I buy 3btc of EXCL
1 Btc of Eth
New home and rest I keep in safe
Topic: If you had suddenly 500 BTC - page 2. (Read 6396 times)
The Government treats Bitcoin like it does gold, when you sell Bitcoin you have to pay taxes on it.
You can always sell it by portion of 5 in local bitcoins and cash it out via moneygram, western or any other means but avoid bank transfer. or if you want to double it invest on ICO coins but always read the and investigate.
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 ?
Trade the BTC for gold and/or silver. Currently there are no laws in place that I am aware of that make this transaction taxable. Trading the metals for fiat when need be is also tax free and anonymous at any local coin shop. 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 ?
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 ?
First of all I wouldn't sell all 500 Bitcoin unless the price is extremely high ($1000). I would sell some and store my rest somewhere safe. If you do sell 500BTC, then I would just say the exact reason to the efforoties and to the bank. After all, it isn't as if holding Bitcoin is illegal in most countries. 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 ?
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 ?
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 ?
Nice try department of justice.
Unless you got the dosh you'll never hold 500 BTC, but you can hold something better fundamentally, you can have 500 XMR by BTC's price in early 2011.
i think it is just the supposition and not reality. but i will like to say that if i got 500 bitcoin it will certainly make me a rich person. i will turn change my whole life structure i think. will be different once they get a prize. maybe I was crying and I' will change my life with the 500 btc
Firstly i will not sell all of 500BTC. may be hald i sell and half oh them i will hold.The one which i sell i withdraw one by one 4-5 BTC at once because there is no need to withdraw them all at once.But it wont invest any btc i will do nothing till i withdraw all of them.
if had that BTC for real then i would buy anything that i want., I wouldnt be worrying on spending it since it doesnt come from my wallet and hard work. Maybe some of it would be invested on trading and other ways to have passive income. %00 btc is a lot of money and you can do many things regarding to that amount.
If I have 500btc. I will bulid and established my own foundation for the children, and orphanage I will also used Bitcoin for any donation.
and lastly I will invest it here in cryptoworld create an altcoins that will adopt bitcoins also.
interesting. what a noble idea. we will pray for you. but keep it in your mind that if you really get 500 bitcoin you will not break you promise and you will regularly inform us about the progress of our projects.and lastly I will invest it here in cryptoworld create an altcoins that will adopt bitcoins also.
I would like to do something for children too, and 500 BTC will give you a lot of capital to make this come true.
Either way when I have funds I will do such a thing.
maybe I would have more confidence if you have previously donation
With 500 bitcoins you do this (as an American):
Create a business in the Caribbean and transfer your bitcoins to the business. Wait for the price to go up to the point that you can leave the US. Once it's at a high enough price, pay yourself a salary of $100,000 per year. As a US citizen living outside the US over 330 days per year you can exclude the first $100k of your salary from the income tax.
You can also pay for things like a "company boat" or "company housing" with the company's bitcoins. You can also charge yourself housing as a business and that housing cost can be excluded from your income taxes as well.
Or you keep accumulating more bitcoins while learning to live on bitcoins instead of messing around with fiat.
Create a business in the Caribbean and transfer your bitcoins to the business. Wait for the price to go up to the point that you can leave the US. Once it's at a high enough price, pay yourself a salary of $100,000 per year. As a US citizen living outside the US over 330 days per year you can exclude the first $100k of your salary from the income tax.
You can also pay for things like a "company boat" or "company housing" with the company's bitcoins. You can also charge yourself housing as a business and that housing cost can be excluded from your income taxes as well.
Or you keep accumulating more bitcoins while learning to live on bitcoins instead of messing around with fiat.
That's a good way to avoid paying taxes, but leaving your home country for 330+ days seems hard. I would rather invest this money into a venture and make it successful.
Money needs to be active to grow it.
There s not reason to worry about transferring the Bitcoin to your bank and whether or not they would be asking questions of such. Bitcoin is considered an asset in most countries. Because of this, all you have to do is sell your asset and then transfer the funding to your financial institution. Only reason to worry would be if you are doing something illegal.
Unless you got the dosh you'll never hold 500 BTC, but you can hold something better fundamentally, you can have 500 XMR by BTC's price in early 2011.
i think it is just the supposition and not reality. but i will like to say that if i got 500 bitcoin it will certainly make me a rich person. i will turn change my whole life structure i think. Maybe in portions of 5 BTC?
Or just throw in into a tumbler and just cash out. What are the banks going to do about it
...
I would sell halve of them right away because it would not be a bad idea to make some money right now. I then would save the the other halve for the future. Or just throw in into a tumbler and just cash out. What are the banks going to do about it
...But if you have that many Bitcoin you know that you are going to make much money.
500 BTC is indeed a lot, but you'll find out how easy it is to burn through your stash once you start spending them on things. Then you'll see what's left of the 500 BTC you once had.
Maybe in portions of 5 BTC?
Or just throw in into a tumbler and just cash out. What are the banks going to do about it...
I would sell halve of them right away because it would not be a bad idea to make some money right now. I then would save the the other halve for the future. Or just throw in into a tumbler and just cash out. What are the banks going to do about it
...But if you have that many Bitcoin you know that you are going to make much money.
yeah and I think that it can make us our dream come true as you can do anything once you hold that high amount in your wallet, I think you will be the king of the world.
With 500 bitcoins you do this (as an American):
Create a business in the Caribbean and transfer your bitcoins to the business. Wait for the price to go up to the point that you can leave the US. Once it's at a high enough price, pay yourself a salary of $100,000 per year. As a US citizen living outside the US over 330 days per year you can exclude the first $100k of your salary from the income tax.
You can also pay for things like a "company boat" or "company housing" with the company's bitcoins. You can also charge yourself housing as a business and that housing cost can be excluded from your income taxes as well.
Or you keep accumulating more bitcoins while learning to live on bitcoins instead of messing around with fiat.
Create a business in the Caribbean and transfer your bitcoins to the business. Wait for the price to go up to the point that you can leave the US. Once it's at a high enough price, pay yourself a salary of $100,000 per year. As a US citizen living outside the US over 330 days per year you can exclude the first $100k of your salary from the income tax.
You can also pay for things like a "company boat" or "company housing" with the company's bitcoins. You can also charge yourself housing as a business and that housing cost can be excluded from your income taxes as well.
Or you keep accumulating more bitcoins while learning to live on bitcoins instead of messing around with fiat.
Maybe in portions of 5 BTC?
Or just throw in into a tumbler and just cash out. What are the banks going to do about it...
I would sell halve of them right away because it would not be a bad idea to make some money right now. I then would save the the other halve for the future. Or just throw in into a tumbler and just cash out. What are the banks going to do about it
...But if you have that many Bitcoin you know that you are going to make much money.
If i had suddenly 500 BTC, (this can supply at least 3 generation from me) I will encash it slowly. then build me a profit generating business, then buy me a house and lot. Cars later. I would give 20% to the charity. And give some initial capital to my chosen relatives to help them establish a better living.
Maybe in portions of 5 BTC?
Or just throw in into a tumbler and just cash out. What are the banks going to do about it...
I would sell halve of them right away because it would not be a bad idea to make some money right now. I then would save the the other halve for the future. Or just throw in into a tumbler and just cash out. What are the banks going to do about it
...But if you have that many Bitcoin you know that you are going to make much money.
That's a huge amount. If I had such a volume of bitcoin, possibly I could have got a relaxed living without the pressure of earning to have a good living.
yeah maybe I will retire early and enjoy the fruits of my wealth. 500 btc is equivalent to $300,000 that is a very big money even during my lifetime probably cost under $ 300k. but I will not do it. it is futile if I have 500 BTC certainly I would add my wealth again
Yeah everyone will prefer to retire early and have fun in life as 500 btc is too huge amount to hold which can give us best luxury life which we have ever dreamed off.
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