Yes @cybertrack, you are right. I will be consulting facebook, but now I am claiming your mentor status from @Admin. 🙂
Best country to cash out 800k$ BTC to FIAT
- Thread starter poapoa
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Hello OP, I can give you EUR for whatever amount of BTC you want to cash out. If it's 100K a month or per week, just let me know. I can help you with that. Only thing is, we need to meet in person and I don't travel.
Not to knock other users' advice, but when I read these forums in regards to cashing crypto, I think of 2 things:
1. People are very scared of the banking system/government.
2. They may not know what is actually possible and how easily you can get a lot of cash (stress free) for your Bitcoin.
Not to knock other users' advice, but when I read these forums in regards to cashing crypto, I think of 2 things:
1. People are very scared of the banking system/government.
2. They may not know what is actually possible and how easily you can get a lot of cash (stress free) for your Bitcoin.
I totally agree with your approach and personally I'm TECHNICALLY able to︁ provide the same service and buy BTC for cash from anyone.
The drawback of it︂ is that I'm hardly able to PRACTICALLY do it because of obvious blockers like necessity︃ of traveling of either side, carrying huge amount of cash through the airports (small amounts︄ make it inefficient), personal safety during the "exchange", care about the origin of money/BTC from︅ either side etc.
Share some experience if you did it a few times... good luck︆
The drawback of it︂ is that I'm hardly able to PRACTICALLY do it because of obvious blockers like necessity︃ of traveling of either side, carrying huge amount of cash through the airports (small amounts︄ make it inefficient), personal safety during the "exchange", care about the origin of money/BTC from︅ either side etc.
Share some experience if you did it a few times... good luck︆
I only travel within my country and only for my older clients. If they don't exchange at least 50k or so, then I won't travel. I have lots︀ of clients already, so I'm not really fishing for new ones. But if someone here︁ wants to exchange btc for cash and are okay with traveling, I will help them.︂
So you could teach me how to put stress free Bitcoins into my bank account in europe without raising thousands of questions by the bank or tax authority? Turning it into cash is really easy even if it is about 6 digits and does not cost a high fee. But yet turning it into FIAT is pretty tricky.
You need to have an anonymous/private/hidden bank account somewhere, actually I've just opened a bank account with privatobank and it seems quite legit, the only minus is $10 USD monthly maintenance card fee + 2% deposit and 2% withdrawal (or card transfer 3% fee), so that makes 4-5% total costs, but it seems anonymous as they generate fresh SWIFT deposit info (USA LTD) only for your deposit. And for BTC you can use a BTC ATM to send or retrieve CASH, it happens there is one like 10 minutes drive from where I live.
Well honestly, I withdrew millions using high street banks. Been doing it for a few years now. No issues so far. I do at least 500K monthly, in cash, so when I read these forums, I kinda scratch my head honestly. I︀ do live in Eastern Europe, in a country that's favorable for this type of activity,︁ namely crypto to fiat.
for example in SK or CZ it's doable so I believe you despite the fact that 500k seems rather big amount
what I don't get is what you would do with amount of cash you mention - you would︀ hardly buy BTC for it in face to face trading or would you? just curious...︁
what I don't get is what you would do with amount of cash you mention - you would︀ hardly buy BTC for it in face to face trading or would you? just curious...︁
hmm, nice, I wonder how did you get to big enough stable client base that is able to absorb it
few years back the situation was probably different but nowadays I'd be really careful starting big business on localbitcoins...
Am I right that you don't care about taxation on profit or penalties for cash transaction above the allowed limit (which you surely exceed)? Not afraid about "sparrow" customers?
few years back the situation was probably different but nowadays I'd be really careful starting big business on localbitcoins...
Am I right that you don't care about taxation on profit or penalties for cash transaction above the allowed limit (which you surely exceed)? Not afraid about "sparrow" customers?
IT was 99.9% word of mouth. I never do LBC. To answer your questions, no, I am not worried about any of those things.
good to see someone with balls despite I find it a bit unwise, thanks for sharing and good luck
It all depends on the country you are doing such kinds of things, all over west Europe you are reported even if you move small amounts of cash too often. In my home country, everything over 3k€ has to be explained and will be reported. This doesn't mean you get arrested for it, it's still legal, but it's likely the bank will shut the account to avoid risks. Crazy? Yes. But this is the direction of most of the advanced countries.
One option I was thinking about was to use BitPay or Coinbase to "fake" small transactions from a website accepting BTC and then have︀ them legally in a company. Is this an option? Just thinking out loud.
Obviously this︁ sounds like money laundering 101, but I know personally guys who bought XXX BTC back︂ when it was so cheap but they have no receipts or that transaction (they did︃ without thinking it could go up a lot) and they don't feel comfortable having them︄ in cash cause in many countries, like I said, nowadays using cash isn't that easy︅ or accepted. Having them in the system on a bank account it'd be preferred.
One option I was thinking about was to use BitPay or Coinbase to "fake" small transactions from a website accepting BTC and then have︀ them legally in a company. Is this an option? Just thinking out loud.
Obviously this︁ sounds like money laundering 101, but I know personally guys who bought XXX BTC back︂ when it was so cheap but they have no receipts or that transaction (they did︃ without thinking it could go up a lot) and they don't feel comfortable having them︄ in cash cause in many countries, like I said, nowadays using cash isn't that easy︅ or accepted. Having them in the system on a bank account it'd be preferred.
May i ask you how you declare this at your tax declaration? Or does nobody give a s**t about this? If it was so easy i would move to your country and do the same.
Nice to hear that, maybe that is some positive news that people actually are buying BTC. 🙂 Just wait until the next halving...
Funny that you mention that, there︂ will be a new law in Australia making transactions above $10k in cash illegal. That's︃ right, doesn't mean that you have to identify yourself or that you have to declare︄ source of funds or something... Just the fact that you are using cash for your︅ business will be illegal in Australia. It passed the third reading in the parliament today.︆
Funny that you mention that, there︂ will be a new law in Australia making transactions above $10k in cash illegal. That's︃ right, doesn't mean that you have to identify yourself or that you have to declare︄ source of funds or something... Just the fact that you are using cash for your︅ business will be illegal in Australia. It passed the third reading in the parliament today.︆
Now with Localbitcoin out of the business of cash transactions, how you can find people doing it in HK?
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