Hi everybody, I have a serious question to address:
How will you tell (or reveal) to your Bank that the huge daily (or weekly) deposits into your Bank Account are from crypto-currency profits?
- Would you go to your local Bank Branch and tell them ahead of time, that you are a crypto-currency investor BEFORE you make huge deposits?
- Would you go to your local Bank Branch and tell them that you are a crypto-currency investor AFTER you make huge deposits?
This question is important, especially for people of modest income that SUDDENLY start to make huge profits from crypto-currency.
My approach will be different. As much as possible, if there's another way to cash out those huge profits, I will try my best not to be involved in banks. Although our country is crypto-friendly, huge money transferred to any bank accounts even not acquired via crypto, is alarming to those banks and will subject automatically into questioning. So much hassle if you will tell then anything your crypto activity to the point that every transaction should be detailed including the private transaction.
Fortunately, there's another way available in my country to cashout those high figures although I can't do it on a single withdrawal and will take at least over a week depending on how much the amount involved. I can also do it via bank withdrawal as small withdrawals are not flagged. However, as I mentioned, I don't want to be involved in banks especially at huge cashouts.