Bitcoin - cash up...

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tenfoot
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Bitcoin - cash up...

Post by tenfoot » Wed Jan 10, 2018 3:27 pm

A quick question for the knowledgeable folk here.

Hypothetically. Say somebody has 100 Bitcoin. When bought the Bitcoins were valued at $US2.00 each. Currently at $US22,887.00 each. They want to cash them in and retire on the proceeds How do they do this? Is it possible?
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xenopeek
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Re: Bitcoin - cash up...

Post by xenopeek » Thu Jan 11, 2018 3:48 pm

Doing a quick Google I find this exchange in NZ where people can sell Bitcoins for money https://kiwi-coin.com/. Like other such exchanges, they have a program where the more a person has verified their identity the more they're allowed to buy/sell https://kiwi-coin.com/help.html#!/verification-levels/. Most if not all exchanges around the world that let you buy/sell Bitcoins for money are required to do this to prevent money laundering and related criminal activities.

There are also cryptocurrency exchanges that don't let you buy/sell for money but only trade one cryptocurrency for another. Those commonly don't have such strict requirements. But your hypothetical lucky person can't get their money out through such exchanges anyway.

Other things to consider with such huge profits from Bitcoin are how will they be taxed in their country and how will their bank handle such large deposits? How Bitcoins and other cryptocurrencies are taxed varies from one country to the next and many governments that don't tax cryptocurrencies yet will likely do so soon (and possibly retroactively). Banks will have to report such large deposits in any case and may even freeze accounts if they suspect money laundering. If laws in your country aren't clear about taxes yet, and the profits are this huge, it like pays to seek counsel and representation from a tax lawyer to avoid trouble down the line.
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Lucap
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Re: Bitcoin - cash up...

Post by Lucap » Sat Jan 13, 2018 5:22 am


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michael louwe
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Re: Bitcoin - cash up...

Post by michael louwe » Sat Jan 13, 2018 5:50 am

tenfoot wrote:Hypothetically. Say somebody has 100 Bitcoin. When bought the Bitcoins were valued at $US2.00 each. Currently at $US22,887.00 each. They want to cash them in and retire on the proceeds How do they do this? Is it possible?
.
Realistically, that somebody could be Satoshi Nakamoto and gang, ie they "bought" or mined thousands of Bitcoins at US$2.00 each in 2009.

Try this link for cashing out crypto-currencies ... https://blockonomi.com/cash-out-cryptocurrencies/

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Faust
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Re: Bitcoin - cash up...

Post by Faust » Sat Jan 13, 2018 6:02 am

All sound advice advice given above ( apart from trading it for fried chicken perhaps :mrgreen: )

It's worth keeping in mind the fees charged by exchanges ( both buy and sell ) , and shopping around could save money .
Fixed fees appear to be rising as Bitcoin accrues value , and that makes no sense at all to me .

Yes , the tax situation is a minefield ..... just take a look at the pressure that's been put on Coinbase to hand over records .
More proof ( in case it were needed ) that Bitcoin is not anonymous , it carries "taint" from where it has been ,
so at best it is quasi-anonymous .

Did anyone read about an ATM ( in Amsterdam maybe ? ) that you could shovel cash into , and get a printed Bitcoin voucher
in return ?
Or did I just imagine that ?
" And so it goes " - Kurt Vonnegut
The modern reality and the satirical parody are rapidly converging .

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xenopeek
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Re: Bitcoin - cash up...

Post by xenopeek » Sat Jan 13, 2018 6:27 am

Bitcoin ATMs are a real thing: https://coinatmradar.com/country/150/bi ... therlands/. Doesn't help you cash in your Bitcoins though.
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Faust
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Re: Bitcoin - cash up...

Post by Faust » Sat Jan 13, 2018 6:31 am

xenopeek wrote:..... Doesn't help you cash in your Bitcoins though.
Nope .... sort of a one-way street .
" And so it goes " - Kurt Vonnegut
The modern reality and the satirical parody are rapidly converging .

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Lucap
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Re: Bitcoin - cash up...

Post by Lucap » Tue Jan 16, 2018 3:46 am

A lot of the Bitcoin News sites are reporting today that 80% of all the coins have already been mined , I didn't realize it was so close to mining them all.

:shock:

lmuserx4849

Re: Bitcoin - cash up...

Post by lmuserx4849 » Mon Jan 22, 2018 11:29 pm

Lucap wrote:A lot of the Bitcoin News sites are reporting today that 80% of all the coins have already been mined , I didn't realize it was so close to mining them all.

:shock:
But anyone can create a Cryptocurrency.

But the "Chinese authorities plan to block domestic access to central cryptocurrency trading platforms and related services. Subsequent stories suggested officials in Russia and South Korea might pull similar moves.": The end of bitcoin

As of this writing, bitcoin is $10880. Half of the value when this topic was first posted.

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Faust
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Re: Bitcoin - cash up...

Post by Faust » Mon Jan 22, 2018 11:40 pm

Mad volatility !

Interesting to read Warren Buffett's comments a few weeks ago -
http://uk.businessinsider.com/warren-bu ... ?r=US&IR=T

"We'll never have a position in them."

Apart from the dream position , of course -
"If I could buy a five-year put on every one of the cryptocurrencies, I'd be glad to do it but I would never short a dime's worth."

Please ( pretty please ) send me a PM if anyone here would like to sell me a put option on Bitcoin .... :mrgreen:
" And so it goes " - Kurt Vonnegut
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Lucap
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Re: Bitcoin - cash up...

Post by Lucap » Thu Feb 01, 2018 6:36 am

Faust wrote:Mad volatility !
Dropping again.

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tenfoot
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Re: Bitcoin - cash up...

Post by tenfoot » Thu Feb 01, 2018 4:06 pm

Lucap wrote:
Faust wrote:Mad volatility !
Dropping again.
Yes. Since I first posted about this, bitcoin has dropped 59.9% in value!
tenfoot
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Lucap
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Re: Bitcoin - cash up...

Post by Lucap » Fri Feb 02, 2018 1:50 am

Another $1000 drop since yesterday. :shock:

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Faust
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Re: Bitcoin - cash up...

Post by Faust » Sat Feb 03, 2018 4:57 am

The massive increase in the "value " of Bitcoin during 2017 had bubble market written all over it .

Many said it , few listened .
" And so it goes " - Kurt Vonnegut
The modern reality and the satirical parody are rapidly converging .

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Lucap
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Re: Bitcoin - cash up...

Post by Lucap » Tue Feb 06, 2018 4:15 am

Really diving now , close to $6000

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dXTC
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Re: Bitcoin - cash up...

Post by dXTC » Thu Feb 08, 2018 12:29 am

It's since bounced back slighly to approximately $8000 USD, which is where it was when the roller coaster ride started late last year.

It's an interesting concept from a programming standpoint, and DLT/blockchain could have much wider use, but Bitcoin itself has become way too volatile for use as either currency or speculative asset. I gotta hand it to Satoshi and the gang, though-- Bitcoin has lasted as a digital currency longer than Flooz or Beenz.
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Lucap
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Re: Bitcoin - cash up...

Post by Lucap » Tue Feb 20, 2018 5:30 am

Past $11000 again , that volatility is just crazy.

Bitcoin News claimed that someone has just bough 400million worth so i wonder it there is an attempt to manipulate the Market.

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Re: Bitcoin - cash up...

Post by garry9 » Wed Jun 06, 2018 8:24 am

At the moment there are so many different ICOs and maybe 50% are scams. It is not so easy to identify the legit icos. Maybe better to focus in bitcoin instead of wasting money in fake ICOs. I can't guarantee their future success, but I think https://icoschedulers.com/ is good among ICOs.

lmuserx4849

Re: Bitcoin - cash up...

Post by lmuserx4849 » Fri Jun 08, 2018 3:00 am

retire on the proceeds
- 22k before taxes. It'll be a short retirement ;-)

Interesting segment tonight on PBS: Cheap power drew bitcoin miners to this small city. Then came the backlash.

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tenfoot
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Re: Bitcoin - cash up...

Post by tenfoot » Tue Jun 12, 2018 5:15 pm

tenfoot
Death does not send a letter giving three week' notice. It arrives when you are eating raspberry sweets (Lars Mytting - The Sixteen Trees on the Somme)

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