Post
Topic
Board Bitcoin Discussion
Re: Withdrawing Bitcoin off the radar
by
NotATether
on 16/02/2023, 09:06:51 UTC
how are you going to carry all that cash around? Let's assume you withdraw even $50,000. It will have to be declared when you leave the country.

If we think about 50.000 euros, it means 100 banknotes in denomination of of 500 euros. And yes, this amount should be declared when leaving the country. But if we only think about how to carry this amount, it's not too difficult to carry 100 banknotes, is it? They can easily fit inside a pocket.

My point was that you will most likely be questioned by authorities on the source of those funds and you'd have to admit that they were cashed out from cryptocurrency holdings or risk an arrest, or seizure of those funds.

This will of course lead to questions on where did you obtain the crypto from (since police deal with a ton of scammers that have a modulus operandi like that).