How safe is it letting the bank know that you are a BTC Investor?

[EluguHcman]

Few days ago, I made a BTC P2P transaction with my wallet exchange, the value of the fund was above my bank accounts capacity which got my bank account temporarily blocked.
So I went to the bank to sort it out and they said I would have to do an account Update and Upgrading.
I was asked to provide some personal documents for the procession so that my account can be upgrade to accumulate as much bigger value of funds hence the upgrade is done.
I provided all that required but while on the process, the customer care banking official asked me what I do for a living and I told her I am an investor and she asked to know what I invests on. I paused in a moment and  thought twice if I should say BTC investor or something else because I thought about my safety first since they have access to my bank account and they could easily get me in track if they wanted.
Besides, there were other customers who stood behind and with all ears which I was extremely security conscious to myself because my country isn't safe not because BTC is illegal but in the fact that they believes anyone dealing with BTC is a total wealthy man.
We all know that basically anyone who is not into BTC but knows about its potentials would say BTC is an investment platform specifically for the rich people.

Finally, I told the the official that I am a BTC investor and it was written down behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

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[btc78]

Yes, the bank often concerns itself with their clients’ businesses and source of incomes. They usually insert their noses in on clients who seem to be having some unusual activities especially regarding money. If you deposit or withdraw huge amounts of cash, the bank will take this as a sign of possible criminal activity.

Even though you did nothing wrong, they are still bound to check whether you actually are involved in some kind of money laundering activities. It is not ideal to announce that you own bitcoin but if bitcoin is not considered as illegal in your country then the bank can not really do anything about your account.

[franky1]

many people even in UK/america experienced this years ago where a platform called localbitcoins offered listings for individuals to do P2P away from centralised exchanges..
when too many random participant transactions in succession occurred or values too high to be the account holders personal income occurred. this caused banks to question the values.. and yes banks by default do check on their customers for multiple reasons..

the main issue people received is that banks spotted PERSONAL accounts being used for what they deemed BUSINESS trading currency.
which caused them to flag accounts and inform customers it was a breach of use of accounts for using a personal account for business even if the person was a sole trader(self employed). people needed to upgrade to a business account, and also because the business was a money service business doing currency swaps they needed a money service business licence to then operate ontop, before the business account could be operated

so be aware if your country requires licences for operating as a currency service or money business or anything related to facilitating payments as a service for a fee/commission.. expect that to be another hurdle to climb

..
yep alot of people think DE-FI and private P2P will hide them from being found as running an exchange service.. but the banks do look at the fiat sides of a deal and spot when too many strangers are putting fiat into or taking fiat out of your account.. counts or volume that cant be explained as paying bills or friends/family do raise suspicion levels in banks policies of monitoring accounts

[Zaguru12]

You see some of these banks actually do ask this kind of mostly when they see an account that barely gets funded or even funded aren’t that much suddenly receiving large amount of money, although it is kind of a privacy breach to ask you what you do but they do so in most compliance with government rules. Reason been that aside the issue of money laundering this is where some country government get information on your income and later up your taxes.

It wouldn’t be a thing of worry if your country doesn’t frown on bitcoin, but if they are yet to make a stance on the issue firmly it will be a risk telling people you invest in bitcoin, you could as well tell them stuffs like been involved in real estate or better still into agricultural cultivation and so. If the bank has you on their radar as bitcoin investor , should the government order for the closure of bank accounts dealing with bitcoin or cryptocurrency yours will definitely be at risk. If you’re converting your bitcoin to local fiat and the amount is huge, learn to use different bank accounts from different banks to avoid much suspicion with large in flow of money

[franky1]

the bank has you on their radar as bitcoin investor , should the government order for the closure of bank accounts dealing with bitcoin or cryptocurrency yours will definitely be at risk.

its not just "bitcoin" word fear
if your country has rules about any money shuffling above X they can question the purpose of X

its not just "bitcoin" word fear
if your country has rules about running a business converting any currency. even if its another countries fiat requires a special money conversion licence to operate as such

its not just "bitcoin" word fear
if your country has rules about any money received, needed to be declared to tax departments as a rare personal gift or a business operation (depending on amount small rare amounts can be left undeclared, unless the volume of small amounts cause suspicion of joint payments evading the limit)

its not just "bitcoin" word fear
if your country has rules about fundraisers/charities of multiple small transactions even if you say they are gifts, they can question the purpose of it where saying its just lots of random gifts done as fundraisers, need to declare the activity as a charity business

some people scream "what about privacy"
there has never been a right to privacy in regards to the relationship between banks and its customers..
yes when it comes to bank accounts, the account holder has protections from friends, family, neighbours, strangers to not be allowed to find out financial information without account holder authority. but the bank itself can, do, will and legally able to monitor peoples accounts.. there has NEVER been any right to privacy in regards to your banks relationship with you. and that has been the case even before bitcoin existed. banks have always been able to monitor its customers accounts.

also
if you do lie, and it is found out. that raises suspicions of fraud by making an official declaration that is incorrect, which can lead to issues with access to an account

[mk4]

While it totally depends on the country you're in, generally, banks and governments tend to hate bitcoin/crypto; hence as much as possible I don't recommend mentioning it. But unfortunately sometimes you need to mention it due to tax purposes lol (especially if you're from the United States).

[sokani]

Bitcoin investor is not an occupation and the customer care representative needs to input the right information into the system, so that's what prompted the question. There are many things you could have written on the form like student, businessman, civil servant etc, but why BTC investor? Which to me looks like a show off.

So I think you really screwed up, you're supposed to keep your crypto dealings discreet and exposing yourself in this manner is not good. The banking staff may not harm you but with this kind of mentality, you may repeat same mistake elsewhere.

[Text]

If I were in your situation, I would also be concerned about revealing my involvement in BTC to my bank, especially considering the potential security and privacy risks. However, banks are legally obligated to conduct due diligence on their customers, which includes understanding the sources of our funds – it's just following standard protocol.

In many cases, inquiries about your occupation and the nature of your investments are part of the bank's efforts to comply with regulations and prevent fraudulent activities. While it may be uncomfortable, it's not uncommon for banks to ask about the types of transactions you're engaged in, especially during significant changes in your financial behavior. Banks often seek clarification when they encounter unusual or high-value transactions.

One risk I see is that banks might be more inclined to monitor your transactions, especially large ones if they know you're involved in crypto. This could lead to delays or inquiries if they suspect suspicious activity. Being a crypto investor might also make you a target for phishing attacks or scams to exploit your knowledge and holdings.

I believe in the right to privacy, and you can choose what information you share with your bank. In your case, you chose to disclose that you are a BTC investor. Could it be less specific and mention digital assets or technology instead?

[Solosanz]

Unfortunately you can't do anything, you could say you're a stock investor, but if they were actually know you're a Bitcoin investor, don't be surprised they would froze your funds.

This is similar like you visit a doctor, let's say you're an underage but already have a sex, you're ill, when the doctor is asking what have you doing before, what will you say? will you create a fake story, didn't answer or being honest if you have a sex? you're scared your doctor might report you or you don't feel comfortable by telling it, but you need to tell it in order make the doctor able to know your disease.

[DapanasFruit]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

I think that this concern should really be discussed by all people who are into cryptocurrency. Personally, I would not tell outright that am into Bitcoin or cryptocurrency as we don't know what can be the policy of the bank regarding proceeds from cryptocurrency investing and we don't what will happen in the future. Your account can already be flagged as one involved with cryptocurrency hence they gonna list it for accounts on the lookout. I am sure there are other ways to evade this question but maybe OP was just a little bit nervous and was not prepared beforehand for the question so I understand. I remember one time when I was opening an account with a big, well-known bank here in my country and the teller told me explicitly that it was their bank's policy that no money from cryptocurrency should come to my account. I don't know if the same policy is still in place but it is really discomforting hearing that warning, nonetheless.

[coinerer]

in many countries Bitcoin is use as a legal currency. so now it  depend in your country law that how to safe yourself from Bank if they know about your Bitcoin investment. normally I don't think bank can pressure you for your Bitcoin investment. because if your country is legalised the Bitcoin then you have the right to invest your money on Bitcoin. but if your countries law still consider Bitcoin as a illegal currency then bank can froze your account to avoid Central Bank liability. so you have to protect yourself in accordance with the law of your country

[BlackBoss_]

Few days ago, I made a BTC P2P transaction with my wallet exchange, the value of the fund was above my bank accounts capacity which got my bank account temporarily blocked.

With Peer to Peer trades, you don't have to tell banks that your trades are with Bitcoin or cryptocurrencies and bank has no reason to block your bank account temporarily.

The only reason is if you are trading with a trade partner who use illegal money and do money laundering via a trade with you. Then if the victim of your trade partner reports the scam to police, bank, by tracing money flow, at the end your bank account can be related and be blocked temporarily. It's because of money laundering, not because of Bitcoin-related trade.

With your question, Bitcoin investor or not, bank does not care about it. They care that what you use your bank account for such trades, legal or illegal.

[Patrol69]

Banks will never want you to invest in bitcoins because if you invest in bitcoins you don't keep money in the bank it is the bank's loss. Banks in my country are always against bitcoin and they never want people of our country to invest in bitcoin that's why they distribute different leaflets and give different warning ads in different media. I don't share my own investments with anyone, banks are far from it. I need the bank to make some small transactions but the bank never knows about me or knows that I am a bitcoin investor. If they know about my investment then I will suffer through them and my investment will suffer. I will never try to tell the bank about this because if the bank knows it will result in loss of my investment.

[adaseb]

Its depends where the money comes from.

If it’s from a bitcoin exchange then most banks these days know that the exchange does KYC and they feel it’s less risk.

The issue is from P2P because you are dealing with other individuals instead of an exchange. And in many countries, most countries if you want to trade currencies for profit you need a money transmitter license. Most of the P2P people don’t do that and hence why banks blocks accounts because you aren’t allowed to do this. Especially on large values.

[0t3p0t]

was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor?

I think that was part of their protocol or maybe requirements to know your capacity to have that huge amount of money which is part of the banks regulation but it's all good if all of it came from crypto not from illegal activities like gambling or the like. It's not wrong as long as you are a law abiding citizen though exposed as a crypto investor but yeah it doesn't matter.

[franky1]

I believe in the right to privacy, and you can choose what information you share with your bank. In your case, you chose to disclose that you are a BTC investor. Could it be less specific and mention digital assets or technology instead?

maybe read the terms of your bank account.. you are using their service. they thus have terms of use you have to agree with, some of their terms are purely policy wrote at their business level. but some are backed up by laws like the BSA

this is why many people hate FIAT, hate banks and why bitcoin was invented. to escape the need to rely on banks.

[Richbased]

This is the more reason why I hate centralized monetary regulatory authorities like the bank because they raise suspicion whenever they observe that a customer deposited a huge amount of money in their account although on the contrary it is also good as some of these banks uses that methods to fish out fraudsters who are making money through illegal means but however, to me it's not even the duty of the bank to question one's source of wealth as there are government agencies to handle such situations maybe in as case where someone is flaunting their wealth then it would be their job to run some investigations on how such a person got their wealth and this kind of questions from banks stopped me from having any dealings with them for years now because had it been it involved a customer that they know is wealthy and maybe a huge amount enters the customers account would they have cared to know how such a customer got such money? It's just unfortunate that it looks like the laws affects the average man in the society unlike the Rich amongst us

I can never tell a bank that I'm a bitcoin investor, because I know that all these centralized authorities ain't even happy about the invention of Bitcoin so telling them that you're a bitcoin investor would mean that you're giving them the room to always monitor your account and if for any reason in the future, the government now starts frowning at crypto enthusiasts, you would easily be apprehended. I believe that the creators of Bitcoin invented it out of anonymity so it is also our duty to protect our identity at all times.
In Nigeria, the government placed a ban on cryptocurrency in 2021, and just within December 2023, the government lifted the ban but that doesn't necessarily mean that everyone is at liberty to flunt crypto assets.

[Hatchy]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

When it comes to privacy and security, it's not a good idea to tell people you're a Bitcoin investor because it could make you a target. Centralized bodies often mishandle our data, and their employees might sell it to criminals. It's important to be cautious about what you share to avoid drawing attention to yourself.

Do you have other sources of income besides Bitcoin investment? If not, how do you invest in Bitcoin without a steady income? While you might earn from forum activities like signature campaigns, it's risky to rely solely on that for investing. It's better to have multiple sources of income.
Instead of disclosing your Bitcoin investments, consider sharing other aspects of your life or occupation to protect your privacy and security in the long run.

[Assface16678]

Well, primarily, it's better not to share with anyone about your investment in bitcoin or crypto currency stuff, but it can't be helpful because the bank will have to ask for a reason why you would like to expand or increase the limit of your bank account, and I think stating about crypto currency could be a valid reason as they know that transactions made through crypto currency are huge. But rest assured that even though you've shared your information about engagement in crypto with the bank staff, they have the rules to not let out personal information about customers, so they will not say anything to everyone about your engagement in bitcoin. Of course, it still can't be avoided, so you better have a different reason to say something than to give anyone a hint about your investments. You could put yourself in danger whenever you talk about your Crypro currency engagement.

[Adbitco]

You messed up yourself by telling them you are a bitcoin investor most at time bank don't care to know but what they believed is that you are a fraudster and therefore you were just using Bitcoin investment to hide your evil deals.

One thing you must know is that most of the bankers are working directly with EFCC and if they start observing your account transaction then they will have to call you efcc to come question you, that is why before boldly saying anything you should think about the country you finds yourself otherwise you might easily gets yourself into trouble by saying what you aren't meant to say.

Sometimes 2017 or 2018 I was asked same question while in bank but was clever enough to give them a smart answer that doesn't relates with bitcoin investment all for my safety otherwise who knows what could have happened by now comparing the rate at which EFCC and other agencies are digging out things from young people because they all believe anyone who is healthy and looking flashy is always an internet fraudster.

[Husires]

The nature of the BTC P2P transaction will be determined. If it is a transaction once every several weeks or months, it is better to do it with a person from your country, and to repeat the transaction with the same person instead of other people. If you are asked, you can answer that he is a friend or has friendly dealings with him, and it is better to write it in a notice. Transfer: Transfer to a friend or for study.

But if you want to manage an activity where your account receives thousands of dollars from several accounts around the world on a weekly or even daily basis, it is best to make sure that there is a license to do business, otherwise your account may be frozen on charges of money laundering.

[arwin100]

If you tell it here on my country that you are dealing multiple transaction with bitcoins using their platform then provably you will be at messed since your bank would provably closed your account since they might found you doing some illegal things and ask where the source of funds came from.

So much better if you are dealing with crypto better be silent and don't tell anyone especially those bank employees so that you will not get any question also you can still use their services. So hopefully people would listen to what people's opinion regarding on this topic since its risky to discuss anything about it and also we don't need to brag that we earn on crypto just to flex that we are doing good with it since our safety will always matter the most so better stay low key on everything.

[serveria.com]

Few days ago, I made a BTC P2P transaction with my wallet exchange, the value of the fund was above my bank accounts capacity which got my bank account temporarily blocked.
So I went to the bank to sort it out and they said I would have to do an account Update and Upgrading.
I was asked to provide some personal documents for the procession so that my account can be upgrade to accumulate as much bigger value of funds hence the upgrade is done.
I provided all that required but while on the process, the customer care banking official asked me what I do for a living and I told her I am an investor and she asked to know what I invests on. I paused in a moment and  thought twice if I should say BTC investor or something else because I thought about my safety first since they have access to my bank account and they could easily get me in track if they wanted.
Besides, there were other customers who stood behind and with all ears which I was extremely security conscious to myself because my country isn't safe not because BTC is illegal but in the fact that they believes anyone dealing with BTC is a total wealthy man.
We all know that basically anyone who is not into BTC but knows about its potentials would say BTC is an investment platform specifically for the rich people.

Finally, I told the the official that I am a BTC investor and it was written down behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

This is absolutely normal, the banks are following requirements which are being enforced by the government. KYC, source of funds stuff like that.

As to disclosing the fact that you are a BTC investor, I guess it's up to you. I would have kept it secret I'd just say I'm trading stocks or something like that (at least I'd try but perhaps they would ask for proof). Anyway, if you feel they're asking too many sensitive questions, why don't you change your bank?

[jcojci]

You don't need to say you are a BTC investor because that will make the officer ask many questions. You can mention that you work on some side jobs that can give you more income. You can also say that you are trying to make money from the internet and say you are a freelancer on a site offering services to help others. I think it can give a satisfactory answer to the bank officer, and he/she will not ask about other things.

But if that all happens, you can only calm your feelings. You don't need to worry about anything and always keep your Bitcoin wallet in a safe place.

[m2017]

"How safe is it letting the bank know that you are a BTC Investor?" - The fewer people or organizations that know about your btc investment, the more peace of mind you will have.

Few days ago, I made a BTC P2P transaction with my wallet exchange, the value of the fund was above my bank accounts capacity which got my bank account temporarily blocked.

Do you still continue to trust banks?

I provided all that required but while on the process, the customer care banking official asked me what I do for a living

What the hell is their business? Do you like counting down to the bank? They have placed too much power on themselves.

and I told her I am an investor and she asked to know what I invests on. I paused in a moment and  thought twice if I should say BTC investor or something else because I thought about my safety first since they have access to my bank account and they could easily get me in track if they wanted.

You should have thought twice three times and kept silent about your investments.

Besides, there were other customers who stood behind and with all ears which I was extremely security conscious to myself because my country isn't safe not because BTC is illegal but in the fact that they believes anyone dealing with BTC is a total wealthy man.

It turns out very interesting. This is a question of banks’ ability to preserve confidential information of their clients. Why the hell do they ask questions about personal data in front of strangers?

Finally, I told the the official that I am a BTC investor and it was written down behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Your conscience will become silent only after you stop being serviced by this bank and close your account with them (opening it in another, if necessary). Even this is not a 100% guarantee, because banks share information with each other and information (about your btc investments) may already be distributed between them (or reported to the regulator).

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

F*ck, yeah!

[KiaKia]

As for me, I think it's wrong to tell them that you are a BTC investor, and by the way, I could remember clearly that this same thing happened to me before, I went to the bank and they asked me this same question, I told them I plan to keep that private, and I walk away, they solve the account and upgraded it.

Since that time I always make sure that the money I convert from crypto into Fiat is limited, the amount that's not too alarming, and also I ended up going to another bank entirely, abandoning the old one, today things have changed, if your account is limited you can increase the limit yourself, by going into the account app settings and providing some information using your debit card or credit card.

Some will ask for extra important details too, if the amount is up to $20,000 I believe, but all in all, it's better to keep it away from banks, it's their duty though, but not all humans that works in a bank can be trusted, even bank workers can be criminals in disguise, they can hunt you down secretly.

[SamReomo]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

Yes, the bank officials question was a valid one, they ask such questions in order to know that why a customer needs to spend a lot of money and they need that information in order to upgrade the accounts. You haven't done anything wrong by letting her know that you're a BTC investor because now everyone especially the educated ones know and understand BTC and they also know that many people invest in it so they won't do anything that would harm your account or anything else.

They only wanted to know such information in order to upgrade your account nothing else. I don't think that they will take any action against you or they will monitor your account. Now they understand that you can be a valuable customer so they won't bother you anytime. In fact, you don't have to worry by thinking that they will consider you wealthy because you invest in Bitcoin, there are many account holders who might invest millions on stocks and who might be customers of that bank, so just chill and relax.

[spiker777]

Few days ago, I made a BTC P2P transaction with my wallet exchange, the value of the fund was above my bank accounts capacity which got my bank account temporarily blocked.
So I went to the bank to sort it out and they said I would have to do an account Update and Upgrading.
I was asked to provide some personal documents for the procession so that my account can be upgrade to accumulate as much bigger value of funds hence the upgrade is done.
I provided all that required but while on the process, the customer care banking official asked me what I do for a living and I told her I am an investor and she asked to know what I invests on. I paused in a moment and  thought twice if I should say BTC investor or something else because I thought about my safety first since they have access to my bank account and they could easily get me in track if they wanted.
Besides, there were other customers who stood behind and with all ears which I was extremely security conscious to myself because my country isn't safe not because BTC is illegal but in the fact that they believes anyone dealing with BTC is a total wealthy man.
We all know that basically anyone who is not into BTC but knows about its potentials would say BTC is an investment platform specifically for the rich people.

Finally, I told the the official that I am a BTC investor and it was written down behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

Well, that depends on the regulatory laws on crypto in your country. if cryptocurrency is legal and trading cryptocurrency is allowed in your country then i think that is fine. but if crypto is not legal then you definitely made a mistake.
I think you should've told them about a backup source of income instead of revealing your Bitcoin identity, if I were in your place I would avoid telling them about Bitcoin trading, because we don't know what might their personal opinion be and how will that effect your bank account in future,

[Smack That Ace]

Bitcoin investor is not an occupation and the customer care representative needs to input the right information into the system, so that's what prompted the question. There are many things you could have written on the form like student, businessman, civil servant etc, but why BTC investor? Which to me looks like a show off.

So I think you really screwed up, you're supposed to keep your crypto dealings discreet and exposing yourself in this manner is not good. The banking staff may not harm you but with this kind of mentality, you may repeat same mistake elsewhere.

I also do not support disclosing that we are investors in banks or any other organization. But I guess OP wasn't prepared for that question and forced him to tell the truth, not that he was bragging. Because if you say you are a student or a worker, how can you receive an unusually large amount of money transferred to your account? That also wouldn't make sense and would make the bank more suspicious of you.

I'm also thinking about this because after the bull season ends, many people will cash out to their bank accounts to ensure profits. I think owning multiple bank accounts and cashing out multiple small orders would be a solution.

[Natsuu]

Bitcoin investor is not an occupation and the customer care representative needs to input the right information into the system, so that's what prompted the question. There are many things you could have written on the form like student, businessman, civil servant etc, but why BTC investor? Which to me looks like a show off.

So I think you really screwed up, you're supposed to keep your crypto dealings discreet and exposing yourself in this manner is not good. The banking staff may not harm you but with this kind of mentality, you may repeat same mistake elsewhere.

Yeah. He might have overshot it a bit by saying BTC investor when it could have just gone with something like investor or businessman or just not mention it at all to keep it low-key. Keeping your crypto dealings on the down-low is generally a good idea to avoid unnecessary attention or potential security risks. If you're feeling uneasy, maybe have a research on how banks in your country deal with it. In my country, its quite complicated

[Wapfika]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

The answer depends on the policy of your bank towards crypto. Most of the banks follows the country law towards crypto so if your country is totally against Bitcoin then expect that banks will do the same.

In my country during the early days of Bitcoin. Bank usually freeze account of users that involves on crypto trading since bank account has a specific use that user declares upon opening an account while crypto is new that time which is not in the scope for bank use. But right now bank already adapts on the use of crypto that’s why there’s no issue anymore if your account is connected with crypto trading.

[Nrcewker]

It depends on the rules that the government has imposed on Bitcoins in your country. Like in my country, Bitcoins aren’t legal and neither legal also. As government cannot control the Bitcoins, hence they haven’t made it legal. Moreover they have also imposed 30% tax on each crypto transactions in your country. Now if I was in your situation, then I wouldn’t have let anyone know that I am an investor in Bitcoins. Moreover you also said about this to your bank officials. I don’t know about the consequences, but yes you should always keep the investments private only.

[joeperry]

That's actually a good question. I am curious too If we are allowed to tell it to the bank that our source of income came from cryptocurrency, I was trying to open up an account and of course they will ask you where does your source of income came from and most of the time I would tell them that it came from an online freelance job and they are paying me US dollars but in reality I am earning cryptocurrency.

Now I am curious what if I told them that it came from cryptocurrency would they be able to let me open an account or they would let me open an account but they will monitor all my transaction? Well to be safe I think we should not just tell them that we are related to cryptocurrency to avoid complications not unless the cryptocurrency is legal in your jurisdiction so you better check first if it is legal or not.

[Abdulzuruku01]

Few days ago, I made a BTC P2P transaction with my wallet exchange, the value of the fund was above my bank accounts capacity which got my bank account temporarily blocked.
So I went to the bank to sort it out and they said I would have to do an account Update and Upgrading.
I was asked to provide some personal documents for the procession so that my account can be upgrade to accumulate as much bigger value of funds hence the upgrade is done.
I provided all that required but while on the process, the customer care banking official asked me what I do for a living and I told her I am an investor and she asked to know what I invests on. I paused in a moment and  thought twice if I should say BTC investor or something else because I thought about my safety first since they have access to my bank account and they could easily get me in track if they wanted.
Besides, there were other customers who stood behind and with all ears which I was extremely security conscious to myself because my country isn't safe not because BTC is illegal but in the fact that they believes anyone dealing with BTC is a total wealthy man.
We all know that basically anyone who is not into BTC but knows about its potentials would say BTC is an investment platform specifically for the rich people.

Finally, I told the the official that I am a BTC investor and it was written down behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

Since you are afraid, you shouldn't have given the bank this information. Besides, investing in bitcoin is not an occupation, so I'm wondering how they agreed with you on that point. There are many very profitable jobs you can give the bank to protect your capital, like farming, fashion design, real estate, and construction, and many more. The bank can't follow you to verify these jobs, they only want to know the true source of your income so they can have it in their records.

Depending on the government policy, and I believe it is legal, which is why they let you go free; otherwise, they should to have taken the appropriate action against you there.

[Yatsan]

Actually it is fine letting your bank know about being an investor as long as they don't have restrictions of it; some banks are fine with it 'coz they are still getting profit from the transactions given that your wallet is under their banking institution. Actually I have a friend of mine whose money in a bank was questioned by the bank itself. That money is from crypto investments and since amounts in blockchain is not taxable. They asked him to send supporting documents if he wants to keep his account but fortunately he chose to move to other bank instead and it turned out to be a better option. At the end of the day, we are just clients of them and we have to comply with their rules. We always have options in every situation in the first place which makes no sense to push things. This industry is still young and adoption still is in progress.

[Odohu]

Bitcoin investor is not an occupation and the customer care representative needs to input the right information into the system, so that's what prompted the question. There are many things you could have written on the form like student, businessman, civil servant etc, but why BTC investor? Which to me looks like a show off.

It is just obvious that the bank officer is a little not experienced in that interrogation else she would have asked you the source of the funds you invested in Bitcoin. You cannot answer an investor without a source of funds because you need money to perform an investment.

Calling himself a Bitcoin investor was funny and a unprofessional and he really ignored several risks in that response. In some countries, such answers will draw so much attention to his account and activities. There was a time such response will lead to outright  closure of the account in my country. Then you just to mention Bitcoin or cryptocurrecy in the comments of ant financial transaction and your account is doomed.

[Rufsilf]

I think it makes sense that the bank would want to make sure they are not suspicious of you, which is why they are asking you about your income source based on how much money you have. To make sure they are not aiding any unlawful activity, like money laundering, or any other terrible things that someone has been committing, I believe they should take that action. Considering that you are an investor and that trading or investing in cryptocurrencies is the primary source of your income, I think it is appropriate for the bank to request information about your occupation in order to comply with the regulations.
Thinking about how comfortable you are sharing this information and if you trust your bank to manage it properly are important factors to take into account, I think.

[kenpachiofficial]

It is often safe to disclose your Bitcoin investments to your bank, but you should be informed of the laws in your country and the policy of your bank regarding cryptocurrencies. It's best to check in advance as certain banks can have particular guidelines or limitations. When providing your bank with such information, you should, in my opinion, also take into account the possible effects on your taxes and financial profile.

[umbara ardian]

Banks can get nosy when they see a sudden dump of cash into your account, especially if it's like finding a wad of bills on the sidewalk and BAM! It's in your bank. They gotta make sure it's legit, you know? Think of it like them being the bouncers at a fancy club, checking IDs to keep things squeaky clean.

Now, Bitcoin can be a bit of a grey area for some governments. If your country's still scratching its head about crypto, telling your bank you're a Bitcoin baller might raise eyebrows. Maybe stick to saying you invested in real estate or, like, a killer potato farm if they ask.

If the government throws a shade-fest on Bitcoin and says "no thanks" to crypto accounts, yours might be on the chopping block. So, spread your crypto love around different banks, don't let one account get overloaded with cash, and avoid looking like a walking ATM.

[Ndabagi01]

Finally, I told the the official that I am a BTC investor and it was written down behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

If I were in your shoes, I would not have told them that I am a bitcoin investor; instead, I would have told them something else that would not make them feel otherwise, especially given the people there and how insecure the country can be if you disclose your true source of income, which some people believe only fraudulent people do. If you told them you were a businessman, I doubt they would have inquired further about the nature of your business; it would be an intrusion into your privacy, which is not appropriate. A customer service representative in the bank should have a limit to the extent of questions they ask their customers, since your account did not violate any bank rules or connected to any fraudulent activity.

[Rruchi man]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

Your bank will not steal your money or tamper with your money in their holding, and unless the customer care official recorded it in your profile as an investor in bitcoins, you don't have much to worry about because she will forget it as soon as possible because she deals with a lot of people daily.

As further advice, always consider the legal conditions of bitcoins in your country before discussing about it publicly with any person, or even claiming to be an investor.

[Dzwaafu11]

Finally, I told the the official that I am a BTC investor and it was written down behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

For me, she must ask you that question. If your bank is aware that you are a bitcoin investor, it is not a big concern. In my opinion, the only issue that these may cause you is that if your country is against bitcoin investment, you can see how your bank may use that against you because banks are governed by the country's government policy, so they may believe that allowing you to make a bitcoin transaction and send funds to your bank account will cause them problems; it will undoubtedly have something to do with what you told them.

But in a situation where your government does not make bitcoin prohibited in your country, telling them they will not do anything bad to you, they may even use that to do what you want for you in time because they believe that you are doing something tangible, so they will do that for you. But another thing is that before you disclose your source of income, you need to first look at how people view bitcoiners in your country. If you know that they view it as something that fraudsters do, don't let your bank know that you are into bitcoin activities for your safety.

[kryptqnick]

If I need to answer questions in a bank, I keep my answers very short, with the minimal amount of details I can get away with. I don't want to provide a lot of info to them, and I usually don't even mention that I have bank accounts in other banks, let alone any crypto holdings. There are some questions banks are legally required to ask, but a lot of questions actually aren't among them and are just things banks ask because they feel like it.
The op has already told the bank about Bitcoin, so there's nothing to do but hope that they won't care. Maybe they'll just write it down under employment section, I don't know.

[CryptoHeadlineNews]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

Banks will always want to know what their customer does for a living for enabling them have such fund which resulted to their account been blocked, while trying to prevent fraud and other internet related scams. But letting the banks know that you were a Bitcoin investor was actually not a bad idea, but if I was to be in his shoe, I think using the term "Forex trader" would have been more perfect, since it has to do with exchange of foreign currencies, because I could remember months back when bank accounts related to Bitcoin were all frozen, simply because the Central bank in my region restricted banks from dealing with Bitcoin related transaction, and who knows if O.P had made such mistake during that period, his account likely would have been blocked.

[Issa56]

Few days ago, I made a BTC P2P transaction with my wallet exchange, the value of the fund was above my bank accounts capacity which got my bank account temporarily blocked.
So I went to the bank to sort it out and they said I would have to do an account Update and Upgrading.

Seriously, you should always know your bank limit before making any transactions. I went through your post history, and I noticed that you are from Nigeria. The current government is not against bitcoin, but we don’t know if the next government will be against it. Since they already have your details,  your account will be among the first to be affected if any restriction is placed. If you can remember that the previous government implemented a ban on all accounts that have been linked to crypto transactions, the best thing is to don’t allow banks to know you are into bitcoin.

I paused in a moment and  thought twice if I should say BTC investor or something else because I thought about my safety first since they have access to my bank account and they could easily get me in track if they wanted.

The only mistake that you made was that you didn’t upgrade your account before receiving that amount. If you are involved in cryptocurrency and you are planning to withdraw large amounts of money, you should first identify your account limit. If the amount you are planning to withdraw exceeds your limit, then first visit the bank and update your account before proceeding to withdraw the money. You shouldn’t wait till your account has been frozen before upgrading your account.

[Etranger]

It really all depends on a bank and on a country you live in. Generally I wouldn't recommend anyone to let their bank know he is a bitcoin investor. Bitcoin was created to maintain anonymity and while this feature is still available one should use it. In modern world it is very hard to stay out if the radar, big companies and governments have access to massive stocks of personal information. I would like to keep for myself as much as possible.

[Saint-loup]

Unfortunately you didn't mention in which country it has happened, but you're right, in most countries crypto investors are red flagged by banks, because they are afraid of money laundering, tax evasion, illegal purchases and that the customers could go quickly bankrupt and insolvent while having debts and loans. So unfortunately in 2024 being a crypto user or holder is still not well seen in most parts of the world from traditional banking services.

[mirakal]

in many countries Bitcoin is use as a legal currency. so now it  depend in your country law that how to safe yourself from Bank if they know about your Bitcoin investment. normally I don't think bank can pressure you for your Bitcoin investment. because if your country is legalised the Bitcoin then you have the right to invest your money on Bitcoin. but if your countries law still consider Bitcoin as a illegal currency then bank can froze your account to avoid Central Bank liability. so you have to protect yourself in accordance with the law of your country

Even if bitcoin is already legalized in one country but still not accepting it as a legal tender, telling a bank staff that you’re into bitcoin investment is still a bad idea. Banks will always see bitcoin investors as the bad guys, so it’s safer telling them that you’re into stocks or gold, or real estate investment. That way, you will not be doubted by them and won’t make longer investigations. Otherwise, if they observe unusual amount of funds entering your account, they will automatically close your account without even giving you prior notice.

While bitcoin investment is legit and is legal, but in order to free yourself from bank monitoring or any other legal investigations, it’s better to keep it to yourself your bitcoin investment. You know your investment’s worth, and you can’t just let any other people or other group or entity takes control of your hard-earned investment.

[Davidvictorson]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

Yes, the official question was very necessary. It is a required question. I guess we are from the same country. And saying you are a bitcoin investor doesn't break any rule. The reaction from the attendant may be different from what you are thinking. The government is not going to keep an eye on your account's transactions. All you have to do in my estimation is to ensure that you double down on your security and whatever P2P transactions you make shouldn't have the term, bitcoin, cryptocurrency in it. Lastly, please exercise serious caution when you talk about yourself as a bitcoin investor in the public. Next time when you are asked what you do, just say "I am a public servant working in the digital tech field."

[Faisal2202]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

I think you made a little mistake there by saying that you are BTC investors while crypto is banned in your country, the reason for saying this is, that crypto is banned in my country too, and once the bank knows you are dealing with crypto and withdrawing money into the bank, they will try to stuck your money into the system, try to eat them by themselves, and you can't do anything about it, because crypto is banned in your country. So you can't file a complaint about them if you do so you will be the one questioned not them.

This is not something I am creating from my mind, it has been happening in my country for a long ago, that's why attaching your crypto life directly with banks is not a wise call, I think the question they asked was official and they had the right, but you just can say I am a investor of commodities, that's it, commodities can cover many things including BTC, but now if you have made the mistake, the better thing would be to not use bank for withdrawing or any activity purpose, otherwise they might create problems for you. Just a friendly advice don't trying to freak you up.

[The Cryptovator]

If Bitcoin is legal in your country and you are a regular tax payer, then you can definitely inform banks that you are related to Bitcoin. It isn't necessary to inform other people to protect your privacy. You can simply write on your application form that you want to upgrade your account capacity. But if Bitcoin is illegal, then you must avoid talking even about it; otherwise, your account would be frozen by the bank and take a legal action according to government rules. So everything depends on different circumstances. 

[Distinctin]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

Your bank will not steal your money or tamper with your money in their holding, and unless the customer care official recorded it in your profile as an investor in bitcoins, you don't have much to worry about because she will forget it as soon as possible because she deals with a lot of people daily.

As further advice, always consider the legal conditions of bitcoins in your country before discussing about it publicly with any person, or even claiming to be an investor.

Otherwise, learned not to disclose about bitcoin and just create other source of income that will support your funds, I’m sure the bank will not ask deep details on it. For me, whether bitcoin is legal or illegal in your country, it’s still best to protect your investment from being recognized by other people. Who knows, some bank’s staff will plan against your account since they are now aware how much funds are saved in your account.

Be cautious in all that you do most particularly if it concerns bitcoin. We don’t invest and let other people benefit our bitcoins, that’s why we have to stay them unknown to others.

[Furious 7]

I have experienced this and indeed the case is also the same where I was asked about my income when trying to increase the bank account that we have because the transfer we made exceeded the limit given and inevitably we have to try to reason as best as possible so that it returns.

Talking about one's own income especially if it's to the bank then actually this is a little difficult but surely in some cases we will definitely be asked the same thing like this. as for how safe or not this is still complicated because indeed on the one hand this is a privacy but on the other hand the bank's policy is like that.
It's actually quite risky too but when the regulations have been set then it's difficult for us even though it's not dangerous in my opinion but the question is quite annoying.

[Russlenat]

If I need to answer questions in a bank, I keep my answers very short, with the minimal amount of details I can get away with. I don't want to provide a lot of info to them, and I usually don't even mention that I have bank accounts in other banks, let alone any crypto holdings. There are some questions banks are legally required to ask, but a lot of questions actually aren't among them and are just things banks ask because they feel like it.
The op has already told the bank about Bitcoin, so there's nothing to do but hope that they won't care. Maybe they'll just write it down under employment section, I don't know.

Sometimes, honesty will put you in a more risky situation. But there’s nothing we can do with OP statement as he had said what he need to say. I just hope that his account will not be blocked or closed soon once the bank notice some huge amount of deposits.

But if I were in his position, instead of saying that he’s into bitcoin investment, I would rather say I’m working in crypto. At least, that won’t make them doubtful on my income.

[Cookdata]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

Bitcoin isn't illegal in Nigeria except you have not been upto date about Bitcoin in Nigeria. In fact, 3 years ago, central bank gave an authorization to block any bank accounts involved in crypto currency transaction, that means that any money payment or commercial bank involved in the clearing of fiat transactions for any person involved in crypto or any transactions reference to any crypto transaction will be freeze by central banks but this year, that has been reversed back which mean anybody is freely to trade and buy crypto without any problem but banks are prohibited from doing so because central banks knows they can use customers money to buy crypto and that's why they prohibited them which is fair to me.

The bank can't do you anything for saying you buy crypto or bitcoin. They don't have the right because the law didn't say Bitcoin is illegal neither did they say is legal but as far Central Bank of Nigeria allows it, you are free like a bird.

Some years back, my vendor that I used to sell Bitcoin for sent me money and I didn't receive my money so, I went to my bank to complain because I was mad at them as my vendor had already sent me money and also sent me proof of receipt buy I didn't get it. The guy check the system and noticed I had a pending transaction and ask me what I do and things I do, he actually open to me and I reciprocate and I was surprised he want to buy bitcoin with his saving because his salary isn't something to talk about, that's how we became friends even when he didn't buy, I like him for paying attention as we discussed, this is to tell you that even the bankers want the same thing you are doing, just that their system limit them because of policy.

[_BlackStar]

-snip-

Your bank will not steal your money or tamper with your money in their holding, and unless the customer care official recorded it in your profile as an investor in bitcoins, you don't have much to worry about because she will forget it as soon as possible because she deals with a lot of people daily.

As further advice, always consider the legal conditions of bitcoins in your country before discussing about it publicly with any person, or even claiming to be an investor.

Of course - it's a wise option to consider. As long as crypto trading and investment is legal in the country – then they don't need to be afraid of being spied on by banks. Most likely, the bank will simply report your money to the tax office which in turn requires the owner to report the asset to tax – otherwise, the bank is still safe to keep its customers' money.

If the OP is worried about bank tracking the flow of his money to centralized exchanges due to trading and investing - then he should also be worried about converting bitcoin or altcoin to fiat and withdrawing that fiat to a bank account. The bank has a record of it ^{[inflow and outflow]} of every transaction - so it's nothing to worry about in my opinion.

[BitcoinTurk]

Question please: Was it wrong of me letting her know that I am a BTC investor?

I think the answer to this question will vary depending on your country of residence because although some countries follow very strict policies for cryptocurrencies, we also know that some countries aren't following very strict policies for cryptocurrencies. Of course, in today's conditions I think it wouldn't be right to inform banks about our cryptocurrency investments regardless of the country reside in because due to their centralized structure they can control and block our bank accounts as they wish.

In past, 25.000 GBP was transferred to my student account in accordance with a money transfer that was supposed to be made at my workplace and my account was immediately blocked by the bank. Moreover, the transaction description also contained information about why the transfer was made. In other words, it wouldn't be unusual for a financial institution that can block accounts even for such a simple and clear transaction to find out that you are using your bank account specifically to invest in cryptocurrencies and arbitrarily block your account.

[Casdinyard]

Personally, I got my bank closing/freezing my account on me and leaving me unable o touch the money I have in place in there all because they find out that I am using or at least is earning money through cryptocurrencies. This was during the height of the crypto craze in 2021 and out of nowhere UnionBank, a very lenient and top banking provider in the Philippines decided that one day they’d start going against the very reason they received an upsurge of usage and trust within this whole time period, and they couldn’t even bother having us retain usage of our money.

Or don’t, I could care less at this point as I accepted that I wouldn’t really be able to get a hold of that account anymore without proving that I am who I am in the documents through mountains of paperwork which honestly I don’t need to really worry myself with.

So yeah, given your question OP, I think thats still dependent on the banking/provider to really prove whether they are suitable for crypto users or not.

[LesterD]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

I think it depends on the country where you live. In our country, there are certain banks where it is permissible to discuss the income generated from cryptocurrencies, while some banks may not entertain such discussions. If you mention that your funds are from crypto, you may notice a change in their attitude towards you, and they may ask for further details.

[hatshepsut93]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

Banks need to know where their customer's money come from because they don't want to be a part of money laundering.

Both telling and not telling that you are a crypto investor is a risk. If you tell, it will be recorded in their database and if it gets hacked that data will be leaked just like with other centralized services. Also there's a risk that the bank will react negatively and close your account.

But lying to them is not a good idea either. If you tell that you "invest in something else", they will ask for proof, and if you will fail to provide it or try to forge it, your account will get closed and they might even report you to police.

If you want to deal with banks, your best bet is to research which banks in your country are crypto-friendly.

[Dr.Bitcoin_Strange]

The fact is that you have already passed out the information to them, so why does it matter now? If Bitcoin is legal in your country, then I assume you are safe. From your narrative, it seems you were scared of telling them you are a Bitcoin investor because there were other customers behind you whose attention was also on you, but you later considered that it was not really risky to inform the bank customer service attendant that you are a Bitcoin investor. We cannot really be right at all times in our predictions about how people can handle the information we give them, especially if it's investment or financial information, so, I just hope you are really safe.

I am a Bitcoin investor, I have my own business that I am managing, and I am also an employee of a microfinance bank, working part time as a marketer. So, for example, if I experience this kind of issue now, I would just write on the form that I am a businessman. I have had this issue before (some years back) where my bank account got temporarily blocked because I deposited more than the account limit. I visited the bank and filled out the "account upgrade form." On the form, I was asked about my occupation, and I simply said self-employed. There was also a space to add the amount I can earn per year. I then wrote a very huge figure and submitted the form to the lady attending to me. She processed it and told me to wait 24 hours and that my account would automatically open, and that was how it just happened.

I did not entertain any interrogation from the bank attendant as to give a narration of how the money came about. I think that's a private information to myself, unless   there is any fraudulent case tagged to my name, that's only when they have the right to interrogate me, requesting I give a proof of how the money came to my account.

[hidden jutsu]

It is safe, I recall a time when the bank questioned the source of my funds. I disclosed that it was from my earnings in cryptocurrency. I provided them with any necessary information and proof they requested. After reviewing the information, they did not ask any further questions, even regarding my cryptocurrency funds.

[wallet4bitcoin]

Few days ago, I made a BTC P2P transaction with my wallet exchange, the value of the fund was above my bank accounts capacity which got my bank account temporarily blocked.
So I went to the bank to sort it out and they said I would have to do an account Update and Upgrading.
I was asked to provide some personal documents for the procession so that my account can be upgrade to accumulate as much bigger value of funds hence the upgrade is done.
I provided all that required but while on the process, the customer care banking official asked me what I do for a living and I told her I am an investor and she asked to know what I invests on. I paused in a moment and  thought twice if I should say BTC investor or something else because I thought about my safety first since they have access to my bank account and they could easily get me in track if they wanted.
Besides, there were other customers who stood behind and with all ears which I was extremely security conscious to myself because my country isn't safe not because BTC is illegal but in the fact that they believes anyone dealing with BTC is a total wealthy man.
We all know that basically anyone who is not into BTC but knows about its potentials would say BTC is an investment platform specifically for the rich people.

Finally, I told the the official that I am a BTC investor and it was written down behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

Right now, I will not advice anyone to let the bank know the source of your income as BTC or that you are a BTC investor.

At a global scale, it is not yet an accepted currency and most Nations are still sanctioning BTC and its related tech. Also note that BTC as it is can not be said to be someone's business or income even though it has so much potentials than the formal type of professional jobs (with high risk though).

Again, some countries will not hesitate to blacklist you or your transactions if it falls within their ban list.

[CODE200]

It is safe, I recall a time when the bank questioned the source of my funds. I disclosed that it was from my earnings in cryptocurrency. I provided them with any necessary information and proof they requested. After reviewing the information, they did not ask any further questions, even regarding my cryptocurrency funds.

Depends what country you're from, in my country there's a lot of taxes and lots of bureaucratic paperwork that you have to deal with and the time that you'll waste on that thing would be better off somewhere more worthwhile, they don't enforce the crypto taxation in the country so much so I don't think that it's necessary to tell the bank that you're dealing with crypto, you can probably just go with the cold hard cash kind instead of bank transfers and in my opinion, I don't think that it's a really good idea to be giving that money(tax) that literally protests about the exploitation and the obsoleted system of the banks so as much as I can do, I have to make sure that I'm reaping all the benefits, almost all the stuff in my country's got a tax already so I don't think that they wouldn't mind me not paying since I'm buying other stuff anyway.

[LogitechMouse]

~
Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

You can just say that you're a freelancer. I mean that's the safest answer to that one (at least for me).
They only asked you what you do for a living, and you said that you're a Bitcoin Investor.

Your conscience is telling you that you fucked up, well I guess you fucked up with this one OP. I just realized it lately, but picking a good bank to store the profits that you got from cryptocurrencies is a big deal just because they can just freeze your account if they know that you're involved in it. Some banks are against it, but some aren't. TBH, I haven't experienced encounters like this, but I already have a strategy for me to cash out all of my profits without any suspicions from all of the banks that I have. I might have many bank accounts, but all of them only have to maintain balances because I don't store money in banks.

Well, I guess saying the truth to the banks will not make your account freeze. It's just that, some are very strict when it comes to this hence, they freeze or lock the account of the person involved in crypto.

[Volimack]

As far as I know it depends on the country you live in. If bitcoin is illegal in your country it is not safe to tell the bank that you are a BTC investor. It is better not to reveal your secret information. All bank officials are not the same even if you believe they will not take time to close the account. Other sources of work should show that the information given at the bank about crypto is not correct.

[Blitzboy]

When you were asked about your investments, a simple account update became a privacy risk. Yes, the bank's due diligence question was typical. However, your concern about disclosing your BTC investments was justified. Ideally, your financial efforts, especially in decentralized currencies like Bitcoin, wouldnt be scrutinized or risky, but we're not there yet. Sharing your BTC involvement is a complex issue. Truthfulness and banking simplification are involved. Conversely, its about privacy and security. Supporting Bitcoin is great, but your investment approach should be layered like BTC's security.

Maybe there was a middle ground. Perhaps.

[Promocodeudo]

Some people make this mistake everyday forgetting that in the world we are today somany countries don't like the existence of Bitcoin because of it threat to fiat, though I know that bitcoin can not totally put a stop to fiat regime because fiat was meant to work with it, financial institution in many African countries does not encourage the term crypto or bitcoin investment, they always see this as if their is a foul play with such description, everything about your holdings in crypto should be personal no one should be aware of it, exposing yourself might lead to you being attacked, because it is being beloved that once you are a crypto vendor, you are rich and people will start seeing you as some else, note some bankers gives information across, so anything is possible that's why we should be very careful in respect to our crypto settings.

[harapan]

Banks will never want you to invest in bitcoins because if you invest in bitcoins you don't keep money in the bank it is the bank's loss. Banks in my country are always against bitcoin and they never want people of our country to invest in bitcoin that's why they distribute different leaflets and give different warning ads in different media. I don't share my own investments with anyone, banks are far from it. I need the bank to make some small transactions but the bank never knows about me or knows that I am a bitcoin investor. If they know about my investment then I will suffer through them and my investment will suffer. I will never try to tell the bank about this because if the bank knows it will result in loss of my investment.

The truth is that if you're good,you're good.You don't have to give evidence or increase the volume of how much your worth.Banks will definitely not like to be given an information as that,because they'll prefer you surrender or entrust all your financial plans to them.
 There could be some risk attached to given them an information as that.So certainly,its just best you don't disclose some kind of information to them to avoid further or no interrogations.

[Jawhead999]

@OP is fucked up, but at least this could be a lesson for other people to prepare what they will answer if the banks is asking them with a same question.

Right now, I will not advice anyone to let the bank know the source of your income as BTC or that you are a BTC investor.

I agree with the source of income, if you get paid in BTC it means you're using Bitcoin as currency, however most of countries are only accept Bitcoin as commodity instead of currency. But if you tell them you're a BTC investor, it's still fine as long as Bitcoin isn't illegal in your country.

[fuguebtc]

Banks will never want you to invest in bitcoins because if you invest in bitcoins you don't keep money in the bank it is the bank's loss. Banks in my country are always against bitcoin and they never want people of our country to invest in bitcoin that's why they distribute different leaflets and give different warning ads in different media. I don't share my own investments with anyone, banks are far from it. I need the bank to make some small transactions but the bank never knows about me or knows that I am a bitcoin investor. If they know about my investment then I will suffer through them and my investment will suffer. I will never try to tell the bank about this because if the bank knows it will result in loss of my investment.

So can you tell me, do banks in your country prohibit people from investing in stocks, real estate or gold? Because bitcoin is just an investment like other investments and the purpose of investment is to make profits, IMO . Also, are you using a bank even if you are a bitcoin investor?

I think no bank will object to investing in bitcoin if that country's government does not ban bitcoin . Nowadays, Bitcoin is just an investment, it can bring profit or loss, not everyone who invests in bitcoin will be profitable . So, there is no reason why banks should object to people investing in bitcoin or any other form of investment .

[AprilioMP]

Finally, I told the the official that I am a BTC investor and it was written down behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

Great. I'm sure the employee you explained that you are a Bitcoin investor doesn't really know about Bitcoin and the crypto world even though Bitcoin and crypto are objects they often hear about.
You have made them continue to remember your explanation sentences, especially if you explain in detail how the Bitcoin system works.

Maybe I will convey more than what you convey to officials if one day I am asked several questions regarding my needs with the bank.
I dare to explain everything I know about Bitcoin to them because I live in a country that does not enforce Bitcoin and crypto as much as in a country that completely prohibits Bitcoin activities.

Regarding services and finance, each of us wants freedom and in Bitcoin we get it all.

[Woodie]

Am pretty sure you are now on some special watchlist just to make sure you aren't doing some illegal dealings, which means the government will be on you, they will be checking your tax compliance and obligations a citizen in your country needs to do.

By the way, I also feel you were caught up in a situation that put you under duress to force an answer out of you with all those people in que...I think you could have found a better way to answer their questions without drawing so much attention to yourself ...

Just hope everything has cleared, btw with the account upgrades this means higher maintenance fees to be paid I guess 

[wallet4bitcoin]

@OP is fucked up, but at least this could be a lesson for other people to prepare what they will answer if the banks is asking them with a same question.

Right now, I will not advice anyone to let the bank know the source of your income as BTC or that you are a BTC investor.

I agree with the source of income, if you get paid in BTC it means you're using Bitcoin as currency, however most of countries are only accept Bitcoin as commodity instead of currency. But if you tell them you're a BTC investor, it's still fine as long as Bitcoin isn't illegal in your country.

Basically, it is not seen as a source of income as it is not a job, it has no definte company or employer, is it even considered as a store of value in some places, the golden question remains, how then will a store of value become a job when you are not even being paid to store the value for someone except its a banking institution doing it.

As a BTC investor, you are considered as one who buys and hold bitcoin and maybe resell at a higher price but it doesn't necessary mean that you make a fortune off it. And you also have to invest which means, a chunk of the funds used for investment came from an alternative source, in such a situation, I do not consider it wise to let the bank know you are a Bitcoin investor as there will be further questions.

[Wiwo]

In my country right now,  bitcoin is not totally illegal and for sure you are free to own Bitcoin,  but then we have accounts limits same way we have on all the exchange and online accounts like casinos,  the bank just needs your KYC when you balance exceed that limits,  what I will advice you to do is to,  make sure your account already upgraded to contain the amount of money you want to flow into it,  and after that you can request for the deposits,  but with the way you did,  your account has already been flagged and if under watch,  even though you get freed and can transact on the account, I advise you to do much fewer transactions on that account.

You can use a third-party account for your future deals,  and as time goes on you will have better knowledge on how to spend your earnings that will not raise an eyebrow.

But next time,  always have a game plan for everything,  nothing wrong with you saying you are a freelancer at least that will shift the attention.

[hidden jutsu]

It is safe, I recall a time when the bank questioned the source of my funds. I disclosed that it was from my earnings in cryptocurrency. I provided them with any necessary information and proof they requested. After reviewing the information, they did not ask any further questions, even regarding my cryptocurrency funds.

Depends what country you're from, in my country there's a lot of taxes and lots of bureaucratic paperwork that you have to deal with and the time that you'll waste on that thing would be better off somewhere more worthwhile, they don't enforce the crypto taxation in the country so much so I don't think that it's necessary to tell the bank that you're dealing with crypto, you can probably just go with the cold hard cash kind instead of bank transfers and in my opinion, I don't think that it's a really good idea to be giving that money(tax) that literally protests about the exploitation and the obsoleted system of the banks so as much as I can do, I have to make sure that I'm reaping all the benefits, almost all the stuff in my country's got a tax already so I don't think that they wouldn't mind me not paying since I'm buying other stuff anyway.

I guess that's how it is. Certain countries have very strict regulations when it comes to cryptocurrency. In such situations, it's advisable to avoid disclosing any information, even to banks, to prevent any paperwork and the potential freezing of funds if you cannot provide the required details.

[jrrsparkles]

Yes they can and they will, banks are regulated by respective central banks so every banking system has to be connected to share the data so even if you mention your KTC details to one bank then all the banks in your country may have access to it.

Well, whether you need to worry about being a BTC investor? It depends on how the government see crypto and if you are from a country where crypto is banned then your funds will be frozen sooner or later, otherwise, there is no issue worth mentioning you are involved with crypto and paying the necessary tax but make sure the question is formal which may demand formal writing not oral questions like that.

[gabbie2010]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

You did well by telling the truth to the bank official that you a Bitcoin investor luckily the present and the new government had lifted the ban on crypto transactions that was your saving grace thus there is no any cause to worry about it, however your bank account would henceforth closely be monitored to know if there is other suspicious huge and massive transactions, of course banks monitor any account use for money laundering and are look out for fraudulent transactions too, I believe if you make another P2P transaction of the same amount or slightly higher than the first there won't be any problem.

[spiker777]

It is safe, I recall a time when the bank questioned the source of my funds. I disclosed that it was from my earnings in cryptocurrency. I provided them with any necessary information and proof they requested. After reviewing the information, they did not ask any further questions, even regarding my cryptocurrency funds.

It depends on which country or region you are from because different countries and regions have different views about Bitcoin and cryptocurrencies, however, most of them aren't fans of them and even if a country and its people are welcoming about Bitcoin and cryptocurrencies, banks and other financial institutions would barely have the same attitude because they find cryptocurrencies to be direct rivals for them and their services.
So if your bank didn't ask you weird questions or reacted as if you were committing a crime, then you are lucky because you live in a region where there isn't a lot of hatred towards Bitcoin and cryptocurrencies because most people can't say the same thing if they tell their banks that their transactions are related to cryptocurrencies.

[southerngentuk]

Bitcoin P2P transactions are like snowflakes – no two are exactly alike. Gotta adjust your approach based on the size and flow of your crypto dealings. For occasional, low-key transfers within your own country, think local friends or friendly folks you've dealt with before. Keep it chill, explain it's a friendly transaction and you're good to go. Just remember, even small transactions can have reporting requirements if they exceed certain limits.

Now, if your account's about to become a Bitcoin bank with international deposits flowing in like a daily money river, a business license is your BFF. It shows you're legit, keeps you safe from accusations of shady stuff like money laundering, and builds trust with everyone involved. No license, big risk, big trouble – not the vibe you want. But hey, compliance ain't the whole story. Be transparent about your business, keep your security tight, and build a good rep by being ethical. Think of it as building a crypto castle on a foundation of trust and responsibility.

[DabsPoorVersion]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

If the country you reside in has no stringent regulations regarding Bitcoin investment, it is fine for them to know that you invest in Bitcoin without any worries. You won't be monitored unless there are any suspicious withdrawals or deposits that draw attention to your account. However, it is still advisable to maintain a low profile and avoid withdrawing all your funds at once if you have invested a significant amount in Bitcoin.

[coolcoinz]

It's not safe and I wouldn't do it. I have a story ready for such cases and it comes from the early days when I tried to mine bitcoin. When someone inexperienced asks me I tell them that I run servers that secure the network. They usually find it to be too technical and they let go. If they ask how I get income, I say that people pay me to secure their messages that run through my serves and I act as a relay between them. That usually shuts down any further discussion.

If someone is experienced, like people at a bitcoin exchange, I tell them that I used to do this and that, trade bitcoin, invest in bear markets. It would be far more suspicious to not tell anything to people who deal with bitcoin on a daily basis and who can obviously see that I make additional income from somewhere. They'd immediately assume that it's either drugs, or some deep web shit.

Anyway, be cautious, you don't want them to put a label on you that this account needs additional supervision.

[lalabotax]

This also happened in my country. I think that all banks will do the quite similar things if there is a n unusual transaction in our bank account, moreover when the amount is too big for our usual amount that we receive in our bank account. They will do asking several questions to confirm from where the transaction. They are only doing their SOP, moreover to prevent any kind of money laundering or other criminal transactions.

However, I understand your concerns, especially because in your country, Bitcoin is still illegal. then this will be quite worrying. But how until now? Is it still safe? If yes, then there's no problem, right? Hopefully not in the future either.

[uneng]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

Personally, I don't think the inquiry performed by the bank agents was necessary, but that is how centralized parties, especially the ones connected to the government act. Moreover, you shouldn't have told you are a Bitcoin investor knowing the wicked nature of such institutions and potential people around who see Bitcoin investors as wealthy individuals who become instant targets for thieves around. You should have said you are a freelancer and since you live in a poor, corrupted nation where there aren't opportunities for its citizens, you have to work online on different tasks and jobs to guarantee your survival.

That is the source of your income, and not Bitcoin investment at all... People still have archaic concepts of the word investment, considering it's just for the rich, so everyone involved with investments must be rich themselves for common sense.

Anyway, now it's already done. What you can do is to seek for an alternative which respects customers. Isn't there another bank you can use? Aren't there digital banks in your country? Isn't there a modern crypto friendly bank available?

[Abu-Naim]

Finally, I told the the official that I am a BTC investor and it was written down behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

Why do you have to tell them that you are a Bitcoin investor? Telling them is not advisable and not safe but I don’t there is problem for saying that because some of the bank officials might also be a Bitcoin investor, but been a Bitcoin investor should be something within you and not something people have to know.

Banks have no right to investigate your account just because you let them know that you are an investor unless if government ordered them to do so. If you feel insecure about them, you can remover your funds and change bank.

[red4slash]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

If the country you reside in has no stringent regulations regarding Bitcoin investment, it is fine for them to know that you invest in Bitcoin without any worries. You won't be monitored unless there are any suspicious withdrawals or deposits that draw attention to your account. However, it is still advisable to maintain a low profile and avoid withdrawing all your funds at once if you have invested a significant amount in Bitcoin.

Actually, there is no problem about it if there are no special rules from regulations or anything related to the negative situations that we will receive when in bitcoin indeed it is not a big problem but if it is not too urgent to say I think we should also have control over the privacy that we must maintain because after all the bitcoin scheme from the beginning until now is anonymity that is maintained regardless of whether it is an address or a person I think it is still the same because however I don't think it is too ethical if we show off that we are a bitcoin holder even though it doesn't matter if you want to show off.

But all provisions and things like this certainly depend on everyone's perception because after all, surely everyone has a reasonable reason whether we should show off that we are bitcoin holders or it should be kept secret.

[EluguHcman]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

Banks need to know where their customer's money come from because they don't want to be a part of money laundering.

I agree with you @hatshepsut93, especially in a high corruptible and highily rated fraudulent countries. This is so they could depend its organisational integrities from being indicted by any form of corruptible means their customers may have secretly been indulged in generating funds.
It is assumed as a system of the banks helping national and international victimized persons to recover their stolen funds probably from one of their customers whom hids their frauded funds within their banking commission.

Both telling and not telling that you are a crypto investor is a risk. If you tell, it will be recorded in their database and if it gets hacked that data will be leaked just like with other centralized services. Also there's a risk that the bank will react negatively and close your account.

But lying to them is not a good idea either. If you tell that you "invest in something else", they will ask for proof, and if you will fail to provide it or try to forge it, your account will get closed and they might even report you to police.

If you want to deal with banks, your best bet is to research which banks in your country are crypto-friendly.

Well, typically crytop currency is a legalized financial technology in my country. Although there was a time the Federal Banking government restricted the Banks and other government financial institutions not to accept any form of crytop transactions which was not affected by individual sectors but just lately last year, the ban was of the banks and other government financial institutions was lifted meaning all sectors of both government and private sectors are eligible to accepting crytop transactions.
I still hope to be safe at this era.

[GeorgeJohn]

At first you would know before now the capacity of your bank account before exchanging such amount of funds in such account, having amount upgrade is quite good because it will you to transact any amount of money you needed, and you should take precautions towards how you exchange bitcoin to fiat to unverified banking account because to freeze account doesn't take a bank a few minutes to do, instead you have a company account.

You messed up yourself by telling them you are a bitcoin investor most at time bank don't care to know but what they believed is that you are a fraudster and therefore you were just using Bitcoin investment to hide your evil deals.

Is not bad for someone to air out what is fishing him or her money, bitcoin has dominated almost the nine continent and mostly all the countries now or currently are trading with bitcoin, government cannot harm you or question you when they have known that you're not a fraudster, since the source you having your bitcoin through a legitimate source government cannot question you, so therefore I believe that government across of other nations is aware of bitcoin, where you not tell the banker what you do, is when you are into fraudulent act.

[Kemarit]

Finally, I told the the official that I am a BTC investor and it was written down behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

In my case though, when my wife try to open a bank account, and obviously, I will have to be with her, and so we go to the bank and the manager came in and ask her a few questions. The bank manager asked here were the funds will be coming from, of course, she has a job so it was easy for her to answer that.

However, for unknown reasons, the bank manager was interested on me, as I heard her asking who am I and what is my business.

And when she heard that I was a crypto investor, they or the bank manager denied my wife a account on them. This is way bank in 2018, so we were surprised but irked at the same time. We just go on to the next bank and we were approved and up to know, we maintain our money with them.

[Finestream]

As far as I know it depends on the country you live in. If bitcoin is illegal in your country it is not safe to tell the bank that you are a BTC investor. It is better not to reveal your secret information. All bank officials are not the same even if you believe they will not take time to close the account. Other sources of work should show that the information given at the bank about crypto is not correct.

I still cannot say that it’s safe to admit that you’re into bitcoin even if it’s legal in your country. Because based on my own experience, bitcoin is legal in our country but I must say banks are still not friendly when it comes to bitcoin and the rest of cryptocurrencies. When I told them that I have funds coming from bitcoin, the way they look at me seems like they don’t want to entertain funds coming from crypto most particularly bitcoin. So I really regretted that time wishing I have not tell them about my bitcoin investment. They only made me feel that bitcoin is still not welcome in banks, and I think majority of the banks are still not open talking about bitcoin and the rest of crypto payments.

[George Edward]

what you do for a living is a normal question usually aimed at understanding the source of money in and out of one's account..
However,you should have kept it private due to the reception and the prevailing attitudes towards anyone who refers to theirself as a BTC investor.

If ever you are in that position again that requires you saying what you do, for your safety, simply say you are into any good business that comes to mind so you don't get unnecessary attention on your account.

[Adbitco]

You messed up yourself by telling them you are a bitcoin investor most at time bank don't care to know but what they believed is that you are a fraudster and therefore you were just using Bitcoin investment to hide your evil deals.

Is not bad for someone to air out what is fishing him or her money, bitcoin has dominated almost the nine continent and mostly all the countries now or currently are trading with bitcoin, government cannot harm you or question you when they have known that you're not a fraudster, since the source you having your bitcoin through a legitimate source government cannot question you, so therefore I believe that government across of other nations is aware of bitcoin, where you not tell the banker what you do, is when you are into fraudulent act.

I don't still argue with you but i was just referencing to the kind of country we find ourselves from let say a country like Nigeria is a country that questioned people the more when you are doing well and living large they don't mind taking for a fraudster even as they knew bitcoin is a global currency. While reaching with the staff we should mind the kind of information we give out to them otherwise we might end up one being questioned by interrogating agencies.

[martinex]

I think the reason is still reasonable because this is still not accepted by many business actors, including banks, because there are no regulations and from the WD transactions we carry out, it seems like bank officers also know the source of the money coming in. user account, it's just that the bank wants to know more details. and perhaps once they know there is a possibility they will also enter the sector personally like you because of its potential. well, what you decided is also not wrong and in my opinion it should be because we are still dealing with bank regulations and need orders

[Nothingtodo]

OP, If Bitcoin is legalized in your country, there should be no problem if the bank authorities know about your Bitcoin investment. Because Bitcoin supports bank transactions in legal countries as well as Bitcoin transactions, if you are a recognized citizen of those countries then there should be no problem in your case. Also, if your country taxes bitcoins, it is unlikely to cause any additional trouble for you. Moreover, you will not have any problem if you are attached as a bitcoin investor with the documents taken with your account update in the bank.
But in my case it will be completely opposite because my country does not support the use and transaction of Bitcoin and also if the banking system of my country comes to know about my Bitcoin investment then they will take legal action and plan to arrest me by the police system of the country. Moreover, in the context of my country, detailed documents are provided regarding depositing money in the bank, if my bitcoin investment is mentioned there, they will freeze my bank account and I will be liable to the government for its accountability.

[pooya87]

I wouldn't go into specifics on official forms in a bank and they are not specific here either. For example it just asks your form of employment and I simply put "self employed" and am done with it. They never ask you what that means with details.

As for Bitcoin, I wouldn't mention it to banks! I have heard that some banks in certain countries have had a history of restricting people's accounts just because they were trading bitcoin, sending money to exchanges, and stuff like that. It is not legal for the bank to do that either, and yet they did it anyway. So it's best they don't know.

[Miles2006]

If I'm not mistaking, she asked what's your occupation and the job you engage daily that brings income. Investing can't pay you so quick as a job or earning means and there's a difference between occupation and investment, everyone investing in bitcoin today has something different doing like a teacher, staff etc. I believe the bank worker asked such question cause she wanted to know and not just your personal investment life but you just decided to inform her about your investment, if you mentioned real estate it will be different from bitcoin investment cause people who are into real estate get back their money yearly or monthly due to the agreement.
You can always refill such inform back, whenever you're free you should change the information. Talking about your safety now you've disclose such inform, you should be worried cause even with mere money, customers are still not safe except the Lady is not a bad staff cause bank staffs get involved with dirty acts to lure customers.

[justdimin]

Some people make this mistake everyday forgetting that in the world we are today somany countries don't like the existence of Bitcoin because of it threat to fiat, though I know that bitcoin can not totally put a stop to fiat regime because fiat was meant to work with it, financial institution in many African countries does not encourage the term crypto or bitcoin investment, they always see this as if their is a foul play with such description, everything about your holdings in crypto should be personal no one should be aware of it, exposing yourself might lead to you being attacked, because it is being beloved that once you are a crypto vendor, you are rich and people will start seeing you as some else, note some bankers gives information across, so anything is possible that's why we should be very careful in respect to our crypto settings.

I honestly do not think this is true for every nation. Like in my nation, I can't even officially tell any banks that I own bitcoin, but I can just send my money from my bank account to my exchange account, to buy more bitcoin. When my fiat moves from their account to crypto exchange, they will know that I am doing something with crypto.

However, one thing that the yare also aware is that all those local exchanges that allow you to have crypto, also has fiat accounts in banks as well, how are they going to handle it otherwise? This is why I believe that the best thing to do there is letting Banks be happy that they have one common customer instead of many, because instead of 100 people having money with them, it's one exchange that they have to deal with.

[Silberman]

...

Finally, I told the the official that I am a BTC investor and it was written down behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

You had no option, when you use fiat currencies you have to accept their rules, if you had lied and then the bank upon monitoring your transactions noticed what was the real source of your income, they could freeze your account and you will have a lot of explaining to do, I know that you wish this was not necessary, but until the day comes in which we can use our bitcoin anywhere, we will have to accept some drawback when converting our bitcoin to fiat.

[Cryptmuster]

I still cannot say that it’s safe to admit that you’re into bitcoin even if it’s legal in your country. Because based on my own experience, bitcoin is legal in our country but I must say banks are still not friendly when it comes to bitcoin and the rest of cryptocurrencies. When I told them that I have funds coming from bitcoin, the way they look at me seems like they don’t want to entertain funds coming from crypto most particularly bitcoin. So I really regretted that time wishing I have not tell them about my bitcoin investment. They only made me feel that bitcoin is still not welcome in banks, and I think majority of the banks are still not open talking about bitcoin and the rest of crypto payments.

As long as there is such an attitude towards Bitcoin, you need to keep it secret that you have it. If a significant amount is deposited into a bank account, the bank will most likely ask about the origin of these funds, so if possible, it is better to divide payments into small amounts and withdraw them periodically. If possible, you can use cryptomats. I believe that in the future Bitcoin will become quite a popular store of value and this problem with banks will disappear.

[Mpamaegbu]

As for Bitcoin, I wouldn't mention it to banks! I have heard that some banks in certain countries have had a history of restricting people's accounts just because they were trading bitcoin, sending money to exchanges, and stuff like that. It is not legal for the bank to do that either, and yet they did it anyway. So it's best they don't know.

That also happened in Nigeria. A few traders who felt relaxed writing/inputting crypto terms in their descriptions while transacting were caught in that restriction and their bank accounts frozen in the wake of that ban. It was a hurt most of those affected won't forget in a hurry. The ban was later relaxed and those whose accounts were frozen were also released. That was several months later. Anyone can imagine what it was like having cash in the bank but not being able to assess it. It was that horrible.

Anyway, I think that situation cuts across because some of the Cexs I'm dealing on also warn those transacting on their P2P not to include any crypto related word in their description when marking payments.

For me, it's a bad idea letting bank know one is into Bitcoin. You never can tell what government policies they may want to exhume next.

[Mate2237]

The bank should not concern about where the funds are coming from and their's is to serve the clients or the customers of the bank and not to investigate the client private transaction. And letting the bank to know that you holding bitcoin or cryptocurrency is not a bad thing and all depends on the country. If you are in a country that loves cryptocurrency then you are free to tell the bank that you are a cryptocurrency investor. But whereby the country you living in does not accept bitcoin or ban bitcoin then you don't have to expose yourself to anyone to avoid unnecessary embarrassment or harassment.

Stay clear and safe avoid those those who hate bitcoin.

[Lanatsa]

Few days ago, I made a BTC P2P transaction with my wallet exchange, the value of the fund was above my bank accounts capacity which got my bank account temporarily blocked.
So I went to the bank to sort it out and they said I would have to do an account Update and Upgrading.
I was asked to provide some personal documents for the procession so that my account can be upgrade to accumulate as much bigger value of funds hence the upgrade is done.
I provided all that required but while on the process, the customer care banking official asked me what I do for a living and I told her I am an investor and she asked to know what I invests on. I paused in a moment and  thought twice if I should say BTC investor or something else because I thought about my safety first since they have access to my bank account and they could easily get me in track if they wanted.
Besides, there were other customers who stood behind and with all ears which I was extremely security conscious to myself because my country isn't safe not because BTC is illegal but in the fact that they believes anyone dealing with BTC is a total wealthy man.
We all know that basically anyone who is not into BTC but knows about its potentials would say BTC is an investment platform specifically for the rich people.

Finally, I told the the official that I am a BTC investor and it was written down behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

One of the things that i dont really like to happen and never ever intend to store up huge amounts in bank account in a shock manner. The amount only 8000-10000 USD would already make those kind of alarm
or alerts on which it is likely that your bank account would be locked. Good thing for you that they have unlocked your bank account on just telling being a BTC investor because here in our country
they wont really be accepting out such reason or simply they would really be looking for more. If you do fail on complying those things or being asked then you would really be at great trouble.
This is why whenever i have made out some transactions or passing up some amounts specially bigger ones then i do really divide into smaller parts and would be deposited into various bank accounts
on smaller divisions so that it wont really be triggering their bank deposit threshold. So far im doing just fine as of this moment or having no issues i should say.

[eye-con]

The bank should not concern about where the funds are coming from and their's is to serve the clients or the customers of the bank and not to investigate the client private transaction. And letting the bank to know that you holding bitcoin or cryptocurrency is not a bad thing and all depends on the country. If you are in a country that loves cryptocurrency then you are free to tell the bank that you are a cryptocurrency investor. But whereby the country you living in does not accept bitcoin or ban bitcoin then you don't have to expose yourself to anyone to avoid unnecessary embarrassment or harassment.

Stay clear and safe avoid those those who hate bitcoin.

The bank has concerns regarding the source of the funds of all their clients. They are subject to regulations by the country and, as you mentioned, this could vary depending on the country. If Bitcoin is not approved by the country, there is a high likelihood that the funds may be put on hold as the authorities have the power to do so.

[Mate2237]

The bank has concerns regarding the source of the funds of all their clients. They are subject to regulations by the country and, as you mentioned, this could vary depending on the country. If Bitcoin is not approved by the country, there is a high likelihood that the funds may be put on hold as the authorities have the power to do so.

I have made it very clear that all depends on the country and if the country is a cryptocurrency friendly or not. There was a time when Bitcoin was banned in my country, and as the op said the f you go the bank to lay a complain about the issue you were facing in the account and you be given a form to fill and in the form there was a a place or a column to fill that if you are involved in cryptocurrency or not and that was when Bitcoin was banned but now that column has nothing to do with the people again since Bitcoin has been unban in the country. But before then, nobody ticked that place but people ticket because bankers are looking for where to buy Bitcoin p2p in a cheaper rate.

Telling people that you are investing investing in cryptocurrency is not a bad thing because I see nothing wrong for that since cryptocurrency is not a criminal activity.

[oktana]

As far as Bitcoin isn’t illegal in your country then I don’t think you did anything wrong. The bank will definitely want to know the source of your money just to be sure what they are doing. If I were you, I’d tell her that it’s confidential and I can’t just say it out loud, or it she seems like someone that will perceive it as rudely, I will tell her to get a pen and paper so I write it for confidential reasons.

And as for them monitoring your account, I don’t think you should be scared as long as your money is clean and it isn’t some embezzlement but just payments or profits from hoarding crypto.

[Mrbluntzy]

Bitcoin investor is not an occupation and the customer care representative needs to input the right information into the system, so that's what prompted the question. There are many things you could have written on the form like student, businessman, civil servant etc, but why BTC investor? Which to me looks like a show off.

So I think you really screwed up, you're supposed to keep your crypto dealings discreet and exposing yourself in this manner is not good. The banking staff may not harm you but with this kind of mentality, you may repeat same mistake elsewhere.

Mr sokani, you are right. Official doccumt needs to be filled with appropriate information and based on what I think, OP, did not do well to share his crypto information with the customer care representative. I don't agree that OP is just a Bitcoin investor because, to invest in Bitcoin, OP need some money and he can't have some money unless he may have a job he is doing to earn money. If he had a job, he would have just told the bank representative that he is an employee.

No matter the position that someone hold, never disclose your Bitcoin information to them. Even if it's the president of your country. Don't trust people with your coins.

[EarnOnVictor]

-snip-
Finally, I told the the official that I am a BTC investor and it was written down behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

You are the one taking this far, it's never a big deal to me, rich people are everywhere and dealing with Bitcoin doesn't automatically make you richer than those who are not dealing with it. And if you must know, investment has been for so long, and dealing with crypto investment is an honour this time as this is the money-making avenue of this age that is not only easy but measurable with the stock and another honourable aspect of the financial market of old (the tradition).

Where I can say you fucked up is the fact that I could tell you did not have so much confidence being a Bitcoin investor but you need to change that. If you are good with what you do and your dealings are legit, bro, spit it out proudly. I must say that you are better than most of those bankers, so be proud of it whether for security concerns or not, you can't be a target just like that because you are not showing your worth there. Only that you can be better discrete next time so that private discussion and information do not leak outside the parties discussing it. There are ways you can achieve that without those around you aside from the bank official knowing.

Besides, was the question necessary? Yes, of course, you are doing an account upgrade which is also a KYC, they need to know everything about you including the source of income.

I believe what I wrote above has already answered the remaining question.

[reagansimms]

The first question that banks often ask when a transaction value exceeds the bank account capacity is "what do you do for a living?" This question is very realistic and usually they ask for transaction data as a condition to strengthen your argument. Funds stored in bank accounts are not completely safe, especially when cases like yours are handled by greedy bank officers.

But don't worry, friend, all your personal data will be safe and the bank will not target you outside of working hours. You are not the only person involved in large transactions at the bank, as long as there are very few cases of loss of account balance and the safety of people making large transactions at the bank is still maintained, you will be safe and far from danger. Next time try making regular withdrawals at different times and days, this method will prevent suspicion in every transaction you make.

[$weetne$$]

behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

If Bitcoin isn't illegal in your country, you gave the right answer because you might have made the customer care staff a potential investor as he'll be thinking about it all day and might start researching to become a Bitcoin investor too as bankers aren't making big money anymore and looking at you being an Investors of Bitcoin and making such a big amount of money that got your account to need an upgrade. I think what you should be concerned about are those that were standing at your back because they can be more dangerous than the bank staff. The bank staff was only doing his job and he can't leave the bank to track you home but the other customers that might have overheard your conversation might be dangerous. The banks need to know what you're doing because they are a centralized system that monitor everybody they're providing service to.

[Lida93]

Bitcoin investor is not an occupation and the customer care representative needs to input the right information into the system, so that's what prompted the question. There are many things you could have written on the form like student, businessman, civil servant etc, but why BTC investor? Which to me looks like a show off.

You don't just get it or maybe you haven't found yourself under such circumstance where your bank make demands for these informations from you as part of a KYC process for your account limits. I once had same experience June last year, a new account I just opened with one of the local banks and the first deposit I made into the account was beyond the deposit limit of which I never knew at first till days later I had a need to make withdrawal only to discover I couldn't.

To cut long story short, was told the account was blocked because I filled in the account opening form a a student and for students the limit has exceeded with the amount of money I deposited so I had to do upgrade as a businessman man or worker. I filled businessman and next question was "what's your business name and business registration number" etc etc.

I guess these were the kind of further questions op was avoiding that made him to just reveal he's a bitcoin investor. Moreover, if the country laws are not against bitcoin then he is not anyway in harm's way, only that next time he should rethink before answering.

So I think you really screwed up, you're supposed to keep your crypto dealings discreet and exposing yourself in this manner is not good. The banking staff may not harm you but with this kind of mentality, you may repeat same mistake elsewhere.

May be that for him not to have a repeat of this supposed mistake that's why he brought it here to the community to know what people thought about it could be like.

[Minor Miner]

behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

If Bitcoin isn't illegal in your country, you gave the right answer because you might have made the customer care staff a potential investor as he'll be thinking about it all day and might start researching to become a Bitcoin investor too as bankers aren't making big money anymore and looking at you being an Investors of Bitcoin and making such a big amount of money that got your account to need an upgrade. I think what you should be concerned about are those that were standing at your back because they can be more dangerous than the bank staff. The bank staff was only doing his job and he can't leave the bank to track you home but the other customers that might have overheard your conversation might be dangerous. The banks need to know what you're doing because they are a centralized system that monitor everybody they're providing service to.

But bragging to others that you're investing in bitcoin puts your privacy at risk and even puts you in danger.
You are wrong, bank employees do not need to follow you, they have all the information including your home address and they even know how much money you have. That means you're in more danger than you think.

Even though bitcoin is not illegal in your country, revealing yourself as a bitcoin investor to strangers is not recommended and should not be done. Furthermore, bitcoin has become popular and if it is not illegal in your country, I think many people would have known about it without your introduction.

[avp2306]

behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

If Bitcoin isn't illegal in your country, you gave the right answer because you might have made the customer care staff a potential investor as he'll be thinking about it all day and might start researching to become a Bitcoin investor too as bankers aren't making big money anymore and looking at you being an Investors of Bitcoin and making such a big amount of money that got your account to need an upgrade. I think what you should be concerned about are those that were standing at your back because they can be more dangerous than the bank staff. The bank staff was only doing his job and he can't leave the bank to track you home but the other customers that might have overheard your conversation might be dangerous. The banks need to know what you're doing because they are a centralized system that monitor everybody they're providing service to.

But bragging to others that you're investing in bitcoin puts your privacy at risk and even puts you in danger.
You are wrong, bank employees do not need to follow you, they have all the information including your home address and they even know how much money you have. That means you're in more danger than you think.

Even though bitcoin is not illegal in your country, revealing yourself as a bitcoin investor to strangers is not recommended and should not be done. Furthermore, bitcoin has become popular and if it is not illegal in your country, I think many people would have known about it without your introduction.

Especially that bitcoin  or crypto investment is famous on your country then for sure there's a lot of people there will be curious to know about your investment made.

That's why its important for us not to brag anything since it cannot bring any beneficial returns to us and we might just open ourselves to any legal sanctions especially if our government is strictly prohibiting us to use or transact crypto into their jurisdiction.

Much better to silent all of things we had since we don't need to expose anything and we just remain silent on our crypto achievement so that we can avoid any crypto related problems.

[milewilda]

behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

If Bitcoin isn't illegal in your country, you gave the right answer because you might have made the customer care staff a potential investor as he'll be thinking about it all day and might start researching to become a Bitcoin investor too as bankers aren't making big money anymore and looking at you being an Investors of Bitcoin and making such a big amount of money that got your account to need an upgrade. I think what you should be concerned about are those that were standing at your back because they can be more dangerous than the bank staff. The bank staff was only doing his job and he can't leave the bank to track you home but the other customers that might have overheard your conversation might be dangerous. The banks need to know what you're doing because they are a centralized system that monitor everybody they're providing service to.

But bragging to others that you're investing in bitcoin puts your privacy at risk and even puts you in danger.
You are wrong, bank employees do not need to follow you, they have all the information including your home address and they even know how much money you have. That means you're in more danger than you think.

Even though bitcoin is not illegal in your country, revealing yourself as a bitcoin investor to strangers is not recommended and should not be done. Furthermore, bitcoin has become popular and if it is not illegal in your country, I think many people would have known about it without your introduction.

As much as possible you should really be that low key if you are really that minding about your security and privacy. If you've seen that you could really make out some reasons like having some offline
business on which you could be able to point on then make use of it so that you wont really be able to expose yourself as a Bitcoin or crypto investor. This is why im really doing my very best to establish
or create some business or any investment on which it would be able to reflect out my current earnings in crypto so that in the time that i would be making some big transactions then i wont really be
having any problems about these type of questions since you do have a valid business on which you can be able to make yourself that tell them on.

[Crypt0Gore]

With the present state of my local currency depreciating almost every day, the government are now trying to blame p2p traders on Binance exchange for this issue, talking about money laundering and others, I think it will be safer if I don't let my bank knows about my involvement with Bitcoin and crypto, situations will be different depending on each countries.

In a corrupted country anything is bound to happen, it's better to keep your mouth shut about BTC and crypto, you can expose yourself to criminals and also the bad eyes in the government, they are always everywhere, even in the so called banks.

I don't know about you but I have all the rights to keep my BTC invest away from any public eye, we can never say what's coming especially in a country like mine, where they believe that the exposure to crypto and BTC is why the Fiat currency is going down, which I find so hard to believe.

[Baki202]

The bank should not concern about where the funds are coming from and their's is to serve the clients or the customers of the bank and not to investigate the client private transaction. And letting the bank to know that you holding bitcoin or cryptocurrency is not a bad thing and all depends on the country. If you are in a country that loves cryptocurrency then you are free to tell the bank that you are a cryptocurrency investor. But whereby the country you living in does not accept bitcoin or ban bitcoin then you don't have to expose yourself to anyone to avoid unnecessary embarrassment or harassment.

Stay clear and safe avoid those those who hate bitcoin.

At some point in Nigeria, they were having issues with those who invested in Bitcoin and even blocked their accounts, and I don't even see the reason why the bank should be blocking people's accounts, maybe due to the ill-will of the government. but now that it is becoming legal, the bank will not accept it, and I know some bankers will even have an interest in Bitcoin. The bank sees Bitcoin as a competition, which is why they are trying to get rid of it at all costs. The biggest problem is that you run Bitcoin involving the bank for countries that have accepted it as a legal tender. If in any country Bitcoin is banned, then you will have a big problem with its usage, but if it is not banned, then it makes using it much easier. and you will be free from all kinds of challenges.

[Mate2237]

The bank should not concern about where the funds are coming from and their's is to serve the clients or the customers of the bank and not to investigate the client private transaction. And letting the bank to know that you holding bitcoin or cryptocurrency is not a bad thing and all depends on the country. If you are in a country that loves cryptocurrency then you are free to tell the bank that you are a cryptocurrency investor. But whereby the country you living in does not accept bitcoin or ban bitcoin then you don't have to expose yourself to anyone to avoid unnecessary embarrassment or harassment.

Stay clear and safe avoid those those who hate bitcoin.

At some point in Nigeria, they were having issues with those who invested in Bitcoin and even blocked their accounts, and I don't even see the reason why the bank should be blocking people's accounts, maybe due to the ill-will of the government. but now that it is becoming legal, the bank will not accept it, and I know some bankers will even have an interest in Bitcoin. The bank sees Bitcoin as a competition, which is why they are trying to get rid of it at all costs. The biggest problem is that you run Bitcoin involving the bank for countries that have accepted it as a legal tender. If in any country Bitcoin is banned, then you will have a big problem with its usage, but if it is not banned, then it makes using it much easier. and you will be free from all kinds of challenges.

If you understand my previous post you would notice that I made mentioned of all that. And when Nigerian Government instructed the Central Bank of Nigeria CBN to stopped anything that is related not cryptocurrency in the country, and CBN activated policy and implemented it so all the banks in the country implemented it so if anyone was found using cryptocurrency then the account would be blocked but even at that if you settled with the bank managers they would instruct you what to do to transfer the funds to another account for you to withdraw. I have encountered such issue in one of the banks in Nigeria. And yes money many people fall into victim of this and that was why when you use cryptocurrency exchange platforms for p2p transaction the buyers would warned you that you should not mention anything concerning cryptocurrency in the transaction process.

But that has been settled, so now that the CBN has lifted up the ban all those nonsense has stopped. I know of a bank managers and cashiers who are into cryptocurrency businesses now.

[yazher]

I know how it feels and in my case, I ended up telling him another source of income which is not believable since no one in the world will ever believe that such a job will make money that huge. this is when I got a huge amount of payment from bounties way back then, and I applied for a bank account which they didn't accept because I didn't have enough information and documents to back up my statements. I ended up using another alternative which I don't want to mention because of high risk. The only reason I had when I decided not to disclose the source of money was too many questions from the bank manager and I ended up rejected by them.

[goldkingcoiner]

How safe is it telling the people who want to control your finances and your life about your ungovernable, secret, unregulatable money? That is really a dumb idea. Do not tell ANYONE about your Bitcoin, where it is, how much you own or anything like that.

The government is not your friend and the banks are not your friends. Anything they do serves them and them alone, not you.

Only share financial information with the people that you trust most, in your life. If anything. And even then I would recommend against it, if it can be helped.

[pawanjain]

Few days ago, I made a BTC P2P transaction with my wallet exchange, the value of the fund was above my bank accounts capacity which got my bank account temporarily blocked.
So I went to the bank to sort it out and they said I would have to do an account Update and Upgrading.
I was asked to provide some personal documents for the procession so that my account can be upgrade to accumulate as much bigger value of funds hence the upgrade is done.
I provided all that required but while on the process, the customer care banking official asked me what I do for a living and I told her I am an investor and she asked to know what I invests on. I paused in a moment and  thought twice if I should say BTC investor or something else because I thought about my safety first since they have access to my bank account and they could easily get me in track if they wanted.
Besides, there were other customers who stood behind and with all ears which I was extremely security conscious to myself because my country isn't safe not because BTC is illegal but in the fact that they believes anyone dealing with BTC is a total wealthy man.
We all know that basically anyone who is not into BTC but knows about its potentials would say BTC is an investment platform specifically for the rich people.

Finally, I told the the official that I am a BTC investor and it was written down behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

Did you just say BTC is illegal in your country ? If yes, then I would like to know which country you are from because I don't know any country bitcoin is banned.
May be it's not legal yet but that doesn't mean it's illegal. If it were illegal in your country then I would surely avoid telling the banks that I invest in bitcoin.
On the contrary, if bitcoin is just not legal yet but not illegal too then it depends on the bank where they are crypto friendly or not.
If the bank is crypto friendly then I can go ahead letting them know that I invest in stocks, bonds, crypto etc... so that they can get an idea what I invest into.
You can easily find out on google whether your bank is crypto friendly or not and you should have done your homework before going to the bank.

[eye-con]

snip

snip

Telling people that you are investing investing in cryptocurrency is not a bad thing because I see nothing wrong for that since cryptocurrency is not a criminal activity.

The people you are pointing to, is it a regular person you know or someone in your circle? It's not a bad thing to talk about your cryptocurrency investments with others, but it can be risky. By sharing this information, you could potentially put yourself in danger if someone overhears your conversation or knows about your holdings. This is not to say that people you know would intentionally harm you, but it's important to be cautious about who you share this information with.

[stadus]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

If the country you reside in has no stringent regulations regarding Bitcoin investment, it is fine for them to know that you invest in Bitcoin without any worries. You won't be monitored unless there are any suspicious withdrawals or deposits that draw attention to your account. However, it is still advisable to maintain a low profile and avoid withdrawing all your funds at once if you have invested a significant amount in Bitcoin.

I always think investing in bitcoin does not need to be publicized, even telling the banks that you are into bitcoin should not still be practiced. However, since you have done it already, then you have no choice but to be honest with them. I guess whether bitcoin is legal or illegal in your country, as long as it deals with a decentralized nature of investment, that will automatically draw attention from the bank’s staffs. Your account transactions will definitely be monitored by the bank, that’s why as much as possible, never reveal to them that you are a bitcoin investor.

[CryptSafe]

OP, it is normal that the bank would ask you questions about your finances, as they have a questionnaire to fill out, which they would add to your file. They must do so and would need you to cooperate with them while filling it out. It is part of their duty, and they have been trained to do so.

I would say that what you did by revealing your source of income to them was not safe. You, in person, do not know who the customer care representative is, nor do you have any relationship with them. You could have just schemed
something for them to divert their attention. You went too far. Do you know that your account is currently under observation by the bank and government agencies? These are the things one would need to know before encountering such an event next time.

You undermined your safety here. while answering that question in the bank I believe you had no idea who was listening to your conversation, taking a record of you, and possibly thinking of what to do, which you might have no idea about. You need to be security-conscious next time, as you have said.

[EluguHcman]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

If the country you reside in has no stringent regulations regarding Bitcoin investment, it is fine for them to know that you invest in Bitcoin without any worries. You won't be monitored unless there are any suspicious withdrawals or deposits that draw attention to your account. However, it is still advisable to maintain a low profile and avoid withdrawing all your funds at once if you have invested a significant amount in Bitcoin.

Actually there is no tussling between my country and Bitcoin, although there was crypto currency restrictions since Feb 2021 by the Fed government ordering the banks and other government financial facilities not to involve at any form of crytop currency transactions but then, the restrictions didn't affect the private sectors which is to say individuals are not restricted.
While lately lately Dec 2023 the ban was lifted after two years which the said banks and other government financial facilities could resume accepting and transacts with any form of cryptocurrencies.
Some at this point of time @DabsPoorVersion, there is no restrictions and no limited guides about my country regulatory system with Bitcoin. Hence I am only being conscious if maybe the government might tend to ban Bitcoin or crytop transactions in a general terms in the country somedays if I would be on the banks monitoring list.
Talking about being on the low profile in my Bitcoin journey, yes or course, I have always been. Only that i was emotionally on panic when my bank account was blocked at my transaction period of time and I needed the fund to run other necessary transactions at rhen and the question from the official to me came unexpectedly and the other hand, I thought about what the outcome maybe if I lies to her and she finds out her self.
That seems i am engaged on the form of illegality which I never wanted the bank to know
So I sudden felt a bold step of telling the truth was to be the best option.

[retreat]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

As far as I know, banks have the right to ask what you do for a living, but you can also lie to that question, just say that you are a freelancer or business person, and they should stop at that, no need to ask too deeply. If a customer service person asks too deeply about your finances or work, it should be out of the context of the service they provide and you can choose to stop using their service because it concerns your privacy.

[Ben Barubal]

Yes, the bank often concerns itself with their clients’ businesses and source of incomes. They usually insert their noses in on clients who seem to be having some unusual activities especially regarding money. If you deposit or withdraw huge amounts of cash, the bank will take this as a sign of possible criminal activity.

Even though you did nothing wrong, they are still bound to check whether you actually are involved in some kind of money laundering activities. It is not ideal to announce that you own bitcoin but if bitcoin is not considered as illegal in your country then the bank can not really do anything about your account.

    I don't believe that the majority of banks have concerns when it comes to bitcoin investors. Here in our country, many banks are still closed in their minds to Bitcoin or cryptocurrency. They will let you put money in their bank, but when it comes to cash in from the exchange, the bank will accept that profit, and then they will see that it came from an exchange and the money you put in is big, and they will suddenly hold the money you put in.

    What is the concern with their clients? Well, they hold your accounts at once; what's their alibi for AML? That's usually how the banks reason out. So I don't trust the bank, to be honest, when it comes to that kind of money entry system.

[Obari]

Sincerely you fucked up but hey man, no need to regret as the deed has already been done and I heard the ban on bitcoin and cryptocurrencies in general have been lifted in my country so no need for much panic or fear.
But since you had a pause to reminisce on the facts that you had other customers behind you with ears wide open, and you aren’t certain of the outcome of the whole incidence, I think you would have simply said you’re a writer or better still a student rather than spitting the obvious very openly.
I hope everything goes well for you but for the time been, I think you should be extremely conscious of your bank and always stay at alert within your neighborhood.

[Minor Miner]

behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

If Bitcoin isn't illegal in your country, you gave the right answer because you might have made the customer care staff a potential investor as he'll be thinking about it all day and might start researching to become a Bitcoin investor too as bankers aren't making big money anymore and looking at you being an Investors of Bitcoin and making such a big amount of money that got your account to need an upgrade. I think what you should be concerned about are those that were standing at your back because they can be more dangerous than the bank staff. The bank staff was only doing his job and he can't leave the bank to track you home but the other customers that might have overheard your conversation might be dangerous. The banks need to know what you're doing because they are a centralized system that monitor everybody they're providing service to.

But bragging to others that you're investing in bitcoin puts your privacy at risk and even puts you in danger.
You are wrong, bank employees do not need to follow you, they have all the information including your home address and they even know how much money you have. That means you're in more danger than you think.

Even though bitcoin is not illegal in your country, revealing yourself as a bitcoin investor to strangers is not recommended and should not be done. Furthermore, bitcoin has become popular and if it is not illegal in your country, I think many people would have known about it without your introduction.

As much as possible you should really be that low key if you are really that minding about your security and privacy. If you've seen that you could really make out some reasons like having some offline
business on which you could be able to point on then make use of it so that you wont really be able to expose yourself as a Bitcoin or crypto investor. This is why im really doing my very best to establish
or create some business or any investment on which it would be able to reflect out my current earnings in crypto so that in the time that i would be making some big transactions then i wont really be
having any problems about these type of questions since you do have a valid business on which you can be able to make yourself that tell them on.

People who have a large income from cryptocurrency should think about this solution. We should set up a business or any brick and mortar store to hide our income from cryptocurrency even if cryptocurrency is legal in our country. This will help us avoid unnecessary troubles like the OP fell into or worse, we will be questioned and investigated by the government if we live in a country where bitcoin is not legal. This seems unnecessary, but when we face it, we see how necessary it is.

[SeriouslyGiveaway]

I don't think it's necessary for us to let the bank know too much about our business. Because you are basically working with the bank on issues related to your bank card, and it absolutely does not need too in-depth information about your employment. The bank can only deeply investigate your employment in case they have to prove your income for the loan procedure, in addition all information you provide is voluntary.
Currently, my country still does not have clear laws for the cryptocurrency market as well as Bitcoin, neither prohibiting nor supporting, but I'm not sure if I will have any other trouble in the future when the bank knows about my transactions which involving Bitcoin. It's best not to clearly state your business, especially with Bitcoin investment.

[Xampeuu]

I don't think it's necessary for us to let the bank know too much about our business. Because you are basically working with the bank on issues related to your bank card, and it absolutely does not need too in-depth information about your employment. The bank can only deeply investigate your employment in case they have to prove your income for the loan procedure, in addition all information you provide is voluntary.
Currently, my country still does not have clear laws for the cryptocurrency market as well as Bitcoin, neither prohibiting nor supporting, but I'm not sure if I will have any other trouble in the future when the bank knows about my transactions which involving Bitcoin. It's best not to clearly state your business, especially with Bitcoin investment.

There is no law regarding cryptocurrency in the country yet, but we don't know what will happen in the future, but currently if we withdraw crypto to the bank to convert it into fiat money, there is a tax fee collected by the government. I think what is clear is that the government will seek profits from cryptocurrency, because this is tax land, and they charge it through exchanges that are legal entities and must comply with the regulations that apply as a business entity.

[pinggoki]

I don't think it's necessary for us to let the bank know too much about our business. Because you are basically working with the bank on issues related to your bank card, and it absolutely does not need too in-depth information about your employment. The bank can only deeply investigate your employment in case they have to prove your income for the loan procedure, in addition all information you provide is voluntary.
Currently, my country still does not have clear laws for the cryptocurrency market as well as Bitcoin, neither prohibiting nor supporting, but I'm not sure if I will have any other trouble in the future when the bank knows about my transactions which involving Bitcoin. It's best not to clearly state your business, especially with Bitcoin investment.

The problem with this is you're going to have a hard time explaining how you were able to get a specific amount of money without telling them that you're invested in bitcoin, it's going to get more suspicious there from then on when they press you where you get the money and even after you've admitted so I think that the best thing that you can do is to come clean with this with your bank, you're better off not trying to mess with them because after all, they might even consider pulling in the help of the tax department to investigate, that's going to be much worse for you. I would agree that not directly saying you've got an investment in bitcoin but you can always try to fake it out and tell them you're invested in another cryptocurrency, that way they would check it out and see that you probably aren't worth a lot. Or you can do the one thing that's basically just common sense, don't tell about things when no one's asked for it, that way you won't have to deal with too much fuzz because most of the time, banks don't ask you anyway if you're invested in bitcoin or in any cryptocurrency, they just want to take your money so they can have something that they can lend to other people.

[armanda90]

Regarding your bank account problem suddenly get close or suspended awhile after P2P transaction is not regarding with cryptocurrency transaction but depend with person do you make transaction. In my country when some one make report about their bank account get wrong or other reason by sending amount to other user they have way to report to the bank and the receiver bank account will suspend awhile before getting clarification which the user is true sender or receiver.
First go to the bank and ask why your bank account suddenly suspend, if there are not problem with last your transaction trough P2P you can ask detail huge amount possibility become reason bank close your account. In my country is not problem with huge or small amount withdrawing from cryptocurrency or make transaction trough P2P, but protect your transaction ask the sender giving little notification about your transaction kinds and there are not space for reporting your bank account.

[Hewlet]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

this is the reality of most persons when you're doing banking with with most of this institution because they must try to know what you're doing for a living and to be on a safer side, it's best you tell them that you have multiple streams of income and that you're into business while you do a bit of crypto trading. 

If it is in my country, except the person has an alterio motive if not, once you tell them what you do for a living most of them won't disturb you any further except you look and sound suspicious.

It's not out of place for them to ask what you do for a living, as a matter of fact it is part of thier duties to ascertain what thier  customers does for a living so they can help the government and security agencies reduce the number of criminals in the land

[DanWalker]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

this is the reality of most persons when you're doing banking with with most of this institution because they must try to know what you're doing for a living and to be on a safer side, it's best you tell them that you have multiple streams of income and that you're into business while you do a bit of crypto trading. 

If it is in my country, except the person has an alterio motive if not, once you tell them what you do for a living most of them won't disturb you any further except you look and sound suspicious.

It's not out of place for them to ask what you do for a living, as a matter of fact it is part of thier duties to ascertain what thier  customers does for a living so they can help the government and security agencies reduce the number of criminals in the land

But is it right to let others know that you are trading bitcoin or are a bitcoin investor? Furthermore, what if bitcoin is illegal in OP's country? We can give any reason but being too honest with them and saying you are a bitcoin investor is not advisable. Not to mention the other risks you face is becoming a target for others when they know you own bitcoin. Surely you have heard a few stories related to kidnapping, extortion, and property theft related to bitcoin. So OP telling the banker that he is a bitcoin investor is the same as him telling a stranger. This is absolutely not a wise move.

[Mauser]

Finally, I told the the official that I am a BTC investor and it was written down behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

No I don't think it's wrong to let your bank know that you trade with bitcoins. In my country it's pretty normal to fill out questionnaires about your knowledge and experience in the financial sector. For the bank bitcoins is just another asset class like stocks, options, futures. For example, without any prior knowledge I wouldn't be able to trade any options. First I would need to request to remove limitations on my accounts. So, telling the bank about my past trading is going to make life more easy for me. Also, when receiving or sending money to crypto exchanges it can help that your bank knows about your trades. The bank is a service provider for you and not a stranger. I wouldn't worry about negative consequences here. Bitcoin trading became very popular in the last few years, you won't be the only client that trades bitcoins.

[Easteregg69]

Finally, I told the the official that I am a BTC investor and it was written down behind the bank form I filled for mtge upgrade request. After on, my conscience wasn't at rest because I was wondering i have attracted the bank from monitoring my banks transactions.

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

No I don't think it's wrong to let your bank know that you trade with bitcoins. In my country it's pretty normal to fill out questionnaires about your knowledge and experience in the financial sector. For the bank bitcoins is just another asset class like stocks, options, futures. For example, without any prior knowledge I wouldn't be able to trade any options. First I would need to request to remove limitations on my accounts. So, telling the bank about my past trading is going to make life more easy for me. Also, when receiving or sending money to crypto exchanges it can help that your bank knows about your trades. The bank is a service provider for you and not a stranger. I wouldn't worry about negative consequences here. Bitcoin trading became very popular in the last few years, you won't be the only client that trades bitcoins.

If you trade it as etf the bank can find the info themselves. The regulatory part will even out over time. Meaning they will have to provide some kind of service. Advanced reporting or something.

BTW. The Gucci is for people who spend their crypto as opposed to selling it.

[Silver005]

My dear it's not really bad what you did,by telling your banker about what you do for a living,in as much as you The country is not good, does not mean that someone who is doing a genuine businesses cannot open up to his or her banker about his or her genuinely business,so what am I talking about you have done very well your money is not a blood money neither is it a fraudulent money ok,you should have be very bold to speak out without any kind of fear, then in the other hand,when you asked if it's necessary to have asked you those questions,well I think it's necessary because when someone come across what he or she have not seen before especially when your account is not upgraded and such amount of money was sent into the account,normally you will to know how come..

[Easteregg69]

The bank has to make sure it does not gets involved in money laundry. You have to provide proof or stay out of suspicion.

I go on tg and tell them I be legit next year.

[freedomgo]

Question please: was the official question on me necessary? And was it wrong of me letting her know that I am a BTC investor? My conscience just keep saying "Hello man, you fucked up talking about BTC out there".

As far as I know, banks have the right to ask what you do for a living, but you can also lie to that question, just say that you are a freelancer or business person, and they should stop at that, no need to ask too deeply. If a customer service person asks too deeply about your finances or work, it should be out of the context of the service they provide and you can choose to stop using their service because it concerns your privacy.

The purpose of banks asking what you do for a living is to make sure that you are not getting your funds from illegal jobs. And since being a bitcoin investor is legal as long as the country allows it too, then it’s never bad to be honest at some point. However, if you do that, be prepared for some out of context questions, because you are like raising their interest to get to know bitcoin as well. Now if you don’t want to be investigated like that, prefer to lie instead.