Cashing out large amounts of bitcoins? - page 5.

rytyr

sr. member

Activity: 473

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Quote from: pawel7777 on June 10, 2017, 05:54:39 PM

You can expect that any exchange will freeze your withdrawal to do a due diligence, as such large withdrawal from newly created account will trigger all kind of red flags.

So apart from fees, it's a matter of how smooth is the verification process and how fast/experienced is the staff in dealing with such issues.

It's best to simply get in touch with the exchange support, tell them what do you intend to do and ask what should you expect. You should do the same with your bank.

I'd also consider splitting the amount into smaller tranches and possibly between 2-3 exchanges.

Ps. Stay away from btc-e. They're shady as fuck. See their trust rating: https://bitcointalk.org/index.php?action=trust;u=33012

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?

If so, what are their levels of verification so to be steered in the clear of any delays and they possibly freezing funds in your account like what those exchanges in China did by the government officials requests.

cr1776

legendary

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And if you are truly cashing out that much, think about talking to an asset protection attonery who can combine it with an estate plan so that if you become a target of a lawsuit - e.g. car wreck, slip and fall on your property etc - you will be able to protect at least some of your wealth. A domestic (US) asset protection trust or off-shore (e.g. Cook Islands etc) are options, but a non-triggered US trust is probably the best.

With that kind of cash, it is easy to be a target, so (a) don't discuss it with a lot of people and (b) take some steps to protect it from vultures.

And of course there are the guys who might try to get your pregnant if your are female or get pregnant by you if you are male...

cr1776

legendary

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Coinbase limits you to 100,000/week.

Use a well known, regulated exchange. Cash out, say, 10% at a time so if something goes wrong, you aren't completely screwed.

If you are in the US and are concerned about taxes, are they short term or long term gains? (< 1 year or >= 1 year?). If long term, they are then 15-20% depending on your bracket. If they are short term, how close are you to a year because it can save a lot. If you bought July of 2016, you are nearly there. (And, what is your basis?)

At 20% that is $1 million. Have you talked to an accountant about things like splitting across tax years? How have you titled them? E.g., perhaps you held some for kids or grandkids (perhaps in trust) who you intend to leave money to in several decades?

Have you considered some of Puerto Rico's tax benefits for US citizens? Again, best talk to an accountant who is familiar with it, but perhaps it could save a lot in taxes.

Edit: and don't forget, they could decrease, depending on Congress and the President.

Astvile

sr. member

Activity: 1484

Merit: 276

$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

allbitcoinprofits

newbie

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That is a very large amount to cash out at once. I see most exchanges giving you problems unless you cash out in smaller amounts. Of coarse that will take much longer.

cellard

legendary

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Go to a regulated exchange that is trusted. Don't do anything stupid like trying to avoid taxes. If you want to cash out that much, make sure you give them all of your details. Pretty sure there are exchanges out there ready to let you cash out millions without problems.

Of course, make sure your bank will not freeze your account. Let them count in before hand. They may flip out if they see a +5,000,000 transaction!

ktabb

full member

Activity: 266

Merit: 103

Quote from: Hatcher on June 10, 2017, 02:32:51 PM

.09% of 1 million is $900 not $9000.

That's still a ridiculously expensive transaction fee though. If I want to sell $5,000,000 of some stock through my brokerage then it is $4.95. Doesn't matter how large the transaction is. Bitcoin needs an exchange that works with flat fees because percent-based fees are detrimental to trading significant amounts of money. It is good if you are trading like $100 at a time, but most people want to make much larger transactions than that.

shinratensei_

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Leading Crypto Sports Betting & Casino Platform

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.

pawel7777

legendary

Activity: 2436

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You can expect that any exchange will freeze your withdrawal to do a due diligence, as such large withdrawal from newly created account will trigger all kind of red flags.

So apart from fees, it's a matter of how smooth is the verification process and how fast/experienced is the staff in dealing with such issues.

It's best to simply get in touch with the exchange support, tell them what do you intend to do and ask what should you expect. You should do the same with your bank.

I'd also consider splitting the amount into smaller tranches and possibly between 2-3 exchanges.

Ps. Stay away from btc-e. They're shady as fuck. See their trust rating: https://bitcointalk.org/index.php?action=trust;u=33012

batang_bitcoin

hero member

Activity: 2996

Merit: 600

If you want to cash out millions of bucks you should check the rules of that exchange so that you will be guided accordingly. Here in my country we've been using a local exchange and transfer to bank is even free but just show them proper documents that they wish to see for verification.

Bezobraznike

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★Bitvest.io★ Play Plinko or Invest!

I`m far from cashing out large amounts of bitcoin, I plan to have some in the future, and this is a good question, most trustful exchange for
cashing out big amounts is probably the best for cashing out small one`s. I`m not sure am I right but the best exchange for cashing out must
be the best exchange for trading with other types of coins? Or I`m wrong?

olushakes

sr. member

Activity: 476

Merit: 254

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

I don't eben know what would made me cash out that amount at once considering the various financial regulations here and there. Over here, I cannot even try because I cannot even access it without giving several details and stressful explanation that amount is too large not to attract attention even in the banking system that will just automatically block the account until convincing explanations are obtained. Just do it gradually to avoid the stress.

Kyraishi

hero member

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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.

criptix

legendary

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Quote from: overnightmillionaire on June 10, 2017, 04:07:09 PM

Surely people receive millions into their bank accounts daily.. and if your paying your taxes whats the problem?

Huh

No problem. Just need the bitcoins to sell.

Good luck

xFiber

sr. member

Activity: 336

Merit: 252

Quote from: Raja_MBZ on June 10, 2017, 03:57:05 PM

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.

Mbokani

sr. member

Activity: 291

Merit: 250

I thought someone will pop up and confirm that they had send million into their bank account by selling bitcoin,as it looks like no one has done that yet or is the millionaire club waiting for more price rallies to sell their coins. Cheesy

I did use local exchanges and the maximum withdrawal i made is six bitcoins.

overnightmillionaire

full member

Activity: 184

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Surely people receive millions into their bank accounts daily.. and if your paying your taxes whats the problem?

Huh

Raja_MBZ

legendary

Activity: 1862

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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.

FasTroy

sr. member

Activity: 434

Merit: 250

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.

MingLee

hero member

Activity: 490

Merit: 520

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

No idea how you would be able to do that best and my only potential idea for doing something like this is use multiple exchanges and move small amounts to each exchange and work on cashing out that way. Beyond that, I don't really know who you'd be able to sell to.
I'd just take the time and the fees. It's $5M, even if you lose $20,000 in fees (or more) you're not going to be hurting. You can retire at that point and have a good life, unless you're trying to pinch every penny.

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