Topic: What to do with our new found wealth??? - page 18. (Read 3215 times)

I believe that Bitcoin is our new found wealth because many people are very thankful to bitcoins because when they learn about it and they join the campaigns it helps them in their everyday living and they consider it as a blessing

We consider Bitcoin as our new found wealth and we must share it to others and introduce them the advantages of having Bitcoin as a living and we must also thank god because he introduces Bitcoin to us

The thing is people get wealthy every single day and I do not see how the government can just keep rolling down on them every single minute trying to question their wealth as long as they are not doing anything illegal or have any proof to state something illegal is being done.

I do not know the level of corruption in OP's country, but governments already know a lot of elites are being created with bitcoin and if that is your source, and you did not get it illegally, then why try to hide from the government? Just my thoughts though, after all, bitcoin is being taxed in some places already.

It's depend on your government policy , as long as it's not against the law, you can still own or trade bitcoin without being fear getting jail.
Example : my case . I can still do bitcoin trading and convert my profit into fiat. I've done this over 3 years and until now !

Agree with you, live the life what we have when we are just starting in crypto world so that no one could recognize the changes you have in life.

The title of the thread should have been how to encash as your question is nothing else other than this. Anyway, you could simply sell the coins bits by bits without letting anybody doubt on you. Diversify the amount into 3-5 wallets and then find sellers who could give you cash in return for the coins. Encashing large amount takes time and you have to be patient while doing the process. You could also make multiple deals at once but then it involves risks and you have to take care of everything. Have everything preplanned and be ready to face any situation.

The truth is, if you haven't successfully sold and withdrawn your profit, you haven't actually made millions, you only have a potential to make millions. Bitcoin's price is still very volatile, so crashes and dips are very much expected, the only questions are when, how much and how long.
Converting big sums into BTC is really not an easy task. Electronic money systems are monitored, so if you'll move too much over a short time, you'll quickly attract regulators and in corrupted countries there's a good amount of risk that they will try to literally rob you. So, be very cautious with your moves and don't make any hasty decisions.
First, you have to start caring about your privacy - use ToR, VPN, and other methods, don't talk about crypto with anyone, including friends and relatives, delete all mentions about crypto on your social media accounts, etc. Start exploring your local Bitcoin communities - your best bet is to exchange Bitcoin for cash via a personal meeting - but this is risky due to possibility of getting robbed or scammed by counterfeit notes. There are many-many details about converting Bitcoin into cash, so do your own research, no one can describe everything in one post, so I hope I've pointed a good general direction you should be looking for.

I don't really know on what scale are your funds estimated but no matter what amount you're trying to sneak in , it should be done in parts .
You should divide your money into fragments or parts dispersed on several accounts and wallets , and try to make isolated deals with several people or traders in order to keep your self under the radar . Small amounts won't be a good idea since you'll be paying lots of fees so you'd rather go for bigger amounts / longer time stamps .
Try to make deals where you get your money in cash since it's untraceable if it's not coming from the same source , but you should be aware of bills falsification cause that's pretty common in countries where corruption is deeply rooted .

I guess I'll be confused to answer that question because I've never felt wealth and I'm still chasing after those dreams and riches. But if one day the investment we do with Bitcoin has paid off, and we have a lot of profit from Bitcoin, you should not directly cash out with a large amount of money. We will get a big profit, therefore we have to cash out in a way gradually and little by little. For example per month we may be able to cash out 0.1 BTC or maybe less than that, for example 0.001 BTC.

Put it back into investment, there, your money is secured and you'll not worry about it. But I think that if there comes a time that you will need it then one possible way is to cash it out monthly within a realistic amount than withdrawing large amounts.

Just find people trustworthy enough to put your money into their banks and withdraw them, it'll avoid suspicion and the more people you got, the better. Other than that just circulate your money in investments or just process it on the legal side of things

I expect you withdraw btc to fiat money and pay taxes, will get understand why your pay taxes and bookkeeping will be a positive. this good value if you pay tax , anonymous loss in bitcoin exchanges with fiat money is an common, but you must understand about systematically transaction anonymous , if want to regulate anonymity of your transaction with systematically anonymous. anonymous in bitcoin transactions, it's just in blockchain btc.

The way to do this is to get the money out bit by bit. You can't withdraw huge amounts all of a sudden. You need to pace it over a course of time such that you don't alert them so that you don't have to pay taxes on it. Honestly, if you hypothetically do end up with that much bitcoin, it would be best to hold most of it anyway. There's a while to go before bitcoin reaches its ultimate peak and we'll probably see that value emerge in 2018.

What I would do is to invest it still.  Have to start a new business if it is so and or have to share it with relatives that are less fortunate.  I would not mind helping them as they are also part of my life...

Besides risking to cash out a large amount of money, I think an alternative way is to invest it again either back in cryptocurrencies and other forms of investment or in the bank. By that your money will still be secured and it's profiting from the investments

This is what im doing now which if i do need of money i do simply make conversions directly on my local wallet provider which it is really just a matter of few clicks and viola you do have money.It is really a troublesome when we are already cash outing big numbers specially if our government is really strict when it comes to tax but there are some people who do able to manage on getting out those amounts.There are lots of possible ways.

I think it should be invested to be more secure. if not invested in my opinion will be difficult to organize and wasteful. especially for crypto investment. because I think crypto is one way to be safe in investing

All we had to do is to share the thing we found for a great wealth because sharing is giving back the gratitude bistold on you and it is the time to spread the goodness of bitcoin. Bitcoin was so seriously thing that needed to put an attention.

I think withdrawing a big amount of money without being noticed is really hard to do especially when you live in a country governed by corrupted people.
The most important thing is to stay away from banks because every transaction is monitored.
What I can suggest is to sell a small amount in the black market and use it to start a project and every month you sell more and pump it in the project capital.

P.S: It is more like money laundering which is illegal

That is a good idea. I just want to add a bit of your idea. If we really need money for emergencies, then we just need to sell bitcoin sufficiently and use ATM to take the money so the government does not suspect our transaction actions.