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cashing out (feddit.it)

submitted 1 year ago* (last edited 1 year ago) by underscorner@feddit.it to c/bitcoin@lemmy.ml

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Questions: have you ever cashed out a quite substantial (meaning life changing after paid taxes) amount of money to fiat ? Or do you spend it monthly from your savings using tools like prepaid cards ?

The only time I really spent some crypto was with a bitsa card as an experiment but it was just a couple of flight tickets worth.

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[–] lovesickoyster@lemmy.one 1 points 1 year ago* (last edited 1 year ago) (1 children)

I have cashed out several times during the last years - you gotta live your life a little.

[–] underscorner@feddit.it 1 points 1 year ago (1 children)

i guess when my savings will reach a life-changing money i will have to go to process of selling those to an exchange, have them credit on a bank account and ringing all the fiscal police alerts and checking with a tax consultant. Just curious if someone already did that. Don't think it's worth enough for now, to go multiple time through that hassle.

[–] lovesickoyster@lemmy.one 0 points 1 year ago (1 children)

I've had a completely hassle free experience, no one even mentioned it.

[–] itchy_lizard@feddit.it 0 points 1 year ago* (last edited 1 year ago) (1 children)

many digits tho? Like OP, I'm worried when I finally pull the trigger and sell 7 digits USD in one go.

[–] lovesickoyster@lemmy.one 1 points 1 year ago

6 digits, about 10 times.

[–] Blacksheep@feddit.de 1 points 1 year ago

Nope, even not If I do not have to pay any taxes for Bitcoin kept longer that 356 days. I am still accumulating every month a bit, no matter where the price is.

[–] Snowfall@beehaw.org 1 points 8 months ago

I hope nunya all cashed out 9 months ago.