Are we excited yet?

Donald Trump

Greenlights16 wrote: »

Sorry for hijacking - mod please redirect to appropriate thread - I guess this was the general chat one.

Explain to me like I’m 5 - I’m asking for a family member who is well into crypto at this stage and I am not that informed on it at all:

Can you withdraw cryptocurrency into your choice of account in monetary form?

If you’ve say - $50-60,000 US dollars in a coin, ethereum for example or I believe his coin is on an exchange which hasn’t hit the big time yet ...

I am doing my research this week on how to get it out of a “Wallet” app where I can see it, and get it physically into an account of mine.

It has been murmured about possible tax implications if a large sum of money appeared into my UK or irish bank account. That’s why I’m thinking Revolut would be better. Although this could flag as money laundering to Revolut too? Only other option I’ve heard of to escape tax is bank account in portugal or the likes.

But yeah main question - is it possible to even get your investment out of a wallet and into an account in US dollars before exchanging it back to euro/sterling.

There are tax implications related to the jurisdiction in which you reside.


What you appear to be asking is for advice on how to hide any gains so that you evade tax on them.

Greenlights16

No, that was the secondary question.

The main one which I should have pointed out, is for dummies : how to take it from a wallet into monetary form in your choice of account.

I’ll just have to get off my backside and do my research on the notes and useful links on here. As I said it’s not for me, it’s a family member. Wherever they put it next is none of my business.

I’m aware the illegal discussion of tax evasion is already against boards.ie rules on more than just this forum.

bankboucy

grindle wrote: »

Hope everyone got in on DeFi100 project:

Hoping people got scammed isn't wishing the best for anyone & you get out what you put in.

It was ironic…I hope nobody was in it of course….…..it was meant to mirror the same links that you and others shill around here on this thread…..…….when any random sh!tcoin goes up 200%……….stoking and encouraging FOMO for the next one………..and encouraging others like lambs to the slaughter into every nonsense “project” thats dreamt up

I should also note - i expect many many more DeFi100 type incidents like this over the next year as the crypto bubble pops

Donald Trump

Greenlights16 wrote: »

No, that was the secondary question.

The main one which I should have pointed out, is for dummies : how to take it from a wallet into monetary form in your choice of account.

I’ll just have to get off my backside and do my research on the notes and useful links on here. As I said it’s not for me, it’s a family member. Wherever they put it next is none of my business.

I’m aware the illegal discussion of tax evasion is already against boards.ie rules on more than just this forum.

Someone else on here can tell you the specifics as I don't trade in the crypto. But my assumption would be that you sell it on an exchange that acts as middleman and then you transfer the dollar or whatever from your exchange account to a bank etc.

wotzgoingon

Greenlights16 wrote: »

No, that was the secondary question.

The main one which I should have pointed out, is for dummies : how to take it from a wallet into monetary form in your choice of account.

I’ll just have to get off my backside and do my research on the notes and useful links on here. As I said it’s not for me, it’s a family member. Wherever they put it next is none of my business.

I’m aware the illegal discussion of tax evasion is already against boards.ie rules on more than just this forum.

Very bad time to be switching coins for money.

What you do is transfer the coins in your wallet to an exchange of your choice and then sell them and euros or dollar or pounds will be in your exchange and then you transfer to your bank account.

Whelo79

[Deleted User] wrote: »

BTT down to 0.0024

NOM! NOM! GET IT INTA YA!

I've taken a battering but was always buying to stick up me jumper.

Why are you so hot on BTT? It hasn't done much at all since its release.

Greenlights16

wotzgoingon wrote: »

Very bad time to be switching coins for money.

What you do is transfer the coins in your wallet to an exchange of your choice and then sell them and euros or dollar or pounds will be in your exchange and then you transfer to your bank account.

If you could sum that up in a sentence why is it a bad time to switch coins for money? Just with everything that’s going on in the world with “real money” etc?

Greenlights16

Is there any exchange that is “the best” or charges the least commission?

greenfield21

I just can't understand why India hasn't come out with the threat of crackdown to increase the fud?

cnocbui

Greenlights16 wrote: »

Sorry for hijacking - mod please redirect to appropriate thread - I guess this was the general chat one.

Explain to me like I’m 5 - I’m asking for a family member who is well into crypto at this stage and I am not that informed on it at all:

Can you withdraw cryptocurrency into your choice of account in monetary form?

If you’ve say - $50-60,000 US dollars in a coin, ethereum for example or I believe his coin is on an exchange which hasn’t hit the big time yet ...

I am doing my research this week on how to get it out of a “Wallet” app where I can see it, and get it physically into an account of mine.

It has been murmured about possible tax implications if a large sum of money appeared into my UK or irish bank account. That’s why I’m thinking Revolut would be better. Although this could flag as money laundering to Revolut too? Only other option I’ve heard of to escape tax is bank account in portugal or the likes.

But yeah main question - is it possible to even get your investment out of a wallet and into an account in US dollars before exchanging it back to euro/sterling.

If you make a profit - doesn't matter where in the world, or what country you have bank accounts in - if you are tax resident in Ireland, you should pay CGT on your profit. The only legal way to avoid this is to become tax resident in another country before making your profit, then you abide by the laws of that country and it's CGT rules, if it has any.

wotzgoingon

Greenlights16 wrote: »

If you could sum that up in a sentence why is it a bad time to switch coins for money? Just with everything that’s going on in the world with “real money” etc?

Because the value has dropped completely. I don't know what coins you have but 2 weeks ago or so would have been a great time to sell as the value was still there so you would have got a lot more euros for your coins than if you were to sell today.

Greenlights16

cnocbui wrote: »

If you make a profit - doesn't matter where in the world, or what country you have bank accounts in - if you are tax resident in Ireland, you should pay CGT on your profit. The only legal way to avoid this is to become tax resident in another country before making your profit, then you abide by the laws of that country and it's CGT rules, if it has any.

Northern Ireland and the UK’s CGT is what I need to look up for them then. Unsure whether it’s any kinder / more lenient than Revenue’s

Thanks

Greenlights16

wotzgoingon wrote: »

Because the value has dropped completely. I don't know what coins you have but 2 weeks ago or so would have been a great time to sell as the value was still there so you would have got a lot more euros for your coins than if you were to sell today.

It’s still very high, hasn’t dropped much and on course to keep going as expected until this Christmas and beyond.

laurah591

Greenlights16 wrote: »

It’s still very high, hasn’t dropped much and on course to keep going as expected until this Christmas and beyond.

Something not right here!!! Lol does your family member know what your up to!

SnuggyBear

How does someone with crypto need to ask someone else how to cash out?

Antares35

https://www.cityam.com/further-pain-ahead-for-bitcoin-as-environmental-groups-queue-up-to-reject-cryptocurrencies/

Not sure what to make of this one...

seannash

Antares35 wrote: »

https://www.cityam.com/further-pain-ahead-for-bitcoin-as-environmental-groups-queue-up-to-reject-cryptocurrencies/

Not sure what to make of this one...

Charties not taking donations....... Yeah i dont think thats correct

grindle

It looks good as a headline to people who think they can socially shame anything and everything but Bitcoin, it's devs, the vast majority of it's buyers and the company which controls it's direction give approx. 0% of a crap about the concerns of environmentalists.

Antares35

seannash wrote: »

Charties not taking donations....... Yeah i dont think thats correct

Good point. Sorry, relatively new* to this!

*Bought in December gone

Greenlights16

SnuggyBear wrote: »

How does someone with crypto need to ask someone else how to cash out?

They were invited in to the private exchange with only a few select members, by a trusted friend. That’s why they aren’t completely up to date on it all technologically, although they’ve tried their best in their 50s to gain knowledge on it as best they can.

Alas, I’ve been asked to come in for help and I stayed away from the whole crypto world until now.

I get what you’re saying though, how would someone not know after investing money. They were asked to invest as a trusted small group, so.... they’ve done business over the years in other industries and it turned out profitable. Good relationship outside of business sphere

BrandonBay86

Greenlights16 wrote: »

They were invited in to the private exchange with only a few select members, by a trusted friend. That’s why they aren’t completely up to date on it all technologically, although they’ve tried their best in their 50s to gain knowledge on it as best they can.

Alas, I’ve been asked to come in for help and I stayed away from the whole crypto world until now.

I get what you’re saying though, how would someone not know after investing money. They were asked to invest as a trusted small group, so.... they’ve done business over the years in other industries and it turned out profitable. Good relationship outside of business sphere

Yikes

LawBoy2018

Greenlights16 wrote: »

Sorry for hijacking - mod please redirect to appropriate thread - I guess this was the general chat one.

Explain to me like I’m 5 - I’m asking for a family member who is well into crypto at this stage and I am not that informed on it at all:

Can you withdraw cryptocurrency into your choice of account in monetary form?

If you’ve say - $50-60,000 US dollars in a coin, ethereum for example or I believe his coin is on an exchange which hasn’t hit the big time yet ...

I am doing my research this week on how to get it out of a “Wallet” app where I can see it, and get it physically into an account of mine.

It has been murmured about possible tax implications if a large sum of money appeared into my UK or irish bank account. That’s why I’m thinking Revolut would be better. Although this could flag as money laundering to Revolut too? Only other option I’ve heard of to escape tax is bank account in portugal or the likes.

But yeah main question - is it possible to even get your investment out of a wallet and into an account in US dollars before exchanging it back to euro/sterling.

Lol.. Are you dumb?

Richard Hillman

Greenlights16 wrote: »

Northern Ireland and the UK’s CGT is what I need to look up for them then. Unsure whether it’s any kinder / more lenient than Revenue’s

Thanks

I think Slovenia is tax free on Crypto CGT. Beautiful too. Thats if you're holding out on a big withdrawal.

Greenlights16

LawBoy2018 wrote: »

Lol.. Are you dumb?

Yes, which is why I type through this as I can’t physically speak to anyone

bfa1509

Can't tell which feels worse - FOMO or getting rekt. Feeling both in equal measure right now, not good.

cnocbui

BrandonBay86 wrote: »

Yikes

Yikes to the power 2. I think the issue won't be cashing out and CGT but more along the lines of where did the crypto go? 'Private keys? Oh, those - Yevgeny says not to worry, he has them, my investment is perfectly safe.'

seannash

Greenlights16 wrote: »

Sorry for hijacking - mod please redirect to appropriate thread - I guess this was the general chat one.

Explain to me like I’m 5 - I’m asking for a family member who is well into crypto at this stage and I am not that informed on it at all:

Can you withdraw cryptocurrency into your choice of account in monetary form?

If you’ve say - $50-60,000 US dollars in a coin, ethereum for example or I believe his coin is on an exchange which hasn’t hit the big time yet ...

I am doing my research this week on how to get it out of a “Wallet” app where I can see it, and get it physically into an account of mine.

It has been murmured about possible tax implications if a large sum of money appeared into my UK or irish bank account. That’s why I’m thinking Revolut would be better. Although this could flag as money laundering to Revolut too? Only other option I’ve heard of to escape tax is bank account in portugal or the likes.

But yeah main question - is it possible to even get your investment out of a wallet and into an account in US dollars before exchanging it back to euro/sterling.

So you said you can see it in a wallet app. I assume this is on the person who made the investments phone right?
If so he would need to set up an account on an exchange that would allow him to cash out to USDT or euros directly (it all depends on the coin but im assuming ethereum since you mentioned it)
Coinbase, Binance, kraken for example.
Once he does that he transfers the coins from his "wallet app" to the exchange and then swaps it for Euros (or usdt if a direct swap to euros isn't available)

Binance would be my choice of exchanges to do all this as the fees are low enough and they have the most pairings.

Must be said don't respond to anyone pm'ing you, they may just steal your crypto.

seannash

LawBoy2018 wrote: »

Lol.. Are you dumb?

Dont be an asshole man, people are stressed out enough about this dip.

Jeff2

XRP hit €0.6666

Was that plus one evil.

And we're off now by the look of things.

dockysher

Only lose if you sell. Be patient and everything will turn round only matter of time