Safety measures in case of huge profit

[cerejobastos]

Hey guys, quite new to this cryptocurrency thing.
How should I proceed if i ever manage to have high profits in BTC, lets say 30BTC, and i want to convert it back to Euros.
What do you guys think is the best way to do it and active/passive safety measures should one take at all times.

Thanks! Sorry if kinda messy questions

[OmegaStarScream]

First safety and security measure I can think of is to not store them in an exchange , you should withdraw them directly to a wallet where you control the private keys , for such a big amount I'd go with a Hardware wallet , until you decide to sell them for fiat. If you are from the U.S you should go with Coinbase , and If you are from Europe go with Bitstamp , they should allow you to transfer your funds to your bank account. (note that this require verifying your PERSONAL info)

[BrewMaster]

1) learn about wallet security, cold storage and how you can store your bitcoins the safest way possible.

2) know that in the past many exchanges have been hacked and it may happen again. act accordingly.

3) very important since many forget this: find out about tax laws in your country, you may encounter serious troubles. specially if you are dealing with large amounts such as 30BTC (27K USD) every day.

4) exchanges my above comment suggested are good. also look at kraken.

[RodeoX]

The best way is to not convert it back to Euros. Why pay to do that when you can spend the money directly? There are tens of thousands of outlets that take BTC. It is the only money I use online.

[boybugs18]

much better to not use wallet on exchange sites online but to use cold storage so that it can't be hack because you have the private key yourself and dont save it inside your pc for strict security when the time you have malware on your pc and the hacker can access some files on your pc. As what rodeo said it is much better to use it online than to exchange it to fiat .

[lite]

Hey guys, quite new to this cryptocurrency thing.
How should I proceed if i ever manage to have high profits in BTC, lets say 30BTC, and i want to convert it back to Euros.
What do you guys think is the best way to do it and active/passive safety measures should one take at all times.

Thanks! Sorry if kinda messy questions

I would suggest you to buy a hardware wallet(ledger hw.1 is the cheapest) first and transfer your bitcoins into it. everyone with 5+ bitcoins should have a hardware wallet.
 i use bitstamp and kraken for buying and selling, you can use them too.

[jak3]

i guess you will already withdrawl that money from echange and thats a common thinking and the main problem is in the crypt currency to faint money convertion for that i will say find and extremly high respectful trader or the best will be you yourself can become a trader and exchange that money in little amounts at your own price ofcourse that should be related to the orignal bitcoin price too but in this case people will come to you for their btc buying and you can take their euros in exchange and also it will make a reputaion of yours in the market

[maku]

Keeping your bitcoins safe is actually not the biggest problem here. The problem might be cashing out your 30 BTC and exchange it to fiat.
It is unwise to do it in one go, as large sum of money will most likely wake up your local tax office and then you will have to visit them and explain what is going on.
So if you can divide your sell orders as much as you can.

[cerejobastos]

Some more good answers. Thanks.
In case I buy a hardware wallet, what happens if i Lose it or it gets broken?

[chesatochi]

Some more good answers. Thanks.
In case I buy a hardware wallet, what happens if i Lose it or it gets broken?

You can backup the seed with 12 passwords or more, then buy another hardware wallet from the same vendor to recover you precious cryptocurrency.

[maku]

Some more good answers. Thanks.
In case I buy a hardware wallet, what happens if i Lose it or it gets broken?

If your hardware wallet is used as a cold wallet (meaning your private keys are stored offline within wallet and you deleted all the online files and copies).
Then as far as I am aware, if wallet gets destroyed or you lose it permanently, then your coins are lost with it.

[Raimonn]

Hey guys, quite new to this cryptocurrency thing.
How should I proceed if i ever manage to have high profits in BTC, lets say 30BTC, and i want to convert it back to Euros.
What do you guys think is the best way to do it and active/passive safety measures should one take at all times.

Thanks! Sorry if kinda messy questions

30 Bitcoins is a big amount of money, you need to look about your country laws on earnings to see what you will need to pay if you convert all on an exchange to your bank account. If you don't convert all your bitcoins, take them off exchange and store them on a safe wallet (hardware wallet, paper wallet, software wallet).

[calkob]

Hey guys, quite new to this cryptocurrency thing.
How should I proceed if i ever manage to have high profits in BTC, lets say 30BTC, and i want to convert it back to Euros.
What do you guys think is the best way to do it and active/passive safety measures should one take at all times.

Thanks! Sorry if kinda messy questions

If i was you i wouldnt be so quick to cash out, yes take some profit if you want but i would say that any profit you take now will pale in comparison to the profits you will see in the future, 

[South Park]

Hey guys, quite new to this cryptocurrency thing.
How should I proceed if i ever manage to have high profits in BTC, lets say 30BTC, and i want to convert it back to Euros.
What do you guys think is the best way to do it and active/passive safety measures should one take at all times.

Thanks! Sorry if kinda messy questions

Supposing you were able to get your hands in such a big sum of money, why will you want to convert them back to fiat, you can buy almost anything you want with bitcoin.

The best recommendation for safeguarding your coins would be to buy a hardware wallet since hackers are always looking for a way to steal coins

[darkangel11]

Do it like this. Choose a safe exchange, one of the bigger ones like Bitstamp. I know you're from EU (want to convert to Euro) so BTC-e is not a bad choice too.
Make sure you've set up your account properly and send a small sum to the exchange (0.1BTC). Convert it and send to your account to make sure everything goes smooth. Then send a bigger sum like 2 BTC and repeat the process. Check how much you can transfer without showing an ID, some exchanges require verification after a certain sum has been withdrawn.

[Dmitry.Vastov]

As they said. Don't let your funds stored there for a long time. Exchange can be hack and possibly can steal all your funds. When you exchange your btc to euro or vice versa. Quickly transfer your funds into your wallet or transfer it on your bank account. Hacking incidents happen often. We dont know when they will attack.

[Juggy777]

I think you should not disclose the no of Bitcoin that you have first. Then I feel you should have your private keys as that will be the major step towards your security, if you do not have it then you are at a big risk. What you can do is find a person out here who exchanges. I don't trust the exchanges at all, they get hacked and then all the funds are stolen. Don't hold your fund for long on exchanges you will be at risk.

[traderethereum]

Hey guys, quite new to this cryptocurrency thing.
How should I proceed if i ever manage to have high profits in BTC, lets say 30BTC, and i want to convert it back to Euros.
What do you guys think is the best way to do it and active/passive safety measures should one take at all times.

Thanks! Sorry if kinda messy questions

i think the best thing that you can do is to hold your bitcoin first and wait another increasing so you can sell your bitcoin and you can get the profits. if you are loss now, then you need to be patience before you decide to sell it and convert it back to euros.

[ImHash]

Don't listen to people telling you what to do, I only suggest that best thing would be downloading electrum wallet, generating 30 addresses getting their private keys printing them on a paper and saving the addresses on a text document (note pad) sending your coins to a mixer and asking them to deposit 1 bitcoin to each address you are giving them.

After doing so you could keep doing that making sure no one will ever be able to link you to those coins, also don't worry too much about the safety of your bitcoins after doing what I suggested because in case of unauthorized access to any coin stash there are much bigger fishes than you

Don't forget to uninstall electrum and every file associated in hidden appdata folder assuming you have windows.

[~Bitcoin~]

Some more good answers. Thanks.
In case I buy a hardware wallet, what happens if i Lose it or it gets broken?

You need to save your backup passphrase in safe place so that you can recover your bitcoin if you loss your hardware wallet.

You can also use paperwallet which you can generate for free but it doesn't contain any recovery system if you loss that paper.