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[fran.fernandez]

So.. that.
not virtual money, real cash.
Did you bought bitcoins and later on cash it out? Are you waiting for some number?

i have some friend who supposedly have bitcoins but never cash it out, why? People are waiting for Bitcoin to become 1m dollars or what?
I hear it a lot, "I’m making so much money with bitcoins " . I mean, bitcoins are very volatile, so is better to sell when it is good no?

My wife recently start buying stocks, she tell me “ I buy X for 28 and sell when is 45". She’s doing pretty well and cashing money on her bank account.

So, what’s the deal? If I buy Bitcoin for 9k , and now is 50k I will sell it. Lol
And cashing out more than 10k, that will include some tax paper work.

or I’m getting it all wrong?

 

[West Texas CEO]

I started investing in 2013, and I have now a considerable amount in BTC. I expect BTC to hit 100k USD in the next couple of years and I am starting to prepare to cash out. My idea is to cash out 50% to invest in real estate at a later stage and keep 50% to buy into BTC again during the next bear market, dollar cost averaging, starting after a fall of 70% from the next ATH.

For the 50% that I plan to reinvest into BTC, I will cash out in a couple of stablecoins, most likely DAI and USDC, so there are no capital gains and it is easy to reinvest later. So no big concerns here, apart from the brief period of time I’ll have both the BTC and the stablecoins at the Crypto Exchange due to the risk of hacking and losing funds. I keep always all my crypto in cold storage to increase security (not your keys, not your coins).

My concern is to find the best strategy to cash out into fiat that 50% of BTC while meeting the following points:

• Maximize security (no shady banks or pseudo-banks)
• Minimize fees (trade and custody)
• Avoid capital gain taxes

DOGE is dumb, BTC is good. Buying DOGE to hold for 10 years isn't investing it's gambling, so whatever you wanna do with your money is up to you. Still gonna share my opinion, though.

I can almost guarantee DOGE will be worthless because the supply is unlimited. As supply increases infinitely and isn't outpaced by demand (which doesn't grow infinitely) price will go down. Pretty basic.

The only way the unlimited supply could be beneficial is if it was a true digital currency which again, isn't going to happen.

 

[fran.fernandez]

So, you can cash it out in a Couple of years only if u find a safe way to do it (bank, low tax), the pages I google they all look like fake template bank sites.

if from 2013 until 2021 there’s still plenty of shady banks, what make you sure that in 2025 (example) things will change?

Anybody here used any system to cash out already?

 

[Diddy X]

Here in Spain they apply taxes so a friend told me he cashes out in Germany with 0% tax get a Credit card from there and start spending.

But honestly you can never know with cryptos, if someone tells you it's 100% safe they are lying or don't know shit.

Cryptos can go to hell anytime it's a matter of they finding a way to make it useless and boom tears everywhere.

 

[llien]

I know people who have made a fortune with AO MMM "stocks".

MMM (Ponzi scheme company) - Wikipedia

en.wikipedia.org

Before crashing, about 30% of Russians have been involved in the scheme.

 

[Kenpachii]

Here in Spain they apply taxes so a friend told me he cashes out in Germany with 0% tax get a Credit card from there and start spending.

But honestly you can never know with cryptos, if someone tells you it's 100% safe they are lying or don't know shit.

Cryptos can go to hell anytime it's a matter of they finding a way to make it useless and boom tears everywhere.

Goverments could easily ban it, and then the coins are worth jack shit.

Its a massive risk either way.

 

[FreedomOfSpeech]

In NL it's treated (fiscally) just like all other things of value.
Yes I have cashed out a portion, and I do this to diversify and safeguard against the clown world future (the imminent collapse). I'm in the process of acquiring a house out in the sticks, away from the city where I live now.

Almost anything is better to own than fiat money. Weapons, metals, houses.

Fiat money is fake.

 

[thefool]

Yes, i live in a house and drive a car all bought with crypto gains (not btc tho).
As for why people don't cash out, it's like any other investment, they believe in future price appreciation.

You cash out through reputable exchanges. Coinbase, Kraken, Gemini, Bitpanda, etc.

 

[Irobot82]

So.. that.
not virtual money, real cash.
Did you bought bitcoins and later on cash it out? Are you waiting for some number?

i have some friend who supposedly have bitcoins but never cash it out, why? People are waiting for Bitcoin to become 1m dollars or what?
I hear it a lot, "I’m making so much money with bitcoins " . I mean, bitcoins are very volatile, so is better to sell when it is good no?

My wife recently start buying stocks, she tell me “ I buy X for 28 and sell when is 45". She’s doing pretty well and cashing money on her bank account.

So, what’s the deal? If I buy Bitcoin for 9k , and now is 50k I will sell it. Lol
And cashing out more than 10k, that will include some tax paper work.

or I’m getting it all wrong?

I sold my DOGE. Spend $150, cashed out around $2600 and I am buying a fishing kayak on Saturday.

For me for BTC. I'm HODLing for like the next 10-15 years. I don't play the market, I don't day trade, I suck at that stuff and will only get burned. I stack SATS and I HODL.

 

[fran.fernandez]

So, how you guys are cashing them out?
What country? Webpage? Bank?

If you are cashing out from a secure place, can you share the name?

 

[thefool]

So, how you guys are cashing them out?
What country? Webpage? Bank?

If you are cashing out from a secure place, can you share the name?

See my reply. Coinbase, Kraken, Gemini, Bitpanda, etc. Most of the time, money goes out the same way it goes in.

 

[fran.fernandez]

See my reply. Coinbase, Kraken, Gemini, Bitpanda, etc. Most of the time, money goes out the same way it goes in.

Thanks, just checked and kraken work with Japanese banks.

 

[thefool]

Thanks, just checked an kraken work with Japanese banks.

Just be wary that crypto has appreciated in price A LOT during this last year.

 

[BWJinxing]

Like 2014 or so, I spent a week, getting a old computer with a dual GPU Radeon to mine Bitcoin.

Crashing, freezes, etc, I made a (1) whole bitcoin.

I sold it for 40$ in second life dollars and gave up because the computer crashed too much.

 

[lethial]

I won a bunch of BTC gambling but cashed out a few years ago. Did pretty good but haven't had any interest to invest.

 

[zeorhymer]

I made money with doggo coin. My Bitcoin Cash went up, but haven't converted it.

 

[V1LÆM]

yeeeeeears ago i had just about over 1BTC in a wallet that i mined on my PC. this was way back when it was easy to mine. i was just curious so tried it out. didn't take it seriously and stopped paying any attention to it. so yeah i have a wallet out there worth about £36k but it's long gone.

it sucks but hey i can't see the future. not gonna cry about it all these years later i am still confused by crypto and don't touch it. i don't know what i'm doing and don't want to get caught up in it.

 

[Marlenus]

I have some and I am holding for now. I don't need the money so I might as well gamble it. If it does go up to $100k+ then I end up with enough to accelerate my retirement by a few years. If not then no big deal.

 

[EverydayBeast]

How long until presidents start putting their faces on a Bitcoin?

 

[KaitlyynDuff]

I think it's up to you to convert your Bitcoin to any currency you want since it is acceptable in many parts of the world. I learned that in Learncrypto.

 

[Porcile]

Yeah cashed out at a cool 3 million. Now I just post on GAF and Reddit.