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

[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.

[1715503362]

1715503362

[1715503362]

1715503362

[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.