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 mapleleafmarijuana
Archaeotek Magos
 
Registered: 03/08/12
Posts: 9,063
Loc: Alberta, Canada
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 Cashing out with crypto's 
#25006761 - 02/19/18 09:41 PM (6 years, 1 month ago) |
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Sorry if this is a noob question.
But say the random crypto you took a chamce in explodes. How do you turn that into cash or more permanent goods? But things, land, stocks.
I am just curious when i here about a person whose crypto explodes in value so they have 100 million. Do they actually have that and how do they then make sure the profits are more soluble.
Forgive me if this makes no sense and is a waste post.
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 ManianFH
living in perverty
Registered: 07/06/04
Posts: 14,996
Last seen: 7 hours, 28 minutes
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that person would likely cash it out through a market like coinbase, or similar market that can exchange their coin for the currency of their country. these exchanges link to their bank accounts so essentially they transfer the funds right into their bank. there are capital gains taxes which would need to be paid of course, especially with larger amounts in your example.
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Fucknuckled
Again
Registered: 03/07/18
Posts: 48
Last seen: 3 years, 7 months
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Re: Cashing out with crypto's [Re: ManianFH]
#25054958 - 03/10/18 05:43 PM (6 years, 1 month ago) |
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I cash out Bitcoin often. If I am cashing out more than $1,000 I use Coinbase to exchange my BTC to USD and then the USD gets sent to my bank account. I pay taxes on my capital gains 4 times a year. I am taxed about 35%
If I am cashing out less then $1,000 I use Bitcoin to buy Silver Bullion and have it sent UPS to my house.
I also have a Visa card I can load with Bitcoin and is tied to my Coinbase account.
I have also sold Bitcoin for cash to friends and family etc...
But it is possible to cash out millions in Bitcoins too using a few different Exchanges with Coinbase being America biggest
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LightRay
Lord Hubert
Registered: 07/18/17
Posts: 598
Last seen: 6 years, 13 days
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Sell it to a exchange
anycoindirect.eu
coinbase
coinmama
bitbargain
localbitcoins
theres hundreds. People make money trading crypto, its always being bought and sold regardless of time / price. traders make money when it goes up and when it goes down (by short selling it).
More and more co's now accept the crypto directly. Theres places you buy new cars with bitcoin. Theres even bitcoin debit cards and ATMs that allow you to convert to fiat or to crypto.
So yea, many many options. 
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