what when someone's mind changed | Bitcointalksearch.org

drwhobox

full member

Activity: 756

Merit: 133

- hello doctor who box

Quote from: cafter on March 01, 2023, 09:14:39 AM

I read here👇that a man invested very less amount in BTC many year ago, and today the total amount can be very large than what will be the process like KYC, Tax , Proof of buying, etc

https://www.theguardian.com/technology/2015/dec/09/bitcoin-forgotten-currency-norway-oslo-home

This pain comes when you keep your bitcoin in an exchange or centralized wallet. That is why everyone here will suggest keeping bitcoin or your assets in a decentralized wallet, not in an exchange or a wallet where the company have the power over you.
If you keep your bitcoin in a wallet where you have full control over your assets, KYC or other verification will not be necessary to move your bitcoins.

Pmalek

legendary

Activity: 2730

Merit: 7065

Most countries will require that you pay taxes on your capital gains. The percentages and legal frameworks depend on where you live. It makes no sense explaining how it works in country A if you live all the way over in Country Q. But the laws in some countries also state that if you invested in bitcoin and held the currency for a specific amount of time (e.g., 1 or 2 years), you don't need to pay any capital gains taxes. That's only if you invested and bought the asset, not if you worked or provided services and gained it as a payment.

famososMuertos

legendary

Activity: 1778

Merit: 2832

LE ☮︎ Halving es la purga

Well! There are several things mixed in its context, concern, non-planning, ignorance of the laws derived from the tax quotas of each country.

And to that we add a dissociated title.(imo)

Nothing is different from family planning, or if (lonely) you are a young man who works to manage your income, or even if you receive an allowance.

Then, obviously there is a specialty in the investment issue, so, to start and know what to do is not different .

So, OP!, you are the clear example that there is a bad financial initiation in the traditional Fiat environment, since if there was good training in traditional money management, this type of question would not happen.

So it's worth asking, how well do you manage your traditional funds?

Yes! Bitcoin is a financial architecture totally different in custody and in the transaction process, but common sense, and above all the basic financial rules are useful to start training with bitcoin.

Zaguru12

hero member

Activity: 672

Merit: 855

Quote from: tranthidung on March 01, 2023, 09:20:51 AM

If a person does not have reserved money for emergency with the assumption that he is not too poor but just careless, lack of good plans for emergent situations and over spend money for anything, it's good.

Though you can not control all things in your life especially things like social-politic-economic conditions, you can have a reserved money for emergency.

If you invest your money in Bitcoin, let's make sure you have some money for emergency and it should not be in Bitcoin. Best it should be in your local / national fiat currency, not in altcoins (terrible choice).

This is certainly the advice I give investors looking towards bitcoin, once you set out a certain amount for investment 20 to 30% of it should only be in bitcoin and the rest could be store on other not too volatile currencies. This gives you ability to hodl for long. But constantly going to sell off when every emergency arrives only results into losses.

In my country Nigeria we are yet to have taxes compounded on crypto transactions since it is yet to be adopted by the government or regulated. So any exchange P2P can be used

Cantsay

hero member

Activity: 700

Merit: 541

Bitcoin Casino Est. 2013

Quote from: cafter on March 01, 2023, 09:14:39 AM

Let imagine you have some considerable amount invested in BTC,
and suddenly an emergency came and you need to exchange your btc into fiat
I want to know, what will be the process of selling, withdrawing or paying taxes etc .while exchanging in fiat.
you can answer with reference to any country in which you know what is process of exchanging
I am a beginner, and I am questioning this for totally knowledge purpose,

I read here👇that a man invested very less amount in BTC many year ago, and today the total amount can be very large than what will be the process like KYC, Tax , Proof of buying, etc

https://www.theguardian.com/technology/2015/dec/09/bitcoin-forgotten-currency-norway-oslo-home

If you have an account already set up in Binance or some other exchanges that allows peer to peer transaction then it will take you less than an hour but if you don't you'll have to go through the process of opening and under going KYC and that's going to depend on the exchanges in question. And besides as the basic rule of investment implies Always invest what you can afford to lose so you investing all your savings doesn't sound smart.
While as for the proof of buying I'm not sure why anyone would be needing that or perhaps because I haven't used or presented it in any if my transactions maybe that's why I have no clue about it.

mendace

sr. member

Activity: 462

Merit: 603

Pizza Maker 2023 | Bitcoinbeer.events

I don't know what type of emergency you are referring to but I suppose that no one is too foolish enough to invest all their savings in Bitcoin so from my point of view I deal with emergencies in Fiat while as far as Bitcoin is concerned I will spend it from merchants who will accept bitcoin .

SeeBiscuit

full member

Activity: 196

Merit: 107

Quote from: jackg on March 01, 2023, 09:34:25 AM

It likely depends on how the bitcoin was stored for tax purposes and when it was bought. You likely don't have to use the exact exchange rate you bought it for if you don't have it (you might be in a country that lets you use the monthly average for example). You can then just log a capital gain (or equivelant) of amount sold * (recent sale price - purchase price). The issue with this example occurs when multiple purchases are made, but then you just need to do more calculations.

I agree with jackg on this one.

I've read something similar that said basically you get taxed on the buy/sell trade profit. I could be wrong because I am a newbie when it comes to that stuff.

Multiple purchases made is alluding to dollar cost averaging method right?

kryptqnick

legendary

Activity: 3122

Merit: 1389

Join the world-leading crypto sportsbook NOW!

In Ukraine (my country), cryptos are endorsed and popular, and exchanges can openly advertise their services, but the taxation is a bit of a grey area: it wasn't fully figured out yet, even though cryptos per se are legal. It's all a bit new, with people arguing for various interpretations. The loophole is, of course, used by various people not to pay taxes, but it's also risky because some may argue that it should be taxed under more general laws either as property or as income. We have many online exchanges where you transfer money onto a Bitcoin address and get local fiat to your bank account. If a sum is big, though, I think it's better to use a more-or-less official service or split it into smaller pieces for bank accounts of different banks.

GeorgeJohn

hero member

Activity: 1470

Merit: 711

Instant cryptocurrency exchange with own reserves!

It's very simple things to do, we have numerous exchanges that you can transfer the exact amount of coins you needed from your wallet to the exchange, the exchange will credits fiat to you according to your documentation with them, and it's obvious that no exchanges that doesn't have a percentage ratios or fraction for any coin exchanging in their platform. So to make the exchange of BTC to fiat currency faster you have to use p2p. I can recommend Binance exchange which is well known by most people across the nation.

SneyderApp

newbie

Activity: 2

Merit: 0

The easiest is P2P trading, but it really is better to save our Btc.

avikz

legendary

Activity: 3080

Merit: 1500

Quote from: cafter on March 01, 2023, 09:14:39 AM

Let imagine you have some considerable amount invested in BTC,
and suddenly an emergency came and you need to exchange your btc into fiat
I want to know, what will be the process of selling, withdrawing or paying taxes etc .while exchanging in fiat.
you can answer with reference to any country in which you know what is process of exchanging
I am a beginner, and I am questioning this for totally knowledge purpose,

I read here👇that a man invested very less amount in BTC many year ago, and today the total amount can be very large than what will be the process like KYC, Tax , Proof of buying, etc

https://www.theguardian.com/technology/2015/dec/09/bitcoin-forgotten-currency-norway-oslo-home

There are multiple exchanges available to convert bitcoin to fiat. you can do it through p2p trade, you can send it to any exchange which supports your country and sell it to them. You can connect with any local trading group that can exchange bitcoin for you.

If I speak from the perspective of my country, then the options are -

Paxful (P2P)
Binance (P2P)
Bitbns (centralized exchange)
Wazirx (centralized exchange)
Coinswitch ((centralized exchange)

However, I am not endorsing any of these companies. Please do your own research before using any of them. Now once you have exchanged the bitcoin to fiat, keep aside 30% of the transaction value for tax purpose.

cafter

full member

Activity: 448

Merit: 222

Quote from: tranthidung on March 01, 2023, 09:20:51 AM

Quote from: cafter on March 01, 2023, 09:14:39 AM

Let imagine you have some considerable amount invested in BTC,
and suddenly an emergency came and you need to exchange your btc into fiat

If a person does not have reserved money for emergency with the assumption that he is not too poor but just careless, lack of good plans for emergent situations and over spend money for anything, it's good.

Though you can not control all things in your life especially things like social-politic-economic conditions, you can have a reserved money for emergency.

If you invest your money in Bitcoin, let's make sure you have some money for emergency and it should not be in Bitcoin. Best it should be in your local / national fiat currency, not in altcoins (terrible choice).

Good advice,
i said let imagine, it was a assumption, if emergency like this may come in future of assumed person,
and if the owner of fund was dumb and not have much knowledge just invested by hearing others

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

It likely depends on how the bitcoin was stored for tax purposes and when it was bought. You likely don't have to use the exact exchange rate you bought it for if you don't have it (you might be in a country that lets you use the monthly average for example). You can then just log a capital gain (or equivelant) of amount sold * (recent sale price - purchase price). The issue with this example occurs when multiple purchases are made, but then you just need to do more calculations.

tranthidung

legendary

Activity: 2296

Merit: 4057

Farewell o_e_l_e_o

Quote from: cafter on March 01, 2023, 09:14:39 AM

Let imagine you have some considerable amount invested in BTC,
and suddenly an emergency came and you need to exchange your btc into fiat

If a person does not have reserved money for emergency with the assumption that he is not too poor but just careless, lack of good plans for emergent situations and over spend money for anything, it's good.

Though you can not control all things in your life especially things like social-politic-economic conditions, you can have a reserved money for emergency.

If you invest your money in Bitcoin, let's make sure you have some money for emergency and it should not be in Bitcoin. Best it should be in your local / national fiat currency, not in altcoins (terrible choice).

cafter

full member

Activity: 448

Merit: 222

Let imagine you have some considerable amount invested in BTC,
and suddenly an emergency came and you need to exchange your btc into fiat
I want to know, what will be the process of selling, withdrawing or paying taxes etc .while exchanging in fiat.
you can answer with reference to any country in which you know what is process of exchanging
I am a beginner, and I am questioning this for totally knowledge purpose,

I read here👇that a man invested very less amount in BTC many year ago, and today the total amount can be very large than what will be the process like KYC, Tax , Proof of buying, etc

https://www.theguardian.com/technology/2015/dec/09/bitcoin-forgotten-currency-norway-oslo-home

Topic: what when someone's mind changed (Read 158 times)