If you had suddenly 500 BTC - page 11.

chaosknight

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Quote from: 1Referee on July 03, 2016, 03:45:15 PM

I would prefer not to sell any of it, but just for the sake of answering the question- I will cash it out in several steps. Probably a few BTC per time. I have no problems with this taking quite a long time to convert all these coins to fiat. I just don't want to government to snoop from my money once again.

Yeah transferring on regular basis will help you in keeping away from any controversies and would prefer to sell coins in small amount so my earnings with bitcoin would be safe.

Akupuniard

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It's a free sprot car and also easy house rebuild, if it happent to me it will be my luckiest day, but i don't believe on fairytails so i will keep working by myself.

1Referee

legendary

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I would prefer not to sell any of it, but just for the sake of answering the question- I will cash it out in several steps. Probably a few BTC per time. I have no problems with this taking quite a long time to convert all these coins to fiat. I just don't want to government to snoop from my money once again.

gentlemand

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I would tell the bank where the money was coming from? If it's my property then it's my right to sell it and pocket the cash, not that I would. No laws are being broken.

Jeremycoin

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I would do it slowly, I wouldn't just withdraw it to fiat with a sudden. I would probably withdraw 10/5 BTC first, and keep doing it every month til I can finally withdraw the half of them. Because I don't want to withdraw it all, I want to keep the 50% for a long investment for myself.

Posum578

sr. member

Activity: 336

Merit: 250

I will spend it, i will use it to get better life
Seriously if i ever have 500 bitcoin or i am the earlier bitcoin user and become millionaire i no need to work again
Just having a nice time with my family

yenxz

sr. member

Activity: 294

Merit: 250

Quote from: Curious8 on July 03, 2016, 12:38:28 PM

How would you transfer the btc to your bank account without making the Banks / OECD / ask questions?

And even if you get cash from localbitcoins someday the efforoties may ask you from where this car or how you bought this house..
What would you do ?

Little bit hard,i think banks will ask me about ckarification,its very big amount of money,but i will keep transfer with many banks account,spread money on several account.

raphma

sr. member

Activity: 350

Merit: 250

and why would you?
there are better ways to spend your bitcoins.

but, if you really need to cash out TO YOUR BANK account, then i dont think there are other way, you will have to do it slow Roll Eyes

helloeverybody

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Quote from: bearex on July 03, 2016, 02:48:01 PM

probably sell them all, and try to live off the money Cheesy

You'd be hard pushed to sell them all in a oner without drawing alot of unwanted attention to yourself. Also you could stand to make a whole lot more money simply by hanging into them.

zwanzig20

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Merit: 10

Quote from: smho_16 on July 03, 2016, 02:39:47 PM

I would be very happy and directly I would have quit my daily job. 350.000 Dollars is a nice amount and with that I can live for the next 30 years without problems, life would be very beautiful if this happened to me, but I know it will never will so back to reality and to my mere small amount of coins.

What would you do with your freetime then?

bearex

hero member

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probably sell them all, and try to live off the money Cheesy

smho_16

sr. member

Activity: 420

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I would be very happy and directly I would have quit my daily job. 350.000 Dollars is a nice amount and with that I can live for the next 30 years without problems, life would be very beautiful if this happened to me, but I know it will never will so back to reality and to my mere small amount of coins.

helloeverybody

legendary

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Cashing out with a face to face transaction is your best and easiest bet if you don't want to raise any unwanted attention to yourself. Simply selling 1 a week directly into your bank account would be fine too as it would just look like weekly wages. If you wanted to go mental with spending then just get a bitcoin debit card. Unfortunately this isn't a situation in ever going to be in.

outatime1

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I would most likely transfer to an exchange like coinbase and then send to my bank account. I would do it in small amounts of course because I don't really trust any exchange.

bitbunnny

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Quote from: socks435 on July 03, 2016, 01:45:22 PM

Honestly for me if i had 500 btc its very difficult to withdraw it because they will ask if where did i get that huge amount of money..
but i think many credit card here like bit-x coinbank are offering that you can withdraw it and transfer to your bank account.. without any hassle..
Also if you can trusted someone you can convert your bitcoin in to paypal instead.. and withdraw it.. but for me its risky because its a huge amount of bitcoin anytime they can reverse the payment..

I agree, Bitcoin debit cards are good ways to withdraw the money. Although I think that they also have some obligations related to anti-money laundering laws and policies. But you don't have to withdraw such a large amount at once.

Barbut

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Quote from: Curious8 on July 03, 2016, 12:38:28 PM

How would you transfer the btc to your bank account without making the Banks / OECD / ask questions?

And even if you get cash from localbitcoins someday the efforoties may ask you from where this car or how you bought this house..
What would you do ?

I would find a way to transfer money into bank account, that is not a problem. Maybe I will need some time to finish that, but it would be done in a month or even sooner.
Second thing is a bit confusing for me, why would I hide where I got the money? Since I got into btc world I`m telling people around me for this, and many didn`t even hear for bitcoins. Anyway, I`m talking how btc is the future, how we will use it one day like any other currency. I`m talking how its growing, how I`m earning it.. and when I finally get all this coins why would i hide it? I think people around me will finally see that someone can earn from btc, and that is a good sign for future.
I think I would buy a car and put a BTC on every door, so anyone who see my car will know where I got it. And everything else will have BTC sign.

dragonusa9

hero member

Activity: 756

Merit: 500

if this really happened, that i will hold it and sell it when the price rise. manage it and maintain to earn more than only 500 BTC. investing 400 BTC and giving 10 BTC as charity is not so bad to do Grin

socks435

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Honestly for me if i had 500 btc its very difficult to withdraw it because they will ask if where did i get that huge amount of money..
but i think many credit card here like bit-x coinbank are offering that you can withdraw it and transfer to your bank account.. without any hassle..
Also if you can trusted someone you can convert your bitcoin in to paypal instead.. and withdraw it.. but for me its risky because its a huge amount of bitcoin anytime they can reverse the payment..

bitbunnny

legendary

Activity: 2912

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If I suddenly had 500 BTC then I suddenly would be very rich. Grin

This is not very likely to happen but would have very serious thaughts what to do with that amount of Bitcoins, how to invest the, how to spend them, how to make the profit even bigger. I would be very affraid not to get hacked or not to make bad decisions and lose them.

Curious8

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Quote from: n691309 on July 03, 2016, 01:21:55 PM

Quote from: Curious8 on July 03, 2016, 01:01:45 PM

Quote from: n691309 on July 03, 2016, 12:50:58 PM

Quote from: Curious8 on July 03, 2016, 12:38:28 PM

How would you transfer the btc to your bank account without making the banks / OCED ask questions?

Hiring 250 people and then send they the money to you but it will still be noticeable if this happens at the same time with the same amount of withdrawal to the banks. Maybe buying something else withdrawing time by time not all in once etc.

This is not smart at all. too many people work with you, easy to track you down.

Well I don't know what is the source of these bitcoins but if it is legal then i wouldn't worry to much. Maybe up to 3k per person should not make your bank ask what you are doing or anything else. You can sell them for cash locally in your city or country and not being noticed. Also you can buy hardware things and then resell them.

of course it is. isnt it weired that to many people transfer you money and your not business ? what you give them in turn ?
in case of investigation the first thing to do is to investigate those people.

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