How do you cash out Bitcoin in the US? - GoFuckYourself.com

Alex CZ · 12-27-2020, 10:46 AM

Asking for a friend.
What is the cost effective way to cash out xxx,xxx and minimize tax bill?

CurrentlySober · 12-27-2020, 10:51 AM

OneHungLo · 12-27-2020, 11:09 AM

Get yourself an accountant and pay what he tells you to pay.

Don't fuck around with them. They will destroy you.

k0nr4d · 12-28-2020, 02:38 AM

Quote:

Originally Posted by Alex CZ

Asking for a friend.
What is the cost effective way to cash out xxx,xxx and minimize tax bill?

In Poland it's unregulated and there are ATM machines all over the place where you can withdrawal cash from your BTC with no documents or KYC at all. You can then drive this cash to CZ.

That being said, I don't know what you'd do with $xxx,xxx in cash since you won't be able to buy anything useful with it other then food, cloths and alcohol... so it's probably best to just pay the capital gains tax on it and actually be able to use the money.

just a punk · 12-28-2020, 02:42 AM

Quote:

Originally Posted by k0nr4d

In Poland it's unregulated and there are ATM machines all over the place where you can withdrawal cash from your BTC with no documents or KYC at all.

ATM's for Bitcoin? Hmm. Interesting. Moving to Kaliningrad...

Sergio · 12-28-2020, 03:00 AM

Quote:

Originally Posted by Alex CZ

Asking for a friend.
What is the cost effective way to cash out xxx,xxx and minimize tax bill?

I think it's better to ask the crypto-anarchists, in Prague they are located somewhere in the center in the Prague1 district as I know.

jscott · 12-28-2020, 04:34 AM

I've never used, but some use LocalBitcoins.

Brit in Cambodia · 12-28-2020, 04:41 AM

local bitcoins stopped doing cash to bitcoin years ago

fly to Cambodia go to a casino they'll exchange hundreds of thousands of dollar for you. Then open a Cambodian bank account and pay in cash don't worry you won't face any KYC legislation

I once had to wait behind a local paying $500k in cash into the bank (literally a suitcase of money) he was moaning at the staff that they were taking too long counting it (Apparently it was a property sale from what I over heard.)

Theres a reason why Cambodia has such a bad rap for money laundering lol

todservices · 12-28-2020, 01:18 PM

Quote:

Originally Posted by Brit in Cambodia

fly to Cambodia go to a casino they'll exchange hundreds of thousands of dollar for you. Then open a Cambodian bank account and pay in cash don't worry you won't face any KYC legislation

so easy

And then, if you do not want to spend the money in Cambodia, you stick the hundreds thousands of dollars in your underpants and take several flights back and forth ?

Alex CZ · 12-28-2020, 01:54 PM

Thank you for great tips about Cambodia and Poland but I was asking about US of A. Like opening account with coinbase and then selling it. I am talking 20 coins not cash machine amounts.

CaptainHowdy · 12-28-2020, 01:54 PM

Quote:

Originally Posted by Brit in Cambodia

local bitcoins stopped doing cash to bitcoin years ago

fly to Cambodia go to a casino they'll exchange hundreds of thousands of dollar for you. Then open a Cambodian bank account and pay in cash don't worry you won't face any KYC legislation

I once had to wait behind a local paying $500k in cash into the bank (literally a suitcase of money) he was moaning at the staff that they were taking too long counting it (Apparently it was a property sale from what I over heard.)

Theres a reason why Cambodia has such a bad rap for money laundering lol

Sounds like an adventure . . .

femdomdestiny · 12-28-2020, 06:10 PM

I am also asking for a friend, he wants to know where to buy crypto with a credit card without KYC?

klinton · 12-29-2020, 01:21 AM

use many ATMs in the USA for many transactions? im sure they exist not only in Poland...

what is the problem exactly?

if only I had such problems...

coffeedude · 12-29-2020, 05:15 AM

Wait if you move money out of your coinbase wallet to a hardware wallet or some other wallwt.... is that considered a taxable event? Please say no

jscott · 12-29-2020, 05:54 AM

Quote:

Originally Posted by coffeedude

Wait if you move money out of your coinbase wallet to a hardware wallet or some other wallwt.... is that considered a taxable event? Please say no

No. It must be converted to another like USDT or a shitcoin. There is something where if converted at loss it won't be taxable event too. I had some saved link resources on this I'll try to find and post here soon

Evil Chris · 12-30-2020, 01:11 PM

Quote:

Originally Posted by jscott

No. It must be converted to another like USDT or a shitcoin. There is something where if converted at loss it won't be taxable event too. I had some saved link resources on this I'll try to find and post here soon

When you say shitcoin, do you actually mean an altcoin?

jscott · 12-30-2020, 01:30 PM

Quote:

Originally Posted by Evil Chris

When you say shitcoin, do you actually mean an altcoin?

That's usually the case, yes.
Only the #1 crypto was created without greed or riches in mind. So much so he/they vanished without a trace.
Ripple/XRP on the other hand, not only they sticking around leaving a central point of attack (from SEC, other gov, etc) they also allocated 70-80% of XRP to themselves for dumping on their supports (they call this, their distribution strategy) for marketing, paying employees and most of all paying themselves. Check their net worths, Check Chris Larson, Jed McCaleb, Brad Garlinghouse, billionaires.

Not to say you can't win, i just believe they're not good for long term hold.

If they are cheap & fast, use them, take advantage of that, spend, don't save.

If they truly have utility, with oracles and that blahhhhh, ok use for that (who does?)

Bitcoin is a savings technology, with sole purpose to exist as the most stable & secure blockchain/ledger on Earth and it's doing that. Exist + time/patience, it'll go up (long term) against any debased fiat currency.

12-27-2020, 10:51 AM	#2
CurrentlySober Too lazy to wipe my ass Industry Role: Join Date: Aug 2002 Location: A Public Bathroom Posts: 38,492	__________________ My AI Handywork... My Dream Gal... XXX 👁️ 👍️ 💩

12-28-2020, 06:10 PM	#12
femdomdestiny Confirmed User Industry Role: Join Date: Apr 2007 Posts: 5,169	I am also asking for a friend, he wants to know where to buy crypto with a credit card without KYC? __________________ Femdom Destiny -------------------------------------------- ICQ: 463-630-426 email: webmaster(at)femdomdestiny.com

12-27-2020, 10:46 AM	#1
Alex CZ Confirmed User Industry Role: Join Date: Apr 2016 Location: Praha 5, CZ / Boston, MA Posts: 550	How do you cash out Bitcoin in the US? Asking for a friend. What is the cost effective way to cash out xxx,xxx and minimize tax bill?

12-27-2020, 11:09 AM	#3
OneHungLo So Fucking Banned Industry Role: Join Date: May 2001 Location: Your mom's front hole Posts: 40,910	Get yourself an accountant and pay what he tells you to pay. Don't fuck around with them. They will destroy you.

12-28-2020, 04:34 AM	#7
jscott So Fucking Banned Industry Role: Join Date: Feb 2001 Location: Taipei Posts: 25,198	I've never used, but some use LocalBitcoins.

12-28-2020, 04:41 AM	#8
Brit in Cambodia Confirmed User Industry Role: Join Date: Nov 2019 Posts: 117	local bitcoins stopped doing cash to bitcoin years ago fly to Cambodia go to a casino they'll exchange hundreds of thousands of dollar for you. Then open a Cambodian bank account and pay in cash don't worry you won't face any KYC legislation I once had to wait behind a local paying $500k in cash into the bank (literally a suitcase of money) he was moaning at the staff that they were taking too long counting it (Apparently it was a property sale from what I over heard.) Theres a reason why Cambodia has such a bad rap for money laundering lol

12-28-2020, 01:54 PM	#10
Alex CZ Confirmed User Industry Role: Join Date: Apr 2016 Location: Praha 5, CZ / Boston, MA Posts: 550	Thank you for great tips about Cambodia and Poland but I was asking about US of A. Like opening account with coinbase and then selling it. I am talking 20 coins not cash machine amounts.

12-29-2020, 01:21 AM	#13
klinton So Fucking Banned Industry Role: Join Date: Apr 2003 Location: online Posts: 8,766	use many ATMs in the USA for many transactions? im sure they exist not only in Poland... what is the problem exactly? if only I had such problems...

12-29-2020, 05:15 AM	#14
coffeedude Confirmed User Industry Role: Join Date: May 2016 Posts: 126	Wait if you move money out of your coinbase wallet to a hardware wallet or some other wallwt.... is that considered a taxable event? Please say no