Topic: Safety measures in case of huge profit (Read 1805 times)

First is you must store it in a safest way that is suitable for you . All wallets has its risks it depends on how you can handle it . My recommendation is to use any cold wallet but if its impossible then a desktop wallet will do just be sure to keep it clean .

The safest way is to convert it to a highly reputable exchanges but that amount is huge so people might find it suspicious so just set a schedule for example is to withdraw every week for your transaction not get a lot of attention .

To my point of view not all eggs in one basket. If I was you I would use the same policy like as if I had an investment stocks portfolio i.e a risk policy management which implemented via diversification. Therefore, most part 50%-60% I would keep it to hardware wallets (trezor, ledger, opendime sticks, anything after a research you believe is the safest choice). The next part about 20% I would deposit to 2-3 well known exchanges (to reduce the risk in case of hacking). The rest of my coins I would convert in fiat (using localbitcoins and cryptocurrency ATMs).

I think this would not completely protect his funds, since exchanges have several points of centralization. I think the important thing, as other users have recommended, is to have most of the funds stored in places for which only the owner of these funds owns the private keys.

Have an exchange account ready, verified and waiting. Like it or not, verified trading accounts are the most convenient way to securely trade bitcoin at current rates.

If you are that worried about information remaining in your computer you could create and installation just for that and then wiping the hard drive clean securely so no traces of the wallet remain in the hard drive, you could even use a high capacity usb for that if you have one.

30 btc is a big money in fiat and i don't think that will be good for you to convert to euro without make flag red to your bank account. i think you need to separate your bitcoin in many wallet like HarringtonStark said and then you can sell your bitcoin with small part and hold the rest of your bitcoin.

If you can use it directly why bother convert it into other currencies, but if you are good with trading and knows a thing or two about it you should invest some, and if you are not then just save your hard earn bitcoin for a value increased and stay away from gambling if you don't want risking you bitcoin to be gone!

With the example you told us, you are saying that you got BTC30 profit? Kinda unusual since bitcoin quantity are not increasing while there is a bitcoin price increase. It should be BTC30 value in fiat so it's on USD value. You sold your bitcoin into fiat. Just correct me if Im wrong. To continue this, do you have any bitcoin exchanger there in your place that supports direct exchange of bitcoin to Euros? If not then find a way to have your USD in that exchange be converted in Euros.

On the other side of the note and situation, if you have BTC30 on hand, then get out from that exchange if you will not do trades anymore and stored it first in a safe wallet to considered, Electrum is my suggestion. After that only send bitcoin by batch and transfer it on your local exchange that conveting your bitcoins into Euros.

if you bought them from an exchange at a much lower price, them get some proof you bought them, so you won't get problems to prove where your immense amount of money come from.  You might want to consult a lawyer before doing any big withdraw, to minimize the problems

if you don't have to prove that the value worth of Bitcoin you have come from a legal source(for example: you earned them in the forum with signature campaigns and offering services, then price skyrocketed to $10k+/btc), then better save them in cold storage somewhere safe, and spend them slowly, some few thousands USD/month at most shouldn't get too much attention

I agree with the electrum bit, but why do you need to print private keys on a paper?
Just make a note of the seed and you are just as secure.

I would only convert small amounts of bitcoins to EUR at a time to be safe. I will also split my bitcoins on different wallets just to be safe.

Bro no need of the hardware wallet and all to safe guard your bitcoins. Simply you need not to share your private key and wallet.dat to anyone. Prefer desktop wallet to have your bitcoins. That would be fine.

I was referring to the fact I don't want to see my bank account frozen or the IRS asking about me (although Bitcoin is not money).

If I buy from online store that accepts Bitcoin they get my name and address and can send it to IRS.
I know of ANON debit cards, but I'd have to use them at the local store (so I should get the physical version), else (online store) they get my name and address.
Also ANON debit cards have quite small limits and here we talk about amounts that can draw attention (if we ever get so lucky).

Halcash is a resource I didn't know of and I start reading about it. But from what I see it's tied to services where you have very low limits, if not registered (20 EUR/day, 1000 EUR/year).
However, it's the best option I've seen until now, although it means it's not anonymous (you have to register to do anything meaningful there).

If ever I will receive huge profit, i will keep it on my wallet for a while then after a few days, i will transfer it into my bank account or convert it into fiat. i also have another option, i will invest it on my trusted sites. by doing that, i can earn more profit passively and wait again for another withdrawal

1) Reply to first post of the thread:
Sell a portion when price is highest in say a weeks price range. i.e. sell half your bitcoins at the exchange....wait a few days for a dip and then buy again with all or part of that fiat you have from having sold half before. The point is you don't want to reduce the number of bitcoins because, as someone has said, it is most probable that they will be worth even more in the near or distant future. If you have sold half then bought the same amount of bitcoins when there's a dip, you will still have some fiat cash left which you may spend knowing you are still long on bitcoin as you should be.

2) Reply to post about whether Bitcoin is tax free: Not sure if you are referring to the tax when you buy a product. As far as I know if you buy from any store in Europe that accepts bitcoin they will charge you the normal price, including the sales tax that you would pay normally had you made the purchase with fiat in the first place. That is, they will charge you the price of the product in bitcoin at the equivalent exchange rate of euro to bitcoin they use. So in that sense, no, bitcoin is not going to be like buying duty free like you do at duty free places at airports. Now, if you are referring to some other type of tax, like taax on whatever gains you might have made between price you bought bitcoins and sale price of them...up to you to see that.

Also, regarding spending your bitcoin directly anonymously I think some of the debit bitcoin cards (VISA, MASTERCARD types) have the option of buying unnamed anonymous cards. There's plenty of information in these forums in threads such as
https://bitcointalksearch.org/topic/list-of-bitcoin-debit-cards-1242788

Also look up halcash which is system to receive fiat from bitcoin at any ATM. Not anonymous for the receiver (person who takes out the fiat from the ATM) because you will have to input your mobile phone number but it can still be handy, also of course bitcoin machines all around Europe...

So, generally, there to questions: 1) where to keep your Bitcoins; 2) How to convert your Bitcoins in fiat.
For keeping BTC Trezor wallet is good option in my opinion. Especially, if you have 30 BTC or more.
There are many ways to exchange BTC to fiat and it depends on how you want to do this: publicly or secretly.

Maybe he is cashing out to get back the capital he had used so it will be necessary. I would not do it instantly 30 bitcoin in one swoop of cash out. Try to do it little by little until you get back what you wanted and leave some for investment or just in case a big BOOM comes out of 2017.

Several ways to go about it of which the most important is understanding the financial environment of your locality which to the best of my knowledge since its Euro it wont be palatable to move that amount of money. But I would say that you should try move it in bits and not be carried away by moving it once because doing so might attract unnecessary attention which is important for you to avoid at this point as the issue that might generate might be more than what you can handle.

I think local bitcoins will be best option for you because you don't want to reveal you ID
However, if you do you can go with coinbase.
I remember I found a website tor based and www based as well which send you PayPal money for bitcoins.
I will state the link here if I find it.

Such an increased security concern is not required, because these days wallets are found much improved with security features. Just diversify and place it in few wallets and have the personal keys secure. You can use it during the requirements directly or converting to fiat. Other than this if Op feels converting to fiat is risky make a investment with a trusted legit investment website even it gives low interest for the amount deposited.