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Hello fellow hodlers For some the day is near, others need/want to wait, but ultimately some of us will sell our zerps and convert back to fiat. I want to collect some thoughts on this process. The only regulated exchange I know is Bitstamp and apparently they are OK, but I haven't transferred to them amounts beyond five-figure. I've never transferred fiat back from them to my bank either. I understand that nobody with a sane mind will post here and say: "Sure it works, I transferred back and forth a couple of millions of EUR already", but I hope we can share some insights. I know some of the old time hodlers here have become very rich 7-9 figure rich, that is. So, how do you plan on handling the issue? Technically, Bitstamp, and any other fiat accepting exchange are pure exchanges, matching my sell order with buy orders, so they should HAVE my cash, and not just on paper, but in their accounts, since somebody (multiple people) will have bought my XRP. I'm more concerned with the exchanges playing funny games and stuff. I consider this a very serious topic and I don't want any FUDsters posting market cap nonsense. I will cash out $ millions one day and so please stay away if you have nothing practical and applicable to contribute. How will you people handle this? Also: Bitstamp told me they'll ask fore "additional info", should they need to make a large payment. When I asked what kind of info, they refused to tell me. Has anybody been subject to their additional due diligence yet? Thank you.
One more way to cash out your bitcoins and other crypto-currencies: use the #GateHub service allowing you to instantly convert your digital money into XAU IOUs. BPG.XAU IOUs are redeemable in #gold. Minimum redemption amount is 10 XAU in its multiples. Terms and conditions apply https://www.gatehub.net/gateways/bpg/
Now that Ripple has started to take baby steps with respect to the coin price I started thinking about the potential taxes we will have to pay in a few years time, if we decide to sell. I live in Australia and it seems I'll end up paying somewhere around 50% when I cash out and this got me thinking about figuring out a way to lessen the tax burden. I normally pay 30% of my regular income and I don't mind it but when it comes to say, paying 500k on a $million profit seems crazy to me I came across Nomad Capitalist http://nomadcapitalist.com and wondering if anyone used it or are considering exploring this aspect of living in different country to save on capital gains tax. I plan to travel and live in south east asia once I have enough gains so I can get out of the 9-5 work grind and potentially get back to Australia if ever needed.