Cashing out large amounts of bitcoins? - page 2.

Vaslime

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Quote from: Netnox on June 10, 2017, 02:58:29 PM

My advice would be to ignore the fee. Just use a reliable exchange such as Bitstamp or Btc-e. While trying to save 0.1% or 0.2% of the total amount, you may be putting the entire capital in risk. 5 million USD worth of BTC is quite a huge amount. If I were in your place, I would be willing to pay even 1% fee, provided my coins are traded safely.

Cashing large amount have fees. you can find a exchange that has less fees. you will loose alot if the fees is big.

rickadone

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Quote from: shinratensei_ on June 10, 2017, 06:34:11 PM

Quote from: overnightmillionaire on June 10, 2017, 02:26:28 PM

How does some one go about cashing out 5 million dollars worth of bitcoin?

IS there a trust worthy exchange that doesn't have low limits.. and high fees?

Bitstamp allows any amount it seems at .09% fee so for 1 million dollars it would be $9,000 fee.

Does anyone have any experience cashing out large amounts that does not take a year to do?

thanks

The problem is you will not be able to withdraw your amount trough an exchange site. Better to split your money into some parts and try various exchange site to withdraw your money. But it may take more time to go.
In another case, if that makes less on your own risk. I think every exchange site has a tier or daily limit.

Yes this is a much better idea. It will be very tough to use this amount as a whole if you split your money. Also the use of various exchanges for this purpose is an excellent idea. It is good to be safe as with using various platforms you diversify the risk related to your money and a successful person is the one who knows how to reduce the risk factor.

Netnox

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Quote from: czvezda on June 13, 2017, 09:24:06 PM

This is confusing, why are we treating this like an illegal activity? Since when is it illegal to make money online, receive it in the bank, pay taxes on it, no matter how large the sum?

Are you guys saying that if my bank happens to ask, and I tell them the money is from an online investment they are going to shut me down?

I never said I want to be "undetected" I'm not doing anything illegal.

successful icos = my money

No. We are not treating it like illegal activity. The OP was just confused about the exchange fee, and about which exchange he should use for the transaction. If this was illegal, then I'd have never suggested Bitstamp, which is registered in Luxembourg, and operating with all the required licenses.

czvezda

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This is confusing, why are we treating this like an illegal activity? Since when is it illegal to make money online, receive it in the bank, pay taxes on it, no matter how large the sum?

Are you guys saying that if my bank happens to ask, and I tell them the money is from an online investment they are going to shut me down?

I never said I want to be "undetected" I'm not doing anything illegal.

successful icos = my money

darkangel11

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Don't let others control your BTC -> self custody

If I were to do it I'd not only split my money between exchanges, but also accounts and banks. With that much money you're not only risking being blocked by exchanges but also by your banks. Also, I wouldn't want to get raided by the police after transferring a couple million to an account that hasn't ever seen a large transaction. I just don't feel like proving to people that I'm not a terrorist.

Jalum

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Quote from: dony chung on June 13, 2017, 08:38:24 PM

no reason to do it all at once, i think. and if kita concerned about it at all, kita could do things slowly, am sure they can handle that well and of course the best thing to do is not to encash it one time and not to use just one service provider. There are so many ways to do it. Goodluck then if kita have that amount.

I wouldn’t want to get all my Bitcoin cashed just at once because the price of Bitcoin could go up the next day. The people that cashed their coins out when the price of Bitcoin was around $20 per coin easily regret that they’ve made that choice since the price of Bitcoin is over $2,000 now.

secdark

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Quote from: BigBall on June 11, 2017, 02:37:26 PM

My advice is to look site which have bigger trust and which have lower fee.Look on both thing is smarter because we wlll then not be scammer and also we will save own money,I prefer YoBit.

I dont think if you cash out really big amount of bitcoin in thr exchanges it is in small fees because the more the bigger is you are going to cashout the more bigger the fees . But the only thing you should do is the most trusted exchanger so that you are not end up getting your money

dony chung

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no reason to do it all at once, i think. and if kita concerned about it at all, kita could do things slowly, am sure they can handle that well and of course the best thing to do is not to encash it one time and not to use just one service provider. There are so many ways to do it. Goodluck then if kita have that amount.

asdalani

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Quote from: Vaskiy on June 11, 2017, 12:45:27 PM

Cashing out large sum of bitcoins is possible with the localbitcoins trading platform. This is possible with the traders who provide the real face to face dealing and exchange of cash. Other than this traders has got limitations in the online bank transfer just because of the taxation and bank limitations.

Doing a Bitcoin withdrawal in most Bitcoin exchanges require kyc information if the person is a foreigner or something. Bitcoin withdrawals usually need some sort of identification before sending the money through a banking system. Cashing Bitcoin locally is your best bet because you could see who you are doing business with instead of having some website rip you off.

bluefirecorp

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Quote from: Kyraishi on June 10, 2017, 05:39:22 PM

Don't use bitstamp because they are known to have pretty stringent AML regulations. So unless you can be sure that your funds are 100% clean try to really avoid any type of centralised exchange.

I personally prefer trading p2p on platforms such as localbitcoins and paxful. There are traders out there that have the sort of volume to handle large requests like yours. You get a lot more anonymity this way and don't need to worry about your funds being frozen on an exchange.

Don't use btc-e because their exchange rates are generally lower and to get the actual funds you need to pay a lot more fees. Kraken or bitstamp or p2p. Up to you.

I am not in favour of the p2p transactions when it comes to such a huge amount. I am not a rich person therefore for me five million Dollars is a huge amount that I wish to collect in my whole life. If you are using the local exchange for this much amount I am sure you are more than a generous person. I have no words to use it there was a better word than the generous I must use it for you.

nethead

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Really, i don't have that experience of Cashing out a large amounts of bitcoins. My limit is 1k$ which it's too easy by using some exchanging site or by sell it to someone who trust and who know very well. But with a high amount of bitcoin, you should search for big campaign to do that. I don't have any idea who can do that.

DOGE12321

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0.09% of 1 million would be 900 USD, not 9000.

Personally, I would be more worried about getting my coins transferred safely. If I had 5 million worth of BTC, I would not be worried much about the transaction fee. It is only $900!

totaleclipseofthebank

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Hm. I am using bittrex with full verification and my account is enhanced account. Therefore, I can withdraw upto 100 bitcoin a day. But it is still a small amount when I compare it with your example. I think that coinbase or some chinese exchanges will allow you to do thatt

Netnox

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Quote from: Supercrypt on June 12, 2017, 10:55:50 AM

Quote from: Netnox on June 10, 2017, 02:58:29 PM

My advice would be to ignore the fee. Just use a reliable exchange such as Bitstamp or Btc-e. While trying to save 0.1% or 0.2% of the total amount, you may be putting the entire capital in risk. 5 million USD worth of BTC is quite a huge amount. If I were in your place, I would be willing to pay even 1% fee, provided my coins are traded safely.

Yes exactly you have to make a wise decision sometimes irrespective of the fees which is not too much on the trusted exchanges. Also when you are going for such a huge investment it is better to in separate packets instead to all at once.

There is no good if you search for a new exchange which are not much trust worthy. I think in some case people go for a goodwill, like in shopping clothes or shoes when you fo follow a brand it is actually you are going for the goodwill they have in market.

Bitstamp is one of the more reliable exchanges out there. But I would not trust them 100%. After what happened with Mt Gox in 2014, I am in general a bit skeptical about all the crypto-exchanges. But right now, Bitstamp seems to be a good choice. Will be better if he sells his coins in many installments, rather than dumping all of them in one go. That reduces the risk.

Supercrypt

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Quote from: Netnox on June 10, 2017, 02:58:29 PM

My advice would be to ignore the fee. Just use a reliable exchange such as Bitstamp or Btc-e. While trying to save 0.1% or 0.2% of the total amount, you may be putting the entire capital in risk. 5 million USD worth of BTC is quite a huge amount. If I were in your place, I would be willing to pay even 1% fee, provided my coins are traded safely.

Yes exactly you have to make a wise decision sometimes irrespective of the fees which is not too much on the trusted exchanges. Also when you are going for such a huge investment it is better to in separate packets instead to all at once.

There is no good if you search for a new exchange which are not much trust worthy. I think in some case people go for a goodwill, like in shopping clothes or shoes when you fo follow a brand it is actually you are going for the goodwill they have in market.

Rinder

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Even with amazing reputation over a lot exchanges i would sell with local traders and at exchanges, but into small parts, all months i would exchange some coins to bank, besides those if you moove a big ammount besides the exchange fee you will have to pay the fee from your profit to your country unless you wanna to loose your investment, i dont see being easy to get a deposit of 5 milions without proff where the money camed from.

Bernardcrosier

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I recommend Bitstamp, it looks quite secure to me

stevano

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In my country, we have used local money exchange and bank transfer even free but only show the appropriate documents they want to see for verification and confirmation. Before that you have to follow his guidance also to fit the expected.

qiman

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Maybe if you try a variety of exchanges and outlets to remove such a big amount of Bitcoin would be easier for you, than just removing them form one place. You are very very lucky to have made such a huge amount of Bitcoin and congratulations for that. Have you tried all the big exchanges at least?

Netnox

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Quote from: overnightmillionaire on June 10, 2017, 03:04:05 PM

Quote from: Netnox on June 10, 2017, 02:58:29 PM

My advice would be to ignore the fee. Just use a reliable exchange such as Bitstamp or Btc-e. While trying to save 0.1% or 0.2% of the total amount, you may be putting the entire capital in risk. 5 million USD worth of BTC is quite a huge amount. If I were in your place, I would be willing to pay even 1% fee, provided my coins are traded safely.

Thanks for that, bitstamp is looking like the winner then.

Yes. Bitstamp is one of the more reliable exchanges out there, and the fiat withdrawals are fast and trustworthy. If I am not wrong, they have never been hacked, and they operate with all the necessary permits and licenses. I don't use Bitstamp that much, due to their ID requirements. Also, where I live the local exchanges usually offer better deals for Bitcoin.

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