Strategic Withdrawal of Bitcoin | Bitcointalksearch.org

maldini

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Remove your bitcoin from cold storage and do daily trading at binance. In my opinion this is the right way to make a profit rather than being kept longer by his wallet. Of course you have to use good management and not trade with all the assets you have.

Quote from: Pipdips on June 18, 2019, 11:56:02 AM

Quote from: pieppiep on June 18, 2019, 10:13:53 AM

How much bitcoin you have?

One of my concerns is the middle men (Coinbase, Binance, and my centralized bank). What avenue is the least problematic of extracting my Bitcoin from my cold storage wallet and converting it to Fiat?

With taxes, I want to follow all the rules and be business-like but I am unclear about the current status is regarding the taxing of Bitcoin in the USA. Since I have Bitcoin (a de-centralized digital currency) why would I pay taxes for Bitcoin profits?

Keeping it in an exchange like binance or Kucoin I think is the most appropriate way, because you will not be taxed during trading unless you do withdrawl or deposit.

exstasie

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Quote from: Pipdips on June 18, 2019, 10:00:02 AM

The parabolic pattern will not last forever. I plan to make an exit by exchanging my BTC for US dollars in my bank. I have a cold storage wallet, a Coinbase account, a Binance account, and a US bank account. I may set 2 or 3 exit points as the parabolic pattern moves upwards.

Is a US bank account really going identify taxes if I funneled and sold BTC for a profit through Coinbase?

The IRS is who you need to worry about, and they are keeping a close eye on Coinbase customers. 3 years ago, the IRS filed a summons on Coinbase requesting all customer data covering a 3-year period. The reason? They believed Coinbase customers may have been evading taxes. After a lengthy court battle, Coinbase handed over the data of 13,000 customers to the IRS and presumably some of those people will be audited (or already were).

I would pay my taxes if I were you. Wink

EdenHazard

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What the first intention for you to buy bitcoin? To hold for long term investment or short term investment? I rarely find some people who use bitcoin as trading place or short term investment place and he store it on the cold storage. Most of the user who has an intention to get short term profit they will use an exchange as a place to store their bitcoin. They will sell if bitcoin goes up more than he bought and he will sell also if the price its goes down. If you haven't known about these strategies then hold it for long term investment and keep on cold storage it will be better. You don't need a startegy to do that, just simple make a target what price that you need to sell to get profit and be patient to through the proccess then you will get the profit as you wanted.

rez303

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Quote from: Pipdips on June 17, 2019, 12:43:27 PM

Bitcoin is in a parabolic pattern. My Bitcoin is sitting in cold storage. What is the best strategy to eventually cash out and profit?

I don't think you should lock the lock and sell it now. If you want a small profit, okay, you should sell it.
According to my vision, Bitcoin will still grow in Q3. we should not sell too soon because big businesses are gradually entering the crypto market and they will focus on investing in more BTC. because simple BTC can solve a lot of payment problems.
Purchasing power will increase significantly after 1 month and you will see that BTC will increase to nearly 11k $.

Thirdspace

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Quote from: tonyvo2017 on June 18, 2019, 06:10:40 AM

Quote from: Pipdips on June 17, 2019, 12:43:27 PM

~ What is the best strategy to eventually cash out and profit?

I think it's Hold. Hold will be the best way for you to get the biggest profit instead of trying to trade for more BTC. ~

hold strategy doesn't really give you profit if you never cash out and realize the profit Wink

Quote from: Pipdips on June 18, 2019, 11:56:02 AM

One of my concerns is the middle men (Coinbase, Binance, and my centralized bank). What avenue is the least problematic of extracting my Bitcoin from my cold storage wallet and converting it to Fiat?

With taxes, I want to follow all the rules and be business-like but I am unclear about the current status is regarding the taxing of Bitcoin in the USA. Since I have Bitcoin (a de-centralized digital currency) why would I pay taxes for Bitcoin profits?

if you worry about those middle men, do peer-to-peer bitcoin/fiat trading in your local area
and about tax I suggest you to follow US tax regulation and pay tax on capital gain
it's a self assessment tax, so you can report it as you deem appropriate based on the applicable tax law

harizen

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Quote from: Pipdips on June 17, 2019, 12:43:27 PM

Bitcoin is in a parabolic pattern. My Bitcoin is sitting in cold storage. What is the best strategy to eventually cash out and profit?

How long now do your precious coins sit at the cold storage/i]?

Why decided to store it in cold storage?

Quote from: Pipdips on June 18, 2019, 11:56:02 AM

My current vision is:
When the parabolic goes way up I will sell my Bitcoin at Coinbase for fiat in chunks that are under $1,000 each.
When it goes way down again I will buy back more Bitcoin at Coinbase in chunks under $1,000 each.

Then followed it and see how's that strategy of yours will be effective in the long run.

Since we have a different approach to something especially "to sell", we might have a different result even if we told you our own way. So put on a test and see if your "vision" will lead you into a decent profit in the long run. If not, then modify it based on "what if".

stomachgrowls

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Quote from: Pipdips on June 18, 2019, 11:56:02 AM

why would I pay taxes for Bitcoin profits[/b]?

Do you live on US?If tax is your concern then you wont have any choice but to declare on what you are earning because try to evade on paying up tax

will really lead into some serious trouble later on once they caught you out.IRS is always behind you but if you do reside into countries which isnt really too strict
into these kind of compliance then you might able to skip out but i wont risk such kind of thing.

Pipdips

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Quote from: pieppiep on June 18, 2019, 10:13:53 AM

How much bitcoin you have?

I do not own that much Bitcoin. I have plus or minus 1BTC. Regardless of whether I have 1BTC or 100BTC, I plan to make smart trades! Thus a lot of my questions here are very generic for good reason.

My current vision is:
When the parabolic goes way up I will sell my Bitcoin at Coinbase for fiat in chunks that are under $1,000 each.
When it goes way down again I will buy back more Bitcoin at Coinbase in chunks under $1,000 each.

The reason I posted this topic is to search for a better method. One reason for that is because Coinbase is not exactly playing by the same set of rules as a lot of us Bitcoiners would like.

One of my concerns is the middle men (Coinbase, Binance, and my centralized bank). What avenue is the least problematic of extracting my Bitcoin from my cold storage wallet and converting it to Fiat?

With taxes, I want to follow all the rules and be business-like but I am unclear about the current status is regarding the taxing of Bitcoin in the USA. Since I have Bitcoin (a de-centralized digital currency) why would I pay taxes for Bitcoin profits?

jrrsparkles

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Quote from: Pipdips on June 17, 2019, 12:43:27 PM

Bitcoin is in a parabolic pattern. My Bitcoin is sitting in cold storage. What is the best strategy to eventually cash out and profit?

Invest those bitcoin into new project which may get you some reap but not recommened for beginners.

Just sell when you think this is the high of parabola and then buy again when it touches the U point.

Or simply hold for many parabolic patters will still gove your more profits.

pieppiep

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Quote from: Pipdips on June 18, 2019, 10:00:02 AM

The parabolic pattern will not last forever. I plan to make an exit by exchanging my BTC for US dollars in my bank. I have a cold storage wallet, a Coinbase account, a Binance account, and a US bank account. I may set 2 or 3 exit points as the parabolic pattern moves upwards.

Is a US bank account really going identify taxes if I funneled and sold BTC for a profit through Coinbase?

How much bitcoin you have? You can try with localbitcoin or your local exchanges so you can get the fiat which will be sent to your bank account. I don't know how US bank account will apply the taxes for you, but maybe you can try with a small amount first. Don't send all of the money in a one-time transaction because that will make your bank suspicious and get alert so they will investigate your account. Sending a small amount of money will be the best solution, and you can repeat the process over and over until the money is transfer in your bank account.

el kaka22

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If you are asking in a price point type of way then the best time to cash out bitcoin is the time you actually need money on a urgent thing, aside from that there is no need to cash out your bitcoin and they should stay in your wallet for far longer even if that means it will be your children that will cash it out.

However, if you are asking for method then the best case is to divide them into smaller numbers, if you have a lot like lets say 100 bitcoins and want to cash them out all at once then you will have trouble, however if you divide them into 1 bitcoin each for 1 day at a time and cash out daily then it will be better because you will know the exchange you use will either steal your 1 bitcoin instead of 100 or they will cash it out like you want and you will get it in the end.

Pipdips

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The parabolic pattern will not last forever. I plan to make an exit by exchanging my BTC for US dollars in my bank. I have a cold storage wallet, a Coinbase account, a Binance account, and a US bank account. I may set 2 or 3 exit points as the parabolic pattern moves upwards.

Is a US bank account really going identify taxes if I funneled and sold BTC for a profit through Coinbase?

1Referee

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Quote from: MadeinCoin on June 18, 2019, 05:20:29 AM

Many ways, you can start by trading, investing in an IEO, or a strong holder. In my opinion the above method is equally beneficial because the bitcoin market is now in good condition, you just have to decide what to do.

Why would you recommend someone to use his precious Bitcoins to buy a trashy pumpy dumpy token? One doesn't sell the hottest and safest asset for something that's created out of thin air and is backed by empty promises and fraud.

---

Apart from what people already mentioned, if you are looking for an exchange to sign up to, make sure you avoid Hitbtc and Bitfinex. I probably would look for a local exchanging service which usually seems to pay out in a quick fashion. It might require a 1-2% (mostly closer to 1%) fee, but the convenience they offer makes up for it big time.

janggernaut

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Quote from: Pipdips on June 17, 2019, 12:43:27 PM

Bitcoin is in a parabolic pattern. My Bitcoin is sitting in cold storage. What is the best strategy to eventually cash out and profit?

Simple, how much did you bought your bitcoins in your cold storage? If the selling price is higher than your buying price, you can sell it anytime as long as it give you some profit. Or cash out 50% would be good too

tonyvo2017

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Quote from: Pipdips on June 17, 2019, 12:43:27 PM

Bitcoin is in a parabolic pattern. My Bitcoin is sitting in cold storage. What is the best strategy to eventually cash out and profit?

I think it's Hold. Hold will be the best way for you to get the biggest profit instead of trying to trade for more BTC. You can see, BTC prices fluctuate very high and if you don't have much experience, you can easily lose more than BTC.
Whale manipulation is very annoying and so I recommend to keep it going.

mk4

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The typical "where should I sell my bitcoin" question; so I'm also giving you the typical answer: Sell it on an exchange. Which exchange? The exchange we would suggest completely depends where you're from.

But try out https://localbitcoins.com/

Distinctin

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Quote from: Pipdips on June 17, 2019, 12:43:27 PM

Bitcoin is in a parabolic pattern. My Bitcoin is sitting in cold storage. What is the best strategy to eventually cash out and profit?

You'll only get that profit if you will sell your bitcoin, don't wait too long if you really want to cash out now, selling it exchange is very easy.
Check the list of exchanges - https://coinmarketcap.com/rankings/exchanges/, and do some google search if you have question on how to sell.

Lucius

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We do not know when OP is invest in bitcoin, maybe he is one of those lucky ones who invest few bucks in the early days and now he finally wants to sell everything. If this is the case, just open accounts on few most trusted crypto exchanges and send some coins there, set sell orders and wait to fiat fill your account. Then withdraw to your bank, pay tax and enjoy life

If you are not satisfied with the current price, just keep those coins in cold storage - they are safe there and they are working for you even in cold storage.

MadeinCoin

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Many ways, you can start by trading, investing in an IEO, or a strong holder. In my opinion the above method is equally beneficial because the bitcoin market is now in good condition, you just have to decide what to do.

Quote from: exstasie on June 18, 2019, 03:45:55 AM

Bide your time. I would continue to keep most of your coins in cold storage. Maybe use 10% or so to margin trade strong trends but never trade everything. That's the sure way to lose your coins (by getting too bearish and not buying back, or your exchange getting hacked). The current levels are nothing compared to what's coming in the next bubble. The current price action is just a small taste of the FOMO that will come after $20K is breached.

Well, I think this is the best way for him, to trade partially and partly to hold it. Trading with all the amount of money we have in my opinion is very risky, so I don't recommend this.

exstasie

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Quote from: Pipdips on June 17, 2019, 12:43:27 PM

Bitcoin is in a parabolic pattern. My Bitcoin is sitting in cold storage. What is the best strategy to eventually cash out and profit?

Bide your time. I would continue to keep most of your coins in cold storage. Maybe use 10% or so to margin trade strong trends but never trade everything. That's the sure way to lose your coins (by getting too bearish and not buying back, or your exchange getting hacked). The current levels are nothing compared to what's coming in the next bubble. The current price action is just a small taste of the FOMO that will come after $20K is breached.

Topic: Strategic Withdrawal of Bitcoin (Read 362 times)