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

[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.

[1714872987]

1714872987

[1714872987]

1714872987

[1714872987]

1714872987

[1714872987]

1714872987

[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.