Bitbills - I consider peeling

[Cryptonza1]

Hi community,
I need some help & suggestions
I was gifted a few Bitbills years ago...(1&5BTC )
At the moment when a friend give me these I was like wtf shall I do with it
And they were sitting in my storage for a long time..
Now it has come time to liquidate the gift and use the loaded BTC for real life things...
I do not know much about them but a friend sent me a link to a bit ill original thread..
Yet I am not sure should I peel or sell it
If I sell it what would be my profit beside loaded value
If I peel it,should I do it some special way or just remove the holo?
I do not want to mess up as these three bit bills are 1 & 5BTC denominations..
Should I buy fresh physical wallet or i can redeem bitbiil to software wallet?
Also does anyone has experience with taxes should I pay?(and shall i)

Thanks , best regards

[minerjones]

Currently, no premium is worth selling these. The risks and logistics of making a sale/transfer happen far outweigh any extra bitcoin you would get from this

To sweep the private key, I would recommend using the Ballet app (Android / iOS) along with one of their physical wallets: https://store.ballet.com/
I do not recommend buying from a third-party or someplace like Ebay. Please buy directly from the company

Once you receive the Ballet card, it is as easy as peeling the Bitbill hologram, scanning the private key QR code with the Ballet app and then waiting a few minutes for confirmation

After this you should have the bitcoin in your wallet and it can be transferred out to the exchange of your choice so you can cash it out to whatever currency is needed

You should always pay taxes per your governments laws on capital gains, but that is for you to decide

Happy to answer any questions or concerns!

[MoparMiningLLC]

I agree with minerjones about the risks - that said if you do plan on selling vs peeling - be sure to use a trusted escrow vs trying to do it on your own.

[Steeley]

I also agree with Miner Jones.  It may seem weird that the advice from a collectibles forum is to sweep your collectible, but this it the smartest way to deal with such a large amount of money.

After you sweep them,  you can sell the redeemed Bitbills here with a set price or by auction. Forum members can help you determine the value.

If you move the bitcoin from your Bitbill to another wallet you own, then you do not owe taxes (at least in my state and my country). Moving Bitcoin is not a transaction but rather a transfer. When you exchange Bitcoin for a a material good, service, country currency or for a shitcoin, then you have a taxable event that requires you paying capital gains, depending on where you are and the laws there.

If you are new to Bitcoin and intent on cashing out, and if you can have patience, I would consider waiting for BTC to go up a bit before triggering a transaction (still do the transfer). Just what i would do, not advice for how you should manage your finances. Currently BTC is half of value it had months ago in other currencies.

[Bitgoat65]

Just for my own education, I was curious about the recommendation of Ballet versus other wallet options.

I'm not planning to sweep any funds at the moment, but wondering what makes Ballet a preferred choice compared to alternatives like Electrum, Sparrow, or other wallets? Is it mainly the simplicity for newer users, or are there other advantages?

Always happy to learn.

[minerjones]

Just for my own education, I was curious about the recommendation of Ballet versus other wallet options.

I'm not planning to sweep any funds at the moment, but wondering what makes Ballet a preferred choice compared to alternatives like Electrum, Sparrow, or other wallets? Is it mainly the simplicity for newer users, or are there other advantages?

Always happy to learn.

A bit contraindicative of what Bitcoin stands for "Don't Trust, Verify", Ballet has proven itself to be a trusted wallet provider
They even had a contest to see if someone could crack their wallet by being given either the encrypted private key or the passphrase... and the wallets still intact after more than 5 years
Ballet is also owned by Bobby Lee, who was the person behind the BTCC exchange and also the BTCC physicals (coin, chips, blocks)
While under Bobby Lee's ownership, the BTCC exchange never lost or owed customers funds.
BTCC physicals have also proven themselves over time and are some of the few, if not only bitcoin collectibles that are funded directly from the coinbase transaction!!

The Ballet app is easy to use and does provide a few more functions than a traditional software wallet such as a swap service and buying/selling but seemingly other wallet providers do offer things like this (Trezor, etc)
Ballet wallets are also physical wallets which means the only way to get "hacked" would be to have someone take the physical card
Even if the Ballet app no longer works, you can also use the card with almost any other wallet provider
Things like Electrum and Sparrow are nice, but tend to be limited in terms of only Bitcoin and a bit more technical
(Last I checked though, I think Electrum has different builds for a few cryptos...)

[Bitgoat65]

Thanks for the explanation. I wasn't aware of the connection to Bobby Lee and the BTCC physicals. Interesting background and appreciate the context.

[btctalkman121]

Hello I would be interested in purchasing both and paying you in what ever currency you need crypto or fiat.. as well as using MJ or mopar as escrow... your profile doesn't allow PMs from newbies so here is my email kevinjohnson198@proton.me  it would be asham to see these get redeem right now since btc is so down especially if your converting just to have fiat so I would love to discuss a price to get both off your hands using escrow here.

[MoparMiningLLC]

Hello I would be interested in purchasing both and paying you in what ever currency you need crypto or fiat.. as well as using MJ or mopar as escrow... your profile doesn't allow PMs from newbies so here is my email kevinjohnson198@proton.me  it would be asham to see these get redeem right now since btc is so down especially if your converting just to have fiat so I would love to discuss a price to get both off your hands using escrow here.

escrow is fine but realize payment would need to be made in full up front prior to any meeting or exchange. There have been way too many robberies attempted and successful at exchange meetups recently to do it any other way.

[SimpleThings]

If the price is right and you're willing to use legit escrow like minerjones i could buy them.
Feel free to send me private message

[Cryptonza1]

Currently, no premium is worth selling these. The risks and logistics of making a sale/transfer happen far outweigh any extra bitcoin you would get from this

To sweep the private key, I would recommend using the Ballet app (Android / iOS) along with one of their physical wallets: https://store.ballet.com/
I do not recommend buying from a third-party or someplace like Ebay. Please buy directly from the company

Once you receive the Ballet card, it is as easy as peeling the Bitbill hologram, scanning the private key QR code with the Ballet app and then waiting a few minutes for confirmation

After this you should have the bitcoin in your wallet and it can be transferred out to the exchange of your choice so you can cash it out to whatever currency is needed

You should always pay taxes per your governments laws on capital gains, but that is for you to decide

Happy to answer any questions or concerns!

Thank you MinerJones
I guess the Ballet will be my choice.
I was about to order from third party but now with your advices...I'll visit ballet shop right after this post...
I used to hoDl as long as I could,I also resisted peeling when the btc was 124k..yet I have to have some additional liquidity for business purposes...
If I just peel it and not convert to fiat,someone above said I don't have to pay taxes...so the moment I have to fill the tax report and pay is when I finally cashout?
What about if I move to exchange and convert to usdt (not withdraw)
Also how its measured
I paid 0$ for that and the price of btc when I was given was like 100$

Thanks Steeled,Mopar sent you a pm
Cheers

Edit: when/if I peel the cards,and if I succeed not to destroy holo while doing so,can I send redeemed bills for grading?if so,wheres the best place

[MoparMiningLLC]

Currently, no premium is worth selling these. The risks and logistics of making a sale/transfer happen far outweigh any extra bitcoin you would get from this

To sweep the private key, I would recommend using the Ballet app (Android / iOS) along with one of their physical wallets: https://store.ballet.com/
I do not recommend buying from a third-party or someplace like Ebay. Please buy directly from the company

Once you receive the Ballet card, it is as easy as peeling the Bitbill hologram, scanning the private key QR code with the Ballet app and then waiting a few minutes for confirmation

After this you should have the bitcoin in your wallet and it can be transferred out to the exchange of your choice so you can cash it out to whatever currency is needed

You should always pay taxes per your governments laws on capital gains, but that is for you to decide

Happy to answer any questions or concerns!

Thank you MinerJones
I guess the Ballet will be my choice.
I was about to order from third party but now with your advices...I'll visit ballet shop right after this post...
I used to hoDl as long as I could,I also resisted peeling when the btc was 124k..yet I have to have some additional liquidity for business purposes...
If I just peel it and not convert to fiat,someone above said I don't have to pay taxes...so the moment I have to fill the tax report and pay is when I finally cashout?
What about if I move to exchange and convert to usdt (not withdraw)
Also how its measured
I paid 0$ for that and the price of btc when I was given was like 100$

Thanks Steeled,Mopar sent you a pm
Cheers

Edit: when/if I peel the cards,and if I succeed not to destroy holo while doing so,can I send redeemed bills for grading?if so,wheres the best place

did not see any pm - if you meant me.

taxes are owed when you sell it. I try to just spend the bitcoin vs cash it out - and when I do cash it out, I try very hard to make sure I spend a UTXO that is in the negative - hard to do with super old bitcoin like bitbills though lol

for grading them - I believe it might be PCGS