A few good reasons to sell bitcoin
There isn’t one concrete reason to sell Bitcoin. Just like with any other form of money, your relationship to Bitcoin is unique and personal. Why you might sell Bitcoin depends on what it means to you. For some people, Bitcoin is simply a method of payment, just like the currency in your wallet. For others, Bitcoin is an investment and selling it is part of a long term goal to grow their wealth and build a better financial future.
Here are some of the most common reasons for people to sell Bitcoin:
- Cashing out Bitcoin into fiat currency like the euro
- Selling BTC to exchange for other cryptocurrencies, such as Ether
- Investors might already have hit their targets and want to access their profits
- Holding their cryptocurrency for long enough for it to become tax free
How to sell Bitcoin
Selling Bitcoin is easy and it only takes a few minutes. Your Bitcoin balance is stored in a wallet, the cryptocurrency equivalent of a traditional bank account. You can sell some or all of your Bitcoin whenever you want, 24 hours a day, seven days a week, all from your Nuri account. Your Nuri account is a trading platform, a bank account and your gateway to the world of cryptocurrency, all in one place. With just a few taps, you can sell your Bitcoin for Euro and watch as the funds are deposited into your bank account moments later.
What about taxes when I want to sell Bitcoin?
Bitcoin might be the first truly international form of money, but that doesn’t mean you can ignore the taxman. Most countries now have specific regulations for taxing Bitcoin. You should make yourself familiar with the regulations in your location as they vary from country to country.
Different rules and regulations can impact how you plan to trade as well as affect the profitability of your activity. In Germany, you can sell BTC without paying capital gains tax if you have owned it for over 365 days. You should always assume you will have to declare your cryptocurrency activity and keep a good record of your trades, investments and purchases. Many financial authorities can and will request information stretching back several years.
Fortunately for you, we’ve already thought of this. You can now automate your cryptocurrency activity into tax reports that you can send to your accountant or financial authority directly through the Nuri app.
Return on cryptocurrencies
Cryptocurrencies are the hot assets because they have great historic returns. In fact, in just five years, an initial investment of $100 in Bitcoin would have a total return of nearly 5,000%.
But Bitcoin isn’t just for trading or holding long term and holding out for big spikes in price. Cryptocurrencies can help boost your savings in ways that traditional interest accounts never could. With Nuri’s Bitcoin Interest Account, you can earn up to a 3% interest per year on your Bitcoin. Click here to learn more about interest rates you can be proud of.