Cash out cryptocurrency?

I bought 22 litecoin about 8 years ago for £70 all in. If I cash out today after fees it comes to £2887.

That is a tremendous profit.

Does anybody know anything about Litecoin cryptocurrencies? Do you think I should cash out or are things happening in the crypto market in the coming months?

Cheers in advance for any advice. :slight_smile:

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Its possible to predict the stock market but not the crypto market. Otherwise everyone would have made millions instantly. I have 226500$CAD in bitcoins but lost my password probably bcz I was psychotic when I bought bitcoins for 1000$CAD.

Wow youre rich :3rd_place_medal:

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Doesn’t that make them worthless?

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Not really, at the end I lost 1000$CAD from my pocket as I cant get a refund or cashout.

I can only get them back if bitcoin becomes regulated by the government.

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Do you get taxed in the UK if you cash it out?
My mother told me here the government will take 40% if I cash it out. She’s an accountant.

I am not getting taxed on it. I sell to a uk based company and they directly transfer to my bank account.

I put the litecoin on a phone wallet, so get fees on that, plus fees for the company taking it.

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I think the tax is only on big amounts. Here the government has access to your bank account and if there is a big deposit they will take taxes. The bigger the deposit the more % they take. Its like receiving a salary. Do you get taxed on your salary in the UK? Here in Quebec there is too much taxes on everything.

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Unless you need the money I wouldn’t cash out. It will only go up. I have over $5000 in bitcoin and ethereum. We are about to hit a critical mass, with NFT’s and companies like Tesla investing in crypto it will expand hugely once other corporations, investors and governments get on board (Probably within the next couple years).

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I hope that it will be regulated by the government so I can cashout my bitcoins.

Goldman Sachs is going to be offering crypto to its clients in the next couple months. As more and more corps and investors get involved demand goes up, which means price goes up.

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Keep rollin’ it on Bitcoin until there’s lots of chatter about outlawing it from top government types.

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Leave it in imo

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I don’t have the qualifications to be giving financial advice on this issue.

You could very well do what you said, or you could do half measures to keep some incase it grows even more.

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That’s really tragic @Aziz .

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What does the government have to do with it? I thought you forgot your password?

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So I can get the money by showing ID. The company I bought the bitcoins from store all these information. I had to send them a copy of my drivers license, etc

I still don’t understand what the government can do? Just call the company and prove who you are with your ID, or reset your password if they offer that feature. If they are incapable of doing either what can the government do?

As I understand it crypto keys/passwords are known only by YOU, no one else, there is nothing a government or company can do about that, if they could it would be possible to steal your bitcoins… by a rogue employee for example.

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They cant and wont. Unless it was extraordinary and stolen. I dont know unless quantum computers exist or delusional, crazy regulation exists. They dont have the money or care.