Cash your money out over several weeks (or even months).
Each day transfer at most 10 BTC to the exchange, sell it and transfer the amount to your bank account.
So if the exchange decides to freeze your account there is a maximum of these 10 BTC lost.
Of course also contact your bank to tell them what you are doing.
The other plus for this way is, you sell at an average price over the coming weeks and don't risk to selling at a low point.
Topic: Cashing out large amounts of bitcoins? - page 4. (Read 18687 times)
There is nothing wrong if you want to cash out a big amount. The problem is do your exchange site or banks would allow it. I mean because it is a big one maybe it would take time. Or maybe it will be staggard since they are dealing with a huge amount. And maybe then they would think of something to have atleast a benefit of that. Maybe putting some tax on it. Wait for the transaction fee, maybe it is also huge.
In cashing out large amount of bitcoins you need to be on guard because money is not a jole and it is hard to get. So when you are about to withdraw bitcoin you need to be alert on the robbers around.
Every result I ever get from my bitcoin will monetize her gara know how much I've got.
Yep this makes perfect sense.
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 think it is very difficult to make such a transaction without being detected, you can be discovered by anyone when you sell bitcoin and receive large sums of money into your bank account.
How would you explain to your bank or your tax administration where does the money come from? In lots of countries, there re strong AML laws where people start asking lots of questions in order to make sure your money did not come from illegal sources.
He could tell the truth? Why would you assume there's something wrong with the legality of how he got his bitcoins. For all we know he could got in early or be a successful trader.
the problem isn't the bank, it's the bank's fear of breaching regulations. in most cases it's less trouble for them to close your account than try and explain or justify it to the government upstairs.
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Would an exchange such as bittrex be more better suited to do this for him without as much of a stringent process to get your bitcoin cashed out to fiat?Any experience with them before?
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I registered with bittrex only recently to ride the shitcoins pump & dumps. I haven't even made a crypto withdrawal yet, not to mention fiat withdrawals, so I wouldn't know.
How would you explain to your bank or your tax administration where does the money come from? In lots of countries, there re strong AML laws where people start asking lots of questions in order to make sure your money did not come from illegal sources.
He could tell the truth? Why would you assume there's something wrong with the legality of how he got his bitcoins. For all we know he could got in early or be a successful trader.
The people suggesting exchanges or localbitcoin are nuts. You need professionals who aren't gonna panic or kyc your ass. I wouldn't depend on bitstamp not to shut me down over $20000 let alone millions.
Find an OTC buyer via a broker like Cumberland mining or talk to Gemini about their daily auction.
Find an OTC buyer via a broker like Cumberland mining or talk to Gemini about their daily auction.
I'd not withdraw that lot of money at once if I were you.
Distribute the money into like four phases, and simply use an exchange like localbitcoins.com.
Yea I wouldn't cash it all out at once. I'd rather do it in batches (x amount of bitcoin per week). You might even catch another spike in the bitcoin price. Distribute the money into like four phases, and simply use an exchange like localbitcoins.com.
I prefer this kind of strategy also, slowly cashing it out. Though its time consuming but its worth it in my opinion. What if you got a mistake on first transaction? then all btc is gone?
One time big time transaction will get notice to exchange too. 
1 million is very much, they don't want to get a small fee for that much money they have to provide to you, it's very difficult to change the money from virtual to be made real money especially with that much money.
There are some users i think that already cashed out that huge amount and already done that big transactions in different exchange available now in the online market.That thousand dollar fee are just small compared with your money so dont mind that fees
How would you explain to your bank or your tax administration where does the money come from? In lots of countries, there re strong AML laws where people start asking lots of questions in order to make sure your money did not come from illegal sources.
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..
. 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..
I always do it, I just cash out everytime the bitcoin were gets the large amount. However for now I just save my bitcoin and wait for the big increasing of price in the market. I do it because I was expecting that their price were continue to increase.
That is actually a not so big amount if we are talking about exchangers...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 you have that amount.
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 $9,000 fee.
Does anyone have any experience cashing out large amounts that does not take a year to do?
thanks
I think you are joking , because 0.09% is not a big fees and secondly you are making cashout of your Bitcoin in bank money so you should think that the amount of 9000$ is not a big amount of fee according to your total 1 million dollars .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 $9,000 fee.
Does anyone have any experience cashing out large amounts that does not take a year to do?
thanks
Here I will suggest you to sell at different different exchange and with controlled amount , since here I already read that you are saying it should not take one year to do so .
If you are really having problem to spend 9000$ then I will suggest you to wait one month and left it until the price get up , if the price of the Bitcoin will rise only 0.1% then you will recover easily your fee of 9000$ .
So wait until your mentility get changed for the fee .
Beside of this idea , I will suggest you to sell in offline , I mean make direct deal in the cash .
If you want make.offline hand to hand deal then I can help you in my country India .
$9,000 in fees are just a very very small amount if you will go and cashout 5 million dollars in bitcoins,its just like tax the smaller version of governments tax on our salaries.If you dont want to get fees then sell it to other user personally no fees but no person will buy your 5million dollars on bitcoin at one time
What are you talking about,what kind of tax and who do you think is charging all those. 
.09% of 1 million is $900 and OP made a mess with the calculation.The problem is that you are not able to withdraw or cash out this huge amount at a single exchange at a given time because there are restrictions in place on whether how much amount you can withdraw every day and it might take a long time to cash out all your amount despite saying that check out kraken,i think you could cash out everything with that exchange,just talk to their customer support and make sure what all documents are needed to get things verified . 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
It is possible but such a high transaction is bound to bring attention and you will need to verify your identity and how you earned those coins, since we are talking about such a huge sum of money that is one case where being willing to lose some anonymity is fine, just don’t try to cash out all of that money at once, try to withdrawal 100k at first and keep doing that until you withdraw the 5 million. 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 love trading bitcoin much more better than holding it just for the fact that I do not see how I will cash out when bitcoins worth 1 million. I will have to rely solely on withdraw from the exchangers.
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