits and as long as you are not doing anything wrong there is nothing to worry about checking you by the police.

[supercanada1]

indeed there is no harm if I make a withdrawal of the profits obtained from trading but I have to be able to think far because I trade using money capital whereas if I do not increase trading capital then the results I get are very little so that I will not withdraw all of the profit but I will only withdraw 10% -20% of the profit and the rest I use for additional trading capital.

With the passage of time of you are getting profit and are sure that now you are getting expert in trading then you have not to withdraw all of your profit and have to follow the strategy which you mentioned, like you have to continue to trade with even those money which you earn in trade. It will help to have the chance of getting high profit with your high investment. I also started the trade with a smaller amount and when I got the profit from there I continued to trade with all of them and increased my portfolio. Now I withdraw some amount and add the remaining profit to my portfolio.

The idea of withdrawing all the cash does not hurt but if someone is a bitcoin holder and plans to sell away all of his holding to make profit, he will be regretting this decision sooner than he can imagine. Nothing can be more painful than this. We all know the current situation of market. It is going through a dip. Moreover, this dip is not going to stay for longer so now is the last chance to invest at low rates.

[White Christmas]

I think it is not necessary to tell them where do you get your money from, your income or deposits on their banks because I believe that they don't care where the money are from because when you deposit it in the bank and the only care that they want is to earn and get your deposits. As long as you deposit money to them they will be glad enough because they are gaining profits. I have an experience here in my country that I cash out my money from coins.ph and the money is from the crypto and the bank management ask me why I am getting always a huge amount of money everyday and I say that it is just because of my investments and business.

[Mike Mayor]

Nice topic. Good to see some interesting topics I can really sink my teeth into lol

I was silly when bitcoin was up last year and I have been staying away from converting to fiat but I wish I had since I spent my bitcoin when it was at $3000 and it makes me cry. I was so scared of paying tax and all this other crap I basically shot myself in the foot. I just didn't want to be under the radar for large transactions all of a sudden.

I don't really have too much of a problem since I spend bitcoin on most things fiat on groceries and light and water bill. I keep a bit more for going out and for takeaway and things like that. This all falls under a certain amount per year and that amount is too little to be taxed on. So I don't actually qualify for tax.

I don't pay tax on my crypto since it is crypto and not government-issued. Hell, it's not even money its just "nerd" money we gave value to. xP

There is also a bit of a moral dilemma. There is some corruption in government like in all but we have serious problems like a low rate of employment and many jobless people. The tax money is often wasted. For me it feels like paying tax only feeds and encourage corruption. It actually feels like I am going against my country by paying tax when I know some will be wasted or used to buy officials new sports cars.
It isn't like in Europe where you get free medical care and schooling or at least very cheap. We don't get any of that here. They want you to pay tax and give you very little back. Then you have to use medical aids and other private companies because the government pays for almost nothing. Anything that is public here is total crap. You will die in a public hospital..... -_-

So that is how I feel about that.

[Polo7]

Hi everybody, I have a serious question to address:

How will you tell (or reveal) to your Bank that the huge daily (or weekly) deposits into your Bank Account are from crypto-currency profits?
- Would you go to your local Bank Branch and tell them ahead of time, that you are a crypto-currency investor BEFORE you make huge deposits?
- Would you go to your local Bank Branch and tell them that you are a crypto-currency investor AFTER you make huge deposits?

This question is important, especially for people of modest income that SUDDENLY start to make huge profits from crypto-currency.

Interest Ask. I don’t think that the bank’s employees will be interested in the sources of your potential profit until you replenish your bank account with a huge amount. Indeed, it’s very difficult to prove that the profit you received as a result of doing cryptocurrency. Therefore, it will be better to make your profit in different banks and in small amounts.
In my country, the tax on profit from cryptocurrency has not yet been introduced, so I can deposit large amounts to the bank, explaining the source of profit from working with cryptocurrency.

Bank is not care how much money you deposit in your account and they will glad if you received much money and deposit to your account, they don't care with your money from bitcoin because they only get benefit if you have and save much money in the bank they can use your benefit for loan your money to the other member, maybe you want to get chance with bank to ask you where is from deposit moeny in your bank.

Bank can not lend others People money to other customers! 
You Get loan then new money is created printed.
Not from other Person money!! 
You should learn about fundamentals!

[cryptobaro]

Here in my country banks do not ask where the money is coming from if you do not withdraw probably more than 10-20k dollars. For amounts smaller than that we don't have to tell anything about our source of money so it is not a problem for us. Cryptocurrency is not something illegal tho.

[shoreno]

Here in my country banks do not ask where the money is coming from if you do not withdraw probably more than 10-20k dollars. For amounts smaller than that we don't have to tell anything about our source of money so it is not a problem for us. Cryptocurrency is not something illegal tho.

its not illegal but there are company and people that dont allow it  . on our country some backs here are too strict and ask you if were your funds came from no matter how big or small the deposit was but there are some banks here that willing to support crypto . anyways i still dont use those banks to cash out because im just a small time earner  .  i can still easily withdrew or cash out my crypto to fiat using money remitance center as they also support it  .

[Sadlife]

Dont deposit them in large amount you can also do is create a wallet anywhere as long as it is secured and safe then transfer all your profits there then you can start cashing out bitcoin in your wallet to your bank account in small portions so that banks wouldn't get a red flag on you.
If you'd already deposit it to your bank 2 things might happen:
Either they taxed you or ban your account.

[Pamadar]

Here in my country banks do not ask where the money is coming from if you do not withdraw probably more than 10-20k dollars. For amounts smaller than that we don't have to tell anything about our source of money so it is not a problem for us. Cryptocurrency is not something illegal tho.

Good for you, but in some other countries where AMLA is too strict they needed to provide information about the money and it will be frozen if you won't be able to provide the sources of your funds. You have to provide good information to avoid this delays and make sure to have valid proofs to ensure that you can justified your money which not coming from illegal activities.

[meliodas]

Here in my country banks do not ask where the money is coming from if you do not withdraw probably more than 10-20k dollars. For amounts smaller than that we don't have to tell anything about our source of money so it is not a problem for us. Cryptocurrency is not something illegal tho.

Good for you, but in some other countries where AMLA is too strict they needed to provide information about the money and it will be frozen if you won't be able to provide the sources of your funds. You have to provide good information to avoid this delays and make sure to have valid proofs to ensure that you can justified your money which not coming from illegal activities.

If you do not want to get involved into such verification or whatnot, you should sell your cryptocurrency peer to peer in order to receive your profits in cash. You can do transactions in casino where there is no dirty or clean money. Just meet up in a casino and rent a room for you two so you can execute the transaction and bring home the cash without waiting for any verification.

[Mometaskers]

I never told them. It's not my job to inform them of anything, their job is to accept money for me. If they try to do anything then I'll close any other remaining account and take my money elsewhere.

So far I've never any experienced any problems with withdrawals but then again, maybe coz I never send anything huge in one go. Money that goes to my bank goes through verified exchanges so maybe that's a reason why they haven't gone after me, they know how I'm making money.

[TitanGEL]

when I made a bank account book. I don't think there will be employees who ask where my money is coming from. they just ask what I do for a living. and in my country I have accepted and allowed bitcoin as a trading and investment community. so if for example there is a bank employee who asks about where my money comes from, of course I will answer from cryptocurrency. and
I will save the proceeds from the crypto profits in several bank accounts.

It depends, because there still a country that do not put their trust in cryptocurrency. Basically the analogy is simple, if we don't want banks, they do not want us either. So when ever in case we encounter bank tellers or associates asking us if it is from crypto or not, we shouldn't be surprised at all. But sooner or later, they will realize that the cryptocurrency is now become dominant that they need to adopt it.

You can still do your daily task without using a bank. It is not that necessary for us to get into traditional banking system because we already have a lot of options in the internet, we can use cryptocurrency as a safe haven of our money and we can use other services to do payments online which is faster and way cheaper than bank fees. Banks will become useless in the next few years.

Yes that's right it's good thing now that we do have some payment system such as the remittance center that we can use as an alternate way to cash out our profits from crypto. So, for me it's okay for as long as the remittance fee is lesser so it won't cost that much.

This is a good thing now that we are in innovative world , the impossible is becoming possible.

If you want to have convenient way to cash out your profit then use remittance center but there is a bad side of it and it is the high transaction fee. It is easy to withdraw your money but the fee is too high. In my country there is a wallet that we can cash out our bitcoin through a bank where there is no transaction fee. It it really convenient for us to get our money through this way.

[kotik085]

When I send a Bitcoin transaction and transfer my funds to my wallet, I will not ask permission from the bank. Today there are cryptocurrency exchangers and there is no point in asking.

[CryptoBuzzerd]

you right, best way to save money - do not sell rewards, just buy bitcoin whatever