How do I sell Bitcoin?
February 12, 2021 9:53 AM Subscribe
I messed around with running a Bitcoin miner WAY back in the day, and it looks like the price recently spiked, making my bitpennies worth something. I want to sell, but I haven't kept up with the cryptocurrency fad at all. I have the impression that there's a lot of shady stuff going on in that space, and I need some help getting oriented.
- What's the best, most legally compliant website for selling Bitcoin for real money in the US?
- I have an old wallet.dat file. How can I access it and transfer the bitcoin without downloading hundreds of gigabytes of blockchains and exceeding my data cap? I got this long enough ago that it should be valid for both regular Bitcoin and Bitcoin Cash, so that's probably 500GB right there. Are there any other forks I should deal with? I had used the "official" bitcoin client back in the day, and I have no idea which of the newer clients are good or trustworthy. Specific client recommendations would be appreciated.
- How would the sale be taxed? I assume a legit place to sell it will send me a 1099 for the capital gains, is that correct?