If you had suddenly 500 BTC

[StoreBit]

Unless you got the dosh you'll never hold 500 BTC, but you can hold something better fundamentally, you can have 500 XMR by BTC's price in early 2011.

i think it is just the supposition and not reality. but i will like to say that if i got 500 bitcoin it will certainly make me a rich person. i will turn change my whole life structure i think.

[1715244117]

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[coinsocieties]

There s not reason to worry about transferring the Bitcoin to your bank and whether or not they would be asking questions of such.  Bitcoin is considered an asset in most countries.  Because of this, all you have to do is sell your asset and then transfer the funding to your financial institution.  Only reason to worry would be if you are doing something illegal.

[praprata]

With 500 bitcoins you do this (as an American):

Create a business in the Caribbean and transfer your bitcoins to the business. Wait for the price to go up to the point that you can leave the US. Once it's at a high enough price, pay yourself a salary of $100,000 per year. As a US citizen living outside the US over 330 days per year you can exclude the first $100k of your salary from the income tax.

You can also pay for things like a "company boat" or "company housing" with the company's bitcoins. You can also charge yourself housing as a business and that housing cost can be excluded from your income taxes as well.

Or you keep accumulating more bitcoins while learning to live on bitcoins instead of messing around with fiat.

That's a good way to avoid paying taxes, but leaving your home country for 330+ days seems hard. I would rather invest this money into a venture and make it successful.
Money needs to be active to grow it.

[BeGoods]

If I have 500btc. I will bulid and established my own foundation for the children,  and orphanage I will also used Bitcoin for any donation.
and lastly I will invest it here in cryptoworld create an altcoins that will adopt bitcoins also.

interesting. what a noble idea. we will pray for you. but keep it in your mind that if you really get 500 bitcoin you will not break you promise and you will regularly inform us about the progress of our projects.

I would like to do something for children too, and 500 BTC will give you a lot of capital to make this come true.
Either way when I have funds I will do such a thing.

yeah talk is easy? but the action on the outside does not necessarily correspond to what you say. donation does not require you rich or can afford. donation you can do at any time. as long as you want. is it ever you donation bitcoin?
maybe I would have more confidence if you have previously donation

[carlfebz2]

if had that  BTC  for real then i would buy anything that i want., I wouldnt be worrying on spending it since it doesnt come from my wallet and hard work. Maybe some of it would be invested on trading and other ways to have passive income. %00 btc is a lot of money and you can do many things regarding to that amount.

[shashank5119]

Firstly i will not sell all of 500BTC. may be hald i sell and half oh them i will hold.The one which i sell i withdraw one by one 4-5 BTC at once because there is no need to withdraw them all at once.But it wont invest any btc i will do nothing till i withdraw all of them.

[Pattart]

Unless you got the dosh you'll never hold 500 BTC, but you can hold something better fundamentally, you can have 500 XMR by BTC's price in early 2011.

i think it is just the supposition and not reality. but i will like to say that if i got 500 bitcoin it will certainly make me a rich person. i will turn change my whole life structure i think.

500 BTC is very big money you know if you get that big bitcoin surely you will become rich but the response of each person
will be different once they get a prize. maybe I was crying and I' will change my life with the 500 btc

[X7]

How would you transfer the btc to your bank account without making the Banks / OECD /  ask questions?

And even if you get cash from localbitcoins someday the efforoties may ask you from where this car or how you bought this house..
What would you do ?

Nice try department of justice.

[DOGE12321]

How would you transfer the btc to your bank account without making the Banks / OECD /  ask questions?

And even if you get cash from localbitcoins someday the efforoties may ask you from where this car or how you bought this house..
What would you do ?

First of all I wouldn't sell all 500 Bitcoin unless the price is extremely high ($1000). I would sell some and store my rest somewhere safe. If you do sell 500BTC, then I would just say the exact reason to the efforoties and to the bank. After all, it isn't as if holding Bitcoin is illegal in most countries.

[vdotcash]

How would you transfer the btc to your bank account without making the Banks / OECD /  ask questions?

And even if you get cash from localbitcoins someday the efforoties may ask you from where this car or how you bought this house..
What would you do ?

Trade the BTC for gold and/or silver. Currently there are no laws in place that I am aware of that make this transaction taxable. Trading the metals for fiat when need be is also tax free and anonymous at any local coin shop.

[chichidori]

You can always sell it by portion of 5 in local bitcoins and cash it out via moneygram, western or any other means but avoid bank transfer. or if you want to double it invest on ICO coins but always read the and investigate.

[Lion87346]

The Government treats Bitcoin like it does gold, when you sell Bitcoin you have to pay taxes on it.

[PinkyTheHater]

I buy 3btc of EXCL
1 Btc of Eth
New home and rest I keep in safe

[JeffBrad12]

There s not reason to worry about transferring the Bitcoin to your bank and whether or not they would be asking questions of such.  Bitcoin is considered an asset in most countries.  Because of this, all you have to do is sell your asset and then transfer the funding to your financial institution.  Only reason to worry would be if you are doing something illegal.

Well, that's is will very risky. the bank security is very tight. not just getting some problem with the bank about your money but the local institution will feel suspicious about your amount.

[Daneric]

If I suddenly received 500btc, I will not be in a hurry to bank the whole of it in one instance. Of course there are bitcoin wallets that can be used to store this amount. I will need several wallets that do not charge a lot of transaction fees and store them there. I will be withdrawing small amounts of 5btc or 10btc in a day, exchange and bank the fiat. In this way, no authority is going to question the amount of money that will be banked. Additionally, I will also consider purchasing of assets that will not raise eyebrows. Within one month, I am sure I will have exhausted the 500btc either by depositing in a bank or by having physical assets.

[Bitcoinbro]

I would sell some of them right away because much money can be made then but I would not sell them all at once.
Of course I would also hold on to the other so that I can even make more money with them.

[Hilat]

Then I would spend them all right away because with 500 Bitcoin I can make enough even if the price is not that high.
I do not have the patient to be waiting any longer with that many Bitcoin.

[BeGoods]

500btc is so big amount for me, if I had it suddenly so I will quit my job and create my own business. Although it sounds just like a day dreaming but nothing is impossible in this world as we meet our greatest luck

yeah 500 BTC is equivalent to $ 300k in the way you can a make any business using that much money for it. I would do the conversion to fiat first. yeah you know to save my money. I'm afraid there is something that does not want like the price down. and I will make-bussiness that wil bring me into a millionaire

Yeah right better to start it in business its a huge amount of money you can start multiple  business you can make gambling site or make your own affilaite like adnetwork.. or anything that you think that you can make a profit..
Real business is the best if what is trending in your place.. before you can start it..

after looking at the statistics of the various gambling sites I could see that they could make a profit of more than 30 BTC in a few months. it was a huge amount. I do not know the statistics of primedice but see them very often give giveaway that a total of more than 20 btc at bingo prmotion yesterday I think income of PD is very large. might be a good idea to create a gambling site

[janggernaut]

Then I would spend them all right away because with 500 Bitcoin I can make enough even if the price is not that high.
I do not have the patient to be waiting any longer with that many Bitcoin.

I think thats too much if you spend them all, if i had that amount, i'll spend too, but just around 250 btc, and hold the rest maybe btc price will going up.

[Doms]

Then I would spend them all right away because with 500 Bitcoin I can make enough even if the price is not that high.
I do not have the patient to be waiting any longer with that many Bitcoin.

I think thats too much if you spend them all, if i had that amount, i'll spend too, but just around 250 btc, and hold the rest maybe btc price will going up.

There is no such thing as too much spending if you think about it. There are many ways to spend those 500 bitcoins quite easily, although it is not a good idea at all. What I'd do if I am suddenly the lucky owner of that amount, I would put about $300 in cold storage, another $100 into altcoin trading, maybe $20 dollars into gambling and the rest I'd just spend to my heart's desire.