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PaperclipPerfector  11mo ago (text post)   4196 thread views

Small-Scale Question Sunday for June 2, 2024

Do you have a dumb question that you're kind of embarrassed to ask in the main thread? Is there something you're just not sure about?

This is your opportunity to ask questions. No question too simple or too silly.

Culture war topics are accepted, and proposals for a better intro post are appreciated.

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Welp. I found my password for a very old btc wallet from 2013. It contains more than I thought. Nothing life changing, but a significant chunk of change.

What do I do with it? I just opened the wallet file with multibit classic. Where should I transfer the balance to secure it better? Hardware wallet or something?

How do I explain this to my country's tax administration?

First: Congrats, it's awesome to hear about someone recovering a cold wallet like this. I still love telling the story of my friend who frittered away 100 BTC from around 2011 before its biggest jump.

Second, how sure are you that you want to report all of this to the tax administration? If the amount was less than six figures, I would try to purchase goods in BTC slowly over the years.

Thanks!

Hypothetically, what goods could I buy with it without running afoul of some KYC or other reporting?

Could probably use a decentralized exchange of some sort to swap it into stables and then various ways of getting it into physical USD.

Stables? Stablecoins?

Physical USD won't help me.

And how could I trust the exchange? One of them just disappeared and stole my coins once.

A decentralized exchange is relatively low-trust since you just use it to convert and don't deposit. Uniswap the most popular example.

How would physical cash not assist? Likely easier to slowly convert that into your preferred currency than raw BTC

My country doesn't really use cash anymore. I wouldn't be able to spend it all without raising suspicion.

I think we're running into confusion about what a "not a life-changing amount" actually means. Can you get rid of 5 figures in cash eventually?

Foreign purchases under the customs limit are always a safe bet for using coins, it seems like.

We don't have a customs limit for foreign purchases, everything gets a hefty VAT and a declaration fee. Spending it in cash would take a very long time.

I'm gonna go the "just tax my crypto when I sell" route.

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