How to get the money when 1 BTC = loads?

[r34tr783tr78]

Single Euro Payments Area, a system of wire transfers between european banks: free and fast (24h-48h on working days)

[1715179715]

1715179715

[Stousers]

What is good today will not be good tomorrow. Giving an educated guess now is plausible but that bridge will have to be crossed when and if a huge value hike happens

[BitchicksHusband]

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.

Actually, Bitpay allows you to specify the percentage to be held in bitcoin.  Coinbase too, I believe.

[r34tr783tr78]

Even so, as more merchants adopt bitcoin, more consumers will have to buy bitcoins to pay for things. That introduces them to bitcoin and many will keep bitcoins thinking of future purchases and for investing purposes.

Usually, people adopts a payment system precisely to buy things. 

[600watt]

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!

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

no, just buy danish bitcoins & you´re fine.
  

edit:
in germany gains on btc are tax-free when you hold them more than 1 year.

[DieJohnny]

would be nice if one person who has actually dealt with this in real life (bought 50k bitcoin in 2010), or one person who is truly ready for this to happen and doesn't want to flee the country, renounce citizenship or sell gift cards for 10 years would actually comment on this.

it is an entirely real scenario that in 18 months bitcoin is worth 25k each. Even at that price, I don't want to use an exchange to get my fiat as I simply don't trust them.

1. I am ready to deal with tax consequences, that is not a battle i want to waste any of my energy on.
2. I don't believe that in 18 months we will have reached a matrix state and I can pay my mortgage with bitcoin
3. I may need to sell Bitcoin and I don't trust any current exchanges.

So how do i do it without getting killed?

[r34tr783tr78]

There is no reason to don't trust a big exchange, like Bitstamp, Bitfinex or Btc-e, for a fast trade and withdraw.
They are big exchanges, that earn a lot on fees. Scamming would be absurd, they are already making a lot of money. Even if their hot wallets get hacked, they have enough money to keep going on.
Or you can use localbitcoins with some trustworthy trader.

[okthen]

would be nice if one person who has actually dealt with this in real life (bought 50k bitcoin in 2010), or one person who is truly ready for this to happen and doesn't want to flee the country, renounce citizenship or sell gift cards for 10 years would actually comment on this.

it is an entirely real scenario that in 18 months bitcoin is worth 25k each. Even at that price, I don't want to use an exchange to get my fiat as I simply don't trust them.

1. I am ready to deal with tax consequences, that is not a battle i want to waste any of my energy on.
2. I don't believe that in 18 months we will have reached a matrix state and I can pay my mortgage with bitcoin
3. I may need to sell Bitcoin and I don't trust any current exchanges.

So how do i do it without getting killed?

What I worry is not even not trusting the exchanges. Is being tracked by the tax office.

Because face it, even if there is a bubble that reaches 10000 quite soon, it might be long before this is the "normal" price, and way before you can live off bitcoin only.

One solution I've been thinking about is gold. Maybe it already exists, maybe it will be created soon, but I guess there will be a way to buy gold with btc.
Then sell the gold for cash...

Hope we all have to worry about it very soon