Author Topic: withdraw and get it in cash?  (Read 33 times)

Offline Shera

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withdraw and get it in cash?
« on: January 02, 2018, 10:32:16 PM »
If I invest 10k and a year or two it's worth say.. 50k. I can transfer that into my back account, walk to the counter, and ask to withdraw and get it in cash? They'd report it to the police´╗┐



Offline Bob von Crypto Karma

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Re: withdraw and get it in cash?
« Reply #1 on: January 02, 2018, 11:32:49 PM »
you could do a number of things...
1) you could transfer some to a debit card that links to your crypto balance and use it like any card to buy things and withdraw cash, little by little.  :)
2) you could withdraw cash from the exchange slowly so you are under any notification limit.
3) you could withdraw the lot and the government would be alerted to this. It is not a crime but they need to know who is moving large amounts of money around.
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Offline Bob von Crypto Karma

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Re: withdraw and get it in cash?
« Reply #2 on: January 03, 2018, 02:34:23 AM »
further to this... it depends where you live.

If you are in Australia, for example, there is a website where you can pay a bill, send money to your credit card or bank account without even logging in. Once you make your selection they provide you with a wallet address and you transfer one of 8 crypto currencies to them. They then pay the bill. Simple!

there are other systems being developed around the world but most of them restrict you to your own country.
TenX, based in Singapore, looks like it could be used globally.
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Offline nil

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Re: withdraw and get it in cash?
« Reply #3 on: January 05, 2018, 01:02:50 PM »
It is not a crime to earn money from cryptocurrency. You are not cheating anyone. You are just one step ahead of others in making money. So don't be afraid, but yes just pay the taxes and spend the rest of the money as you wish.