Hello there,
As I was driving earlier, this thought came through my mind. I've been accumulating Bitcoin for quite some time now, and at some point eventually I'll have to withdraw it in fiat, at least some of it. I'm not sure when that time will come, and I'm definitely not selling for anything below $50,000, but that's another story. However, I've always kept my bitcoin away from exchanges, and I prefer that it stays that way for obvious reasons that have been discussed numerous times in the forum.
Not only do I want to avoid exchanges but also banks, which is currently the most convenient way to withdraw money, but if I were to move funds to a bank account, they'd get taxed at 24%, which is a huge percentage. I've also thought about Bitcoin ATMs, but the majority of them here require some sort of KYC and feature expensive fees, although they may still be a better option than bank transfers. Is there an actual, reliable way to exchange bitcoin for cash in hand? My best guess would be a P2P transaction in person, but that's quite unlikely.
As far as the KYC, I would say go ahead and accept that if you are cashing out to Fiat.
* Traveling with large sums of fiat, is just asking for trouble.*https://www.qcnews.com/news/investigations/government-seizes-billions-in-cash-from-air-travelers-without-ever-filing-a-criminal-charge/You mentioned in a later post , you are in Greece.
https://www.ekathimerini.com/economy/1200283/no-legal-framework-for-crypto/* According to the above their is no VAT for crypto sales.*If you are waiting for a big win, I would suggest when the time is getting close to selling , contact a Tax Attorney for your Country 1st.
That way you know exactly what you are doing and what is the extent and timeline for any Tax implications.
* if you wait 5 years, the crypto tax laws might be totally different than now , so any current advice could be completely wrong in 2 or 3 years for you. *