Here's why I'm putting my money into crypto

Blockchain Technology Forum
1

I’m sending money to my Coinbase account, which is regulated by the FCA, but Monzo blocked my last transfer. Someone from their fraud team contacted me a week later and asked a ton of questions claiming, ‘we think you are getting scammed.’ Seriously?

Then I woke up to a message saying they will close my account in two months. They said I can keep using it until then like nothing is wrong!

I started investing in crypto back in 2020. That’s why I’ve decided to do this. I don’t want you to take my money and lend it out to others at high rates.
Good business for you, terrible for me.

2

Lloyds did something similar to me. They blocked my transfer and lectured me about how bitcoin is a scam.

He said, ‘you’ll lose all your money because bitcoin always goes down.’

‘I bought my first bitcoin at $1200.’

Silence after that…

3

They think I’m being scammed just for sending my money to another account in my own name!

They just lie.

They’re just like the government.

4

Sadie said:
They think I’m being scammed just for sending my money to another account in my own name!

They just lie.

They’re just like the government.

My bank always tries to block my transfers too. At first, I found a workaround with Google Pay, but they fixed that. Now, I just move my money to Revolut and then to crypto.

Forget them.

5

@CoinConverser2
Revolut is a problem for me now.

I’ve been locked out twice.

6

Sadie said:
@CoinConverser2
Revolut is a problem for me now.

I’ve been locked out twice.

Good to know. I’m cashing out all my funds at once.

I talked to them, gave them the amount I wanted to transfer, and provided proof that I’m not doing anything illegal. Once they approve, I’ll send the money.

7

esleystanley said:
Be your own bank

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8

esleystanley said:
Be your own bank

And don’t forget to make use of your coins if there’s staking.

9

esleystanley said:
Be your own bank

How can I get by a week only using BTC?

I’m invested in BTC but not many places accept it as payment yet.

10

esleystanley said:
Be your own bank

How does the government tax us if we’re our own bank? Like capital gains tax for example.

11

maia said:

esleystanley said:
Be your own bank

How does the government tax us if we’re our own bank? Like capital gains tax for example.

BANKS DO NOT COLLECT TAXES.

12

@Rayne
But the government collects taxes, right? If I got paid in crypto and my savings were all in crypto, how would I prove it’s mine without KYC or anything?

That’s a genuine question regarding capital gains tax.

13

@maia
Employers report wages to the government. Financial institutions report taxable income to the government.

14

Rayne said:
@maia
Employers report wages to the government. Financial institutions report taxable income to the government.

So if I freelance and get paid in crypto but never report it, can the government trace it back to me?

15

@maia
If you freelance for cash and don’t report it, that’s tax fraud. You might get away with it for a while, but it will catch up to you. Same with working for BTC.

16

@maia
Taxes are taken out BEFORE you receive your pay.

17

Chancey said:
@maia
Taxes are taken out BEFORE you receive your pay.

What if my bitcoin went from 100k to 200k in a year? How does the government tax that? Would they even know how much I have if it’s in a personal wallet?

18

maia said:

esleystanley said:
Be your own bank

How does the government tax us if we’re our own bank? Like capital gains tax for example.

They need your permission to take any, or they wouldn’t collect anything to fund their wars. That’s the point.

19

@esleystanley
So the goal is to avoid taxes completely?

I don’t agree with how tax money is spent, but choosing crypto to dodge taxes isn’t the answer.

20

How can you not give them your money? You should be thankful they aren’t taking you to court.