Post
Topic
Board Bitcoin Discussion
Re: Converting bitcoin to fiat without problems
by
Cryptomultiplier
on 28/05/2024, 17:20:41 UTC
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
To do this without any task from either government of your bank suspense since some of these banks also have bitcoin regulations, you need to sell your Bitcoin the same way you bought it which is through p2p.

P2P can be physical the same way you buy your BTC, and it can be through the use of centralized exchanges that offers p2p service.
If you don't have someone to trade with physically, you can download a centralized exchange like Bybit to be using them as your market just to buy and sell your coins with them; don't leave your coins in the exchange.
Since the use of P2P trading has been made aware to this question asked by OP, there should be the need for him to know that withdrawal of the funds could be done in bits for regions were it becomes flagged and a suspicious act, also, it could be possible to buy BTC ETF and do the needful from there having waited a while before diversifying or withdrawal of funds to ones bank account.

Using a good wallet during the period of trying to convert Bitcoin to fiat is necessary inorder not to lose funds that wasn't planned and a good hardware wallet for large red funds sounds appropriate enough to ensure that funds don't get lost during and after withdrawal.