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Author Topic: How to cash out bitokoyn?  (Read 76 times)
Musstang
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June 04, 2018, 08:25:31 PM
 #1

Who cashed bitcoin and another crypt currency?
If large amounts are transferred to a card, can questions arise from the tax? How to translate without risk?

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June 04, 2018, 09:24:54 PM
 #2

Cashing out from Bitcoin or most cryptos isnt very hard, depending on which exchange you use. Some OTC exchanges buy back cryptos and you can just place sell orders and then request a withdrawal from ones that deal in USD/USDT or local currency.
Your tax implications will depend on which country you are in and also the country of the exchange you are using, if different from your own. I would recommend looking into your tax obligations and seeing if the appropriate authority has released a statement or guidance concerning cryptos. I understand that some countries determine that a taxable event happens upon sale and realization of gains or losses, while others require that you pay tax on unrealized gains.
If you are trying to hide from tax authorities a transaction over 10K is probably a bad idea as a number of countries have that as a transaction that requires being reported.

On a more important note, you should pay your tax. If you like roads and health care and emergency services pay your fair share for them.
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June 04, 2018, 10:35:07 PM
 #3

If large amounts are transferred to a card, can questions arise from the tax?
You would definitely be questioned(especially if it is a big amount) because of regulations. You might also be taxed heavily or not at all depending on the country you live in.
How to translate without risk?
What do you mean by this? Convert to fiat without risk? Then use centralized exchanges to sell those coins to bitcoin(but only in small amounts, divide it into two or more batch of coin deposit and sell). After doing so, just trade it on localbitcoins. That way, you would not be questioned(but you might still get subjected to tax).

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June 05, 2018, 12:31:31 AM
 #4

off course, you can break you large transaction into pieces and then transfer it to your account. and to avoid the BTC fluctuation fear you can simply convert your BTC to USDT in any exchange and then transfer back to BTC whenever you want to cash out in pieces.

Musstang
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June 05, 2018, 12:36:15 PM
 #5

Cashing out from Bitcoin or most cryptos isnt very hard, depending on which exchange you use. Some OTC exchanges buy back cryptos and you can just place sell orders and then request a withdrawal from ones that deal in USD/USDT or local currency.
Your tax implications will depend on which country you are in and also the country of the exchange you are using, if different from your own. I would recommend looking into your tax obligations and seeing if the appropriate authority has released a statement or guidance concerning cryptos. I understand that some countries determine that a taxable event happens upon sale and realization of gains or losses, while others require that you pay tax on unrealized gains.
If you are trying to hide from tax authorities a transaction over 10K is probably a bad idea as a number of countries have that as a transaction that requires being reported.

On a more important note, you should pay your tax. If you like roads and health care and emergency services pay your fair share for them.
Roads, health in our country is bad.
Taxes on how much I understand will cost 19%, and the crypto currency is not entirely legal.
So it's not so easy with cashing. Although a large number of people work as it is with criticism and large sums.

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June 05, 2018, 06:22:16 PM
 #6

You must have a visa card or mastercard to cashout bitcoin by exchanger site or if your bitcoin in coinbase you can sell it

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June 05, 2018, 06:29:43 PM
 #7

Who cashed bitcoin and another crypt currency?
If large amounts are transferred to a card, can questions arise from the tax? How to translate without risk?

What kind of card? Card issued by your local bank? If does, check the terms on the exchanges itself. You can't just transfer a converted bitcoin into a card. It will need to land on your bank account first so in other words, once you received your funds, it will now be accessible to your card if it's linked. Yes you also need to check banking terms there.

Too much explanation as you only relied a small information. You have local bitcoin exchanger there? If yes then it's way better to do transaction there as in most of the cases, it supports your local bank there (it should be) or any local payment processor available.

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June 05, 2018, 10:04:04 PM
 #8

Where do you live? So that we can recommend a wallet that you can use for depositing and withdrawing if you want to cash out your bitcoin or other cryptocurrencies. If you are living in US I think Bitpay is good choice then if you are living in India you can use Zebpay they have the option to withdraw your cryptocurrency to your card Abra wallet also a good option, but they still no card option instead you can withdraw it in the bank, if you are living in the Philippines you can use coins.ph they also had card option to withdraw your bitcoin and some altcoin.

If you can give more additional info about your question like your location we can give what wallet is the best option to use that you can request for withdrawing your bitcoin or crypto to real cash.

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June 05, 2018, 10:13:55 PM
 #9

This depends on where you are living musstang, give us more details on where do you live.

But if you are worrying about large transfers as far I know there's limit from exchanges on how much you can transfer/withdraw per day otherwise you'll be questioned and need to comply with anything they'll ask you.

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June 06, 2018, 08:33:07 AM
 #10

i use localbitcoins for years. Just pay attention to your partners, and you'll get everything in minutes.
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June 06, 2018, 02:14:26 PM
 #11

It depends from the country you live and from the laws.
But there are always online exchanges and ways to  cash out crypto
Musstang
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June 19, 2018, 05:46:57 PM
 #12

I understand that many people write and do not understand how cashing works.
Also there was a question, as at transfer to not cause suspicion in the tax.

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