100 bitcoins. Will I be a millionaire by 2020?

[gentlemand]

Wouldn't they be capital gains and thus taxed at a lower rate?

Depends where your jurisdiction is.

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[goxed]

The train's back on track for your 1e6 dream to come true.

[Amph]

Hand 30% of it as taxes to your govt of choice. You should be fine.

this is a thing i want to avoid, does not matter the amount, i don't want to be stolen by a 30%

i would probably never convert them all and in a big portion, but few coins each year, depend on their value

in some countries if you remain under a certain level, you may not be taxed

[ekissane]

If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?

Don't worry, I won't be cashing out.  I'll be spending my bitcoins directly.

[HarHarHar9965]

If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?

Don't worry, I won't be cashing out.  I'll be spending my bitcoins directly.

That is the complete exact point, mate. If you believe your investments will turn into millions someday, you don't need to exchange your bitcoins for millions because at such a point where you became a millionaire through bitcoin investment, that phase would include the good bye to fiat currency and complete adoption of bitcoin, where every transaction is digital and life is happy

[Wexlike]

If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?

No taxation in Germany, if you hold your bitcoins longer than 12 months.

[Sumerian]

If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?

No taxation in Germany, if you hold your bitcoins longer than 12 months.

How about Holland?

[Wilhelm]

If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?

No taxation in Germany, if you hold your bitcoins longer than 12 months.

How about Holland?

It's value in money is taxable like money on hand, gold or other valuables.
If you have more than €21330 (or when married €42660) you have to declare it and pay 1.2% tax.

Since you declare tax once in 12 months you might hit a break if value of bitcoin drops at that time .

P.S. I'm no tax expert.

[Amph]

If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?

Don't worry, I won't be cashing out.  I'll be spending my bitcoins directly.

be aware that for example iin the USA IRS want their portion even if you use your bitcoin directly, they will know about it if you buy expensive thing like a lambo....

[wlefever]

If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?

Don't worry, I won't be cashing out.  I'll be spending my bitcoins directly.

be aware that for example iin the USa IRS want their portion even if you use your bitcoin directly, they will know about it if you buy expensive thing like a lambo....

This. They want you to keep track of price when you received (bought) the bitcoin, and the price you spent (sold in their eyes) at, and that is taxed.

[Hyena]

This. They want you to keep track of price when you received (bought) the bitcoin, and the price you spent (sold in their eyes) at, and that is taxed.

But if you sell your btc for some other altcoin? or you buy btc for altcoins? say, nubits, which are pegged to 1 USD each.

[CoinCidental]

If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?

Don't worry, I won't be cashing out.  I'll be spending my bitcoins directly.

be aware that for example iin the USa IRS want their portion even if you use your bitcoin directly, they will know about it if you buy expensive thing like a lambo....

This. They want you to keep track of price when you received (bought) the bitcoin, and the price you spent (sold in their eyes) at, and that is taxed.

what happens if you mined 10 btc for free (barring costs ) and suddenly that was enough to buy a lambo ?

[Amph]

If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?

Don't worry, I won't be cashing out.  I'll be spending my bitcoins directly.

be aware that for example iin the USa IRS want their portion even if you use your bitcoin directly, they will know about it if you buy expensive thing like a lambo....

This. They want you to keep track of price when you received (bought) the bitcoin, and the price you spent (sold in their eyes) at, and that is taxed.

what happens if you mined 10 btc for free (barring costs ) and suddenly that was enough to buy a lambo ?

you need to declare no matter what you used to have that lambo, even if you bought it with rocks, substantially all wealth should be taxed

but for small ones, they simply don't care

[CPNpr]

I believe that after 10 years, the exchange rate of Bitcoin will be somewhere around $5,000 to $10,000 per coin (if Bitcoin seizes a significant part of the remittance market and the online payment processing market). If you invest in 100 Bitcoins right now, after 10 years you'll have  with you. 500k + 

I believe the same, I do not think this will be happen in just 5 years till 2020 10 years are much more realistic and important how Bitcoin takes position in international financial markets.

[willope]

If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?

Don't worry, I won't be cashing out.  I'll be spending my bitcoins directly.

be aware that for example iin the USa IRS want their portion even if you use your bitcoin directly, they will know about it if you buy expensive thing like a lambo....

This. They want you to keep track of price when you received (bought) the bitcoin, and the price you spent (sold in their eyes) at, and that is taxed.

what happens if you mined 10 btc for free (barring costs ) and suddenly that was enough to buy a lambo ?

you need to declare no matter what you used to have that lambo, even if you bought it with rocks, substantially all wealth should be taxed

but for small ones, they simply don't care

And what if I buy that lambo in an off-shore country like Andorra or the British Virgin Islands? 

[gentlemand]

And what if I buy that lambo in an off-shore country like Andorra or the British Virgin Islands? 

You will receive a hellfire missile straight up the tailpipe the moment you cross the border.

[uki]

If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?

No taxation in Germany, if you hold your bitcoins longer than 12 months.

that is true, provided you don't do any cross altcoin transactions and just stick to holding bitcoins. Otherwise the time resets each time you do a transaction.

[CoinCidental]

If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?

Don't worry, I won't be cashing out.  I'll be spending my bitcoins directly.

be aware that for example iin the USa IRS want their portion even if you use your bitcoin directly, they will know about it if you buy expensive thing like a lambo....

This. They want you to keep track of price when you received (bought) the bitcoin, and the price you spent (sold in their eyes) at, and that is taxed.

what happens if you mined 10 btc for free (barring costs ) and suddenly that was enough to buy a lambo ?

you need to declare no matter what you used to have that lambo, even if you bought it with rocks, substantially all wealth should be taxed

but for small ones, they simply don't care

if i grow the worlds biggest apple by accident on my tree,on my property  its 100% mine
if i eat it myself  and shit it out i pay no taxes
if someone swapped me a lambo for the apple  whats the differnce ,i still acquired value from nothing so i pay no taxes
if  i sell it to my neighbour who makes apple jam with it and we sell the jam for $500k i guess we owe taxes
the part im not sure about is when exactly does the government own 30% of my apple ?
is it when its still on the tree ? and the value is as yet unknown ?
is it when its converted to jam ?
does it go by yearly tax dates ?
i cant declare an apple that hasnt fully grown yet as its value is still appreciating etc

[Hyena]

if i grow the worlds biggest apple by accident on my tree,on my property  its 100% mine
if i eat it myself  and shit it out i pay no taxes
if someone swapped me a lambo for the apple  whats the differnce ,i still acquired value from nothing so i pay no taxes
if  i sell it to my neighbour who makes apple jam with it and we sell the jam for $500k i guess we owe taxes
the part im not sure about is when exactly does the government own 30% of my apple ?
is it when its still on the tree ? and the value is as yet unknown ?
is it when its converted to jam ?
does it go by yearly tax dates ?
i cant declare an apple that hasnt fully grown yet as its value is still appreciating etc

that's why we live in a world of very flawed tax laws that are prone to corruption and injustice.

Only taxes that can be reliably enforced and could not be evaded should exist. Instead of taking money by force, governments should ask for donations and people should be able to choose in which government projects they donate. For example, I would not donate to the budget of DEA but I would donate to the public education budget. Free market bitch.

[Amph]

If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?

Don't worry, I won't be cashing out.  I'll be spending my bitcoins directly.

be aware that for example iin the USa IRS want their portion even if you use your bitcoin directly, they will know about it if you buy expensive thing like a lambo....

This. They want you to keep track of price when you received (bought) the bitcoin, and the price you spent (sold in their eyes) at, and that is taxed.

what happens if you mined 10 btc for free (barring costs ) and suddenly that was enough to buy a lambo ?

you need to declare no matter what you used to have that lambo, even if you bought it with rocks, substantially all wealth should be taxed

but for small ones, they simply don't care

if i grow the worlds biggest apple by accident on my tree,on my property  its 100% mine
if i eat it myself  and shit it out i pay no taxes
if someone swapped me a lambo for the apple  whats the differnce ,i still acquired value from nothing so i pay no taxes
if  i sell it to my neighbour who makes apple jam with it and we sell the jam for $500k i guess we owe taxes
the part im not sure about is when exactly does the government own 30% of my apple ?
is it when its still on the tree ? and the value is as yet unknown ?
is it when its converted to jam ?
does it go by yearly tax dates ?
i cant declare an apple that hasnt fully grown yet as its value is still appreciating etc

hilarious example i must admit, but you know that the government does not care in the end, and they want their portion of your wealth, by the time you have your lambo(even in the case that it is a gift unless it was made by your spouse) you need to declare it as a personal property within the fiscal year

i'm not a tax expert, just small info here and there about the subject, so maybe there are other cases where you don't need to pay taxes