If/when your BTC wallet increases 10x in value

[Scottsdale]

Do you go into retirement at 19 years old? How do you cash out? Do you take the capital gains hit, in exchange for USD so you can make tangible investments so you never have to work ever again? Would IRS still rape you even if you tool the capital gains hit?

I trade BTC as an investment only...and eventually wish to convert back to USD so I can diversify my portfolio. This is all hypothetical of course.

[umaOuma]

Would IRS still rape you even if you tool the capital gains hit?

If it is serious amount of money, seek for professional advice how tax it.

And retirement at 19  ? Some young big lottery winners spent all millions in few years. I can imagine going back to regular life is very hard and frustrating for them

[DannyHamilton]

Do you go into retirement at 19 years old?

Depending on what your wallet is worth today, that wouldn't be a very smart move in the U.S.

How do you cash out?

Very carefully.

Do you take the capital gains hit, in exchange for USD so you can make tangible investments so you never have to work ever again?

Only on as much of it as I need.

Would IRS still rape you even if you tool the capital gains hit?

Of course.

I trade BTC as an investment only...and eventually wish to convert back to USD so I can diversify my portfolio.

You may regret that if bitcoin reaches widespread mainstream use.

[deepestfear]

Take the tax hit. Disclose and take it. Minimise but don't try to avoid it.
Unless you are certain that you can hide the trail forever, don't even try to evade.

[JonBosco]

Cash out a percentage
Buy a few homes in high property value areas
Rent homes out
Profit

Commence Operation: Chillmode

[montello]

In my own opinion the best advise would to convert to USD and then seek professional assistance on how to invest it.

[Saggar]

Don't know if retirements but I would make a stable income of that so I wouldn't have to worry about money but I would still do something probably wont retire.

[Rampton]

It all depends on how many bitcoins I have when or if they increase tenfold. If I had say 100 I'd maybe cash out half and keep the rest. The worry is always what if they x10 again in the future.

[TimeWatch]

If that's going happen then I will invest 99% of my money and assets in BTC..

10x is lot  imo

Just like giving loans/

[NavalStrike]

If/when your BTC wallet increases 10x in value I'd call it "imballance"!

[pawel7777]

And retirement at 19  ? Some young big lottery winners spent all millions in few years. I can imagine going back to regular life is very hard and frustrating for them

I've read somewhere that MOST of the big lottery winners go bankrupt eventually. For some people the huge money injection is the worst that could happen...

[FFrost]

Take your Bitcoins convert to money and invest in property and at 19yrs old I bet you got a lot of throw away rubbish you wanna buy. Be wise invest in property and receive some money monthly to play with.

[DDuckworth]

Do you go into retirement at 19 years old? How do you cash out? Do you take the capital gains hit, in exchange for USD so you can make tangible investments so you never have to work ever again? Would IRS still rape you even if you tool the capital gains hit?

I trade BTC as an investment only...and eventually wish to convert back to USD so I can diversify my portfolio. This is all hypothetical of course.

If i could retire at 19 from getting 10x my current BTC, then something involving a time machine and a faster invention of bitcoins has occured!

[Damnyo]

By the time you can retire off BTC you'll be about 30 years old , still young.

[bittown]

If the bitcoin will be worth 10x the actual value I would still be poor...

[peeveepee]

Do you go into retirement at 19 years old? How do you cash out? Do you take the capital gains hit, in exchange for USD so you can make tangible investments so you never have to work ever again? Would IRS still rape you even if you tool the capital gains hit?

I trade BTC as an investment only...and eventually wish to convert back to USD so I can diversify my portfolio. This is all hypothetical of course.

Only lazy people think about retirement at age 19.

People who started bitcoin wasn't here because they think they can get rich. They have genuine interest on the technology and try to come up with something anyone can use.

[LiteCoinGuy]

you mean 5000 USD per BTC ? i dont care.

[gelar24]

exchanger and exchanged to make the original currency
and you can make a small business from start up to the largest piecemeal

[wasserman99]

And retirement at 19  ? Some young big lottery winners spent all millions in few years. I can imagine going back to regular life is very hard and frustrating for them

I've read somewhere that MOST of the big lottery winners go bankrupt eventually. For some people the huge money injection is the worst that could happen...

This is true. People who win the lottery (or otherwise suddenly come into a lot of money) are generally not able to handle that kind of money and spend it at a rate that is not sustainable. They are used to spending a large percentage of their yearly earnings and when they win a lot all at one time they essentially "try" to spend it all as quickly as possible.

[DavidHume]

you mean 5000 USD per BTC ? i dont care.

Most people do not even own more than 10 btc.

So, a 10X increase in price is only around 45k profit, lower than a minimum wage job working at mcd.