Ways against BTC confiscation.

[Lorence.xD]

Tip: They can't confiscate something they don't even know that you have. This is also one main reason why a lot of people here(and with Bitcoiners as a whole) have been heavily advocating in using peer-to-peer platforms, rather than spot exchanges like Coinbase.

Learned this tip from my friends who trade, it is helpful although our government does not care that much about cryptocurrency.

Regarding the confiscation, I think that it is fair for the institution to sell it to use it for their payment for their services, if it were confiscated without a ground that the person holding it is doing something illegal then I guess it is unethical and corrupt at best but if it is the other way around then I think that it is justifiable.

[Warkop]

Never thought that could be  possible but currently hit my head against this  head-line   "Lithuanian tax office sells confiscated BTC.." . Article says there were much of similar  actions in various countries Romania, Australia, USA , etc.. I can understand that their legislation can have articles in  laws that allow to do it but don't understand how can it be done in practice? Any person can insists on losing private keys that give access to his bitcoins. Is there any efficient way to prevent yourself from such confiscation, if any?  Any thought on that?

I personally think to avoid foreclosure on cryptocurrency first close all the accounts you have on the exchange, because the migrants have important data about you so they think to track all transactions through the bank you use for the exchange. Perhaps the most important thing is never to tell anyone the key to your cryptocurrency wallet, and most importantly separate the BTC or any other cryptocurrency you have in multiple wallets so that what you have is not all visible to them.

[uneng]

I believe you can't avoid btc confiscation in a smart way. If you lie or even if you really lose your password or private keys authorities will probably increase your sentence to compensate that. And you will never touch that money again, because if you do this, the police intelligence will be watching these movements in your address, as it's public, so they will go after you again.
As I see, once someone is caught there is nothing to do besides colaborating with the police forces.

[Debonaire217]

The headline already states that this is a red flag activity. Confiscated BTC should be either be burnt or its private keys should be disposed of. Especially if it is proven that the reason why the  BTC was confiscated was reasonable they already have the full authority over it, no one should benefit from these Bitcoins but the overall hodlers of it. How? Since if they disposed the Bitcoins, it will lower the circulating supply, making it more scarce. And cryptocurrency that is having a huge scarcity will have a huge price as low supply with huge demands will push it.

[mk4]

Of course they can not confiscate things they do not know about. But in case you are under investigation or someone from your contacts is, it will not be too hard to learn about your assets in crypto, wallets and so on. Of course it is great to use platforms that tell us about anonymacy, but this anonymacy is a bit conditional. In case some person will attract attention of such bodies or agencies it will not take too much time to learn in deep lots of about you and your assets.

Yes. But the trick is, try your best to don't get yourself to a situation that you're actually going to be under investigation. Yes, a lot of us have used centralized exchanges in the past(and probably until now), but it's not too late to switch as to prevent further data from being collected.

Also, take a look at "plausible deniability".

[tbterryboy]

Never thought that could be  possible but currently hit my head against this  head-line   "Lithuanian tax office sells confiscated BTC.." . Article says there were much of similar  actions in various countries Romania, Australia, USA , etc.. I can understand that their legislation can have articles in  laws that allow to do it but don't understand how can it be done in practice? Any person can insists on losing private keys that give access to his bitcoins. Is there any efficient way to prevent yourself from such confiscation, if any?  Any thought on that?

Bitcoin can be confiscated by the government, if you’re just seeing it now then I’m sorry to tell you that it’s no longer a new thing, it has been happening. Things like this happens when you’re living in a country where Bitcoin is illegal and you’ happen to be caught with any cryptocurrency at all, the government is going to confiscate it and then put it on auction and sell it.

So, you have to know what works in your country, if cryptocurrency is illegal, then try to be careful and avoid the law enforcement agencies when making use of it, or else you’re going to lose them.

[Taskford]

Never thought that could be  possible but currently hit my head against this  head-line   "Lithuanian tax office sells confiscated BTC.." . Article says there were much of similar  actions in various countries Romania, Australia, USA , etc.. I can understand that their legislation can have articles in  laws that allow to do it but don't understand how can it be done in practice? Any person can insists on losing private keys that give access to his bitcoins. Is there any efficient way to prevent yourself from such confiscation, if any?  Any thought on that?

I don't see any legal instance on why they can do that but if the certain individual will get caught doing such illegal things then maybe their bitcoins hold in their positions will be confiscated, but if you are just a trader or doing a legal matters to earn bitcoins then you shouldn't worry about that and for security concerns just don't put your private key on email or bookmark it anywhere since this could lead to a disaster if hackers can penetrate your accounts.

[Walterhank]

By keeping yourself under the radar you can protect yourself from such events which means that less utilization of centralized exchanges. I think people shouldn't have used them in the first place because then you are not really upholding the main motto of bitcoin and similar crypto.

[dizzy1996]

I believe that this situation and the confiscation of bitcoin in general is unreasonable, especially since some countries do not even have legislation that controls the circulation of cryptocurrency and such confiscation is illegal, I would recommend storing cryptocurrency on decentralized exchanges, you cannot steal money from short exchanges

[adzino]

There is no way other than not revealing that you have/hold crypto currencies. His coins got confiscated because he probably handed over his private keys or the police swept his house and found the private keys.
And yeah, he could say that he lost his keys or doesn't have them. Thing would have been harder for the police but they probably gave him a deal or something which the guy found reasonable.

[AicecreaME]

Tip: They can't confiscate something they don't even know that you have. This is also one main reason why a lot of people here(and with Bitcoiners as a whole) have been heavily advocating in using peer-to-peer platforms, rather than spot exchanges like Coinbase.

I agree.

It's all about how you'll carefully blend in, in a country that's have a eye on Bitcoin being use in illegal activities that's why they are confiscating them and sells it in auction. This makes it unfair to those using bitcoin in a legal way, if their Bitcoin get confiscated and sells them by the authority, then that gives no justice at all and so much discrimination.

Because fiat is also being use in illegal ways yet they are not confiscating it without any investigation, but it's the other way around when it comes to Bitcoin.

[adamvp]

There is no way other than not revealing that you have/hold crypto currencies. His coins got confiscated because he probably handed over his private keys or the police swept his house and found the private keys.
And yeah, he could say that he lost his keys or doesn't have them. Thing would have been harder for the police but they probably gave him a deal or something which the guy found reasonable.

Oh it is very difficult  to not reveal crypto,  to do so you should  not use crypto at all.. and if you will not use crypto it will be worthless ;p

[YuginKadoya]

snif

That are so many links you got there, and as a precaution, I will not click any single one of them it might be a clickbait of some sort, and I think you have violated the rules in the forum you should read them so you can be aware, https://bitcointalk.org/index.php?topic=703657.0

And on with OP's topic, don't ever talk to any authorities or anyone that you have Bitcoin that's all you need to do so your Bitcoin would not be confiscated if it is ban in your country, and that is why we are anonymous here in the forum so let's just stay anonymous it can add as security for most of us.

[MyCryptoDomains]

There is no way other than not revealing that you have/hold crypto currencies. His coins got confiscated because he probably handed over his private keys or the police swept his house and found the private keys.
And yeah, he could say that he lost his keys or doesn't have them. Thing would have been harder for the police but they probably gave him a deal or something which the guy found reasonable.

Oh it is very difficult  to not reveal crypto,  to do so you should  not use crypto at all.. and if you will not use crypto it will be worthless ;p

in the worst case scenario you'll still be able to buy drugs

[adamvp]

There is no way other than not revealing that you have/hold crypto currencies. His coins got confiscated because he probably handed over his private keys or the police swept his house and found the private keys.
And yeah, he could say that he lost his keys or doesn't have them. Thing would have been harder for the police but they probably gave him a deal or something which the guy found reasonable.

Oh it is very difficult  to not reveal crypto,  to do so you should  not use crypto at all.. and if you will not use crypto it will be worthless ;p

in the worst case scenario you'll still be able to buy drugs

not exactly - first drug sellers will know you pay with crypto - so they could assume you have crypto,
secondly drug market is surely infiltrated by intelligence agencies, so it could lead even faster to reveal your engagement in cryptospace.