Quite a morning here at steemit hehe, I took me 5 tries to upvote this post ?
I've never read a post about tax implications and watchful eyes. I suppose cashing out through an official exchange would almost necessitate filling the tax man in, In fact I've never been successful in my attempts to open an account linked to my bank with all the hoops to jump through. Money deposited into my bank would surely raise some flags somewhere.
My bitcoin dealer here in Panama ( officially licensed business ) has had bank accounts closed plus western union and moneygram will no longer deal with him ( send or recieve ). Now if I mention here how we get around that, would that avenue be blocked too? I like the transparency of blockchain but until we can bring the criminals to heel and stop them from profiting/stealing off us by draging them into the light that's where were at.
I prefer face to face transactions and it's a great way to meet fellow crypto enthusiasts but that's not always convienient or even possible.
The future looks bright but much work to do yet :-)
Thanks for raising these important issues.