Bitcoin Cash Out Strategy

[Sind]

Hi all,

I’m new to the forum. I just found out about it today and I enjoyed reading many of the very interesting threads. However, I have not found any solid post about a cash out strategy for those that have invested in Bitcoin.

I started investing in 2013, and I have now a considerable amount in BTC. I expect BTC to hit 100k USD in the next couple of years and I am starting to prepare to cash out. My idea is to cash out 50% to invest in real estate at a later stage and keep 50% to buy into BTC again during the next bear market, dollar cost averaging, starting after a fall of 70% from the next ATH.

For the 50% that I plan to reinvest into BTC, I will cash out in a couple of stablecoins, most likely DAI and USDC, so there are no capital gains and it is easy to reinvest later. So no big conerns here, apart from the brief period of time I’ll have both the BTC and the stablecoins at the Crypto Exchange due to the risk of hacking and losing funds. I keep always all my crypto in cold storage to increase security (not your keys, not your coins).

My concern is to find the best strategy to cash out into fiat that 50% of BTC while meeting the following points:

• Maximise security (no shady banks or pseudo-banks)
• Minimise fees (trade and custody)
• Avoid capital gain taxes

Does anyone have a similar issue and any ideas of how to best proceed? Does anyone know any offshore banks that can offer these benefits?

Thanks in advance for your comments!

 

[bronze]

Hi mate
Spent a lot of time researching myself

I just registered a delaware company, was planning on opening transferwise and kracken attached to it

Sell on kracken, pay to transferwise

Have a trust here in Australia without bank account

Buy a property under that trust

Transfer the funds from tfw to solicitors trust in portions to settle the property

 

[Sind]

Hi mate
Spent a lot of time researching myself

I just registered a delaware company, was planning on opening transferwise and kracken attached to it

Sell on kracken, pay to transferwise

Have a trust here in Australia without bank account

Buy a property under that trust

Transfer the funds from tfw to solicitors trust in portions to settle the property

Sounds like a good strategy. Thanks for sharing!

What are the costs associated to registering a Delaware company?

Also, will Transferwise allow transfers from Kraken?

 

[bronze]

Costs are stuff all, like 400 usd
Transferwise accept payments from kraken no issue, plus I just transferred 10k euro from advcash to my tfw and no issue

 

[Perry8]

Sell on kracken, pay to transferwise

Do not send to Transferwise from a crypto exchange. I have heard of several cases where they have suspended accounts due to this, but I guess you can be lucky for a while.

 

[Martin Everson]

Transferwise accept payments from kraken no issue,

They say they don't for Euro currency. So what currency you sending in to TW from Kraken?

https://transferwise.com/help/articles/2784317/what-types-of-payments-can-i-receive

 

[bronze]

Aud

 

[VESTANON]

The same for me, can not find a way to withdraw the money. It is too risky to use online services in my opinion.

@gerasimus , Would suggest crypto fundable cards..BTC-Fiat Cards with a high daily atm withdrawal limit.

 

[RazvanBTC]

You can simply sell BTC for CASH money.
You can try localcryptos or MyCellium <arket Place (on android)

 

[boomy]

Can you trust people on localcryptos? are they the same as localbitcoins?

 

[RazvanBTC]

Can you trust people on localcryptos? are they the same as localbitcoins?

You cant trust anyone but you can start with small transactions until you build trust.

And if you take all the security measures like transaction history, pubilc places meetings, etc. you cant go wrong

 

[sinos]

Hi mate
Spent a lot of time researching myself

I just registered a delaware company, was planning on opening transferwise and kracken attached to it

Sell on kracken, pay to transferwise

Have a trust here in Australia without bank account

Buy a property under that trust

Transfer the funds from tfw to solicitors trust in portions to settle the property

Why not use good ol Paypal? Create a store, or a webhosting business and charge prepaid debit cards to yourself. Doing this for the past two years, never been a problem. Exchange Monero for prepaid Visa. Monero as you know is nearly untraceable and if you use good opsec procedures, you can achieve good results. You can buy prepaid Visa cards at Localmonero, no documentation or verification needed. I can provide a detailed write up if anybody's interested.

 

[otcable]

Why not use good ol Paypal? Create a store, or a webhosting business and charge prepaid debit cards to yourself. Doing this for the past two years, never been a problem. Exchange Monero for prepaid Visa. Monero as you know is nearly untraceable and if you use good opsec procedures, you can achieve good results. You can buy prepaid Visa cards at Localmonero, no documentation or verification needed. I can provide a detailed write up if anybody's interested.

Between the card buying and the paypal rate you are leaving behind around 10% ?
It is a good strategy but can be improved with bank transactions directly.

 

[sinos]

Between the card buying and the paypal rate you are leaving behind around 10% ?
It is a good strategy but can be improved with bank transactions directly.

True, but using my method I avoid crypto issues with my bank. More and more banks are wary about crypto payments. Banks dealing in international paymens are well aware of Kraken and Coinbase. Localbitcoins have their own verified accounts. Crypto > Fiat cashout space is shrinking very fast. Transferwise is working right now, but may not in the future. The problem is recieving funds from the exchanges, without answering to anal poking questions about source of funds & business activity. Even Kraken asks questions once you cross a certain dollar value. They have started asking for xpub signatures, wtf!

 

[VESTANON]

True, but using my method I avoid crypto issues with my bank. More and more banks are wary about crypto payments. Banks dealing in international paymens are well aware of Kraken and Coinbase. Localbitcoins have their own verified accounts. Crypto > Fiat cashout space is shrinking very fast. Transferwise is working right now, but may not in the future. The problem is recieving funds from the exchanges, without answering to anal poking questions about source of funds & business activity. Even Kraken asks questions once you cross a certain dollar value. They have started asking for xpub signatures, wtf!

Well Said, i can say for a fact that EMIs are quickly adopting new strigent measures to prevent losses of operational licences, and the banks view EMIs as hybrid entities taking away a niche they refused to capitalize on until it was too late...
The future of cashing out with ease lies in Global Crypto cards..

 

[bitman]

True, but using my method I avoid crypto issues with my bank. More and more banks are wary about crypto payments. Banks dealing in international paymens are well aware of Kraken and Coinbase. Localbitcoins have their own verified accounts. Crypto > Fiat cashout space is shrinking very fast. Transferwise is working right now, but may not in the future. The problem is recieving funds from the exchanges, without answering to anal poking questions about source of funds & business activity. Even Kraken asks questions once you cross a certain dollar value. They have started asking for xpub signatures, wtf!

What about using something like xmr.to and bitpay, for instance.

 

[neweraoffshore]

@Martin Everson https://support.kraken.com/hc/en-us...that-don-t-work-with-cryptocurrency-exchanges
So Kraken tells their customer itself, that Transferwise will not work. Guess this solves this question once and for all , haha so many threads about this . And hopefully people will see that guys who are bragging about cashing out to TW are not exchanging serious amounts or just talking s**t. So many wrong statements here in this forum, haha

@Sind localbitcoins and BTC cards will only work for small amounts. Cashing out big amounts is a pain in the a*s. Guys from localbitcoins, paxful, localmonero etc. won't appear, you always have the risk of a honeypot or being robbed, risk of receiving fake money, paypal will ask questions and blocks money or the scammer charge back the money, most only exchange smaller amounts and you have to travel with physical cash when you do cash transactions which is also a risk. Buying prepaid cards and charging them by yourself is also very very risky, maybe you will end up being sued for card skimming, too, because you don't know the origin of these cards if they were stolen or not.

And then you have physical cash and what then? The world is fighting against cash, you can spend it for a coffee or a some groceries, but that's mostly it. Physical cash is useless if you really want to make economic use out of the money.

Look for someone who can exchange crypto and give you a (good) source of funds for the paid out money. Then you have it in your (company) bank account and can make economic use out of it.

 

[Martin Everson]

@neweraoffshore Thanks, that closes that issue with Kraken and Transferwise once and for all. Both sides are saying they don't allow transfers.

 

[otcable]

Look for someone who can exchange crypto and give you a (good) source of funds for the paid out money. Then you have it in your (company) bank account and can make economic use out of it.

This is what I meant by bank transactions. He is doing the same but with paypal circuit, that is OK also, just not cost efficient.
@sinos you can create the same with direct freelancers or related companies.

 

[bronze]

M

Why not use good ol Paypal? Create a store, or a webhosting business and charge prepaid debit cards to yourself. Doing this for the past two years, never been a problem. Exchange Monero for prepaid Visa. Monero as you know is nearly untraceable and if you use good opsec procedures, you can achieve good results. You can buy prepaid Visa cards at Localmonero, no documentation or verification needed. I can provide a detailed write up if anybody's interested.

Mate this sounds like a fantastic idea

Would love to hear more, especially what setups are the best, darks or not, how to avoid aeoi etc