It seems OP is looking to do things completely legally, is not wanting to hide anything and is not trying to avoid paying taxes. If I were in OP's shoes, I would hire a tax lawyer and a certified accountant. It may well be worth it given the amounts being talked about here. Better to make sure all your i's are dotted and t's crossed as far as legally covering your ass. If all the required documentation and paperwork and whatever other hoops that will be required for you to jump through are cleared and in order, your chances of getting screwed are lessened. A tax lawyer experienced in dealing with moving money out of exchanges and a certified accountant should ensure you're covered.
Among other things, they would be able to discern if the exchange (or bank) is trying to slow-roll/impede your withdrawal and can take appropriate action on your behalf. That's what I would do if I had that amount of money that I wanted to cash out of an exchange.
Topic: Cashing out large amounts of bitcoins? - page 3. (Read 18687 times)
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.
if you cash out millions, such small fee should be a no big deal, isn't it.
I advise against doing anything in your home country if you have one. You don't need to pay tax to anyone. If you're in Europe, or willing to travel to Europe, and unless you're an American citizen (FATCA), I can help you (not for free, though) to move that money into a safe bank account.
But why cashing out that much? What do you plan to do with that money? Whatever you'd like to buy, it's worth trying to buy it with BTC.
But why cashing out that much? What do you plan to do with that money? Whatever you'd like to buy, it's worth trying to buy it with BTC.
I would rather not suggest for you to withdraw the whole amount in a single go ,that too when your 5 million$ is at stake,make the withdrawal amount in smaller parts and don't worry about the fees ,the fees is not the type of amount you have to worry about ,instead concentrate on the five million $ that you have to cash out.
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.
What about also opening an account with PAYZA? They are used to handling tons of money because many online peeps use it, especially all those online MLM GURUS and now they have a bitcoin wallet as well. They even have a debit card as well and you can take out also straight t your bank, takes a few days, that might work with some of it. 
. Also a bit congratulations on your earnings and I hope you don't get a ton of beggars harassing you in pms and social media..
payza is rebranded when they were called something else a few years ago.. Also a bit congratulations on your earnings and I hope you don't get a ton of beggars harassing you in pms and social media.. If so, then they are trusted being around for so long.
Didn't know they offer a debit card , which can be very useful if they have a bitcoin wallet attached to their payza funds allowing seemless transferring exchanges between. But at a fee ofcourse. But even 1% is worth it if doing the maximum limits allowed.
no reason to do it all at once, i think. and if you're concerned about it at all, you could do things slowly, but relatively simply. buy things, real, actual things. amazon or whatever. big, expensive stuff that's small and valuable. art, high end electronics, etc. then sell THAT for fiat.
it'd effectively become a full time job to do it, but it'd work. in theory you'd avoid some of the bank level chaos. i mean, you're still not doing anything illegal. you're still paying taxes on everything, of course.
it'd effectively become a full time job to do it, but it'd work. in theory you'd avoid some of the bank level chaos. i mean, you're still not doing anything illegal. you're still paying taxes on everything, of course.
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
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
This is a tough question really
Even if you think that your money is clean (wtf, even if it is in fact as clean as a new pin), you'd better not hope that you won't have any issues. As the others have already said, cash out in small amounts and always remember better be safe than sorry. In other words, avoid being asked questions even if you have all the answers. Someone may not like you or just be overly envious. To think bad of people is a sin but rarely a mistake
If you're in desperate need of that large amount,you shouldn't worry about the fees,safety first
Use the most big and trusted exchanger,do your research first before you facing any problem
Use the most big and trusted exchanger,do your research first before you facing any problem
Well you are lucky because your question is not even a problem in the first place. There are local wallets available in several countries in which they offer direct cash outs from their app wallet. All you have to do is plug in your bank account # so that they know who will they send the Fiat currency at. Aside from banks they offer Money Remittances and Cardless ATM withdrawals. Now it varies from each local wallet provider but it will have a similar transaction.
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
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
I'd suggest you try & speak privately to a large bitcoin companies CEO to try & set up an OTC trade or something. Use Skype or something to try & discuss at length, you'll probably need to sell at some kind of discount considering it's such a large quantity.
Be careful though, you need to check anybody you deal with is very trustworthy.
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
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
nothing's illegal, but there are countless cases of people being shut down despite everything being totally above board. blame all the endless money laundering laws.
as anyone here should know as soon as your crypto becomes fiat you no longer have any control of it.
I agree. Surely if you had that amount of crypto why make it all fiat? also as he said once its out the wallet and in the banking system who knows what money laws might turn up and bite you.
It's happened many times before!
It was more of a hypothetical amount. I plan to take out smaller chunks.
I find this all very uneasing, if you make a large fortune in this industry you have a hard time using it. What a joke.
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
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
nothing's illegal, but there are countless cases of people being shut down despite everything being totally above board. blame all the endless money laundering laws.
as anyone here should know as soon as your crypto becomes fiat you no longer have any control of it.
I agree. Surely if you had that amount of crypto why make it all fiat? also as he said once its out the wallet and in the banking system who knows what money laws might turn up and bite you.
It's happened many times before!
I don't think bitcoin is ripe enough to cash out that amount of money out at time even in the bank using fiat that amount of money would not go unnoticed and a good explanation will be needed to even have access to the funds afterwards. And now in the case of bitcoin where large amount of the people involved will believe its either a crime proceeds or even money to finance terrorism. Gradual withdrawal is the best thing for now.
As present price almost reach the 3000$, we can hold the bitcoin for some months and make the profit with that. If you wish to take out the cash from the bitcoins, best option is using trading platform. Which gives higher amount more than a Coindesk price index.
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
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
nothing's illegal, but there are countless cases of people being shut down despite everything being totally above board. blame all the endless money laundering laws.
as anyone here should know as soon as your crypto becomes fiat you no longer have any control of it.
I don't think bitcoin is ripe enough to cash out that amount of money out at time even in the bank using fiat that amount of money would not go unnoticed and a good explanation will be needed to even have access to the funds afterwards. And now in the case of bitcoin where large amount of the people involved will believe its either a crime proceeds or even money to finance terrorism. Gradual withdrawal is the best thing for now.
Be carefull... Banks could freeze the money once it lands if you cannot account for it some banks in the UK have started closing accounts of people using bitcoin exchanges.
My advice would be to seek advice first from your exchange and also make your bank aware of the large deposits arriving and possibly break down the transactions into smaller amounts 5 million is a lot to send in one go the risk is huge. breaking it down into multiple 100,000 payments makes more sense.
Also, speak with the exchange in person or on the phone before you do this too.
Enjoy your bit fortune!
My advice would be to seek advice first from your exchange and also make your bank aware of the large deposits arriving and possibly break down the transactions into smaller amounts 5 million is a lot to send in one go the risk is huge. breaking it down into multiple 100,000 payments makes more sense.
Also, speak with the exchange in person or on the phone before you do this too.
Enjoy your bit fortune!
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
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
Why are you interested in this? Does it have any effect on you? And who are you Are you one of them? I do not know why you are curious about what IS did.
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
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
You can do with selling on lot of exchanges and withdrawing them on several accounts like all of your family members account you can create and sell on their account and then you can withdraw it so like this you can also show the income in all your family accounts and you can decrease the tax expense on the sold bitcoins.
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