Hello,friends
The question is more for those who once converted a lot of bitcoins into fiat to their bank accounts
How did you do it so that the tax authorities and the bank manager would not question where the money came from?
The thing is that many years ago i bought my bitcoins from a person in cash and he transferred them to me in my presence
How can i make sure that this money is transferred to my bank card without any problems?
-Regards
This depends on the country you come from and what is obtainable there. There are countries where Bitcoin is banned, in that case users have to device means of converting Bitcoin to fiat which they might not be willing to share in public due to crackdown by the authorities. Furthermore, there are countries where Bitcoin is not banned but there is no tax on Bitcoin. In these case, there will be several ways of converting to fiat including using CEX, agents, and even p2p transactions. Finally, for the countries where there is crypto taxes, it is up to the individual to report his earnings to the tax authorities to be able to calculate the taxes and pay accordingly. Even when p2p means of converting BTC to fiat is available, the user can still fill BTC as source of funds to be able calculate the appropriate taxes.