If/when your BTC wallet increases 10x in value

[zdaz14]

Would IRS still rape you even if you tool the capital gains hit?

If it is serious amount of money, seek for professional advice how tax it.

And retirement at 19  ? Some young big lottery winners spent all millions in few years. I can imagine going back to regular life is very hard and frustrating for them

That's because they're 19 and didn't invest it wisely and probably spent far more than they should have. A few million can easily last a life time if you invest for long-term and live smartly (pretend like you weren't a millionaire).

[MightyBTC]

Even if my BTC increases 10x in value, probably it won't be my retirment. I haven't invested much in BTC yet..even 20 BTC won't guarantee you will die a rich man..

[Beliathon]

The worry is always what if they x10 again in the future.

They will, it's an inevitability. $5,000 per BTC is still undervalued BTC. $50,000 per BTC is still undervalued BTC. It all depends on how far up the S-curve you travel, how far into the future we're talking about.

https://www.youtube.com/watch?v=qHUPPYzzZrI
https://www.youtube.com/watch?v=dQdmsL147j0

[crazyivan]

Retirement? Real moneymaker NEVER retires. There is always joy in making more money, not only in spending it.

[Beliathon]

Retirement? Real moneymaker NEVER retires. There is always joy in making more money, not only in spending it.

Sure, if you want to spend your entire life as a Human Doing. Some people prefer to live as a Human Being, as nature intended.

[Ayers]

you just cash out and pay your taxes, that's it, i don't see any problem irs is happy and you are happy, but i will never cash out all my bitcoin, i like to use bitcoin instead of scam fiat

[arxwn]

That tax hit really stings, I didnt have a parthner when I took all the risk

[hua_hui]

Cashout is not wise decision. If I were him, I will invest 50% of them to different BTC stocks, keep 20% in BTC and 20% in potential cryptocurrency like Nxt, PPC, NMC etc. I will Cash out 30% to fiat for investment and daily spending. 

[oceans]

Not too sure about retiring at that age to be honest but I would consider using my bitcoins to invest in something that I knew I could make a decent profit off like some kind of business or even renting out properties to bring me a steady income in. We all feel we could retire if we was to come into a huge amount of money however the truth is we would probably blow it all without even realising and need to go back to normal life, being wise and staying in work and investing would be a much better option.

[itsAj]

Retirement? Real moneymaker NEVER retires. There is always joy in making more money, not only in spending it.

Sure, if you want to spend your entire life as a Human Doing. Some people prefer to live as a Human Being, as nature intended.

This is a very liberal way of thinking. Liberals believe that people should be entitled to receive some kind of benefit just for working a certain amount of time. The age they want to be able to retire has creeped down while the age that people tend to die at has gone up a lot. If you are good at what you do and enjoy what you do for a living then there is no reason for you to have to retire.

[abercrombie]

If the bitcoin will be worth 10x the actual value I would still be poor...

Me too.  

Do you go into retirement at 19 years old? How do you cash out? Do you take the capital gains hit, in exchange for USD so you can make tangible investments so you never have to work ever again? Would IRS still rape you even if you tool the capital gains hit?

I trade BTC as an investment only...and eventually wish to convert back to USD so I can diversify my portfolio. This is all hypothetical of course.

Lets say I had 300 Bitcoins, which would probably make me a millionaire after taxes. 

I would not cash out and take a big tax hit.   Whenever I need FIAT, I'd cash out just to pay off expenses. 

Would probably quit my traditional 9 to 5 job.

[linxproz]

When bitcoins will be valued 10x I will wait that they will be valued 100x and so on untill I will lose them all.