Topic: If 1 BTC = $100,000 How are you going to change into Cash? (Read 1769 times)
It would be pretty crazy. I know I wouldn't ask for physical cash in the mail for sure. But how much cash do you really need to carry around anyway.
I don't want to withdraw all 4 coins but maybe 2 if it got to $100,000.
But how the hell would you do it?
Do you think there'll be an ATM that will give you $100,000?
Would you have to do the ATM every day of say $3,000
Would you sell 0.01 (make 0.01 worth of paper wallets)
How did the norway guy offload his $800,000+
But how the hell would you do it?
Do you think there'll be an ATM that will give you $100,000?
Would you have to do the ATM every day of say $3,000
Would you sell 0.01 (make 0.01 worth of paper wallets)
How did the norway guy offload his $800,000+
i would buy a pizza with it and then the pizza guy has to give you alot change
To answer the original question, if youre asking what my exit strategy is....well, when bitcoin reaches price equilibrium - when bitcoin is no longer gaining 1000% per year - no I won't really hold onto coins any more than I need to. But I won't necessarily turn them into any sort of liquid funds at all. There are lots of assets to own that do appreciate. I am happily riding the bitcoin horse as it appreciates,and when it slows, I'll buy other investments.
One of the things I like about buyying bitcoins right now is that (besides the absurd returns) that they are the most liquifiable non-money around. At its young stage, its not quite money - you have to sell it to get money out which makes it an asset (this is starting to change of course...it is slowly trasitioning from asset to money which is symbolic of its maturity and is its natural progression).
Anyway, if you hold bitcoin now, youd be wise to imagine never having some big cash out. Buy some houses, buy a coffee packaging plant...buy a food truck...whatever your dream etc. Do not "cash out". Money sitting doesnt generate income. Assets do.
One of the things I like about buyying bitcoins right now is that (besides the absurd returns) that they are the most liquifiable non-money around. At its young stage, its not quite money - you have to sell it to get money out which makes it an asset (this is starting to change of course...it is slowly trasitioning from asset to money which is symbolic of its maturity and is its natural progression).
Anyway, if you hold bitcoin now, youd be wise to imagine never having some big cash out. Buy some houses, buy a coffee packaging plant...buy a food truck...whatever your dream etc. Do not "cash out". Money sitting doesnt generate income. Assets do.
Bitcoin will never be used as a mainstream salary payment method in society. It will only be used as salary in certain tech-companies, just as now.
Where I see its main usability for the average joe is for instance when you need to go abroad. Instead of changing your standard currency into local currency, you will simply exchange it for some Bitcoin, which can be used universally and with great advantages. Often when you go abroad you experience high fees on your credit card, both when using in-store and when withdrawing money from ATM's. Here Bitcoins will have a huge advantage when the infrastructure (stores etc) in near future will be expanded greatly, and be a mainstream means of payment in stores.
On-topic: As it has been mentioned it will not be necessary to change into cash. Instead of doing so, and risk getting tax authorities on your back, you can simply spend your Bitcoin instead of cash whenever the possibility arise.
Where I see its main usability for the average joe is for instance when you need to go abroad. Instead of changing your standard currency into local currency, you will simply exchange it for some Bitcoin, which can be used universally and with great advantages. Often when you go abroad you experience high fees on your credit card, both when using in-store and when withdrawing money from ATM's. Here Bitcoins will have a huge advantage when the infrastructure (stores etc) in near future will be expanded greatly, and be a mainstream means of payment in stores.
On-topic: As it has been mentioned it will not be necessary to change into cash. Instead of doing so, and risk getting tax authorities on your back, you can simply spend your Bitcoin instead of cash whenever the possibility arise.
Naw. BTC will compliment other currencies, but BTC is too easy to lose/screw up if you don't know quite a bit about computers. I think about telling my mom how to back up her wallet.dat file...and I conclude with certainty, some will simply never adopt bitcoin.
Yeah, I also feel like some countries will simply ban Bitcoin, but if they do, they might compromise their economy.what's it like in your dream bubble? 
Well it's nice and roomy legendary
Activity: 1862
Merit: 1011
Reverse engineer from time to time
Naw. BTC will compliment other currencies, but BTC is too easy to lose/screw up if you don't know quite a bit about computers. I think about telling my mom how to back up her wallet.dat file...and I conclude with certainty, some will simply never adopt bitcoin.
Yeah, I also feel like some countries will simply ban Bitcoin, but if they do, they might compromise their economy.
Naw. BTC will compliment other currencies, but BTC is too easy to lose/screw up if you don't know quite a bit about computers. I think about telling my mom how to back up her wallet.dat file...and I conclude with certainty, some will simply never adopt bitcoin.
I don't want to withdraw all 4 coins but maybe 2 if it got to $100,000.
But how the hell would you do it?
Do you think there'll be an ATM that will give you $100,000?
Would you have to do the ATM every day of say $3,000
Would you sell 0.01 (make 0.01 worth of paper wallets)
How did the norway guy offload his $800,000+
The idea is that you wont, once Bitcoin is 100% mainstream, there will be no "cash" other than Bitcoin.But how the hell would you do it?
Do you think there'll be an ATM that will give you $100,000?
Would you have to do the ATM every day of say $3,000
Would you sell 0.01 (make 0.01 worth of paper wallets)
How did the norway guy offload his $800,000+
legendary
Activity: 1862
Merit: 1011
Reverse engineer from time to time
I don't want to withdraw all 4 coins but maybe 2 if it got to $100,000.
But how the hell would you do it?
Do you think there'll be an ATM that will give you $100,000?
Would you have to do the ATM every day of say $3,000
Would you sell 0.01 (make 0.01 worth of paper wallets)
How did the norway guy offload his $800,000+
The idea is that you wont, once Bitcoin is 100% mainstream, there will be no "cash" other than Bitcoin. You will be buying everything in Bitcoin, from food to electronics. Your salary will be in Bitcoin. But how the hell would you do it?
Do you think there'll be an ATM that will give you $100,000?
Would you have to do the ATM every day of say $3,000
Would you sell 0.01 (make 0.01 worth of paper wallets)
How did the norway guy offload his $800,000+
what's it like in your dream bubble?
I don't want to withdraw all 4 coins but maybe 2 if it got to $100,000.
But how the hell would you do it?
Do you think there'll be an ATM that will give you $100,000?
Would you have to do the ATM every day of say $3,000
Would you sell 0.01 (make 0.01 worth of paper wallets)
How did the norway guy offload his $800,000+
But how the hell would you do it?
Do you think there'll be an ATM that will give you $100,000?
Would you have to do the ATM every day of say $3,000
Would you sell 0.01 (make 0.01 worth of paper wallets)
How did the norway guy offload his $800,000+
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