Bought crypto in 2016, on hardware wallet, wanting to sell now

Temp20210809a
New Community Member

I bought some ethereum back in 2016 or 2017, I can't exactly remember when, but it was before Bitcoin Cash was added to the Coinbase platform and before the crash in 2017.

 

I bought 8 ETH, and I stuck it on a hardware wallet without moving it anywhere. Ethereum's solidity platform made this blockchain I was developing for a startup obsolete, so I got 8 ETH when I had the chance, but I normally don't invest, and this is the only time I've ever invested.

 

I want to cash out on 6 of the ETH, so I'll have some money to support myself while I pursue a tech startup.

 

How can I cash out this 6 ETH coins easily? I don't want to run into limits or pay a bunch of taxes that I don't need to. I spoke with my tax guy yesterday about it, and he told me roughly how much I'd have to pay in taxes if I cashed out all 8 ETH which I might do, but likely, I'm just going to cash out 6 ETH and hold the rest. Is PayPal the best platform for selling this?

 

Thanks for the help!

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1 REPLY 1

PayPal_Megan
Moderator
Moderator

Hello @clrty29135, 

 

Welcome to the PayPal Community!

 

I am glad to hear of your interest in using PayPal for selling Cryptocurrency.

 

At this time, the option to transfer or sell Cryptocurrency from balances held with other platforms is not available with PayPal at this time. You can currently buy Cryptocurrency using PayPal and sell Crypto using the Crypto balance within your PayPal account. For more information, please refer to this Help Center article that answers common questions about Cryptocurrency on PayPal. 

 

I hope this helps!

 

-Megan S. 


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