I bought it in the early days and moved several times due to security reasons. As a result, I'm unable to prove its origin. What would be a viable strategy to cash out?

you are viewing a single comment's thread
view the rest of the comments

[–] popemichael@lemmy.sdf.org 1 points 10 months ago (3 children)

You could use a site like FixedFloat to slowly convert it to another coin, like Bitcoin. (You just have to use a VPN if you're in the US)

Then you can use something like Bisq to trade it for cash or card or whatever.

You can also convert it to ETH, and send it to an exchange that doesn't ask too many questions, like PayPal.

I've done this last year with 90k with Bisq and 100k with PayPal and I had zero issues.

[–] OsrsNeedsF2P@lemmy.ml 2 points 10 months ago (2 children)

You still have to declare taxes if you do this method.

[–] popemichael@lemmy.sdf.org 5 points 10 months ago (1 children)

Legally speaking, yes. Thankfully, it's treated as selling property in this case. It's not too bad to deal with.

Though, if you use something like bisq or another p2p exchange, the only persons who will know about the transaction is the seller and the buyer.

[–] moneroworld@monero.town 1 points 10 months ago (1 children)

It is true, but if this amount of cash were to suddenly appear on my account, it could raise red flags.

[–] popemichael@lemmy.sdf.org 1 points 10 months ago* (last edited 10 months ago)

You could always use PayPal as eth or even the PayPal stable coin. So long as you don't sell it, you can use the coin as you want and you are only taxed via sales tax. You don't need to convert that way, and that way it stays property.

Though I've done tens of thousands via PayPal and ACH'd it into my bank without issue. They don't care as long as its less than 100k per week, according to customer service. Call them up and confirm, too, if you wish...

Barring that you could use a p2p service like Binance p2p and trade it for cash. Take a trip to Canada to pick up the cash, then Los Vegas and win it big. That's how an ex in law did it last year. Though he's kinda nuts, it worked fine.

[–] moneroworld@monero.town 1 points 10 months ago

It's not a problem. My only concern is a failed source of funds check, which could lead to a block on my cryptocurrency.

[–] moneroworld@monero.town 1 points 10 months ago (1 children)

Good to see that someone with a considerable amount succeeded in cashing out without issues. Despite that, the PayPal method sounds scary to me. What can I do if they claim a SoF document while blocking my crypto and I fail to pass the check?

[–] popemichael@lemmy.sdf.org 1 points 10 months ago

It doesn't work that way with PayPal. You receive it and it's in your account. Then it just works like any other transaction. You can buy stuff with the balance, too. So there isn't a need to cash it out all at once. I kept like 40k in it for a long time till I sold it all and banked it in less than a day.

Just be sure to use the ACH as the fees are the worst part.

[–] Zerglingman@freespeechextremist.com -1 points 10 months ago (1 children)

@popemichael @moneroworld >You just have to use a VPN if you’re in the US

https://trocador.app/
https://flyp.me/
Sideshift.ai
Morphtoken
SimpleSwap
ChangeNow https://changenow.io/ has fiat
Godex
blob

[–] popemichael@lemmy.sdf.org 2 points 10 months ago

I can also endorse godex.io and Changenow.io as reputable exchanges

That is an awesome list, ZM. I for sure plan on checking out all of them.

Thanks, for the information! 🤩