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cashing out (feddit.it)

submitted 1 year ago* (last edited 1 year ago) by [email protected] to c/[email protected]

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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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[–] [email protected] 3 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.

[–] [email protected] 2 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.

[–] [email protected] 0 points 1 year ago (1 children)

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

[–] [email protected] 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.

[–] [email protected] 3 points 1 year ago

6 digits, about 10 times.

[–] [email protected] 2 points 1 year ago (1 children)

Yes, several times. Used the money to renovate our house and garden and install photovoltaics on the roof.

[–] puck2 1 points 1 year ago

That seems like a good use of magic internet money!

[–] [email protected] 2 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.

[–] puck2 2 points 1 year ago

I cashed out a few times to make some significant purchases. While it is hard to look back at what that bitcoin would be worth now, you have to live your life, and I don't regret my choices.

[–] mr_nEJC 1 points 1 year ago (1 children)

Sure did.

I had a plan and it worked out. I'm stil invested but with part the "winnings" I was able to pay off the mortgage, sell old place, build a new house and in the end execute a retirement plan ... It took a couple of years but yeah, life changing! 😅

Best advice I can give: DO NOT DAY TRADE! Its an investment - know what you hold - don't let yourself to get greedy - and make a plan to take out profit.

[–] [email protected] 2 points 1 year ago

Yeah , thanks, good that it worked out so well for you. I put for the long term, but way less money (it was starting to get really interesting at the peak) I cashed out exactly the fiat money i put in.

maybe i'd like a credit card with the balance still kept in bitcoin and converted just in case. With my bitsa once you sent an amount, it's suddenly converted

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