The private transaction bit though... You then either live off the cash or have a traceable transaction going in to your bank account. Enough of those would raise questions.
I guess cash can work, but only to a point. Recent example, new tires on a truck for $1500. Not very many businesses are going to accept cash for that.
I'm not at a point where I need or want to sell BTC, but for sure someday I will.
Replies (3)
I find it hard to believe a service industry sales point wouldn't accept cash money currency for said rendered services.
Find a different bank who doesn't care. In the U.S. that's typically a credit union. Elsewhere, I have no idea.
Report your goddamn sales if in the U.S. The IRS will eventually find you if your shit is KYC'ed. Don't go to jail over this very preventable occurrence.
Until bitcoin is accepted as a currency it is worse than fiat or stocks for privacy and tax purposes.
You're missing my main question. I'm not looking to do anything sketchy like private sales or cash deals. I know about non KYC Bitcoin and markets with peer to peer meet ups. Not interested.
If I needed to sell now I'd go through an exchange and report the transaction.
I'm looking for legitimate ways to sell Bitcoin in the future. Maybe a tax loophole. Does anybody run it through a corporation somehow? Friend or family overseas and then back in dollars? 🤷🤷
People avoid tax in fiat world all the time. Surely someone smarter than me has figured out how to do it legally with Bitcoin self custody.
Or not. Maybe one day.
