Cashing out

1.Get Gemini account
2.Have BTC
3.Convert BTC to Fiat
4. Withdraw from Gemini to bank account
5. ????????
6. Profits in your a bank account
its not lambo science

If he had any coins he would already know you just go out the way you came in. Nocoiners have been trying to make it seem like "cashing out" is a big "thing".

B-but what about muh financial gains tax?

Some exchanges accept Bitcoin for physical gold and silver...

This

bitaccess doesnt have a sell option

Well, yeah, that works. If you want to pay taxes like a cuck.

you have to declare it on your taxes and pay tax on the gains. Of course you can not declare it and take the chance you won't be audited. You probably won't be. But if your exchange snitches on you and the IRS investigates you'll be up shit creek

Really? hmu user

Kraken, Coinbase, Localbitcoin, Gemini...

Depends on where you live...bitgild.com, I think is one? Go to your computer and type in google.com. from there you can type in your query seek answers, friendo.

Would you get fined or would they just make you pay the taxes you owe?

Only SEPA afaik

Both.

both

bitgild works user. Thanks for helping me collect my schlomo schlockity shekels.

Probably depends on how much you tried to hide. Could even involve jail time

I haven't done it yet. Bitgild don't work in 'merca. Buyer beware, but that's my plan when it's time to cash..

True, ask Wesley Snipes.

Good thing I use 7 proxies and have three different PO boxes, none of which are linked to me.

this really, or just convert everything to BTC and buy pills from India

Tbh as long as your're not messing around with more than a couple grand at a time, you should be fine.

This is why I bought via multiple exchanges into loads of long term hodl coins and keep them in cold storage on an SSD.

When the time comes I can just get out slowly via USDT

>Getting out when the time comes.
Sorry to break it too you guys, but that time is never going to come. Might as well slowly cash out instead of dying with a bunch of bitcoins on a hard drive

I dunno about you but I'd don't want to risk being audited and fined/thrown in jail. Better to just pay the mobsters their 15% cut (long term capital gains rate) instead of risking life and liberty. You might be able to cash out a small amount without detection, but if I had big gains I'd try to do it legit.

I do plan to move to a state with no capital gains tax though, when I do decide I want and am able to cash out big.

I can actually just go to Texas. I have family there. But they're a bunch of rednecks who live in the middle of nowhere and don't have internet connection or cable.

Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming are the states without income or capital gains tax. Pick your favorite

wtf is up with this "cashing out" meme all of a sudden?

2014 headline - man finds bitcoin wallet, cashes out and buys a house.

my plan is to move to Florida. 0% state income or capital gains tax, cheap property, year round beach/pool weather. I also have family there. If I ever make it, I plan to spend the rest of my days relaxing in the sun. One of these shitcoins has got to pay off!

but you have to be a resident of the state you sell during that tax year to pay that state's tax. You can't just go visit and sell your coins.

In a few more years you won't even need to cash, you'll be able to take out fiat loans against your coins. If banks don't get on board someone else will, there just too much money to be made for it not to happen.

cash out*

>Crypto

>Cashing out

lolno

HAHA THIS MEME AGAIN LADS

because some fags keep claiming it's impossible or something

there are services to buy shit from amazon with bitcoins, depending where you live you could go out and about to do grocerie shopping with them too. If you are cucked and reside in the US of ASS probably your best bet is just use coinbase so they make a deposit on your bank account. They will charge you fees. Those fees are a lot of money if you plan to cash a shitload of money. Know this, banks would fuck you even harder and without the pillow and the lube.
Honest advice, try to spend the bitcoins without going all the way back to fiat money.
If you are planning to cash out a shitload of money, be careful and act accordingly to not get fucked by your tax agency.

>mfw Texas

So, wait. What does being in one of the magic states mean for how crypto cashouts are reported? Is capital gains the ONLY tax applied, or is it just partial relief? Someone please teach a nocoiner.

that's just state tax. federal will still cuck you

> tfw Trump and his tax return came just in time for Bitcoin explosion

>tax return

Tax reform*

>spending money for the sake of not losing it

wtf kind of shit is this?

Are you a basement dweller or do you fail to understand that if you're going to pay for groceries or order shit on amazon you might as well do it as a way of partially cashing out/turning your memecoins into real world goods?

Money laundering schemes typically involve spending your dirty money through legit business activities, following the same principle lets you legally convert crypto.

lol I didnt report shit last year and I was trading eTH and BTC all year. Uncle Sam can suck my dick. I reported my measly robinhood gainz and took the standard deduction. Thats good enough.

strange cuz i'm sitting on account with some btc and I wanna cash out and I didnt already know.

fuck off loser. Not everyone is you nor is everyone 6 years experience in this.

hurr everyone knows cuz I know and im the basis for everything cuz moomy said so.... im her bestestest.

kill yourself numale faggot the world isnt about you and your pathetic spoon fed to you knowledge you read on here 10000 times to get it.

next time be helpful not the typical useless turd you are that your mom secretly hates.

kill yourself fat tard

I personally sell on Kraken and wire the funds to my bank account.

Fees are somewhat hefty but I deal in enough size that it's not a huge concern.

Lel, nocoiners that think this is hilarious.

Legit everyone that has coins knows how to buy and sell coins for fiat, because that's how they got coins.

>login to coinbase (5 seconds)
>transfer coins to coinbase (5 minutes)
>click "sell" (0.5 seconds)

magically appears in your bank account as usd

Are we to assume you're in the United States (middle of the entire universe)? Because that's usually the case when someone doesn't explain where they live on the internet.

They work only with US or they accept people from Best America too?

If you are British then it is very easy what to do. Go to Isle of Man or one of the channel Islands and apply for residency. No cap gains. Need to be resident outside UK for 5+ years to keep all gains without tax but probably can do something similar outside uk.

Can also go to Bahamas or British Virgin Isles.

While you are resident outside uk on one of tax havens you don't need to stay there permanently, I think Isle of Man is 180 days a year and it is 5 years going forward not 5 years already.

Lots of tricks for getting off the islands if 180 days is too long.

>cashing out
>not just putting all back into crypto
It's like you don't want lambos lmao

Ok well I'm sorry that I underestimated your incompetence.

>thinks you need 6 years of experience and need to read something 10000 times to learn how to click "sell".

Coinbase will let you cash out 7500/week if you attach bank. They charge HELLA fees to make your shitcoins into fiat. I got charged 75$ just to turn 2500$ of ETH into USD.

good point, why does nobody ever talk about cashing out on here?

LOL are nocoiners really this stupid?

Yes because wanting to know how to do something so one can go 100% into something is stupid.

or you know blindly throw thousands at something with no proof.

me I want proof you can withdraw without issues but whenever I ask im called a no coiner even tho I have coins waiting to be turned into usd.

sure is odd to me that I ask details on something that should be common knowledge and suddenly trols everywhere goin u dum stupid no coiner and other insults.

doesnt answer the question and only makes this look less legit.

So are YOU dumb user? sure seems like it with your troll post

Its because normies can't think for themselves

Here let me hold your hand. Go to exchange. Convert your alts to bitcoins and send to exchange. Sell bitcoins on exchange. Press USD -> bank button. Profit :)

See how simple it was to answer a question user.

If only everyone else would do that we'd have less people asking if it's possible./

instead everyone troll replies and thus we have this chaos.

and now to cash out my 150$ and go make more money with the initial 20.

THE GLOBAL ECONOMY IS GOING TO CRASH. YOU WOULD BE DUMB TO "CASH OUT" WE WILL ALL BE USING DIGITAL CURRENCY IN A MATTER OF YEARS.

It's kinda like... It's so easy and obvious... that everyone is dumbfounded you need to keep asking.

Let's say you're using coinbase. Here's how you sell bitcoins and cash out to your bank account:
YOU FUCKING CLICK SELL.
YOU FUCKING CLICK SELL.
YOU FUCKING CLICK SELL.
YOU FUCKING CLICK SELL.
YOU FUCKING CLICK SELL.

You got it now?
YOU DUMB FUCK.

YOU FUCKING CLICK SELL.

STOP ASKING HOW TO CASH OUT.

>tfw american so I'll get cucked and have to pay taxes on it once I cash out
Is there any way to avoid this?

...

okey then let's say I have some BTC on Bittrex. how do i make this irl monies?

>woke up to Ethereum being at £140
>sell thinking it'll drop back down to £130 and I can make £50~ to help fund weekend at a christian music festival
>need it to reach £138.74 to make money back
I-It'll drop r-right?

Coinbase not available in my country

this tbqh, it will be a glorious middle finger to boomers and kike bankers.