How to cashout crypto?

I was talking to someone earlier today and we touched on crypto, and the guy said that its hard to cashout.

Fine, its interesting, you can make big profits, but then how do you cash out?

Personally im not really familiar with cashing out, especially very large amounts. Because with what little i have, all i do is hodl, and if i wanted to "cashout" it would probably happen in mickey mouse type ways, little P2P deals, paying business expenses, etc.

But i should have an answer to cashing out a large amount. Like say $1 million dollars. And im talking legit. So you buy legit from a KYC place or whatever, you sell legit, you pay your taxes and paperwork all legit.

So how do you do it? What are the possible problems youll run into?

Coinbase nothing better to cash out your legal crypto, dont forget the taxes my guy

P2P If you wanna avoid taxes !

If you have 1million us in crypto you can afford to live a in tax haven and cash out your crypto there.Just don't make the same mistake as John McAfee.

Peer 2 Peer
giftcards
some degenerate in your family who don't work
or just the good old bank transfer

binance is the easiest way
you can send the money direct to your bank account

just remember to pay the tax.

Scorpion Ghost said:

I was talking to someone earlier today and we touched on crypto, and the guy said that its hard to cashout.

Fine, its interesting, you can make big profits, but then how do you cash out?

Personally im not really familiar with cashing out, especially very large amounts. Because with what little i have, all i do is hodl, and if i wanted to "cashout" it would probably happen in mickey mouse type ways, little P2P deals, paying business expenses, etc.

But i should have an answer to cashing out a large amount. Like say $1 million dollars. And im talking legit. So you buy legit from a KYC place or whatever, you sell legit, you pay your taxes and paperwork all legit.

So how do you do it? What are the possible problems youll run into?

Click to expand...

imho first focus in having $1m in crypto and then focus on choosing the color of your lambo

Buy super expensive collectibles with the crypto (MTG/Pokemon booster boxes worth xx.xxx or graded cards worth xxx.xxx), and then resell them for cash. Easy. Everyone does it.

Coins (dot) Ph , you can instantly cashout your crypto there!

Swapd for example.

They are doing 50-100 K deals crypto-wire 1:1 or crypto-wise 1:1 - Payments are protected via Escrow and the staff pays you out directly.

Just execute multiple deals.. No KYC is needed as it's a social media assets forum but they do require some sort of verification when you join up with their community... you can send quite random details.

If it is legal money, you can cash out directly to bank from the exchange. Pay the taxes.

SlimProxies said:

Buy super expensive collectibles with the crypto (MTG/Pokemon booster boxes worth xx.xxx or graded cards worth xxx.xxx), and then resell them for cash. Easy. Everyone does it.

Click to expand...

There can be huge loss of you are not able to sell those collectibles. It is good for people having experience in this field.

paisawaisa said:

There can be huge loss of you are not able to sell those collectibles. It is good for people having experience in this field.

Click to expand...

Of course you have to know what you're doing, you're right. I myself am quite comfortable with collectibles so I would know what to buy and how to sell quickly. Now the only issue is I gotta make enough money in crypto to be able to buy those amazing collectibles

Localbitcoin, Localmonero...

Not sure why no one mentioned it, but depending on the amount and where you live, you could purchase high-demand items with great medium-term store of value such as Rolex, AP, Patek watches from second-hand dealers.
It’s extremely easy to turn something like that back into cash and you might even get a small profit.

You can buy large assets like affiliate blogs with good income with crypto.

Thanks for the replies.

I was more interested in cash here. I don't wanna dick around buying assets or collectibles or anything. I mean, maybe I do, but for the sake of this thread here I only care about crypto = cash

For you guys that said banks, I was told that in my country no bank will accept a payment coming from a crypto exchange. I'm not entirely sure if that's true, but it wouldn't surprise me.

Assuming the above is true, then the only way that I see to do it legit in my country is to buy crypto wherever and keep the receipt. Then cash out through one of the local exchanges, then go pay the taxes on your profits.

In practice how this would work:

1) Buy crypto for $1,000
2) Sell crypto for $11,000
3) Pay 15% tax on your profit, which would be $1,500 on the $10,000
4) The local exchange that you used to cash out would take about 5% fee to cash you out

In the end, you've lost 15% of your profit to taxes, and 5% on all your money to cash out. Let's round it up and say you've lost 20% of your money.

Also, when it's all said and done, the cash you have is in the local currency, not in Euros or Dollars.

I guess the good thing is that, when it's all said and done, the 80% of your money that you get to keep is totally fully legit, and you can do anything you want with it without any concern for taxes and all that shit.

Well, that's what I got.

Scorpion Ghost said:

I was talking to someone earlier today and we touched on crypto, and the guy said that its hard to cashout.

Fine, its interesting, you can make big profits, but then how do you cash out?

Personally im not really familiar with cashing out, especially very large amounts. Because with what little i have, all i do is hodl, and if i wanted to "cashout" it would probably happen in mickey mouse type ways, little P2P deals, paying business expenses, etc.

But i should have an answer to cashing out a large amount. Like say $1 million dollars. And im talking legit. So you buy legit from a KYC place or whatever, you sell legit, you pay your taxes and paperwork all legit.

So how do you do it? What are the possible problems youll run into?

Click to expand...

Hard? hmm well it depen on your country.
best way is go to CEX do KYC than it's easy after there.
the problem is finding a goood trusted cex in your country, if t here is no big name like binance

Binance p2p, Bank transfer