How to get the money when 1 BTC = loads?

[Ibian]

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.

10 minutes is not "a fair bit of time", it is 10 minutes. And it only applies to large purchases. How ADHD are you?

[Ibian]

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

Fiat had to enter the system somehow. If you bought on an exchange they know exactly how much money you sent to it and can estimate how many coins you have based on the date. They don't need to be 100% correct, and actually prefer not to be because they would rather tax a high estimate that the actual value.

Or you could use localbitcoins, but that leaves a trail to your email and ISP. And a phone is the most public of devices to use.

[Ayers]

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

Fiat had to enter the system somehow. If you bought on an exchange they know exactly how much money you sent to it and can estimate how many coins you have based on the date. They don't need to be 100% correct, and actually prefer not to be because they would rather tax a high estimate that the actual value.

Or you could use localbitcoins, but that leaves a trail to your email and ISP. And a phone is the most public of devices to use.

how about i just mine and dump them to friends? it's not that easy as you think, anyway my argument was about buying directly in btc, so no dumping on fiat or others thing like that, combine this plus future completely anonymous bitcoin, and they will not be able to track shit

[kireinaha]

If bitcoin reaches $10,000 or higher over the next couple years, selling locally would become impractical. I wouldn't be keen on meeting strangers all the time to swap cash, it seems like a good way to get robbed, or perhaps even charged with crimes such as "unlicensed currency broker" or similar like those guys in Florida.

What I'd like to know is, if you trigger a CTR or SAR report by a bank for a large deposit from a bank (say... $10,000+ in the course of a week or so) would they freeze your account? I'm sure they'll call you up and ask you to answer some question to comply with these regulations, but is "I invested in bitcoins and I'm cashing out. Here's an audit record of my purchases/sells" grounds to have your account frozen due to legal grey areas? That's what worries me. Not bullshit like, 'when bitcoin becomes big, it will be used for everything, so you don't need to worry about that!' because I don't think that will ever happen.. or at least not for a long, long time.

[PCUser]

You will not pay any tax buying products and services directly

[r34tr783tr78]

Forget about Denmark or Germany, unless you go live there. Taxes are collected on the country you reside.

[r34tr783tr78]

People on small countries might have problems buying groceries, etc., with bitcoins, but can always sell some on exchanges and use anonymous debit cards to buy things.

[Ron~Popeil]

If it truly goes that high merchants will be clamoring to get it and acceptance will grow with it. The time will come that fiat will be harder to spend than crypto in my opinion.

[Razick]

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?

If you are a US citizen you don't have a choice of tax jurisdiction (even if you move) unless you renounce your citizenship.

[r34tr783tr78]

In the end, avoiding taxes is risky and demands one of two another risky things:
1) to hold bitcoins and risk going thru the cyclical drastic bear markets;
2) or exchange to fiat and risk to trust an exchange to keep your money, since withdrawing to a bank might mean troubles with fiscal authorities.

[solimi]

Just leave it, a little bit out, do not accumulate too much, then you're the lamb to be slaughtered

[f3tus]

Zero taxes in Slovenia for any trading/capital gains with bitcoins. Only mining is taxed, but only if you're stupid enough to willingly admit you mined them.

[Bibop]

How the exchange process to my bank goes?
do someone specific need to transfer to my bank the value?
or some exchange company that takes fee for the process? and if there is, how much they taking?

[bitcoinboy163]

There in China I was told that the road is getting narrow

[hamza171]

Why not just using it as money instead of trading it ,I mean if it hits the 1k or 10k the news will be all over the internet and that will make it more popular and accepted in more stores

[ejinte]

I don't think any of the governments will make any bigger tax income on bitcoin. At least not in the sens that they would tax people selling their coins. My government  today, the Swedish, says that bitcoin sells will be taxed if they were bought at a lower prices.

Then the profit would be taxed at 20%.

If however one makes a lose then that lose could be used to pay less taxes.

The problem is that none of the exchanges report bitcoin trades to the local IRS.

So if one want to tax for his earnings it's up to him or her. And of course no one would like to do that. So no one will. They could tax stores making sells in BTC and they already do in the same way they tax fiat.

They could also tax employers getting payed in BTC.

[r34tr783tr78]

How the exchange process to my bank goes?
do someone specific need to transfer to my bank the value?
or some exchange company that takes fee for the process? and if there is, how much they taking?

The major part of exchanges accept withdraws by wire transfer to a bank. But usually they require that you verify your account by sending personal documents. You can use Bitfinex or Bitstamp.

[ejinte]

How the exchange process to my bank goes?
do someone specific need to transfer to my bank the value?
or some exchange company that takes fee for the process? and if there is, how much they taking?

The major part of exchanges accept withdraws by wire transfer to a bank. But usually they require that you verify your account by sending personal documents. You can use Bitfinex or Bitstamp.

If in Europe you could go with one of the exchanges that does SEPA, like kraken or safello. SEPA is much quicker and cheaper than bank transfer.

[Unluckyduck]

Useit to buy products and services directly or buy gift cards. = no tax

Problem is that currently almost all merchants who accept bitcoin staunchly refuse to actually hold onto it and rather have it processed instantly by a service like bit pay. Bit pay sells the coin immediately on an exchange which actually drives the price down.

[Malin Keshar]

Useit to buy products and services directly or buy gift cards. = no tax

Problem is that currently almost all merchants who accept bitcoin staunchly refuse to actually hold onto it and rather have it processed instantly by a service like bit pay. Bit pay sells the coin immediately on an exchange which actually drives the price down.

more people entering the game will balance it, and sooner or later btc will be recognized as a reserve asset and will be hold too.


And what is SEPA?