Buying a bar with bitcoin

[FrugalFred]

Thinking about purchasing a small bar for about 150-200k. I have more bitcoin on hand than cash. Should I use the small amount amount of cash I have or sell bitcoin to purchase? I know I am probably better off doing nothing, especially if its crypto appreciation vs buying a bar but I'm getting old, its something I wanna do and its also good diversification. Any feedback, tax tips greatly appreciated. Thanks

[Walrus1]

I think u r talking about gold. It's a good time for gold. I know apmex is accepting Bitcoin, they are a gold dealer, I think they have a deal for btc users, check them out

[Simple_Man]

If you are talking about gold bar, then you can buy it from goldmoney website. They are pretty old in this business and you can also ask them to deliver that gold bar to your home address. However, they are legal entity, so if your country attracts import duty, you will have to pay that. But gold is a good asset for diversification and also to protect your capital investment. Before buying just try to get in touch with their support term to clarify about the taxes based on your country.

[zwtnkpknbd]

Thinking about purchasing a small bar for about 150-200k. I have more bitcoin on hand than cash. Should I use the small amount amount of cash I have or sell bitcoin to purchase? I know I am probably better off doing nothing, especially if its crypto appreciation vs buying a bar but I'm getting old, its something I wanna do and its also good diversification. Any feedback, tax tips greatly appreciated. Thanks

I think it should be in cash. Bitcoin will have a greater role.

[FrugalFred]

Sorry, should have clarified, its a local bar/business  I am primarily concerned with tax implications, thanks

[onnz423]

Bitcoin once converted to cash should be declared for tax purposes. If you already have enough cash at hand, then it would probably be in your best interests to buy with cash. I know certain countries do not charge tax when cashing out bitcoins, so may be in your best interest to cash out there instead. I also know that in other countries holding bitcoin is known as speculative gambling, so if you've held it for over a year it is also tax free.

[Lucius]

Thinking about purchasing a small bar for about 150-200k. I have more bitcoin on hand than cash. Should I use the small amount amount of cash I have or sell bitcoin to purchase? I know I am probably better off doing nothing, especially if its crypto appreciation vs buying a bar but I'm getting old, its something I wanna do and its also good diversification. Any feedback, tax tips greatly appreciated. Thanks

You say that you getting old and that getting bar is something that you want to have,so I do not see any reason to not sell your BTC and fill your dream.Only thing you should look at is price of BTC,why sell at 13-14K$ if you can sell at 16-17K$ or more.

Regarding tax you should visit you tax office and see what they say about BTC,in some countries you will pay 10%,in some others like Germany or Denmark you pay 0%.

Some may say that you should hold BTC,but it is cryptocurrency and it should serve its purpose-it would be great if you can buy bar direct with BTC,maybe this is also option which you should consider?

[Kemarit]

Thinking about purchasing a small bar for about 150-200k. I have more bitcoin on hand than cash. Should I use the small amount amount of cash I have or sell bitcoin to purchase? I know I am probably better off doing nothing, especially if its crypto appreciation vs buying a bar but I'm getting old, its something I wanna do and its also good diversification. Any feedback, tax tips greatly appreciated. Thanks

No, I would rather hold bitcoin now and not sell. If I were on your shoes, I would rather used cash to buy the bar and do not touch your bitcoin this early. Bitcoin has peak at $19,000, I'm sure that we can get it there again, if you sell at the current price your potential profits is gone. I don't know where you lived, but definitely when your convert your bitcoin to fiat, there will be tax issues that you will encounter in the future. So to make things easy for you, just used the old traditional fiat of yours. Goodluck to your new endeavor. I myself have offline business though (but not a bar).

[Rosscy]

Sorry, should have clarified, its a local bar/business  I am primarily concerned with tax implications, thanks

Opening the bar with 150k bucks I think is enough. With the money you can buy a place, buy some bar equipment, food and beverage. do not forget to allocate to create a mini stage as entertainment. After all is running, you can start calculating the taxes that need to be reported from your income, while you spend old time.

[talkbitcoin]

I have more bitcoin on hand than cash.

this part is the key in my opinion. it depends on how much bitcoin you have and how much of it you are planning to use. for example if you are only using 50% of your stash then it is a good idea.
you can even try to buy it directly with bitcoin and then put up some bitcoin signs in your bar, it can help getting you  some publicity. you can call it "Satoshi's bar" or something like that

[PointHope]

Hodl the BTC.

If anything buy some more BTC and forget the bar idea.

Bars are fleeting at best.

BTC is the new financial paradigm of the future, no question about it!

Bitcoin has banks, governments all running scared, this is good!

It means banks and governments will have to be accountable and honest to the people they serve.

[Mometaskers]

I can't talk about tax since I don't know where you live but have you already worked out the total cost for the business? Are you building the bar from the bottom-up, buying a property and converting it, or are you buying an existing bar?

The less btc you have to convert, the better. Maybe just enough for fixing the place, for the utilities/maintenance/salary, etc. Preferably it is on installment so you can just convert what's needed to pay for a year and just hodl the rest.

[bitfocus]

I guess you are talking about a gold bar. Gold is also a good investment and gold is also treated as a common investment by any government, and yes, they will tax you. You need to find that tax part from your government's department (the country you reside). But I would tell you to keep your Bitcoin if you like it. Bitcoin was in dip last day, today the raise is 3.40% already!

[sunno330]

I think u r talking about gold. It's a good time for gold. I know apmex is accepting Bitcoin, they are a gold dealer, I think they have a deal for btc users, check them out

I also think this will be the best. If you own such a capital, then gold will be the best choice. If you want you can cash it out or anything else.

[Barak Ocrypto]

It all depends on which is your forecast about Bitcoin's price in the future. If you think Bitcoin's price will tank, then it is good to buy your bar with Bitcoins. If you think Bitcoin's price will rise, then it will be more convenient to hold it. It's that simple (well...)

EDIT: by reading other people's comments I realize you were probably speaking of gold. Well, in this case, gold could be a safer option. But... who knows.

[BrewMaster]

if owning a bar and running it is something you like as you said "it is something i wanna do", then go for it. you don't have to sell all your bitcoins. sell some of it and get the rest from fiat.

you can even use your bar to earn bitcoin!
i would seriously think about this if i were you, you can start accepting bitcoin payments or even design a nice QR code for "tips" in bitcoin and hang it up above your bar.

[paolo099]

the only thing about buying it with BTC is if your contry and/or bank are going to tax the income.
In my home country, if you receive a good amount of money in your bank account (not tagged as salary) the director of the bank first will contact you and second the government will tax it.
Make your calculation but i would go for that if you have a good business plan, id love to do the same in the next future, so keeping my eyes open on this topic
good luck mate!

[johanesrobin]

Hodl the BTC.

If anything buy some more BTC and forget the bar idea.

Bars are fleeting at best.

BTC is the new financial paradigm of the future, no question about it!

Bitcoin has banks, governments all running scared, this is good!

It means banks and governments will have to be accountable and honest to the people they serve.

The government is afraid bitcoin is used as a crime tool. many crime cases occur using bitcoin.
this is an issue that hinders the development of Bitcoin in various countries.
I will hold some and then sell them into an asset like gold. it's wiser

[darkangel11]

If you have a place that you like go ahead and buy it. Just make sure to do all the digging first like how much the previous owner was making a month, what's the reason behind selling, what are the costs of running it and so on. You don't want to be adding to the business every month.
As for BTC, it's currently in a place where anything can happen. Most likely it will go to at least 18k this year, but it can also go to 11k again... If I were you I'd just wait for a good short term price like 16k and buy the damn bar

[Pegiz]

Afterall, cash is best of all. It's easy converting bitcoin to dollars and then make a purchase. There will be fewer questions and mistrust. So that's that.