/biz/ - Business & Finance

Link can solve this problem

Banks are creating their own "virtual currencies", with a smart contract and external data it would become really easy to cash out/in of crypto


I dont think crypto will go down anytime soon, this way they will have some control over who owns what and therefore will be able to tax it correctly

Since they cant against crypto, they will join it

good post OP. We should have a discussion about this. It is a legitimate concern

source: I work for an exchange

>>4694734
>Can't cash out... is not a completely a meme.

I don't need much.
Just enough to live and the interest of owning a shitload of coin would be enough to keep me going so I could pursue whatever without the 9-5, gas food and living expenditures, maybe make a tiny house with my earnings and live at the edge of the grid where I can still receive decent home Internet and without retarded zoning laws.
Maybe even get together a tiny neighborhood.

Crypto is the perfect opportunity.
Any interest I'd be shaving off would be kosher under tax.
I just wanna live a less complicated life where I can do what I want and don't mind that I cannot throw my weight all at once, per say.

>>4694811

Time will tell. But that doesn't solve the immediate problem. Trapping people in cryptos serves to keep the market going after all.

>>4694844

Thank you. It is something that people really need to be aware of, especially as many of us have made big recent gains, many newbies are investing without a clue, and then the alt traders who are happy to keep their float on an exchange and have;t given any thought to actually liquidating their profits.

Forums, including this one are filled with very small time traders playing with a few hundred or thousand, and don't realise that it all changes when dealing with large amounts.

I cashed out 2 of my 3.11. I can feel a fall coming but I’m going to reinvest if this shit levels.

>>4694938

Doesn't apply to you. Keep dreaming, and good luck with your trading.

Remeber this thread when you are holding 5-7 figures, watching it fluctuate rapidly and want off the rollercoaster to go buy your shiny toys.

>>4694734
there will be something come along soon enough lad. You probably wont get a chance to invest though.

>>4694734
You can cash out in euro, dollars and britbucks in coinbase.
You can cash out in yen in bitflyer.

>>4694811
>>4694844
>>4694999
these digits

OP i am never cashing out because ive lost all my btc to shitcoins and what little btc i have left ive decided to hodl. as for the people who do cash out large amounts they all do so OTC

>>4694734
the real question is how does one cash out in a pain-free tax-free manner?

>>4694999
>Trapping people in cryptos serves to keep the market going after all.

This. The bubble won't truly burst as long as people are forced to stay.

buy gold with bitcoin then sell the gold

i moved over 200k off coinbase and they surprisingly didn't stop me

That actually is a good topic.
I believe that people withdrawing relatively small amounts and then quickly reinvesting are not noticing this, but I don't think that any exchange could stay afloat if 20% of their users decided to just sell and withdraw.

Its even a bigger pain in the ass if your outside of the US

>>4694734
I know plenty of people who will gladly do things, but things, or give me cash if I said I'd send them bitcoin for it. I suggest finding those type of people that are believers in crypto.

>>4696307
you should pay your taxes anon. dont be stupid

>>4696516
If 20% decided to sell then prices would tank. Therefore exchanges would need a lot less fiat to cover everyone.

>>4696359
>make btc4gold.com
>sell fool's gold to neets
>easy BTC
That could work.

>>4696641
My point was that it is very easy for those exchanges to just leverage the shit out of everything and act like banks, not exchanges.

>>4696580
Good point. Cashing out in fiat is just one (small-minded) way of capitalizing on Bitcoin. There are plenty of people who would sell you property, for example, in exchange for some Bitcoin. That's what makes the fed so fucking nervous. They might not have as much control as they thought.

Americans are the only ones who actually have trouble cashing out (and china now but they use crypto to remove their money from the country into korea anyway, where they can cash out)
It's literally just americucks that get fucked over. Every other country its a piece of cake to cash out as much as you want

What do you have to say for yourself america?

>1

>>4696697
It takes one week to cash out a single BTC where I live.

>>4696745
What the fuck? Do they cash you out at the value when you requested a payout or the value when they paid you?

>>4696813
When you requested, minus fees.

Australia is probably the easiest cash out experience ever. BTCMarkets has a 1100 BTC trading volume and processes withdrawals for up to 30k each. If you want more than 30k you just need to submit more withdrawal requests. I feel bad for everyone else with these memes.

>>4694734
Pulled out 37.5k USD before coinbase required a phone in validation now I can pull 100. No issued what so ever. Taxes are my only problem nowadays.

I'm currently trying to cash out because I just literally found out Monacoin was still a thing. It plus another shitcoin would give me about $2k...if only I could cash out. It's easy to buy in,it's easy to trade between shitcoins, but impossible to cash out. I'm waiting for coinbase to send me a small amount to my bank so I can connect my bank account. So fucking slow.

>>4696865
This.

I've only withdrawn 9k from there but it was piece of piss.

Not much of a concern at the moment while we're still in a bull market. If we return to a long-term bear market, then cashing out will become a significant problem

>>4696307

Assuming you can get it out, you best pay your taxes. IRS has coinable by the balls, it'll be a mater of time before this applies to Europeans, and they will have full co-operation. Even if the exchange doesn't report you bank will if you are regularly moving large sums, especially to a personal account, and especially when inevitably a transfer goes wrong or missing as happen soooo often and they start looking at what you are using your account for.

People regularly have bank accounts closed for mentioning the word Bitcoin.

>>4696315

This is the only upside to it.

>>4696359
>>4696664
Nieve. Read the reviews on the 3 major bullion for bitcoin sellers. No support, no contact numbers, and you better believe they would disappear if you sent them 100k+. Also look at their prices vs the actual value of Bullion and you will notice you are paying HUGELY inflated prices.

>>4696491
If true I congratulate you. But everyone is relying on Coinbase, and they have already shown they will go down if there is even a minor crash like the other day. I've moved only £20k though them in small withdrawals, and they required verification twice. The second time cited source of wealth which was impossible to provide having bought the coins years ago on LBTC with savings and moved them around many times since. Anecdotal, but the point is that coinbase cannot be relied on, yet is the number 1 go to right now.

>>4696692
Sure, you might find a property for sale for Bitcoin. But you are hardly spoiled for choice on location and features. Also you will need to have a lawyer handle the escrow, and how many are going to touch bitcoin? You'll still have to pay your taxes of course. Possibly I agree, but hardly a solution for all.

>>4696697

Can't speak for the Chinese, but how long before Korean exchanges run out of Fiat or get regulated? Would be interested to know if Chinese actually cashing out or holding? But its not just the Americans. cont.

>>4698028
>>4696697

Brits for instance had every option but coinfloor stop offering withdrawal in Sterling due to UK banks being very unfriendly to Bitcoin. Can still do SEPA transfer in Euros on Kraken and Coinbase (they say GBP withdrawal, but it's a SEPA transfer), and lose money on the exchange rate from Euros, or open a Euro account somewhere who will report you under AEOI laws for taxes, and had better be very bitcoin friendly, or will take exception of a foreigner landing large amounts of cash in their accounts.

>>4696876

Relatively small amount. Better have a backup plan if you intend to do it more than once anon. Be ready for re-verification, delays and hassles.

>>4697020

This.

What I take from this OP..
Worries about buying lambo with crypto using fiat (you can use crypto to buy lambo)
Worries he cant get his toilet paper dollars when he wants to cash out his gains...
If he can cash out his gains, he is angry cos of fees and compliance with international laws.

OP is either
1) a criminal or tax evader
2) not a whale so doesnt have to give a shit about this question anyway or
3) a faggot.

Anyone who cashes out their bitcoins isn’t gonna make it

Look at the facts:

In 99.9% of times you can't "cash out" entirely from an exchange - AFAIK no exchange allows you to just withdraw say $1million.

People often conflate "can't cash out" with "can't cash out everything" - sure, you CAN cash out like $1000 at a time, or more if lucky, but usually not much at a time.

Best way is to buy tangible goods.

>cars
>houses
>precious metals

I cashed out 100k+ easy, lot larping.

Dunno what you pajets talking about.

> muh but if you think you can get tens, or hundreds of thousands out when it all come crumbling down
> muh serious traders stucked

You do know big institutional money is cashing in and out exchandges every day?
They have suport lines, peronal assistents and shit for serious traders lol

This is a serious problem. Could you imagine if any other brokering service had capital controls to the tune of 15,000 per week and you had to be a "trusted customer" for that privilege. All the while their website is crashing and there are major solvency questions hanging over it. It really is staggering what exchanges get away with and people put up with.

>>4698169

Institutional money uses brokers to do OTC trades. Assuming there is a buyer when you need one, and the broker doesn't scam you, sure you can move millions an a corporation or a high net worth individual who used a broker to buy in the 1st place and can back it all up with paperwork.

I've cashed out large amounts, but never all at once, or in a panic. Have you? Point is it is possible but there aren't that many options, and none will be reliable.

>>4698138

Shame there aren't more tangible goods you can buy. But you are right. Assuming you can pay a fair price. Assuming you aren't panic selling in a dip and assuming it's not a scam.

>>4698103

Only 1 faggot here pal. These concerns are valid, and everyone ought to do their homework.

I always pay my taxes. That's another reason many will be trapped or hold though. Capital gains is 20-30% for a lot of peoples. There will be a tonne of evasion after this last spiked and we are already seeing the IRS crackdown with coinbase. No way round it, but I think a lot of people may be in for a shock who don't.

>>4698237

This guy gets it.

As time goes on, there's more and more bitcoins created as mining reward
Money being created out of thin air
You couldn't back those with fiat

Think about it

I suppose a lot of bullion trading shops/vaults have a similar problem.

If they had a large demand for withdrawal into fiat then they would have to find gold buyers to cover.

In theory, the exchanges would do the same

>not enough fiat to cover bitcoin reserves

Is this a fucking meme? They use gdax to trade directly from other people

Why would I want to cash out? I've had no problems withdrawing small amounts, and I intend to keep it that way. I'm not holding BTC so I can live it up, I'm holding so I can buy something of value like property in the future. Considering how far crypto has come since it started, I'm reasonably confident that there will be new ways of using crypto beyond just tying it to fiat. Even if it becomes a real problem, there's always the option of buying physical goods and flipping them. I'm patient and optimistic.

>>4696047
Salt lending

>>4699136

Safe to say you hold a tiny amount of coins, if any, live in your mums basement and live on hopes and dreams.

>>4699450

This will be a game changer if it takes off. Loans on BTC/Crypto holdings will be a great way to avoid taxes legally. I don't usually speculate on tokens and ICOs but I bought in on this one.

>>4696697

>>4696640

You should let the government mug you in broad daylight anon to waste that money on services that help no one, anon.

You should never stand up against injustice anon, because the government is stronger and can put you in jail.

When another anon goes to jail for the horrible crime of not paying 2 thirds of their hard work, you should just stand by, watch and laugh, anon.

>>4696813
mine did at the time you requested IF they receive the coins within 5 minutes, which is unrealistic unless you pay a massive fee and confirm in the very next block
any later its at the time of confirmation. bad trap for new people since theyre unfamiliar with fees and the rate can fluctuate so much

LITERALLY CAN'T CASH OUT

>>4694734
This is a serious issue.

T'was the reason for the rise of the cash out meme.

Also, it's why the bubble hasn't "popped," but rather big money is getting the fuck out very very slowly.

This thing will never actually pop.

Getting out in increments is best.
11k was prime time.
But now 9-10k, is the sweet spot.
Sure new money is coming in, but wtf do they know. All they are going to do is to hodl. Lol like that will drive the price up even higher.

Good Luck Anon.

you don't really need to cash out when you services like bitwala that allow you to pay directly from your wallet.

not a fair exchange but hey, you are actually living off crypto

>>4700624

>Bitwala

Those exchange rates... lol. you're a sucker anon.

>>4700583

>Getting out in increments is best.
True. Still liquidating big amounts is a huge pain. 10k is the sweet spot because they aren't obliged to report less than this.

>>4700583
>This
I have quite a bit left to take out, but that is the least of my worries.

>'Merica

This IRS Probe is my main concern, I don't mind paying taxes, but not entirely sure how hard they are going to come down on us, and if this is only the beginning with the IRS.

This is what has me worried.

I'm getting off topic, and what do I know.

I'm just one guy.

Their are teams of people, companies, and now institutions in the game.

Seriously, I wish all you genuine /Biztards the best of luck in the coming year.

God Speed.

>>4700975
Fuck. Thanks for the reminder.

I was seriously hoping it was a meme.

>>4695037
Just trade for Sai if you want to be safe. No need to cash out of crypto until you need fiat to buy something.