Oddbean new post about | logout
▲ ▼
techjunkie | 4 days ago (raw) | root | parent | reply | flag 
 I would look for a small local bank with limited surveillance resources or a ‘bitcoin friendly’ bank when they appear. Also I would never sell bitcoin to pay off a mortgage, maybe get a fiat loan using btc collateral and pay it off with that.
▲ ▼
anon | 4 days ago (raw) | root | parent | reply | flag 
 Good point with the bitcoin backed loan... well maybe not your point, but a loan may avoid red flags for the bank and you can pay with the bitcoin.

I did a collateral loan in 2020 with Ledn.io and learned the hard way not to bank on price appreciation and expect that I couldn't be liquidated. It even felt like we were in the bull market when I did it. So just FYI be extra cautious with bitcoin backed loans, make sure you can pay them off partially (I could not) and have a solid plan for worst case scenario including 70% drop... but using to get cash and closing it with the collateral might be a good idea.

I never know who is a bitcoin friendly bank, at least in the UK. I wish we knew heuristics to help us predict which actions (like depositing large sums) are going to flag your account and which are not.

Other ideas:

1. Split the receipts across banks to reduce the total amount per account?

2. Call ahead to inform that you may receive a large sum.

3. Use a satellite bank account(s), not the current account or even the bank who manages your current account to receive funds to avoid inconveniences from shutdowns or freezes.

Thanks btw ❤️ zapped. Lmk if you have thoughts on my thoughts.
▲ ▼
techjunkie | 4 days ago (raw) | root | parent | reply | flag 
 Yeah def get multiple bank accounts if you can and spread your btc transactions. Although i found out my banks created a centralised AI surveillance entity where they collected all the transactions from my  banks in one database. Horrifying and in flagrant violation of fundamental human rights imo. 

Maybe have a look at a Xapo bank account. They have been using bitcoin for over 10 years… Should be available in the UK.

I can dm you a referral code if you like which can help you get onboarded there.