Post
Topic
Board Bitcoin Discussion
Re: Withdrawing Bitcoin off the radar
by
Ultegra134
on 12/02/2023, 20:17:30 UTC
Or just stay below your CGT threshold.

If you need to sell a large amount, e.g. to buy a house

In my country the threshold is 40 EUR/transaction for a total of 120 EUR/year.
Between this tiny amount and the amounts needed to buy a house there are plenty of use cases for wanting to sell Bitcoin for fiat without KYC.

I've started accumulating from scratch; wouldn't the whole amount get taxed since it's basically a source of income? That's why I thought it'd be 24%.

You could have been mining those coins long ago. Or you could have been mining altcoins with your computer and sell for bitcoin.
It's not mandatory you've actually worked for them, especially if you already have a day job...

While there isn't an official tax framework for cryptocurrencies yet, withdrawing a few thousand euros to my bank account wouldn't look too good, which is my main concern.

If only the bank is your concern then a crypto card may do the job, just they need KYC and you may not be able to withdraw more than 2-300 EUR/day at the ATMs. You can, however, use them for daily shopping. Just (again) yeah, they're KYC unless you go for the very "underground" anon cards AlexPCS is selling.
Excuse me, I didn't quite understand what you meant. I've accumulated this sum of bitcoin through a variety of sources. I haven't bought a single one. Theoretically, isn't this income something that should be declared? I'm talking about the whole amount of coins.

I'm mostly in favor of splitting some earnings between a bank deposit, others to be withdrawn at cryptocurrency ATMs, and others on a crypto card such as Binance's. Staying 100% off the radar seems impossible, unless you have someone trusted enough to meet in person, which isn't generally advisable with large amounts of money.