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Hey Freedom Fighting Friends,

I have an issue I need help thinking through. 🙏🏽

It’d be awesome if someone who has helped people oversees with Bitcoin could chime in.

Background:

My cousin and her family (husband + 2 babies) are trying to relocate from Nigeria to UK. They’ve already started the process and now that they’re halfway through with it they’ve reached a snag. The plan she had to sell her property backfired because most Nigerian Citizens can’t afford to buy property.

After hearing her out and realizing I have 0 dry powder for her. I remembered that BITCOIN FIXES THIS!

The problem:

Idk how I can move some Bitcoin from cold storage to her wallet in Nigeria without creating tax liabilities for myself. I understand that once Bitcoin is gone it’s gone and she may never actually pay me back… but my blessings come from GOD so I’m trusting instead of worrying. Do y’all have any ideas how I should help her?

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Discussion

DaddyJones 2y ago

Have her join Nostr and zap her the money

BitcoinBelle 2y ago

Thought about this but figured it was a tacky look sending large sums of sats over relays. Doesn’t feel really safe and I’m sure it’d freak her out.

DaddyJones 2y ago

Sent a lot of small amounts so nothing gets lost if thats your fear.. your use cashu it’s a tokenized way to send sats incognito

DaddyJones 2y ago

Better yet make her a wallet with the funds and send the seed phrase to your sis

BitcoinBelle 2y ago

Would I be typing the seedphrase into messenger apps? That seems unnatural.

DaddyJones 2y ago

I would use more secure way maybe even vocally over the phone

joshM 2y ago

Sats are going for about double in Africa. If she is savvy she could sale half to move and have half to start over. It is safe and fastest way to help. Like now, not in three days. I’d be more freaked out about death then several

BitcoinBelle 2y ago

Really!? Wow!! I think sending Bitcoin would really help!

joshM 2y ago

Try sending 1/3 of what you want to give her first or even a smaller denomination to verify she is all good on her end first.

BitcoinBelle 2y ago

Great idea!!!

₿harat 2y ago

It’s not a tax liability in my simple view of the world as you are not selling the Bitcoin for a profit. Instead you are transferring and giving it to a family member.

BitcoinBelle 2y ago

That’s what I was thinking… it’d be a gift since I’m not receiving anything on the back end. It’s also not a loan because even though she says she’ll pay me back… I’m not expecting repayment.

I’m not sure if we are right or if we just see the world as it should be, my friend 🫂🧡💫

₿harat 2y ago

🫂💜 to you too.

I think you would have an extremely strong case.

₿harat 2y ago

It’s no different to us zapping each other apart from the size of the amount.

BitcoinBelle 2y ago

That’s what I was thinking.

OceanSlim 2y ago

Create new seed.

Move funds to new wallet address.

Give her the seed.

BitcoinBelle 2y ago

That’s what my husband said but he thinks it’s gonna be too easy for her to lose. I also have 0 clue what wallets are used in Nigeria… and if there is any person she can trust to help her convert the btc to pounds.

boston wine 2y ago

Technically, you might be able to call this a “low-or-zero-interest loan” but I’m no tax pro. Worth considering?

Shawn 2y ago

I haven’t spoken with him in a few months, and I see that he’s not been active on Twitter since December, but if there’s one person I’d tap to help with moving bitcoin and fiat in Nigeria, it’s Bernard Parah, founder of Bitnob.

I don’t think he’s on nostr, so:

https://twitter.com/bernard_parah

Doug Brown 2y ago

What about buying an OpenDime and sending to her? Transfers from you to you…if you “lose” the opendime and she finds it…Sats are hers! And it’s off chain. #[4]right?

OceanSlim 2y ago

Sats card would be cheaper.

BitcoinBelle 2y ago

I was tinkering with this idea… if I mail her the open dime I can’t guarantee when she’d get it. I think next day air to Nigeria would be crazy expensive.

Doug Brown 2y ago

Yeah, and recoverability if it never makes it, doesn’t exist.

It would be super convoluted and risky, but you could create a Wallet in an app, and share the seed phrase with her through an encrypted channel, and she could immediately recover it, and send to another wallet she has created, that nobody knows the seed phrase of except her.

BitcoinBelle 2y ago

Exactly. That’s a bit out of my scope of abilities.

BitcoinBelle 2y ago

Thanks!! I’ll send her his info too. Maybe she can reach him before I can.

Sato🇦🇷🍄⚽🙏🐉 2y ago

Set the precedent!

Godspeed to you all!

BitcoinBelle 2y ago

Thanks 🙏🏽

Sourcenode 2y ago

As far as US taxes go the only thing that would get noticed these days is a sale of BTC into USD that ends up in a US bank account.

Technically in the future your BTC transactions can be audited if your BTC is KYC'd but it would be difficult to prove what was actually done with that BTC if there are no profits.

BitcoinBelle 2y ago

Thank you, I’m breathing a bit easier now