BitCoin Cash Out?

[LostKing]

You know question might sound dumb, but lets assume that you have 100 BTC, so how do you sell them and get in the money USD, EUR or whatever ?
I think if it`s even possible to withdraw them like from trading websites it`s a still a lot of money coming in you`r bank account some one might start to ask questions where did suddenly get that big amount of money from.
So what`s the best way to cash out big amounts of BTC ?

 

[slager889]

You're not going to deposit $760k without people getting suspicious. Not sure why you would feel a need to do that all at once. What you can do is convert it to a USD tether on a handful of exchanges if you're worried about BTC losing it's value.

Then you can start SLOWLY funneling some into your bank account. A easy way to do this would be to open up a business PayPal account for digital goods (for example your business can be "Dating Lessons with lostking"), then selling BTC on exchanges and get paid via PayPal. That way it looks like a regular payment for your business, and you can withdraw from PayPal to your bank from time to time. You can pretty much do this with any of the popular cards used on exchanges.

Of course you will have to pay takes on your "business" earning to avoid suspicious eyes.

That's pretty much the gist of it.

BTW, .1 BTC would change my life Mr. Whale: 1F649KrwgoSgugkfWoJcbbPKswEsS48QTG

PS: Get a Bitpay card or other bitcoin card so you can start making as many payments as you can with BTC.

 

[Vapys]

Square is about to accept bitcoin, if you were to accept square as a payment option in your business....

 

[LyyK]

To put the question into perspective; how do you cash out a large amount of EUR without raising suspicion?

This kind of reminds me of that text superimposed onto an image from the Matrix in which Morpheus tell Neo "... when you're ready, you won't have to.". My take on this is sort of similar to that "meme" in that when the crypto "revolution" is here, the idea of "cashing out" will dwindle.

Just my 2 cents.

 

[roman375]

Or you could, you know, withdraw it all in one go and pay capital gains tax and not have to worry for the rest of your life about the tax office giving you a thorough prostate exam.

 

[LyyK]

Or you could, you know, withdraw it all in one go and pay capital gains tax and not have to worry for the rest of your life about the tax office giving you a thorough prostate exam.

Definitely, if the funds are the result of good investing or other legal means. If that is the case, depending on where one lives, periodically withdrawing smaller amounts that do not put you into a greater tax bracket is also a valid strategy.

 

[roman375]

Definitely, if the funds are the result of good investing or other legal means. If that is the case, depending on where one lives, periodically withdrawing smaller amounts that do not put you into a greater tax bracket is also a valid strategy.

I do not know how it is in the US, but where I live capital gains taxes are very favorable and it does not matter whether you withdraw it in one lump sum or smaller parts, as long as you are not trying to hide anything. Tax brackets are typically only applied to income tax, which in most countries is separate from capital gains tax.

 

[stevenvanlie]

Maybe you can store it in your e wallet

 

[LyyK]

I do not know how it is in the US, but where I live capital gains taxes are very favorable and it does not matter whether you withdraw it in one lump sum or smaller parts, as long as you are not trying to hide anything. Tax brackets are typically only applied to income tax, which in most countries is separate from capital gains tax.

In the US, short-term capital gains are taxed as ordinary income.

 

[truitt661]

Localbitcoins bruh, you met with the seller and he gives you the cash. You'll need more meet-ups

 

[PepeMujica]

A bitcoin debit card maybe?

 

[BotMastah]

If only there were a precious metals company that accepted bitcoin!

Once I find that, I will and would recommend doing it that way.

 

[Vapys]

If only there were a precious metals company that accepted bitcoin!

Once I find that, I will and would recommend doing it that way.

Dubai

 

[Couch Monkey Media]

I would not cash all that out at one time or in one place. But If you have that much I would start working on moving it. At the most I would leave 5k and let it ride and see what it gets up to. But if you have that amount I would start looking at moving it.

Go out and buy a company with it. LOL

 

[asker1]

I dont know about your country, but in my country (in EU) you would get an instant call from "Financial Police" or at least your bank if that sum is unusually big for your average bank account movements. Well, you would just tell them that you sold your bitcoins and that you will pay your taxes and it should be fine, I guess? They can check the bank account from which you received the money and see, that its a coin exchange.

But if you are asking "how to avoid taxes", then this solution isnt for you

 

[Skankhunt43]

You're not going to deposit $760k without people getting suspicious. Not sure why you would feel a need to do that all at once. What you can do is convert it to a USD tether on a handful of exchanges if you're worried about BTC losing it's value.

Then you can start SLOWLY funneling some into your bank account. A easy way to do this would be to open up a business PayPal account for digital goods (for example your business can be "Dating Lessons with lostking"), then selling BTC on exchanges and get paid via PayPal. That way it looks like a regular payment for your business, and you can withdraw from PayPal to your bank from time to time. You can pretty much do this with any of the popular cards used on exchanges.

Of course you will have to pay takes on your "business" earning to avoid suspicious eyes.

That's pretty much the gist of it.

BTW, .1 BTC would change my life Mr. Whale: 1F649KrwgoSgugkfWoJcbbPKswEsS48QTG

PS: Get a Bitpay card or other bitcoin card so you can start making as many payments as you can with BTC.

You're not going to deposit $760k without people getting suspicious. Not sure why you would feel a need to do that all at once. What you can do is convert it to a USD tether on a handful of exchanges if you're worried about BTC losing it's value.

Then you can start SLOWLY funneling some into your bank account. A easy way to do this would be to open up a business PayPal account for digital goods (for example your business can be "Dating Lessons with lostking"), then selling BTC on exchanges and get paid via PayPal. That way it looks like a regular payment for your business, and you can withdraw from PayPal to your bank from time to time. You can pretty much do this with any of the popular cards used on exchanges.

Of course you will have to pay takes on your "business" earning to avoid suspicious eyes.

That's pretty much the gist of it.

BTW, .1 BTC would change my life Mr. Whale: 1F649KrwgoSgugkfWoJcbbPKswEsS48QTG

PS: Get a Bitpay card or other bitcoin card so you can start making as many payments as you can with BTC.

Hey, does this still work
i have the same problem
do i need to create a site for this digital business
how many cards do i need, because one card would be suspicious right ?

 

[slager889]

Hey, does this still work
i have the same problem
do i need to create a site for this digital business
how many cards do i need, because one card would be suspicious right ?

What exactly are you trying to do?

 

[Skankhunt43]

What exactly are you trying to do?

i need to cashout 3-5k of btc per month
sadly, bitcoin is illegal in my country, can't buy it or sell it

so i am trying to find a way around this problem.

 

[slager889]

i need to cashout 3-5k of btc per month
sadly, bitcoin is illegal in my country, can't buy it or sell it

so i am trying to find a way around this problem.

Then I've already answered the question.

 

[Skankhunt43]

Then I've already answered the question.

You mentioned popular cards, you mean Cryptopay, xapo etc ?
what i am asking is, is one card enough, or do u need multiple cards to funnel the money through ur '' dating business '' ?
because what kind of business has only one customer lol

the paypal account could be flagged, i think.