Safety measures in case of huge profit

[Kakmakr]

The safest way for you to do this would be to create 30 paper wallets or even more. As you profit, transfer small quantities to these paper wallets, until each of them contain 1 bitcoin. Now find some online wallet and sweep 1 paper wallet at a time into it, and then sell 1 bitcoin for fiat at an exchange until all 30 bitcoins are converted to fiat.

This will decrease the risk of losing all 30 bitcoins, if you are compromised in any way. ^smile^

[Text]

If ever luck let me win the jackpot in gambling or earn a big profit from my investments, the first thing I will do is to withdraw it and send to my wallet. I am willing too to convert it to my fiat money and start cashing out maybe the half of it add to my savings and the rest will be left for future purposes like buying items/products in an online shopping store.

[Zadicar]

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)

Agree with this one since we should not store our bitcoin on an exchange wallet because the risk of lossing it would be there and its really better to transfer it first to a more secure wallet such as hardware wallet same as you said and after that, cash it out on your preferred site which mentioned above.

[Xester]

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 bitcoin is still a huge volume,you can just store it in 10 different wallets in different sites. Web wallet is okay but if I were you you should better convert 20 bitcoin to fiat currency and just hold the remaining 10 btc. Bitcoin is volatile and so its also best to keep some of your investment in fiat currency. Then you could do some trading with your 10 bitcoins to make it 30 bitcoins again. Goodluck.

[SuperVillain]

I would exchange on localbitcoins in small parts with different people

[Amph]

There are two way, one is to forget about fiat and go with bitcoin to buy what you need, you can re-invest them quite easily here

the other is to dump low amount if you really need the euro, these amount always below 1000 euro to avoid money laundering transmission from your bank

[Windpower]

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 don't think it is a good idea for you to sell that large amount of Bitcoin. The price is in a good state at he moment and selling now could mean that you lose out on making a lot of money. Also, it is not very safe to sell that amount of Bitcoin. You definitely should keep the coins in multiple wallets and completely avoid using an exchange.

[NeuroticFish]

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.

This is an answer that caught my eye, since I have a similar dilemma: how to handle Bitcoin spending and tax.

If I buy something from an online store using Bitcoin, is it considered somehow tax free, is it considered some sort of exchanged between goods?
Can somebody enlighten me? Because this would be "too good to be true".

[meemiinii]

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.

so you mean sir if the hardware wallet gets broken,  whatever coins in it can still be recovered?is this possible? i thought that when a wallets gets damage, it cannot be recovered anymore.

[cerejobastos]

Another question, as I am very very nee to this. Might be silly but here it goes. Private keys are the seeds that are given to you at the beggining when you create the wallet?
Also what are the public keys? Thanks and sorrt for the noob question.

[Vorth]

It is better to have a hardware wallet mate as long as you are not yet decided to exchange it to your currency, I guess that is more secured.

[n0ne]

The safest way for you to do this would be to create 30 paper wallets or even more. As you profit, transfer small quantities to these paper wallets, until each of them contain 1 bitcoin. Now find some online wallet and sweep 1 paper wallet at a time into it, and then sell 1 bitcoin for fiat at an exchange until all 30 bitcoins are converted to fiat.

This will decrease the risk of losing all 30 bitcoins, if you are compromised in any way. ^smile^

Such an increased security concern is not required, because these days wallets are found much improved with security features. Just diversify and place it in few wallets and have the personal keys secure. You can use it during the requirements directly or converting to fiat. Other than this if Op feels converting to fiat is risky make a investment with a trusted legit investment website even it gives low interest for the amount deposited.

[Roboabhishek]

I think local bitcoins will be best option for you because you don't want to reveal you ID
However, if you do you can go with coinbase.
I remember I found a website tor based and www based as well which send you PayPal money for bitcoins.
I will state the link here if I find it.

[audaciousbeing]

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

Several ways to go about it of which the most important is understanding the financial environment of your locality which to the best of my knowledge since its Euro it wont be palatable to move that amount of money. But I would say that you should try move it in bits and not be carried away by moving it once because doing so might attract unnecessary attention which is important for you to avoid at this point as the issue that might generate might be more than what you can handle.

[danherbias07]

Maybe he is cashing out to get back the capital he had used so it will be necessary. I would not do it instantly 30 bitcoin in one swoop of cash out. Try to do it little by little until you get back what you wanted and leave some for investment or just in case a big BOOM comes out of 2017.

[Arvydas77]

So, generally, there to questions: 1) where to keep your Bitcoins; 2) How to convert your Bitcoins in fiat.
For keeping BTC Trezor wallet is good option in my opinion. Especially, if you have 30 BTC or more.
There are many ways to exchange BTC to fiat and it depends on how you want to do this: publicly or secretly.

[Flanagan]

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.

This is an answer that caught my eye, since I have a similar dilemma: how to handle Bitcoin spending and tax.

If I buy something from an online store using Bitcoin, is it considered somehow tax free, is it considered some sort of exchanged between goods?
Can somebody enlighten me? Because this would be "too good to be true".

1) Reply to first post of the thread:
Sell a portion when price is highest in say a weeks price range. i.e. sell half your bitcoins at the exchange....wait a few days for a dip and then buy again with all or part of that fiat you have from having sold half before. The point is you don't want to reduce the number of bitcoins because, as someone has said, it is most probable that they will be worth even more in the near or distant future. If you have sold half then bought the same amount of bitcoins when there's a dip, you will still have some fiat cash left which you may spend knowing you are still long on bitcoin as you should be.

2) Reply to post about whether Bitcoin is tax free: Not sure if you are referring to the tax when you buy a product. As far as I know if you buy from any store in Europe that accepts bitcoin they will charge you the normal price, including the sales tax that you would pay normally had you made the purchase with fiat in the first place. That is, they will charge you the price of the product in bitcoin at the equivalent exchange rate of euro to bitcoin they use. So in that sense, no, bitcoin is not going to be like buying duty free like you do at duty free places at airports. Now, if you are referring to some other type of tax, like taax on whatever gains you might have made between price you bought bitcoins and sale price of them...up to you to see that.

Also, regarding spending your bitcoin directly anonymously I think some of the debit bitcoin cards (VISA, MASTERCARD types) have the option of buying unnamed anonymous cards. There's plenty of information in these forums in threads such as
https://bitcointalk.org/index.php?topic=1242788.0

Also look up halcash which is system to receive fiat from bitcoin at any ATM. Not anonymous for the receiver (person who takes out the fiat from the ATM) because you will have to input your mobile phone number but it can still be handy, also of course bitcoin machines all around Europe...

[erickkyut]

If ever I will receive huge profit, i will keep it on my wallet for a while then after a few days, i will transfer it into my bank account or convert it into fiat. i also have another option, i will invest it on my trusted sites. by doing that, i can earn more profit passively and wait again for another withdrawal

[NeuroticFish]

Now, if you are referring to some other type of tax, like taax on whatever gains you might have made between price you bought bitcoins and sale price of them...up to you to see that.

Also, regarding spending your bitcoin directly anonymously I think some of the debit bitcoin cards (VISA, MASTERCARD types) have the option of buying unnamed anonymous cards. There's plenty of information in these forums in threads such as
https://bitcointalk.org/index.php?topic=1242788.0

Also look up halcash which is system to receive fiat from bitcoin at any ATM. Not anonymous for the receiver (person who takes out the fiat from the ATM) because you will have to input your mobile phone number but it can still be handy, also of course bitcoin machines all around Europe...

I was referring to the fact I don't want to see my bank account frozen or the IRS asking about me (although Bitcoin is not money).

If I buy from online store that accepts Bitcoin they get my name and address and can send it to IRS.
I know of ANON debit cards, but I'd have to use them at the local store (so I should get the physical version), else (online store) they get my name and address.
Also ANON debit cards have quite small limits and here we talk about amounts that can draw attention (if we ever get so lucky).

Halcash is a resource I didn't know of and I start reading about it. But from what I see it's tied to services where you have very low limits, if not registered (20 EUR/day, 1000 EUR/year).
However, it's the best option I've seen until now, although it means it's not anonymous (you have to register to do anything meaningful there).

[xIIImaL]

It is better to have a hardware wallet mate as long as you are not yet decided to exchange it to your currency, I guess that is more secured.

Bro no need of the hardware wallet and all to safe guard your bitcoins. Simply you need not to share your private key and wallet.dat to anyone. Prefer desktop wallet to have your bitcoins. That would be fine.