Topic: How to get the money when 1 BTC = loads? - page 2. (Read 3655 times)
If it truly goes that high merchants will be clamoring to get it and acceptance will grow with it. The time will come that fiat will be harder to spend than crypto in my opinion.
People on small countries might have problems buying groceries, etc., with bitcoins, but can always sell some on exchanges and use anonymous debit cards to buy things.
Forget about Denmark or Germany, unless you go live there. Taxes are collected on the country you reside.
You will not pay any tax buying products and services directly
If bitcoin reaches $10,000 or higher over the next couple years, selling locally would become impractical. I wouldn't be keen on meeting strangers all the time to swap cash, it seems like a good way to get robbed, or perhaps even charged with crimes such as "unlicensed currency broker" or similar like those guys in Florida.
What I'd like to know is, if you trigger a CTR or SAR report by a bank for a large deposit from a bank (say... $10,000+ in the course of a week or so) would they freeze your account? I'm sure they'll call you up and ask you to answer some question to comply with these regulations, but is "I invested in bitcoins and I'm cashing out. Here's an audit record of my purchases/sells" grounds to have your account frozen due to legal grey areas? That's what worries me. Not bullshit like, 'when bitcoin becomes big, it will be used for everything, so you don't need to worry about that!' because I don't think that will ever happen.. or at least not for a long, long time.
What I'd like to know is, if you trigger a CTR or SAR report by a bank for a large deposit from a bank (say... $10,000+ in the course of a week or so) would they freeze your account? I'm sure they'll call you up and ask you to answer some question to comply with these regulations, but is "I invested in bitcoins and I'm cashing out. Here's an audit record of my purchases/sells" grounds to have your account frozen due to legal grey areas? That's what worries me. Not bullshit like, 'when bitcoin becomes big, it will be used for everything, so you don't need to worry about that!' because I don't think that will ever happen.. or at least not for a long, long time.
The problem with spending bitcoin directly is that it is trackable. If you leave any kind of digital trace to your coins you will be found and taxed - and most of us do. Anonymous wallets with conversion to fiat is necessary to stay taxfree.
trackable? you know only the position of the one sending the coin, you can't know who send them, i can just use a mobile device, send coins and then move to another location
Or you could use localbitcoins, but that leaves a trail to your email and ISP. And a phone is the most public of devices to use.
how about i just mine and dump them to friends? it's not that easy as you think, anyway my argument was about buying directly in btc, so no dumping on fiat or others thing like that, combine this plus future completely anonymous bitcoin, and they will not be able to track shit
The problem with spending bitcoin directly is that it is trackable. If you leave any kind of digital trace to your coins you will be found and taxed - and most of us do. Anonymous wallets with conversion to fiat is necessary to stay taxfree.
trackable? you know only the position of the one sending the coin, you can't know who send them, i can just use a mobile device, send coins and then move to another location
Or you could use localbitcoins, but that leaves a trail to your email and ISP. And a phone is the most public of devices to use.
Not this shit again. Bitcoin payments happen at the speed of the internet. Go actually buy something with it and see for yourself.
Yes, sending money on bitcoin is very fast. Making sure that the transaction is legitimate can take a fair bit of time, however.
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?
I don't think my wife would go for that...
The problem with spending bitcoin directly is that it is trackable. If you leave any kind of digital trace to your coins you will be found and taxed - and most of us do. Anonymous wallets with conversion to fiat is necessary to stay taxfree.
trackable? you know only the position of the one sending the coin, you can't know who send them, i can just use a mobile device, send coins and then move to another location
Bitcoin won't be the currency. It already takes too long to use. Bitcoin would be like a gold bar. Sure, it is valuable, but it is not convenient to pay for every day necessities. You need other, "lighter" cryptocurrencies for that.
sending them is very fast, the pain in the ass is waiting for some confirmations, because there other attack type beside 51%
you can make small montly cash outs, small enough to don't attract attention.
you can sell directly to local buyers for cash or something.
buy services and things you otherwise would buy with fiat with btc, if possible, and have more spare cash.
use bitcoin mixers to cut the link to your coins for you
buy drugs on Silk Road then resell for cash to your friends
depends if you want stay under or out the law(and how out are you willing to be)
you can sell directly to local buyers for cash or something.
buy services and things you otherwise would buy with fiat with btc, if possible, and have more spare cash.
use bitcoin mixers to cut the link to your coins for you
buy drugs on Silk Road then resell for cash to your friends
depends if you want stay under or out the law(and how out are you willing to be)
Not this shit again. Bitcoin payments happen at the speed of the internet. Go actually buy something with it and see for yourself.
Yes, sending money on bitcoin is very fast. Making sure that the transaction is legitimate can take a fair bit of time, however.
Bitcoin won't be the currency. It already takes too long to use. Bitcoin would be like a gold bar. Sure, it is valuable, but it is not convenient to pay for every day necessities. You need other, "lighter" cryptocurrencies for that.
Not this shit again. Bitcoin payments happen at the speed of the internet. Go actually buy something with it and see for yourself.
Bitcoin won't be the currency. It already takes too long to use. Bitcoin would be like a gold bar. Sure, it is valuable, but it is not convenient to pay for every day necessities. You need other, "lighter" cryptocurrencies for that.
When 1 BTC = loads, BTC will be 'the money'.
Germany treats btc as a commodity so tax free beyond holding of 1 year
Not sure how long it will stay this way though
Not sure how long it will stay this way though
The problem with spending bitcoin directly is that it is trackable. If you leave any kind of digital trace to your coins you will be found and taxed - and most of us do. Anonymous wallets with conversion to fiat is necessary to stay taxfree.
you can create paper wallets with offline computers, load them with bitcoins through mixed coins (which are nearly impossible to track), and sell them for paper dollars on the street.
Good luck tracking that.
The problem with spending bitcoin directly is that it is trackable. If you leave any kind of digital trace to your coins you will be found and taxed - and most of us do. Anonymous wallets with conversion to fiat is necessary to stay taxfree.
you can create paper wallets with offline computers, load them with bitcoins through mixed coins (which are nearly impossible to track), and sell them for paper dollars on the street.
Good luck tracking that.
It would be nice if you could trade your bitcoin in for precious medals, at least until bitcoin becomes more stable in value (if it ever reaches that point). more than taxes, I worry that withdrawing to a bank account will cause regulatory issues that could lead to having the account frozen and funds seized if some beauracratic bean counter deems it sufficiently "suspicious".
The problem with spending bitcoin directly is that it is trackable. If you leave any kind of digital trace to your coins you will be found and taxed - and most of us do. Anonymous wallets with conversion to fiat is necessary to stay taxfree.
Jump to: