How risky is that setup?

[wdf123]

Hello.

That's my first post. I'm fascinated by the info here and I'm willing to pay for the gold membership, but I was wondering if I could get some initial enlightenment.

How risky is a setup where:

1. You get paid by a company in the U.S though Bitwage, set to receive 100% in BTC.
2. When you need to cash out, you send some coins to AdvCash and Crypterium cards.
3. You take cash from an ATM.

Any thoughts on the weakness of such setup?

 

[troubled soul]

Hello.

That's my first post. I'm fascinated by the info here and I'm willing to pay for the gold membership, but I was wondering if I could get some initial enlightenment.

How risky is a setup where:

1. You get paid by a company in the U.S though Bitwage, set to receive 100% in BTC.
2. When you need to cash out, you send some coins to AdvCash and Crypterium cards.
3. You take cash from an ATM.

Any thoughts on the weakness of such setup?

Regarding Tax ??
There is nothing wrong in your setup.
What worries you , Can you give detail ?

 

[wdf123]

Yes, I just happened to know about these international agreements (like CRS) and I've been digging into all of that. I always avoided using local exchanges/banks because I'm pretty sure the IRS knows about every single transaction, but with these international agreements, I'm now worried that it may not be enough and I'm actually worried about how my local government could know about my earnings through Bitwage and/or via these cards.

 

[troubled soul]

Yes, I just happened to know about these international agreements (like CRS) and I've been digging into all of that. I always avoided using local exchanges/banks because I'm pretty sure the IRS knows about every single transaction, but with these international agreements, I'm now worried that it may not be enough and I'm actually worried about how my local government could know about my earnings through Bitwage and/or via these cards.

IF the account is in your name sooner or later IRS will find out .
If your income is high register offshore company for tax reduction .

 

[wdf123]

Right, any ideas on a minimum cost required to set that up?

 

[troubled soul]

https://e-resident.gov.ee/start-a-company/
Do check out here.

P.S. I am not expert professional. Just sharing my knowledge here

 

[tyrexoid]

https://e-resident.gov.ee/start-a-company/
Do check out here.

P.S. I am not expert professional. Just sharing my knowledge here

Is Estonia crypto friendly in terms of taxation on cashed out bitcoins? I have E-residency from a few years ago which I didn't use much, but this year I did some $ in crypto and don't want to give most of it away as tax (my scale is relatively small around 80k$ so I have no idea if I should even bother setting up a new LLC in Estonia to lower the tax.. does that make sense for me or I should just pay the local US capital gains tax and be done with it? less hassle for my small amount of $? )

 

[troubled soul]

Is Estonia crypto friendly in terms of taxation on cashed out bitcoins? I have E-residency from a few years ago which I didn't use much, but this year I did some $ in crypto and don't want to give most of it away as tax (my scale is relatively small around 80k$ so I have no idea if I should even bother setting up a new LLC in Estonia to lower the tax.. does that make sense for me or I should just pay the local US capital gains tax and be done with it? less hassle for my small amount of $? )

https://www.emta.ee/eng/private-cli...other-income/taxation-private-persons-virtual
Hope this help

 

[troubled soul]

https://www.emta.ee/eng/private-cli...other-income/taxation-private-persons-virtual
Hope this help

For Small amount , Buy Gift card https://www.bitrefill.com/buy/?hl=en

or Use Visa/Master Card loaded with bitcoin for cash withdrawal

 

[12345]

bitrefill is a great site, good recommendation, I bought a lot of giftcards there in the past and no problems, took me very long time to find such a good website, for example if you buy amazon giftcards you can request custom amount, awasome for my purposes. Fees are also not that bad if I remember well, thanks for sharing it with others @azb1

 

[troubled soul]

bitrefill is a great site, good recommendation, I bought a lot of giftcards there in the past and no problems, took me very long time to find such a good website, for example if you buy amazon giftcards you can request custom amount, awasome for my purposes. Fees are also not that bad if I remember well, thanks for sharing it with others @azb1

Thanks . That makes my day

 

[Zaki]

You take cash from an ATM.

same position
is it ok to take cash out from an ATM in an African country that prohibits BTC??

 

[uplana]

same position
is it ok to take cash out from an ATM in an African country that prohibits BTC??

Not any longer It's Africa and if there are still ATM's that have any money or coins there why not use them.. It's the wild west there, I think they have bigger problems.