Bitcoin Forum

I was wondering, has anyone here sold off a collection of bit coins as a means to pay off student loans? I'm currently in school and have considered this but thought I would ask others...

If you dont have money and selling bitcoins is your only option - go for it. It will be better than looking for another loan to pay previous one.

I just worry about if I pay off too much at once, does that throw up any flags to have me investigated though? I've still got time before I finish with school but I'd like to get on with my life and not be worried about being in debt... maybe I am just paranoid haha.

No such thing as paying off too much at once; you'll have less to payback, and the interest will affect it less, so it's better to pay it off as much as you can monthly (or whatever the arranged payment cycle is) until it's completely paid off. If it's subsidized, you don't even have to worry about paying it off till after school, since your school pays the interest for you

I'm more worried about the tax man, that's the big thing for me... "where is this money coming from". Idk, just report it as income? I want to eventually live off the grid so I don't want to invite any trouble.

you should sell in smaller amount at a time.

Bitcoins are not tax exempt in the U.S., Canada, and other countries. Google "bitcoin tax reporting" or something similar and you'll find more info.

If you're selling a *lot*, you may wish to consider an accountant. It will cost a few hundred bucks, and he/she will do all the necessary paperwork for you.


That can still be illegal.