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-   -   How do you cash out Bitcoin in the US? (https://gfy.com/showthread.php?t=1339662)

Alex CZ 12-27-2020 10:46 AM

How do you cash out Bitcoin in the US?
 
Asking for a friend.
What is the cost effective way to cash out xxx,xxx and minimize tax bill?

CurrentlySober 12-27-2020 10:51 AM


OneHungLo 12-27-2020 11:09 AM

Get yourself an accountant and pay what he tells you to pay.

Don't fuck around with them. They will destroy you.

k0nr4d 12-28-2020 02:38 AM

Quote:

Originally Posted by Alex CZ (Post 22795486)
Asking for a friend.
What is the cost effective way to cash out xxx,xxx and minimize tax bill?

In Poland it's unregulated and there are ATM machines all over the place where you can withdrawal cash from your BTC with no documents or KYC at all. You can then drive this cash to CZ.

That being said, I don't know what you'd do with $xxx,xxx in cash since you won't be able to buy anything useful with it other then food, cloths and alcohol... so it's probably best to just pay the capital gains tax on it and actually be able to use the money.

just a punk 12-28-2020 02:42 AM

Quote:

Originally Posted by k0nr4d (Post 22795709)
In Poland it's unregulated and there are ATM machines all over the place where you can withdrawal cash from your BTC with no documents or KYC at all.

ATM's for Bitcoin? Hmm. Interesting. Moving to Kaliningrad...

Sergio 12-28-2020 03:00 AM

Quote:

Originally Posted by Alex CZ (Post 22795486)
Asking for a friend.
What is the cost effective way to cash out xxx,xxx and minimize tax bill?

I think it's better to ask the crypto-anarchists, in Prague they are located somewhere in the center in the Prague1 district as I know.

jscott 12-28-2020 04:34 AM

I've never used, but some use LocalBitcoins.

Brit in Cambodia 12-28-2020 04:41 AM

local bitcoins stopped doing cash to bitcoin years ago

fly to Cambodia go to a casino they'll exchange hundreds of thousands of dollar for you. Then open a Cambodian bank account and pay in cash don't worry you won't face any KYC legislation

I once had to wait behind a local paying $500k in cash into the bank (literally a suitcase of money) he was moaning at the staff that they were taking too long counting it (Apparently it was a property sale from what I over heard.)

Theres a reason why Cambodia has such a bad rap for money laundering lol

todservices 12-28-2020 01:18 PM

Quote:

Originally Posted by Brit in Cambodia (Post 22795733)
fly to Cambodia go to a casino they'll exchange hundreds of thousands of dollar for you. Then open a Cambodian bank account and pay in cash don't worry you won't face any KYC legislation

so easy :1orglaugh:1orglaugh:1orglaugh:1orglaugh

And then, if you do not want to spend the money in Cambodia, you stick the hundreds thousands of dollars in your underpants and take several flights back and forth ? :winkwink:

Alex CZ 12-28-2020 01:54 PM

Thank you for great tips about Cambodia and Poland but I was asking about US of A. Like opening account with coinbase and then selling it. I am talking 20 coins not cash machine amounts.

CaptainHowdy 12-28-2020 01:54 PM

Quote:

Originally Posted by Brit in Cambodia (Post 22795733)
local bitcoins stopped doing cash to bitcoin years ago

fly to Cambodia go to a casino they'll exchange hundreds of thousands of dollar for you. Then open a Cambodian bank account and pay in cash don't worry you won't face any KYC legislation

I once had to wait behind a local paying $500k in cash into the bank (literally a suitcase of money) he was moaning at the staff that they were taking too long counting it (Apparently it was a property sale from what I over heard.)

Theres a reason why Cambodia has such a bad rap for money laundering lol

Sounds like an adventure . . .

femdomdestiny 12-28-2020 06:10 PM

I am also asking for a friend, he wants to know where to buy crypto with a credit card without KYC?

klinton 12-29-2020 01:21 AM

use many ATMs in the USA for many transactions? im sure they exist not only in Poland...

what is the problem exactly?

if only I had such problems...

coffeedude 12-29-2020 05:15 AM

Wait if you move money out of your coinbase wallet to a hardware wallet or some other wallwt.... is that considered a taxable event? Please say no

jscott 12-29-2020 05:54 AM

Quote:

Originally Posted by coffeedude (Post 22796248)
Wait if you move money out of your coinbase wallet to a hardware wallet or some other wallwt.... is that considered a taxable event? Please say no

No. It must be converted to another like USDT or a shitcoin. There is something where if converted at loss it won't be taxable event too. I had some saved link resources on this I'll try to find and post here soon :winkwink:

Evil Chris 12-30-2020 01:11 PM

Quote:

Originally Posted by jscott (Post 22796260)
No. It must be converted to another like USDT or a shitcoin. There is something where if converted at loss it won't be taxable event too. I had some saved link resources on this I'll try to find and post here soon :winkwink:

When you say shitcoin, do you actually mean an altcoin?

jscott 12-30-2020 01:30 PM

Quote:

Originally Posted by Evil Chris (Post 22797029)
When you say shitcoin, do you actually mean an altcoin?

That's usually the case, yes.
Only the #1 crypto was created without greed or riches in mind. So much so he/they vanished without a trace.
Ripple/XRP on the other hand, not only they sticking around leaving a central point of attack (from SEC, other gov, etc) they also allocated 70-80% of XRP to themselves for dumping on their supports (they call this, their distribution strategy) for marketing, paying employees and most of all paying themselves. Check their net worths, Check Chris Larson, Jed McCaleb, Brad Garlinghouse, billionaires.

Not to say you can't win, i just believe they're not good for long term hold.

If they are cheap & fast, use them, take advantage of that, spend, don't save.

If they truly have utility, with oracles and that blahhhhh, ok use for that (who does?)

Bitcoin is a savings technology, with sole purpose to exist as the most stable & secure blockchain/ledger on Earth and it's doing that. Exist + time/patience, it'll go up (long term) against any debased fiat currency.


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