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Author Topic: How to get the money when 1 BTC = loads?  (Read 3465 times)
okthen
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May 11, 2014, 06:27:00 PM
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So when BTC reaches an astronomical value and one wants to withdraw a portion to have some pocket cash... How to do it? Which country is best in terms of not getting a huge tax? Would you take the amount you want straight away or little by little? Sell it in some other way?
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theonewhowaskazu
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May 11, 2014, 06:47:32 PM
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Useit to buy products and services directly or buy gift cards. = no tax

bananaControl
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May 11, 2014, 07:02:11 PM
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So when BTC reaches an astronomical value and one wants to withdraw a portion to have some pocket cash... How to do it? Which country is best in terms of not getting a huge tax?

Denmark is the place it seems: http://www.coindesk.com/denmark-declares-bitcoin-trades-tax-free/
okthen
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May 11, 2014, 07:17:29 PM
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So when BTC reaches an astronomical value and one wants to withdraw a portion to have some pocket cash... How to do it? Which country is best in terms of not getting a huge tax?

Denmark is the place it seems: http://www.coindesk.com/denmark-declares-bitcoin-trades-tax-free/

This is certainly good to know, thanks! Smiley

Hmm what should we do... Move to Denmark? Or should everybody marry a Danish chick? Cheesy
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May 11, 2014, 07:27:17 PM
Last edit: May 11, 2014, 09:30:49 PM by bananaControl
 #5

Well, in all honesty i cannot imagine a European country not taxing bitcoin to hell ones it goes to the moon. This tax-free heaven might just be a temporary thing while bitcoin is still in its infancy. Also, it seems like you have to pay 25% vat on everything you buy if you live in Denmark, so, yeah...

The best thing you can do is to keep your eyes open and read international related news regarding bitcoin.
Ayers
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May 11, 2014, 08:19:17 PM
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by that time btc should be used directly to buy things, you will not need to convert them ever again
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May 11, 2014, 08:21:09 PM
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Fair warning that Denmark will almost certainly not keep bitcoin gains taxfree for very long. Maybe a few years. They simply do not comprehend how big this has the potential to be, and they will find excuses to tax people who make big gains on it in any case. A country that has the highest taxes in the world and even taxes the wind and the sun can not be trusted. Best to keep a low profile.

Look inside yourself, and you will see that you are the bubble.
Pente
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May 11, 2014, 08:47:48 PM
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There are already money changers in Kenya that take bitcoins.

Turning bitcoins into local fiat currency WILL NOT be a problem in the future.

Besides:


Ibian
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May 11, 2014, 09:27:23 PM
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The problem with spending bitcoin directly is that it is trackable. If you leave any kind of digital trace to your coins you will be found and taxed - and most of us do. Anonymous wallets with conversion to fiat is necessary to stay taxfree.

Look inside yourself, and you will see that you are the bubble.
kireinaha
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May 11, 2014, 10:48:09 PM
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It would be nice if you could trade your bitcoin in for precious medals, at least until bitcoin becomes more stable in value (if it ever reaches that point). more than taxes, I worry that withdrawing to a bank account will cause regulatory issues that could lead to having the account frozen and funds seized if some beauracratic bean counter deems it sufficiently "suspicious".

Night gathers, and now my bitcoinwisdom watch begins.
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May 11, 2014, 10:48:19 PM
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The problem with spending bitcoin directly is that it is trackable. If you leave any kind of digital trace to your coins you will be found and taxed - and most of us do. Anonymous wallets with conversion to fiat is necessary to stay taxfree.

you can create paper wallets with offline computers, load them with bitcoins through mixed coins (which are nearly impossible to track), and sell them for paper dollars on the street.

Good luck tracking that.
Ibian
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May 11, 2014, 10:59:18 PM
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The problem with spending bitcoin directly is that it is trackable. If you leave any kind of digital trace to your coins you will be found and taxed - and most of us do. Anonymous wallets with conversion to fiat is necessary to stay taxfree.

you can create paper wallets with offline computers, load them with bitcoins through mixed coins (which are nearly impossible to track), and sell them for paper dollars on the street.

Good luck tracking that.
How do I know you don't have a copy? Maybe you are ready to move the coins after I pay you for them. It's a start, but not enough. We need digital security. It can be done now, but it is kind of prohibitive.

Look inside yourself, and you will see that you are the bubble.
maurya78
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May 12, 2014, 02:21:51 AM
 #13

Germany treats btc as a commodity so tax free beyond holding of 1 year
Not sure how long it will stay this way though

delphic
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May 12, 2014, 02:32:03 AM
 #14

When 1 BTC = loads, BTC will be 'the money'.

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Pepin
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May 12, 2014, 04:22:50 AM
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Bitcoin won't be the currency. It already takes too long to use. Bitcoin would be like a gold bar. Sure, it is valuable, but it is not convenient to pay for every day necessities. You need other, "lighter" cryptocurrencies for that.
Ibian
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May 12, 2014, 04:33:20 AM
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Bitcoin won't be the currency. It already takes too long to use. Bitcoin would be like a gold bar. Sure, it is valuable, but it is not convenient to pay for every day necessities. You need other, "lighter" cryptocurrencies for that.
Not this shit again. Bitcoin payments happen at the speed of the internet. Go actually buy something with it and see for yourself.

Look inside yourself, and you will see that you are the bubble.
Pepin
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May 12, 2014, 08:25:44 AM
 #17

Not this shit again. Bitcoin payments happen at the speed of the internet. Go actually buy something with it and see for yourself.

Yes, sending money on bitcoin is very fast. Making sure that the transaction is legitimate can take a fair bit of time, however.
Malin Keshar
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May 12, 2014, 08:49:02 AM
 #18

you can make small montly cash outs, small enough to don't attract attention.


you can sell directly to local buyers for cash or something.

buy services and things you otherwise would buy with fiat with btc, if possible, and have more spare cash.

use bitcoin mixers to cut the link to your coins for you

buy drugs on Silk Road then resell for cash to your friends


depends if you want stay under or out the law(and how out are you willing to be)
Ayers
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May 12, 2014, 09:46:08 AM
 #19

The problem with spending bitcoin directly is that it is trackable. If you leave any kind of digital trace to your coins you will be found and taxed - and most of us do. Anonymous wallets with conversion to fiat is necessary to stay taxfree.

trackable? you know only the position of the one sending the coin, you can't know who send them, i can just use a mobile device, send coins and then move to another location

Bitcoin won't be the currency. It already takes too long to use. Bitcoin would be like a gold bar. Sure, it is valuable, but it is not convenient to pay for every day necessities. You need other, "lighter" cryptocurrencies for that.

sending them is very fast, the pain in the ass is waiting for some confirmations, because there other attack type beside 51%
BitchicksHusband
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May 12, 2014, 10:40:13 AM
 #20

So when BTC reaches an astronomical value and one wants to withdraw a portion to have some pocket cash... How to do it? Which country is best in terms of not getting a huge tax?

Denmark is the place it seems: http://www.coindesk.com/denmark-declares-bitcoin-trades-tax-free/

This is certainly good to know, thanks! Smiley

Hmm what should we do... Move to Denmark? Or should everybody marry a Danish chick? Cheesy

I don't think my wife would go for that...

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