What happens when we sell our crypto in profit

[Whited35 15285]

I think most of the platform in this world still do not need KYC so that your activities in the crypto world will be still in secret.Tax evading is done due to this reason by so many criminals. You know, most of the exchange platforms need you to verify KYC die to this reason. 

[pablomarwan 3082]

I don’t know my country does not give its community to work with digital currencies, so the tax surplus that is imposed on me is higher depending on the country I work with. I mean the platform that I use, and this matter that the platforms use is not imposed on them by the state.

[iloveyobit 6599]

At the present time there are some countries that impose fees on those who trade in crypto, which I think is illegal and also immoral because the field is not adopted yet.

[DokAgsikap 145]

On 4/14/2020 at 2:25 AM, mahinurakash said:

Always invest when price is low and always try to sell at higher price and I think that can be done only if you are analysis is done regularly.and you will be able to earn profit.I caan not say about this meter but i know that cryptocurrency is a very good and important site.

That is the basic learning and basic strategy in trading, buy when it is low then sell when it is high, sometimes do some scalping as well when you day trade.

[Rezort 846]

Well, if some country had taxes on a cryptocurrency, then it would be legalized and a lot of benefits would be open for those who work with it, so taxes are not bad.

[Virgil dijk 1431]

That's what we all face , if we withdraw our earnings to fait Currency we will be face with taxes, that's why many people love cryptocurrencies, because no matter the amount you derive you won't pay any tax , but in fiat currency if you made profit with your business you must surely pax tax.

[BrolySSJ 7899]

that will depend on the region that you are in and it also depends on the amount of profit that you are planning on putting into your bank account as well. If you think about it seriously you will know that some countries have taxes on large deposits whereas other may not. And the tax amount will change depending on the region that you are in. In my opinion it is best to keep your profits in crypto for future investments.

[Shaza Ahmad 1682]

Yes, very high taxes are imposed on profits from the cryptocurrency market in European countries such as Germany and Sweden. I think these taxes are the price of legislation and regulation in the countries.

[Jaysen0104 536]

If you have bitcoin you can sell it to another currency to avoid large amount of transaction fee before you transfer to a wallet or a bank. Because we all know bitcoin have great amount therefore it has also big amount in transaction fee. In my case i sell my profit in bitcoin to ripple before ill transfer it to my wallet to avail low amount changes specially the transaction fee.

[kadayakito 765]

Thankfully my country does not have any taxes for cryptocurrencies. After getting the profits from trading or holding I usually switch to fiat, part of the savings and the other part is for further investment.

[Michael0606 861]

You are correct that depends on the laws of each country, and the amount withdrawn to a bank account which there will ask for an explanation of the large profits, it is an almost universal law but the amount varies by country, I think that would happen later in  the issue of tax reporting.

[Omar Ommeish 4872]

Yes, the taxes can be high, if I transfer the money to a bank account, in my country the taxes are not high and I can transfer the money to my bank account without losses.

[Nicolas.1 1]

 a strong rally and we put back our money on bank account ? Who knows what taxes we will pay or if we will pay. Obviously this depends on each state that has their own laws and regulations. I live in europe and so my earnings could be taxed in a different way from another state .. I advise that you have a digital electronic balance of Bitcoin and you can buy some gold as a good investment, and take advantage of the money left in life projects that give you a monthly return.

[Kamila 291]

I am sure that I will have a tax on cryptocurrency in the country if bitcoin once again soars in price, since already about 5% of people in my country according to unofficial data earn on cryptocurrency and do not pay taxes.

[CryptoMaxim 3829]

On 28.04.2020 at 23:22, Kutulay said:

Nevertheless, I do not have such problems, but I am afraid that if the government imposes any restrictions on the withdrawal of money or imposes any tax on them, it will be very disappointing for me.

As long as there are decentralized exchanges, it will be possible to exchange for Fiat. But in some countries, it is possible that there is a tax if you withdraw large amounts. And if cryptocurrencies are accepted at the official level by the state, the tax will definitely be.

[lharost 1526]

On 12/23/2019 at 12:05 AM, Maxtron73 said:

Wondering what will happen after we decide to sell our crypto assets after a strong rally and we put back our money on bank account ? Who knows what taxes we will pay or if we will pay. Obviously this depends on each state that has their own laws and regulations. I live in europe and so my earnings could be taxed in a different way from another state .

You should take a look at your country law about crypto, some countries charge taxes for crypto and the percentage they take from your profit is different in countries, some countries made crypto totally tax free and they are known to be cryptocurrency friendly countries.

[nirob02 3]

- if you buy a coin at a lower price then you can sell it again at a higher price, then only you will be able to profit from this site on the platform, and you can put that money in your pocket.!...

[Brushless4500KV 4214]

21 hours ago, Iambee said:

Selling Bitcoin in profit and keeping that money in bank is bad idea I think because for the money you put in bank you have to pay taxes and also have to show the source of the earning as and in some countries bitcoin is illegal so we may be in risk as well. Better to put that money again to buy bitcoin and multiply you btc.

When you sell your bitcoin and convert it to fiat, you don't need to keep it in your bank account. The crypto market is full of earning positions and when you sell one coin, you can invest in another one. This cycle will never ends even when the market is falling. The superiority of crypto trading to other kinds of trades is that all coins will not move in the same direction. This creates a large variety of investment. So, the money invested in crypto will be active all the time.

[magd 5231]

For me, there will be no problem as there are no taxes on the cryptocurrencies in my country and it is best to stay away from any place related to the central market and sell in several batches as well.

[P A Ashif 2409]

When I read the the heading of the post I thought what foolish it was written. But now  I really understand What do you mean So I will say that whenever we sell our Crypto an extract profit sum of a profit is taken

[CryptoLover21 0]

If you sell your  crypto in profit then you can transfer to the bank. But the banks also have their own rules and regulation on imposing tax. There is also marginal line for imposing tax If you transfer only little amount of money tax won't be imposed but you transfer huge amount of money then the bank will ask details.

[Zalaks007 543]

To sell you cryptocurrency to profit is really good but but try to keep only half of the profit and withdraw half of it to fiat currency. But if the profit is reading millions, you are going to be taxed and properly your bank might call upon the authorities to check your earning means.

[TimopheyKa 3900]

Bro, what kind of taxes are we talking about ? To be honest, I do not have anything like this in my country, I have no problems withdrawing cryptocurrency to a card or qiwi wallet. I'm only concerned about one thing, it's the Commission when exchanging and transferring, sometimes it becomes unpleasant, but still, if I withdraw with a plus, it's cool!

[gourav789 2834]

there is not any taxes while you can makes transaction in crypto currency . becuase transcation is untraceable .

if you used localbitcoin and paxful for exchange your Crypto asset into local currency Then you will suffer from tax .

[Ndayebo8 0]

If you exceed the limit of the amount that is taxed, then you will be asked about your income, so you must provide a detailed explanation. But the fact is that every state has its own rules and regulations regarding taxes implementations.