A few random questions

[WeThePe0ple]

I don't want to open a new topic for every question I have so please just answer them here.

1) BTC stands at 27200 euros today. But the purchasing price on Binance says 28000. Is that difference of 800 the buying fee? And is that normal?

2) Binance is currently under attack by governments through lawsuits. Are they legally required to hand out our personal details to the government? If this is not the case at the moment, it must be the case soon. And when the government knows which cryptos we own, it is only a matter of time before they tax us and basically confiscate our wealth.

I am going to buy BTC this week and I am very curious to see how my bank will react. MiCA law will be discussed in Europe this week. I am curious to see if politicians will succeed in demanding a tax on BTC earnings or holdings.

[Little Mouse]

1) BTC stands at 27200 euros today. But the purchasing price on Binance says 28000. Is that difference of 800 the buying fee? And is that normal?

Binance isn't the only exchange in the crypto space. There are a lot of other exchanges. Due to supply and demand, prices may fluctuate a little in different exchanges. However, if you are following the price on any coin monitoring site, they mostly share the average price.

2) Binance is currently under attack by governments through lawsuits. Are they legally required to hand out our personal details to the government? If this is not the case at the moment, it must be the case soon. And when the government knows which cryptos we own, it is only a matter of time before they tax us and basically confiscate our wealth.

If any governments want, Binance is legally forced to share any data and you will be surprised knowing that Binance is more than happy to cooperate in such queries. If you are following Binance chaos, you must have seen this statement from Binance.
A few days ago, I have written a detailed article on Binance's recent issues but sadly, that's in Bengali. Otherwise, that would be a good read for you since you are looking for the answer of the above questions.

[WeThePe0ple]

1) BTC stands at 27200 euros today. But the purchasing price on Binance says 28000. Is that difference of 800 the buying fee? And is that normal?

Binance isn't the only exchange in the crypto space. There are a lot of other exchanges. Due to supply and demand, prices may fluctuate a little in different exchanges. However, if you are following the price on any coin monitoring site, they mostly share the average price.

2) Binance is currently under attack by governments through lawsuits. Are they legally required to hand out our personal details to the government? If this is not the case at the moment, it must be the case soon. And when the government knows which cryptos we own, it is only a matter of time before they tax us and basically confiscate our wealth.

If any governments want, Binance is legally forced to share any data and you will be surprised knowing that Binance is more than happy to cooperate in such queries. If you are following Binance chaos, you must have seen this statement from Binance.
A few days ago, I have written a detailed article on Binance's recent issues but sadly, that's in Bengali. Otherwise, that would be a good read for you since you are looking for the answer of the above questions.

I have a very busy job so I can't spend much time keeping up to date.

Would you agree with me in saying that when exchanges (not only Binance) are required by law to share our account details with governments, this will lead to governments confiscating our wealth via taxation? Once they can tax us, they have their control.

I believe that BTC only holds value when people can avoid having to convert it to currency (banks involved), because all over Europe and all over the USA governments will want their cut (taxes) and they want total control over what we own. The tax in my country would be so huge that it would discourage anyone from getting involved with BTC.

[Coyster]

I am going to buy BTC this week and I am very curious to see how my bank will react.

Your bank and your government would not know you bought BTC if you buy it P2P/in a decentralized exchange, it is when you use Binance, undergo compulsory KYC and link your identity and your bank details to Binance that it becomes obvious to your bank that you bought Bitcoin. You can buy Bitcoin in a P2P exchange, or even make an offer to buy Bitcoin on this forum and see who takes your offer up, that's if you are concerned about your privacy.

Would you agree with me in saying that when exchanges (not only Binance) are required by law to share our account details with governments, this will lead to governments confiscating our wealth via taxation? Once they can tax us, they have their control.

Taxation and confiscation of wealth are two different things, your funds can obviously be confiscated in any centralized exchange, either through the directive of your government, or by the decision of the exchange. As for taxation of Bitcoin, it would depend on the country you reside in, in the United States for example Bitcoin is taxable, but not in every country. Mind you also that taxation doesn't denote control.

[Call_Me_Guru]

1) No, Binance uses USDT and BUSD, they might be a little different from USD and Euro BTC prices. Different exchange and wallets have different prices too. What is fixed is the amount of your BTC.

2) I am familiar with Binance and the government clashes, the exchange is too greedy and likes to play smart, it's not about collecting our data. Binance is centralized, they will willingly cooperate with the government about our information and you might be taxed, be prepared. This is nothing, you can keep your BTC in a decentralized wallet and sell it through P2P if that's what you so afraid of.

[Upgrade00]

1) BTC stands at 27200 euros today. But the purchasing price on Binance says 28000. Is that difference of 800 the buying fee? And is that normal?

Different prices on different platforms. Binance gets their price from the last traded value on their exchange. Coingecko and coinnarketcap take a collation of all prices on different exchange and give an average. There could be a difference between both prices, but usually not as high as 800 Euros.

2) Binance is currently under attack by governments through lawsuits. Are they legally required to hand out our personal details to the government? If this is not the case at the moment, it must be the case soon. And when the government knows which cryptos we own, it is only a matter of time before they tax us and basically confiscate our wealth.

They can even hand over your documents without the government requesting it. Once you submit KYC docs, assume that your private information is now public knowledge.
Taxing is ongoing in many countries already.

I am going to buy BTC this week and I am very curious to see how my bank will react. MiCA law will be discussed in Europe this week. I am curious to see if politicians will succeed in demanding a tax on BTC earnings or holdings.

Also follow more local news in your nation. Laws are usually not directly applied across board in different countries in a continent.

[Potato Chips]

2) Binance is currently under attack by governments through lawsuits. Are they legally required to hand out our personal details to the government? If this is not the case at the moment, it must be the case soon. And when the government knows which cryptos we own, it is only a matter of time before they tax us and basically confiscate our wealth.

Centralized exchanges work/will work with the govt because they will save their own asses first.

This is from binance.com but you should be able to find similar clauses on other exchanges

**Legal Authorities:** We may be required by law or by Court to disclose certain information about you or any engagement we may have with you to relevant regulatory, law enforcement and/or other competent authorities. We will disclose information about you to legal authorities to the extent we are obliged to do so according to the law. We may also need to share your information in order to enforce or apply our legal rights or to prevent fraud.

...**Protection of Binance and others:** We release accounts and other personal information when we believe release is appropriate to comply with the law or with our regulatory obligations; enforce or apply our Terms of Use and other agreements; or protect the rights, property or safety of Binance, our users or others. This includes exchanging information with other companies and organisations for fraud protection and credit risk reduction.

... because all over Europe and all over the USA governments will want their cut (taxes) and they want total control over what we own. The tax in my country would be so huge that it would discourage anyone from getting involved with BTC.

If govts are smart, they wouldn't keep the taxes at unreasonable rates because ppl would be more likely to lessen their crypto trading activities, drop everything or look for ways to tax evade. In the long run, they would be able to earn more if more people are paying and stays in the game.

[WeThePe0ple]

Your bank and your government would not know you bought BTC if you buy it P2P/in a decentralized exchange, it is when you use Binance, undergo compulsory KYC and link your identity and your bank details to Binance that it becomes obvious to your bank that you bought Bitcoin. You can buy Bitcoin in a P2P exchange, or even make an offer to buy Bitcoin on this forum and see who takes your offer up, that's if you are concerned about your privacy.

I thought that all exchanges were decentralized.

I just googled "decentralized crypto exchanges" and this is what first came up https://bisq.network/

On one hand I do not like that Binance cooperates with the government. On the other hand it is commonly used and I feel more comfortable exchanging with them.
I just watched a bisq tutorial video and the guy was typing his seed phrase on the laptop in order to make a transaction. I was not planning on ever doing that for safety reasons.

My bank will know that I'm in crypto when I transfer half of my savings account. Surely when it is transfered to Binance, but likely also when it goes to something like bisq. It's just the large amount of money being transfered that gives it away

[Zaguru12]

I thought that all exchanges were decentralized.

I just googled "decentralized crypto exchanges" and this is what first came up https://bisq.network/

Nope not all exchanges are decentralized some like the popular binance is centralized and it simply means you are trusting an extra person to take care of your funds for you. The clear difference between centralized and decentralized exchanges are that the centralized exchanges do require KYC that’s some few personal informations about you while the decentralized do not. The scary part is when the government comes knocking or maybe the exchange is hacked your information or data is exposed.

On one hand I do not like that Binance cooperates with the government. On the other hand it is commonly used and I feel more comfortable exchanging with them.
I just watched a bisq tutorial video and the guy was typing his seed phrase on the laptop in order to make a transaction. I was not planning on ever doing that for safety reasons.

Exchanges do not give out seed phrase rather it is your personal wallet that gives them. These seed phrases are so important that one’s it gets to another hand then your wallet might get compromised. The only thing shared is your receiving address and that is what should be paste on this exchanges in case you wish to transfer funds to your personal wallets not the seed phrase.

My bank will know that I'm in crypto when I transfer half of my savings account. Surely when it is transfered to Binance, but likely also when it goes to something like bisq. It's just the large amount of money being transfered that gives it away

Yeah it a bit risky to transfer straight from your fiat account to your exchange if the country is yet to support the adoption of crypto. The easiest way is buying/selling through the P2P method. Even with P2P using centralized exchanges doesn’t guarantee much anonymity because of the KYC requirements

[Coyster]

I thought that all exchanges were decentralized.

Nope, there are centralized as well as decentralized exchanges.

I just googled "decentralized crypto exchanges" and this is what first came up https://bisq.network/

If you want to trade via P2P then Bisq is your best option, they are truly decentralized with no KYC requirement whatsoever.

On one hand I do not like that Binance cooperates with the government. On the other hand it is commonly used and I feel more comfortable exchanging with them.

It is your decision, if you don't worry about privacy and you want speed over privacy and security, then carry out your trade there, but don't leave funds there, send them to your non custodial wallet afterwards.

My bank will know that I'm in crypto when I transfer half of my savings account. Surely when it is transfered to Binance, but likely also when it goes to something like bisq. It's just the large amount of money being transfered that gives it away

Half of the funds in your savings account is a whole lot of money, hope it is an amount you can afford to lose. BTW on Binance you register with KYC and once you send funds into their platform every transaction you make there can be linked to your identity. It is not so in Bisq because there is no KYC requirement and your funds go directly to the seller. If you want to buy Bitcoin there, you take up an existing order or you create yours, the seller's Bitcoin and your security deposit will be locked in a 2 of 2 multisignature wallet, once you send the payment to the seller's account, the both of you signs with each of your keys and the funds is released into your wallet, which you can then move to any of your address you wish, this way i don't think it's possible for anyone to know what you bought with half of your savings.

[WeThePe0ple]

It is your decision, if you don't worry about privacy and you want speed over privacy and security, then carry out your trade there, but don't leave funds there, send them to your non custodial wallet afterwards.

I was planning on buying 1 BTC from Binance, with transfers of 5k euros each time. The amount of BTC will be sent to my ledger nano x immediately after it is available on the exchange. It will be kept on the ledger device and I am not intending to trade any time soon.

If the government comes after me, I can tell them I lost my ledger device or I can report it as stolen. They can never know.
If it gets to that point, I can give my ledger device to my wife (she is from South America) and have her transfer the BTC to her own savings account.

Which immediately leads me to my next question.
I expect my government (EU) to attack BTC, and Binance will not allow this kind of transaction to my wife (non EU). If there is 1 BTC on the ledger and I keep it there, can I ever transfer that BTC to a friend's account (non EU) without either Binance or the government knowing where that BTC came from?

Half of the funds in your savings account is a whole lot of money, hope it is an amount you can afford to lose.

It was intended as a 20% deposit to buy real estate. But my parents own multiple properties which I will inherit anyway. Also the mortgage intrest rates have gone up dramatically and with such high inflation I do not think it is a wise move to take on a mortgage now. I'd rather just inherit the properties, keep working like I always do and invest my earnings in crypto + precious metals as a hedge against the inflation.

BTW on Binance you register with KYC and once you send funds into their platform every transaction you make there can be linked to your identity. It is not so in Bisq because there is no KYC requirement and your funds go directly to the seller. If you want to buy Bitcoin there, you take up an existing order or you create yours, the seller's Bitcoin and your security deposit will be locked in a 2 of 2 multisignature wallet, once you send the payment to the seller's account, the both of you signs with each of your keys and the funds is released into your wallet, which you can then move to any of your address you wish, this way i don't think it's possible for anyone to know what you bought with half of your savings.

Correct me if I am wrong. But given the complete anonymity in Bisq I get a feeling that I can not call for help when something goes wrong with a purchase.
I also don't have friends who are involved in BTC and I don't intend on sharing sensitive information with more tech savvy family members etc.
The multisignature wallet you mentioned sounds complicated. You say we both sign with our keys. I assume this is the seed phrase. I have always sworn to never enter that phrase online as it exposes me to hackers. This has already happened to me once with a regular visa card.

And upon completion of the transaction, I assume that the BTC I bought ends up in my Bisq account. I assume that this is my BTC address but it is not linked to my identity. I hope I can transfer it from here to my ledger device instantly.

This is all new to me and it seems like I have to try this with 20 bucks a few times so I can get comfortable with it.

What I find questionable about the whole BTC discussion is that at some point I will have to convert my BTC to currency anyway, for it to have value.
So no matter if I bought it on Bisq, or on Binance. If BTC ever gets to 1 million euros and I wish to use it for buying real estate, I will have to convert it to cash and then the banks + government will impose their control.

It just feels like I am going to get involved in a witch hunt and I already know that my bank will treat me like a criminal because I invest in BTC.
It does not stop me though.

Even if BTC only has a 2x potential for the future, that still is a much better option than leaving my savings in a bank where they lose 10% of its purchasing power. every year. The bank clerk offered me a 2% rate on a savings account. I literally laughed at her

[noorman0]

-snip-
1) BTC stands at 27200 euros today. But the purchasing price on Binance says 28000. Is that difference of 800 the buying fee? And is that normal?

It depends where you see that price on the Binance side, do you find it on the p2p market? For a long time I did not find such a big price difference between the top exchanges if it's on the spot market.

-snip-
2) Binance is currently under attack by governments through lawsuits. Are they legally required to hand out our personal details to the government? If this is not the case at the moment, it must be the case soon. And when the government knows which cryptos we own, it is only a matter of time before they tax us and basically confiscate our wealth.

All the fiat you own is in government control, it doesn't wait while you use an exchange like Binance. In the worst case the taxation of cryptocurrency transactions won't end up in confiscation, I think only administrative sanctions like fines unless your country basically bans crypto will confiscate all your money involved.

[Zaguru12]

What I find questionable about the whole BTC discussion is that at some point I will have to convert my BTC to currency anyway, for it to have value.
So no matter if I bought it on Bisq, or on Binance. If BTC ever gets to 1 million euros and I wish to use it for buying real estate, I will have to convert it to cash and then the banks + government will impose their control.

Yes for now you need to convert your bitcoin to fiat currency for some transactions but this is not entirely necessary when your place or who you are transacting with accepts bitcoin as payment method. When bitcoin is accepted as payment method you just send out your bitcoin to the sellers wallet address without having to transfer it to the fiat.

[tabas]

I don't want to open a new topic for every question I have so please just answer them here.

1) BTC stands at 27200 euros today. But the purchasing price on Binance says 28000. Is that difference of 800 the buying fee? And is that normal?

2) Binance is currently under attack by governments through lawsuits. Are they legally required to hand out our personal details to the government? If this is not the case at the moment, it must be the case soon. And when the government knows which cryptos we own, it is only a matter of time before they tax us and basically confiscate our wealth.

1. Every exchange has their own difference with the pricing but they're not that far of. But you see the difference in buying and selling so basically, the allowance or gap you see isn't the fee but just actual market prices.
2. Yes, that's why they're asking our details. Because they've been asked by the government to do that and once upon a time, they don't require it and level 1 accounts (no kyc) has a limit per se but then it was removed and everyone was required to pass on kyc. And your understanding about that is right.

I am going to buy BTC this week and I am very curious to see how my bank will react. MiCA law will be discussed in Europe this week. I am curious to see if politicians will succeed in demanding a tax on BTC earnings or holdings.

AFAIK, there have been some tough laws in there and I don't know about that MiCA law there but if you're going to do the transfer through bank as what I've heard before, you might have some problems with that but hopefully it becomes successful.

[sheenshane]

I was planning on buying 1 BTC from Binance, with transfers of 5k euros each time. The amount of BTC will be sent to my ledger nano x immediately after it is available on the exchange. It will be kept on the ledger device and I am not intending to trade any time soon.

If the government comes after me, I can tell them I lost my ledger device or I can report it as stolen. They can never know.
If it gets to that point, I can give my ledger device to my wife (she is from South America) and have her transfer the BTC to her own savings account.

I didn't know if that's a valid excuse but I understand you here and it's all about you protecting your privacy.
All blockchain transactions can be tracked because it's publicly seen not unless you're using a mixing service which I think will enhance your privacy.  This is an ideal way if you are concerned about the privacy and anonymity of your Bitcoin transactions and of course through the help of P2P exchange.
[BIG LIST] Buy/Sell Crypto (OTC, P2P, DEXs, CEXs, NO-KYC, ATMs, etc.).

It's very costly to protect your privacy if this is your concern, it's not guaranteed that it has a real-time price.
As long as you didn't involve in any CEX platforms you're considered as safe.

[Smack That Ace]

I don't want to open a new topic for every question I have so please just answer them here.

2) Binance is currently under attack by governments through lawsuits. Are they legally required to hand out our personal details to the government? If this is not the case at the moment, it must be the case soon. And when the government knows which cryptos we own, it is only a matter of time before they tax us and basically confiscate our wealth.

I am going to buy BTC this week and I am very curious to see how my bank will react. MiCA law will be discussed in Europe this week. I am curious to see if politicians will succeed in demanding a tax on BTC earnings or holdings.

Binance or any exchange is a commercial company, so it is subject to government regulation and control. It should come as no surprise that your identity has been provided to the government by Binance.

I think it's only a matter of time before taxing investors like us. We live in a world where the government controls everything, so tax evasion is very difficult to do. The government has seen the benefits of the crypto market, and that's why they are looking to control the market, we can't get rid of them either. That's the sad thing.

[Luffygroove]

Binance is only one of the biggest centralised exchanges in the crypto world; there are actually many other exchanges where bitcoin is traded. With this situation, it is common that the price on one exchange and other exchanges might have a slight difference. However, it will gradually become the same since people can do arbitrary trading, where they can buy at a lower price and sell at a higher price, and at some point the price will be the same. About Binance regulation, well, Binance is centralised, so there is a probability that governments would ask this kind of thing of them and hold them responsible. But I think Binance will be careful about its obligation to open our personal data to any government that asks because their business depends on customers favour; however, when it's unavoidable, Binance might do it since probably there's nothing they can do to refuse. This is the weakness of centralization after all: they're doxxed, and they can be cornered when the government wants.

[Sarah Azhari]

I am going to buy BTC this week and I am very curious to see how my bank will react. MiCA law will be discussed in Europe this week. I am curious to see if politicians will succeed in demanding a tax on BTC earnings or holdings.

Your bank didn't react too much if only a few.
And, this really confuses me, how your bank knows you just bought btc?, are your bank open pair with btc?.
So I don't really care too much about banks, because bank and btc is very much different, both can not put it together at the same time. This is be point your politicians make decisions, I don't know if another currency like USD has tax in your country, that possible bitcoin too, but if not and your politican demanding a tax on BTC, that possible bitcoin is asset like a gold or silver.

[mk4]

Your bank didn't react too much if only a few.
And, this really confuses me, how your bank knows you just bought btc?, are your bank open pair with btc?.
So I don't really care too much about banks, because bank and btc is very much different, both can not put it together at the same time. This is be point your politicians make decisions, I don't know if another currency like USD has tax in your country, that possible bitcoin too, but if not and your politican demanding a tax on BTC, that possible bitcoin is asset like a gold or silver.

If you're going to use a centralized exchange, you're going to need to wire in money to the exchange for your account to have a balance. That in itself can let the bank know that you have interacted with the said centralized exchange.

But yea, it may seem to be overreacting for you and for most people, but OP just seems to want to be totally sure that he got all his bases covered — which is totally fine.

[Upgrade00]

Correct me if I am wrong. But given the complete anonymity in Bisq I get a feeling that I can not call for help when something goes wrong with a purchase.

They do have a responsive customer support system which mediates between trades, and arbitrators which can help settle any disputes resulting from it. Many zero privacy exchanges do have a very poor customer support system, so it's not a direct correlation.

This is all new to me and it seems like I have to try this with 20 bucks a few times so I can get comfortable with it.

This is what I do when trading on a new platform or when returning to one after a while of not using it. Risk very little amount to familiarize yourself with the process.

On having to convert back to fiat inorder to use your Bitcoin, that is true for most of the case. There are instances where purchases were made directly in Bitcoin for other assets, but these were peculiar situations.