Something I've always wondered about crypto currencies. How exactly do you guys plan on cashing out...

>selling your bitcoins
Why? You don't want lambos?

I get that. You're missing the point. Who is going to buy 1.9 billion dollars worth of BTC? BTC is the only coin that's technically backed by anything. Even then the only thing backing it is fiat currencies. Not to mention that BTC also supposedly has a 1% issue just like the regular economy. I'm just not sure. I've been wanting to jump into cryptos for a while now, but something about the whole proposed situation doesn't seem to add up. It feels like the the gold rush/dot com bubble of this generation.

How do you prevent chargebacks on localbitcoins?

But if you don't realize gains how are you supposed to buy said Lamborghinis? Last time I went to a car dealer they wanted cash or a credit score. There was no option for ETH purchases.

Transfer to BitPay, send to coinbase and sell, local bitcoins, bitcoin atms, etc

you trade with reputable people only

But you should HODL

Why the hell do you need 1.9m at a time? If you think you can get that much out of stocks, and then the bank, I've got bad news for you.

That's because you went to the wrong kind of dealer. There are people who will sell you a lambo for crypto ...

>fuck gold, fuck cash. I want loli bjs

Another thinking man on Veeky Forums.

this man knows what's up

I know you have to trickle out. Still missing the point. Alright, let's lower the number. Who's going to buy 100,000 dollars worth of BTC?

The fundamentals of the crypto market are absolutely fucked up.

A bunch of drug selling sites can not justify a $60B market cap.

Probably happened already. You are most likely a normie.

Bingo. Glad to see I'm not the only one who smells bullshit.

Exactly, it's all propped up on expected future value, 95% of trades with coins other than Bitcoin are just people selling back and forth to each other hoping to sell at a higher price than they bought, even Bitcoin is hardly used for actual transactions

Sell for BTC, move BTC to Bitstamp, sell, withdraw fiat using SEPA.

the same way people buy in

there are allways buyers/sellers, supply/demand drives price

is this even a business forum

How do taxes work when you cash out? If you transfer a shit of crypto to fiat, surely the IRS (or whatever the tax collecting agency is in your country) will get suspicious?

Lol that's such an easy sell. You can even sell it all above market price at local

>What is tulip mania
See, shit like this is what NEVER gets discussed when talking about coins. It's all lambos and speculation.

Again, do you have a REAL example of this?

Buy your ticket to the moon now.
The rocket is just refueling

See you in lamboland

It depends on your country. I've actually investigated this. There's a tax called "Capital Gains Tax". There is no fixed value, you can have it be reduced, it depends on a lot of factors.

But when you cashout, and the IRS asks "hey famalam, where did that come from?" and you say "crypto", they'll ask for the initial investment. You'll pay a % on the profit and that's it, the money is now "clean". Here in Portugal it's 28%. In Russia is 13%. Just search for it.

If you don't want to give your profits to the gov, you simply can't buy expensive stuff, or you'll get fucked.

Talk to you're local CryptoCurrency Tax Accountant Specialist

What if my initial investment was 20 dollars? and it increased 1000x?

You pay tax on cashout value minus 20$.

You also have to add any additional capital gain tax from your state. It's federal taxes + state taxes.

There are also tax brackets that determine what percentage you pay in taxes for capital gains. Just know that there also really short-term capital gains, which usually have lower taxes (and are less than a year), and then you have long-term capital gains, which are usually more than a year. I believe long-term capital gains has a higher tax rate, especially if you fall in the upper tax brackets. If you are unemployed and make $0 per year, you have to pay a 10% tax.

Luckily, I live in Texas which already established a position on crypto-currency. It's considered property, thus falling into capital gains which are not taxed in the state. Our tax on capital gains only comes from the federal government.

ignore "really" before short-term*

Damn, that's really nice. Our country and Europe in general still doesn't have a clear stance, so we're on the capital gain tax for now.

You're a fucking idiot, there's sells of more than that every day on every major exchange. Did you even try to do a modicum of research?

Supposedly some European countries do not charge taxes on crytpo-currencies, which is better. I'm just glad that Texas doesn't add to the tax burden.

I have no idea about how taxes work on capital gains in European countries. It might be classified as something else, and I also don't know if you guys have tax brackets or how they function.

Trading and speculation doesn't equal actual realised wealth.

If you have already sold the coins already then of course you can transfer them out. Your question in those posts was if it were possible while it obviously is.

It's fucked how the government can charge taxes on capital gains.

When you spend that money on goods/services you will already pay a tax (GST, VAT, whatever)

Buy a house? Stamp duty and TAXED again

Buy a vehicle? Road tax :^)

I figured that you would need to declare capital gains to them, but that is based on the growth of the initial investment. Isn't it really easy to lie about what your initial investment was though?

You are a moron, you can literally see the amounts people sell their crypto for on places such as gemini.

>Supposedly some European countries do not charge taxes on crytpo-currencies
citation needed.

why are there always like 3 or 4 of these threads? is there some kind of riddle to hitting the "withdraw" button im not aware of?

Agreed. You'd think they would favor not taxing it, but the Jews are always money hungry. I personally think that crypto could hypothetically increase economic growth, but more advances need to be made before it become common.

>supposedly
I just read that from some guy posting from the Netherlands. I might have misread his comment.

My question(s) was less about possibility and more about practically, but whatever. Enjoy your potential lambos in the future maybe. I've noticed that whenever anybody questions the validity of crypto, coiners meet you with emotional responses and no real function answers to general questions. It's like you just questioned their god or something.

I figured once I get up there in the coins, I'd use Bitpay if I wanted to treat myself.

Well, it depends. If you have 100k and you say you invested 99k, where's the receipt? If you say it was like 5$, they won't ask you for the receipt.

If you don't have a job you'll pay nothing in Fed capital gains tax. But declare them gainz anyway or prepare yourself for anal intrusion in prison. Talk to an accountant!

>New, experimental, and hugely speculative technology with promises that sound too good to be true
>People are curious about the mechanics of it

Like I said. Coiners treat this like a religion. Death to all who even QUESTION our lord and savior BTC.

I don't get what you're even asking about. Anyone can cash out whenever they want to, unless you're moving millions it won't be difficult at all, even then you're just do it incrementally. You can realize your value at any point. Many people already have.

How do you think people get Bitcoin in the first place? Do you think the exchange, or localbitcoins takes them out of their magic Bitcoin box?

When someone is buying BTC it's because someone else is selling BTC, obviously.

When someone is selling tulips it's because someone is buying tulips, but what at tulips ACTUALLY worth?

Conclusion:

>"look at all my earnings!"
>Yeah but how do you cash out?
>"hold to it, rocket to the moon man!"

He either never cashed out or by doing so he takes heavy losses/gets scammed by the DCE. Anything but mining is an huge scam.

And at this point mining even feasible?

You said it...

>lol crypto

They're worth whatever people are willing to pay for them.

Well if there are a finite supply of tulips and it's agreed upon by millions of people that tulips are a store of value outside of the current monetary system then I would imagine a tulip would be worth around $2232.55

Cash is jewish tool. I don't believe in cash

crypto is funny because even gaming currencies (like WoW gold, etc) can be sold more easily for cash lol.

>RMT for the win

>How exactly do you guys plan on cashing out?

>transfer coins to kraken.
>wire money to my bank account in weekly chunks

wow that was hard.

>Then get raped by capital gain taxes
wow that was hard

>loses 51% of his money

Anyone who does this is stupid. You never go from crypto to fiat. Crypto to Gold is the only way.

how true is that? 51% seems like bullshit

>Crytpo to gold
Nice but not optimal. Cash withdrawal at BTC ATM is best, with only 2-4% fees and no involvement from the authorities

Nah, get a bitcoin debit card and withdraw cash from an ATM.

Most markets have a daily withdraw limit of around $10,000. You could get over $100,000 out in two weeks.
Use a tumbling service if you want more anonymity.
Keep in mind you're legally obligated to pay 15% on all capital gains in the US.

>it's this thread again

Why are people so confused about this? Do they really think, out of all the millions of people in crypto, nobody has cashed out? You just transfer to fiat and send to your bank dipshit, it's nothing extraordinary.

>even Bitcoin is hardly used for actual transactions

Exactly. One day people are going to realize that nobody actually buys or sells things using gold and the whole market is going to come crashing down.

holy fuck, gold is truly just a yellow metal with no intrinsic value beyond a replaceable use in electronics!
sell, sell, sell!

Also if you hold for over a year then you don't pay tax right? There isn't a way for them to check how long you were holding.

>There isn't a way for them to check how long you were holding.
You underestimate the autism of the IRS

I've sold wow gold for money to PayPal
I've sold ETH for money to PayPal

ETH was easier. I didn't have to wait for a buyer

This guy gets it, we need an Amazon clone where you can buy with crypto only.

thats where all the so called "shitcoins" come into play. These alt coins are going to be the next ebays, or amazons where you can buy property and cars and the like with your crypto, encouraging you to hold it instead of swapping for fiat. Thats why you idiots who dont know wtf youre talking about really need to fuck off. Yes, theres a market that needs to be filled in order to maximize the usage of bitcoin and other crypto currencies, and yes, its coming and its going to make me very fucking rich.