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Need help with bitcoin fast !!!!

Discussion in 'CryptoCurrency' started by neat06, Aug 4, 2015.

  1. neat06

    neat06 Registered Member

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    Hello, I have some questions about bitcoin and its wallet. My friend is getting paid for his business with bitcoins for anonymity. The payment is over $50,000 so he's worried if that will be safe. Or is there any other payment method for secure and anonymous transactions, please do share. He wants it to be safe and also not leave any paper trail to avoid taxes.

    (1) Is there any limit to how many bitcoins I can receive, withdraw or deposit ?

    (2) When making a wallet lets say blockchain do I need any id to deposit, withdraw or transfer ?

    (3) My friend wants to be paid with bitcoins but we're talking more than $50,000 of bitcoins so is that transaction safe ?

    (4) Is there any way for the authorities to know who's making transactions and how much ?

    (5) Is if safe to store large sums of money(bitcoins) in the wallet ?

    (6) Which is the safest and best wallet?

    (7) How to withdraw bitcoins without letting income tax know about it ?
     
  2. kkroyal

    kkroyal Registered Member

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    1. no
    2. yes and no, cash out such a hugh sum of bitcoin is not easy, its safer to do it in little steps
    and split it on other people.
    3. yes thtas the safest transaction.
    4. Again yes and no, it depends how you cashout the bitcoins.
    5. yes it is safe, but create your wallet on brainwallet, with a really hard password.
    also create a paper wallet backup for the wallet.
    6. every wallet is safe, but a wallet created with brainwallet could a bit more safer.
    7. several ways, inbox me for more details.
     
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  3. lyf208

    lyf208 Newbie

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    there is no limit at all unless you trade your BTC at a exchange platform
     
  4. neat06

    neat06 Registered Member

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    So which are the other places where I can deal unlimited ?
     
  5. starvinmarvin14

    starvinmarvin14 Regular Member

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    DO NOT use blockchain.info or any other online wallet services. They will have control of your coins. Download something like MultiBit HD or Electrum and install it on your computer. Doing this means that you could be susceptible to hacking and could lose your bitcoins, so make sure you do this on an uncompromised computer. Alternatively, look up how to create a cold storage wallet and you will be 100% safe. This is as simple as printing out a piece of paper. If you want professional security, I recommend getting a trezor... https://www.bitcointrezor.com/

    Bitcoin is not run by any individual, there are no restrictions, no limits. You can receive as many coins as you want anonymously. Of course, every transaction is public, but to everyone else it will only look like a bunch of random alphanumeric characters. If someone somehow knows your bitcoin address, they can see what you have and what addresses you received bitcoins from. But obviously, you still have 100% control over the coins. Right now, it is very difficult to tie bitcoin addresses to a name, unless you post your address publicly (which some people do to receive donations or other payments).
     
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  6. jeffjiro

    jeffjiro Newbie

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    The easiest way to get a bitcoin wallet is using kryptokit chrome extension, google for "kryptokit chrome"
     
  7. dllll

    dllll Registered Member

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    I use Multibit with with password protection, make sure you install the program on a secure computer and protect it any other way possible so nobody hacks you since your dealing with big money, dont use any third party services a bunch of them have been hacked and people have lost all their btc so dont trust them.
     
  8. neat06

    neat06 Registered Member

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    Thanks for all the replies, friends
     
  9. mazar

    mazar Regular Member

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    at the end of the day your friend is still going to have to cash out 50k ,somewhere it will show up unless you keep them as bitcoins ,i suppose if they hang onto them for awhile and wait for the price to spike again this could cover the tax or cost of bribing friends into receiving small amounts of cash in their bank accounts .
    i install my wallets to memory cards ,that way they are only in my computer now and then and i can hide them easy unlike my pc .
     
  10. ppver

    ppver Newbie

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    If you want to convert the coin direct into cash (bank notes) head over to localbitcoins and sell them to someone face-to-face. No need to know each other's names or anything. You'll just receive a nice suitcase of money and that's it.
     
  11. platin

    platin Junior Member

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    Occupation:
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    There is no limit for a withdraw.
    Normally you can't see where the bitcoins come from.
    You know how the wallet is called for example : 1kfkldhjdftlrljv4fgklfdgm5
    But you don't know which person is behind that wallet.
     
  12. inperson

    inperson Newbie

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    (1) Is there any limit to how many bitcoins I can receive, withdraw or deposit ?
    Ans:-No there is no limit

    (2) When making a wallet lets say blockchain do I need any id to deposit, withdraw or transfer ?
    Ans:-Blockchain.info is online wallet & there is no need of id verification, But it is good to go for offline one cuz, blockchain may ask you details for that big transactions

    (3) My friend wants to be paid with bitcoins but we're talking more than $50,000 of bitcoins so is that transaction safe ?
    Ans:- Bitcoin is safe, But please note that BTC price is going up & down, So value of such coins can increase or decrease with time.

    (4) Is there any way for the authorities to know who's making transactions and how much ?
    Ans:-No

    (5) Is if safe to store large sums of money(bitcoins) in the wallet ?
    Ans:- Safe, but don't go for online wallets, Go for offline one

    (6) Which is the safest and best wallet?
    Ans:-Bitcoin.org

    (7) How to withdraw bitcoins without letting income tax know about it ?
    Ans:-It is hard for big transactions, Now a days most of exchanges asking KYC. Go for person to person trade but it is too risky for big deals.