A couple years ago, I bought some Bitcoin on Coinsquare, an exchange based in Canada with KYC requirements.
I'm probably being paranoid, but I'm worried about the potential for governments to demand citizens turn in their BTC.
I'm trying to figure out the best way to either
- obfuscate what happened with the Bitcoin or
- otherwise turn my KYC coins into non-KYC coins.
Would it be sufficient to pull my coins off the exchange, onto Samourai Wallet and run it through Whirlpool? I don't think so, since in the event of a confiscation 6102 type event, they would probably have all the data from exchanges and demand proof or a paper trail of what you did with the coins. Open to any other ideas on how to avoid this.
To be clear, I'm not trying to evade taxes. If I ever sell my Bitcoin (ya right), I will pay whatever capital gains taxes I need to at that time. I just want to minimize the threat of having to turn them in one day.
Thankfully, since learning more about Bitcoin, I started buying with cash through ATMs without any ID verification, and storing them on a hardware wallet with unique addresses for each time I add to my balance.
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