Can an individual make clear to me how it doesn’t make a difference in bitcoin or dollars IT CAN Nevertheless BE TAKEN Away ?? Or am I missing some thing
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Comments (32)
Can they see your wallet? If you bought from a KYC exchange, yes.
Can they seize your Bitcoin in self custody? No.
Can they make your life a living hell until you give it to them? Yes.
>Can someone explain to me how it doesn’t make a difference in bitcoin or cash
Yes, I can explain. Your government has the authority to levy taxes. Your government requires to you to pay taxes you owe. Bitcoin isn’t a magic shield from your obligations as a taxpayer.
> IT CAN STILL BE TAKEN AWAY ??
Bitcoin held in a non-custodial wallet can’t be seized.
You’re not missing something, you’re missing everything.
LOL, take it off of the exchanges.
p r o p a g a n d a.
not your keys, not your coins. simple as that. there’s no catch. the irs doesn’t have magic powers. but morons always lose.
? Bitcoin can’t be seized if the keys are stored properly and you use a cold wallet. Same with cash but storing and hiding a million bucks in small notes is surely harder than “just” remember a seed phrase. And that without counting the physical degradation of cash during time
The IRS has been at the center of many major Darknet takedowns. From SilkRoad, to WelcometoVideo (fuck WtoV in particular) and many sites in between.
The blockchain keeps a perfect record of transactions, and if you cash out coins at an exchange, they can find you if they subpoena the exchange. If you think that using an exchange outside the USA will keep things secret, you’re wrong. BTC-E (Headquartered in Russia) used to be used to cash out tonnes of ill gotten gains including some MtGox stolen coins. The BTC-E servers were in the USA, and when they got seized it opened up a world of information for the IRS to track cash-outs to banks all over the world. Many out of country exchanges will also hand over info if they’re properly persuaded to do so.
In most cases I would imagine the IRS has got bigger things to do than try and get you for not paying capital gains tax, but I guess that would depend on the size of your gains. The moment it touches an exchange, or the banking system, or whatever, it can be traced and they have for all eternity to look at the blockchain, it’s an undeniable evidence trail.
If the IRS has sufficient desire, and can track coins back to a wallet you’ve used for something they can tie you to, or is some way connected to an exchange account that they’ve found, they can come knocking. If that time comes, you best make sure your paperwork is in order.
Crypto exchanges and trading platforms are lightly regulated faux-banks, They’re not part of Bitcoin
You can always purchase btc without using an exchange.
Your private bitcoin wallet cannot be easily tracked or seized if you take precautions. Use a non-custodial wallet in which you control the keys. (A hardware wallet like Trezor is best) Transmit transactions via tor, use your own node with tor, use coinjoin, don’t re-use addresses, strategize your address control to obfuscate your funds (make it harder to correlate your spending with your other addresses). However once your coins hit an exchange its all trackable. But you don’t ALWAYS have to use an exchange if you don’t want to. I used to just meet randos at starbucks that I found on localbitcoins/mycelium local trader and trade directly with them. Or use Bisq, or one of the other few distributed exchanges out now that I haven’t tried yet. Some of these steps may be unnecessary for most use cases, it all depends on what your thread model and level is that you are facing. Fact is if you care about your privacy you need to do your own research. There’s lots of information out there about these topics.
Nobody can confiscate bitcoin without your seed phrase. If you never give the government your seed phrase, they can’t take your bitcoin.
OP, are you genuinely looking for an answer? Or do you want to convince us your of your own opinion? I am happy to provide an answer your question if you genuinely want one. If not, I’d rather save my time
The IRS can freeze your bank account but they can’t freeze your ColdCard.
Stop using exchanges and go to a hardware wallet. Simple.
They can’t take the crypto, but they can hold your gains against all of your other assets and income.
Pay your fucking taxes.
Don’t believe everything you read
My guess is kyc exchanges report to the IRS all withdrawals of cryptos over a certain threshold. Any transfers out of this address automatically gets flagged by the IRS since it is shown on the blockchain. These transfers out of the address would need to be explained by the user.
send to private wallet from your KYC exchange. One you get to hot wallets and cold wallets and maybe coin join it they won’t be able to prove who owns it. they will only know you bought some once and sent it to address and that went to another address and etc. ownership of the addresses is not a thing.
during each of the past two bull markets you could go on craigslist in any big city and find people will to pay cash for 1- 10 bitcoin without any problem. In fact that is probably a great indicator for when you might want to lighten the load in the 2024-2025 bull market
It’s as easy to steal bitcoin as it is to steal the thoughts in someone’s mind.
If you generate a secure private key or passphrase and you transfer all of your crypto there no one can touch it
Don’t buy KYC Bitcoin, never use an Exchange, always use self custodial wallet and you will be fine
I believe this is the beginning of regulation and crackdown on crypto investors. Unfortunately it is the same in the UK, we’re beginning to see crypto wallets as “assets” and must be declared under tax review.
What happen if you lose your crypto wallet?
If you have Bitcoin on a private wallet that wasn’t obtained through kyc on an exchange or where you aren’t exposed as the wallet owner, they don’t know about it so can’t tax it
But as with everything govts do if they want to steal what you have they can’t just claim they have the right to take it by force
Three only advantage Bitcoin gives people against legalized thieves is that if you refuse to give it to them and they can’t find the key, ultimately they can kill you but they still won’t get it
Also KYT/Chainalysis are 2 that the FBI use.
“Crypto” not Bitcoin
If your BTC is in a cold wallet, the Government / IRS might see the amount based on your Bitcoin address but they won’t be able to forcefully take your Bitcoin away from you.
Don’t hold on exchanges use non kyc ones to make trades or swaps and only use the the large ones to actually pull out fiat if you choose. Then they can only track your withdrawl to fiat.
Pay your taxes
Hold your own keys (seed phrase) and you’re good
NOT YO KEYS…. not yo cheese
If you’re objective is to avoid taxes … It ain’t gonna happen