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Cashing out of Crypto

Posted: Tue Dec 07, 2021 8:42 am
by concerned
Hi
I had some Ethereum in MyEtherWallet.com which I am trying to covert to Fiat Currency; basically transfer to my normal bank account.
Just wondering if there is an easy way of doing this? Looking at these websites, seems it is easy to buy these crypto coins, but not so easy to transfer out to your bank account in fiat currency.... In the meantime I have converted my Ethereum to AUSDC coins, seems these are linked to US dollars
Thanks

Re: Cashing out of Crypto

Posted: Tue Dec 07, 2021 9:59 am
by EmaxisSlim Cultist
You can sell your ether on an exchange. Then you will need to pay capital gains tax on any profits. You will need to have the purchase price, and the sale price handy come tax time.

I would strongly recommend a Japan-approved exchange ala bitflyer or Kraken.

Re: Cashing out of Crypto

Posted: Tue Dec 07, 2021 12:22 pm
by concerned
Thanks! EmaxisSlim Cultist for your reply on this, will open an account on one of these exchanges

Re: Cashing out of Crypto

Posted: Tue Dec 07, 2021 12:47 pm
by adamu
If you're not American, then doing the ID verification gauntlet at Bitflyer is probably the safest bet.

You can also transfer it to me in exchange for 1000 RetireWiki tokens. :lol:

Re: Cashing out of Crypto

Posted: Thu Dec 09, 2021 12:02 am
by concerned
Thanks! Adamu, yes I am going with BitFlyer
RetireWiki tokens, sure, they will also each go to 60,000 USD right? :D