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.

    • Luca Sironi@feddit.itOP
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      1 year ago

      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.

  • Blacksheep@feddit.de
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    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.

  • 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.

  • puck2@lemmy.world
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    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.