CASHING OUT YOUR CRYPTO-CURRENCY PROFITS

[7788bitcoin]

That is what i'm afraid to. Because when people want to withdraw money, Bank teller will chat with us and ask something like what is our job, where is the money come from. Although it is not in formal situation, we should be careful about it.

Why would a bank check for all the amount of money coming into your account, not sure which country you are from to have restrictions like this, when we see these situation i feel how lucky i am since i do not face any restrictions like these and if you are paying your taxes on time there is nothing to worry and happy to live in a free country  . I would like to see your response as i am curious to know which country you are from because the bank teller is asking for the source with every transaction is ridiculous.

[ufaiz50]

So far I only often get messages from banks to make deposits or make credit cards. for messages asking information on sources of money income? I have never heard of it in my country, and never gotten that from the bank. Since my country has no restrictions and penalties for crypto users, I am not afraid to deal with the authorities, because I am not mistaken.

[nydiacaskey01]

If there is something like an Anti-money laundering council or group in your country that the government is using to track down illegal activities then expect that any high amount of deposits and withdrawals will be questioned by the bank but you can get away with it if you have a legit business. Sometimes you can earn more from your side hustle than your regular job or business.

Theres a bank in our country that does not allow an individual to open a new account if the source of funds is through cryptocurrencies. Its a bad idea if you ask me because banks are now staring to adapt blockchain technology and here we are we have a bank that opposes this kind of technology.

[ringgo96]

I'm the same as you, I don't like to say I make money through cryptocurrency, because I don't like to attract attention. In the internet world we can make a lot of money, so me and some of my friends have never received reports or questions about where this money came from. Making money through adsense doing business online and investing online is common, but for a value of more than 100 million will definitely be subject to income tax.

I am the same as you. with lazy reasons to explain because several times I gave reasons about crypto, but they did not understand it and when I gave education it was the same and in my opinion right now it is better to look for other reasons that getting money from the internet has many ways

[BennyK]

Every trade or investment must be guided by set goals. These goals will be the guide which will tell the holder at what price to withdraw to make the desired profit. The goals are normally set after studying the project or coin and knowing its capabilities in order to set practicable goals for the coin.

[iamsange]

That is what i'm afraid to. Because when people want to withdraw money, Bank teller will chat with us and ask something like what is our job, where is the money come from. Although it is not in formal situation, we should be careful about it.

Why would a bank check for all the amount of money coming into your account, not sure which country you are from to have restrictions like this, when we see these situation i feel how lucky i am since i do not face any restrictions like these and if you are paying your taxes on time there is nothing to worry and happy to live in a free country  . I would like to see your response as i am curious to know which country you are from because the bank teller is asking for the source with every transaction is ridiculous.

Thank you before, i am from Indonesia and Bank that i use now is (can we tell the name of bank here?). The teller ask me anything, like work in where, where did the money come from, but in informal situation like people chatting as usual. And i never talk about crypto. In other Bank (different bank name), i saw my friend post in his facebook timeline, if his friend bank account get blocked because in transaction has correlated with crypto. But the second case, i never ask it is true or not. Never want to involved to other personal problem.

[Beparanf]

If there is something like an Anti-money laundering council or group in your country that the government is using to track down illegal activities then expect that any high amount of deposits and withdrawals will be questioned by the bank but you can get away with it if you have a legit business. Sometimes you can earn more from your side hustle than your regular job or business.

Theres a bank in our country that does not allow an individual to open a new account if the source of funds is through cryptocurrencies. Its a bad idea if you ask me because banks are now staring to adapt blockchain technology and here we are we have a bank that opposes this kind of technology.

When it's huge amount to withdraw they will definitely ask due to their record on where it came from and whats the purpose of withdrawal, especially if it's over the counter since ATM Withdrawals are limited only. If there are countries like us that been asked and needs some record due to AML and government concerns if crypto is not yet fully used in our country better not withdraw in bulk in same bank or day or better use different remittances option.

[mitchr4]

I once experienced a situation like this when came to the bank office to withdrawing my money. When he looked at my account he was suddenly shocked to see the amount, that was reasonable because at that time I was 19 years old and making much money like that was impossible. Then I explained in detail how I make that money from cryptocurrency. So far i do not have problem with the bank and the police to have many money like that.

[andycarrol]

it's true you can make a withdrawal of the profits you get from trading results but you should be able to think long-term meaning that the capital you use doesn't run out and as much as possible you can increase your trading capital from the results of the profits you get so that you can get more profit .

[BennyK]

it's true you can make a withdrawal of the profits you get from trading results but you should be able to think long-term meaning that the capital you use doesn't run out and as much as possible you can increase your trading capital from the results of the profits you get so that you can get more profit .

You have a good idea but not every one here is a long term investor. Believe me, there are plenty day traders and short term investors who will not hesitate to cash out the least profit they make from their trades and investment. This is crypto and people have different strategies for making their profits.

[Wintersoldier]

Every trade or investment must be guided by set goals. These goals will be the guide which will tell the holder at what price to withdraw to make the desired profit. The goals are normally set after studying the project or coin and knowing its capabilities in order to set practicable goals for the coin.

Basically setting up goals isn't really necessary if you want to earn huge profit in trading. You just need to set your mind that whenever you cash out, always consider that it is really for your needs. Cashing out to often will just make you pay multiple transaction fees. And if your funds on an exchange grows higher, more profits will increment as well. Just make sure that all trades will be profitable through selling and buying at the right time.

[Oneandpure]

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.

[tambok]

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.
[/quote]

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.

[TelolettOm]

I once experienced a situation like this when came to the bank office to withdrawing my money. When he looked at my account he was suddenly shocked to see the amount, that was reasonable because at that time I was 19 years old and making much money like that was impossible. Then I explained in detail how I make that money from cryptocurrency. So far i do not have problem with the bank and the police to have many money like that.

Did you not get negative comments from the bank? because my case is almost the same as yours they are surprised by the nominal money that I will withdraw from where. but so far I myself have been able to explain to them and at the beginning of the negative comments I got that bitcoin is very high risk and even prohibited.

[darewaller]

When you make deposit with higher amount to your bank account they will called police and I think extreme way when you make cash out your money to bank, too risk if you make big amount for cash out but if you can cash out with little amount every day to keep your bank account safety without called police men with your activity in your bank, you  can cash out in daily day with small amout.

All these challenges are still present because we are still giving top priority to fiat and we all still want to cash out our bitcoin to fiat, if we leave our bitcoin in the wallet, and use it to make payment for whatever thing we need to purchase, we will not be getting scared of any bank placing ban on our account over the hard earned money that we worked for, but even if we want to use the coin to make payment, hardly do we see any merchant that wants to accept bitcoin for anything that we want to buy because of the volatility, and also, the reason why people still want to change their bitcoin to fiat is because they are scared of the volatility of the coin also, so that the value of what they are actually meant to hold will not depreciate, but as a believer, we are still the ones that can make the volatility of the coin to disappear.

[doomistake]

I once experienced a situation like this when came to the bank office to withdrawing my money. When he looked at my account he was suddenly shocked to see the amount, that was reasonable because at that time I was 19 years old and making much money like that was impossible. Then I explained in detail how I make that money from cryptocurrency. So far i do not have problem with the bank and the police to have many money like that.

That is the problem of the society, just because you are too young to make money means that you are suspicious when you have 6 digits amount of money in your bank account, when they can't do what you can do, they will start giving you problems, what I am trying to imply here is don't even trust the banks with your money, store it on your bitcoin wallet or cryptocurrency wallets, and only cash out a few when you need it.

Small amount from time to time, stay low key, to avoid getting conflicts with the banks.

[huu78]

It may depend on the country whether to legalize something. But suspicion is going to happen anywhere over an unexpected big deal. In my country the bank is not authorized to take care of such problems, his small amount of nominal does not affect and suspect they transact because it is the authority of the customer and the bank should not interfere unless there is a report of one of the parties Not in the benefit. So yes, what else should we obey the government to make it all okay and obedient in paying taxes.

[reality18]

The decision to withdraw ones profit in cryptocurrency investment, trading, gamble, holding, bounty participation etc depends on the goals set for that coin. Every coin in ones possession should have a goal set for it. This goal should be based on the research performed on the coin in order to know the capabilities of the coin to set realistic goals. Once that price goal is reached, the investor can withdraw.

[yulionoo]

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.

[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.