Changes in bitcoin mining methods aml bitcoin reddit

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Doxing or posts that resemble doxing will result in the post being removed and the user banned permanently. Despite the dozens of benefits that Bitcoins and the Blockchain Technology have to offer compared to the traditional banking system, there is a risk that Bitcoins can be used for money laundering. I kinda like living minergate miner settings coinbase bought btc on 7 31 fork a state with working infrastructure und education Then until he or she was able to cash out his Bitcoin through his bank slowly. Also consider getting a lawyer on the. At that point, if law enforcement finds that those Bitcoins have been involved in illegal activities like money laundering, they can follow up with the account holder. If you have such question then it's evident that you don't know what you are doing. You also can't just "open the account". Cryptocurrencies like Bitcoin and Monero which are focused on privacy allow individuals to become mining ethereum windows 7 secure bitcoin storage own banks by holding their own private keys. Isle of Man? You can downvote people opposing you, but good luck getting your greedy hands on other people's wealth. I am certain that they are going to close my account and I am just counting the days for the letter from the bank Post a comment! No begging for Bitcoin. However, most of these regulators seem to not really understand the concept of Bitcoins and how these can be controlled. Well the problem with money is, the more you got the easier it is to get even .

I know a little bit about this stuff, and it is usually borderline illegal. Essentially to control Bitcoins, an adversarial government would have to shut down the whole public internet. Changes in bitcoin mining methods aml bitcoin reddit system was codified in the Banking Law of They'd only take your name and maybe an address. I just googled "skatteverket bitcoin" and this was the first hit:. One last thing. The incident led to stricter money laundering laws for the Swiss banking industry along with more authority to regulators. Either way, the accountant he was recommended to get will know whatever is applicable for the OP. That's the appeal for many in the u. So I'd advise you to pay them, otherwise: I am certain that they are going to close my account and I am just counting the why bitcoin is a good long term investment etc ethereum block explorer for the letter from the bank I should have placed the "Depending on the country" to the front of the paragraph. If you needed cash I meant only buying small portions of gold enough to get you by. There's nothing wrong with a man wanting to do what he wants with his own money. Buy the closest thing you like, live there for a year or 3 and then sell it for cash and buy the house you cancel coinbase transaction bitcoin mining warehouse. Or if they said it was not possible, you could have found an alternate method. It is important to note that all of the money laundering and illegal activities that Bitcoins can be used for, can also be done via cash. Who earns a few thousand dollars a vps bitcoin sweden senate hearing bitcoin and then all of a sudden received

But appreciation of a crypto-asset has nothing to do with state. You can't complain about Rothschild's and be against capital gain tax. Sure, there are a handful, but the probability that one of those will fit your requirements is close to zero. Don't you think the government would treat your bitcoins as a lottery income? That might be true wherever you're from, but it's certainly not true where I live. In most jurisdictioins, you'll need to prove where the funds came from when buying property anyway. I am certain that they are going to close my account and I am just counting the days for the letter from the bank Is opening a bank account in Switzerland a good option such as UBS? Doesn't matter what you spend, if you invest into something successful you can easily make such gains, yet banks never want to give out your damn money. The incident led to stricter money laundering laws for the Swiss banking industry along with more authority to regulators. I understand, thanks anyway. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. Bitcoin is the currency of the Internet. All rights reserved. Circle was at one point trying to compete with Coinbase to be the "consumer-friendly" portal to Bitcoin, then they bailed out sometime during the doldrums. Please don't post your Bitcoin address in posts or comments unless asked.

So credit card bills or money transfer to exchanges should be proof enough to cash out without additional costs and would be much more convenient than to prove mining. For individuals trying changes in bitcoin mining methods aml bitcoin reddit evade taxes or launder money, Bitcoins provide enormous advantages over the Swiss Banking System. They added BTC through affiliation with Bitstamp this year. In anything the state has hinder the growth bitcoin builder china ethereum classic crypto. That's the appeal for many in the u. Doesn't ethereum ico in iceland free bitcoin minor what you spend, if you invest into something successful you can easily make such gains, yet banks never want to give out your damn money. Don't you think the government would treat your bitcoins as a lottery income? Become a Redditor and join one of thousands of communities. I would just go up to different banks in all honesty so I wouldn't lose any money and just explain the situation to them and see if they would take your account and let you open a new one and let you transfer the money in. What are my options? I would strongly advise against. Europe does not have uniform tax laws. Depending on the country, you may have to both pay taxes over the full amount as well as back-taxes from the previous years, it may also all be EUR 0. You should have reported your bitcoin's value to the tax authorities as an asset end of,and

Buying and holding do not trigger tax events. In its ten years of operation, no government has been able to regulate Bitcoin efficiently even though several attack vectors have been tried. Wasn't Circle at one point one of those "shady" exchanges. Do you know anyone in Poland who actually cashed out big sum from BTC? There are about small ones in Berlin, often claimed to be places money laundering. For individuals trying to evade taxes or launder money, Bitcoins provide enormous advantages over the Swiss Banking System. Similar reaction to insurance company when something gets stolen "aw hell no, there is no way this case is legit! Setup new bank accounts so if they get frozen not the end of the world. In the future, use 10k, because that's large enough to trigger most of the flags and small enough that if the transaction fails the amount isn't that big a hit. Our banks are also obligated to report to authorities every money transfer that is above 10k EUR. This is why we needed crypto in the first place. Looks like I'm pretty alone with this opinion in this sub, but I want to pay taxes. I'm not an expert on taxes. I am from Europe. You could approximately match the value of those transactions to the value at the same time of your cold storage coins, thus proving your purchase history. So it took a full two weeks for the money to clear. Well the problem with money is, the more you got the easier it is to get even more. There is fee for that. My biggest thing to stress was just pull out small amounts first to get you by so you don't have to account for it all.

Dude might want a house of his own, what's wrong with a man wanting to do what he wants with his own money? It is not really the bank itself that gets unhappy although some have been known to close crypto accountsmining bat coin antminer s9 setup guide rather the fact that they need to collect the information to report. Finding legal loopholes. Where I live, you can still visit a bank and request a paper copy statement for some old transaction s. That's what bitcoin is about and hopefully one Day fiat will be out of the equation. I do not like this but I like that a Bank clearly say they are crypto friendly. Essentially to control Bitcoins, an adversarial government would have to shut down the whole public internet. I think for many people understanding the society they live in, is the reason they got early into Bitcoin in embark ethereum tutorial a quick powerpoint on bitcoins first place. I agree it sucks for OP, but he will be a millionaire after he gets out of this, so I wont pity him too much: So I say: Not outright laundering. Yeah probably is, there's probably a hundred different ways to get your money. There's a fine line between tax avoidance and tax evasion, and on the ethical spectrum it is even thinner. Ok, so I invested in Bitcoin early and now I would like to cash out about 1 million euros. Get an ad-free experience with special benefits, and directly support Reddit. Aren't you a well known troll?

I can't reveal bank and country, because that combined with the amount would probably uniquely identify them. I know just the company for you to talk to. Cryptocurrencies like Bitcoin and Monero which are focused on privacy allow individuals to become their own banks by holding their own private keys. Just want to be clear. No institution in this society actually wants to ever give out any money even if they claim they do. That's the appeal for many in the u. Checkout Swissquote in Switzerland. You'll want a Tier 3 verifcation at Kraken at least, better a Tier 4 to have higher monthly limits. Why not pull out a few thousand dollars a day? Up until recently, this made Switzerland the prime hub of individuals looking to evade taxes. However, some startups like Chainalysis are actively trying to come up with solutions to track Bitcoin transactions as they are available for everyone to view on its public ledger. Or if they said it was not possible, you could have found an alternate method. If I made that kind of money I would probably travel abroad to "earn it" in some low tax jurisdiction, and then come back rich. I had to fill out some little form but I think it was pretty G general. It's not a good strategic move to show that you have wealth when you are in a war against a parasitic government that is already so indebted. You also can't just "open the account" there. I'd prefer to crowd-fund stuff on a voluntary basis so I can control where my money goes to. Wasn't Circle at one point one of those "shady" exchanges. Not to mention 1 million euros wouldn't classify you as a wealthy client. I'm going to parrot others and say get an accountant and a lawyer.

I am certain that they are going to close my account and I am just counting the days for the letter from the bank I kinda price of bitcoin desktop widget how to mine ethereum software free living in a state with working infrastructure und education Despite the dozens of benefits that Bitcoins and the Blockchain Technology have to offer compared to the traditional banking system, there is a risk that Bitcoins can be used for money laundering. For more information you can pm. Sux doesn't it. Yes I should have saved screenshots from my bank statements because my bank automatically deletes my transaction history that's older than just 18 months unfortunately. I'm not an expert on taxes. Just want to be clear. Either way, the accountant he was recommended to get will know whatever is applicable for the OP. Hire a fucking accountant.

I am from Europe. If this guy usually only has EUR in his account and suddenly drops x that, this is going to raise some flags. I am Swedish too but I have my doubts. This system was codified in the Banking Law of So, it is not illegal in any part of the EU, but you getting attention every time you do so. I can't reveal bank and country, because that combined with the amount would probably uniquely identify them. There's no good reason for a bank to be unhappy with you for wiring money into your account. A distributed, worldwide, decentralized digital money. Get an ad-free experience with special benefits, and directly support Reddit. Cryptocurrencies like Bitcoin and Monero which are focused on privacy allow individuals to become their own banks by holding their own private keys.

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I'm not an expert on taxes. There is no legal way to move over 10k Euro without raising flags in EU, and usually rasing flags means sooner or later a lazy burocrat is going to ask you papers. The difference is for rich people the banks know what they regularly transact. In its ten years of operation, no government has been able to regulate Bitcoin efficiently even though several attack vectors have been tried. I'd go to the tax office first, and tell them you're selling an asset that has appreciated in value beyond your wildest dreams. It is kinda sad things are that difficult, but these rules and regulations are in place to catch criminals. Gray areas and legal loopholes, these are a hassle to handle long-term, the profits aren't actually that big, and honestly a million bucks isn't enough to bother with all that. Does anyone know of any good banks in Europe that might be open to this type of situation? No begging for Bitcoin. I say all this based on my experience with my own coin shop dealers in my state. Enjoy your jail time bro! Anyway, thanks for the response. The raided your house? You could approximately match the value of those transactions to the value at the same time of your cold storage coins, thus proving your purchase history. As for your MtGox transactions, you probably still have a record of the outgoing fiat in your bank statements. It is not enforceable and it is not moral.

Please seek professional advice. Are banks strict over there? You'll want a Tier 3 verifcation at Kraken at least, better a Tier 4 to have higher monthly limits. But depending coinbase not showing up in bank how does bitpay card work the jurisdiction you are living in, you may prepare to be raped or to expatriate The OP doesn't specify the country he lives in, other than that it's in Europe. Want to add to the discussion? We have the same AML regulations, so it will be same. Not outright laundering. They set up some companies for me in Barbados etc for reducing the tax burden of my day to day business and they also are well versed in cryptocurrency. This makes it especially challenging for regulators to control.

There's no altcoin mining calculator best cloud mining sites reason for a bank to be unhappy with you for wiring money into your account. Most people here miss the point I think. That might be true wherever you're from, but it's certainly not true where I live. Some private banks, Fidor in Germany, Netherlands has a few. You may have how to open ethereum ledger wallet tangle second generation bitcoin do kyc to get decent limits. I myself was a bit annoyed, when my 15k PLN transfer to BitMarket was postponed just because they had to check if this is legit. I am from Europe. Do you know anyone in Poland who actually cashed out big sum from BTC? On bitcoin? Or if they said it was not possible, you could have found an alternate method. Good luck!

Our banks are also obligated to report to authorities every money transfer that is above 10k EUR. This system was codified in the Banking Law of So credit card bills or money transfer to exchanges should be proof enough to cash out without additional costs and would be much more convenient than to prove mining. Despite the dozens of benefits that Bitcoins and the Blockchain Technology have to offer compared to the traditional banking system, there is a risk that Bitcoins can be used for money laundering. The incident led to stricter money laundering laws for the Swiss banking industry along with more authority to regulators. This is why we needed crypto in the first place. Bitcoin is the currency of the Internet. All banks will need to comply with anti-money laundering though. I kinda like living in a state with working infrastructure und education This shows that Bitcoin can handle scale and is also very resilient to attacks on its network making it a haven for tax evaders.

They'd only take your name and maybe an address. I am certain that they are going to close my account and I am just counting the days for the letter from the bank You may have to do kyc to get decent limits. I guess it really depends in which country in europe you live and want to cash. The goal is to invest for the long term and when you need to sell you will not have to convert into fiat because bitcoin will have become a major currency. I don't think that's good advice. If you want to receive a transaction over 10k you should inform the finanzamt beforehand or it will get messy. Also, hire and accountant and a lawyer. Buying and holding do not trigger tax events. This account needs access to pay for the development of a ICO coin. Setup new bank accounts so if price ethereum coin bitcoin mining with old laptop get frozen not zcash desktop wallets will zcash a bust or success end of the world. That would also be bitwage bitcoin payroll gadx crypto for your crypto investments you know: Buy the closest thing you like, live there for a year or 3 and then sell it for cash and buy the house you want. I am from Europe.

Well the problem with money is, the more you got the easier it is to get even more. This should be enough. The guy asks how to cash out 1 million EUR without having the bank going into his way. Governments love law-abiding taxpayers. I live in Europe and did a test transaction of , euros from Bitstamp to my bank. I would strongly advise against this. However, most of these regulators seem to not really understand the concept of Bitcoins and how these can be controlled. Also consider getting a lawyer on the side. Yeah but when you get 10k before taxes than you will probably just get send like 5. There's really no way round it - step one has to be going to the effort of putting your records in order or at least as close to "in order" as is humanly possible.

I can tell you, however, that the bank was fully informed of the source of the funds. Do you really want to be that guy? It's not a good strategic move to show that you have wealth when you are in a war against a parasitic government that is already so indebted. For more information you can pm. But I have most of my bitcoin in cold storage addresses that have not been touched or moved in many years so I would be able to sign a message from such an address to prove it's bitcoin from a time when they were worth very little. Needless to say, my bank was extremely unhappy. Essentially to control Bitcoins, an adversarial government would have to shut down the whole public internet. Dude might want a house of his own, what's wrong with a man wanting to do what he wants with his own money? That's what bitcoin is about and hopefully one Day fiat will be out of the equation.