Cashing out large amounts of bitcoins? - page 6.

avikz

legendary

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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

0.09% of 1 million would be 900 USD and not 9k USD. So the amount is not high to that person who is cashing out such a huge amount. 900 USd fees is simply nothing compared to a million dollar. Even though I have never accumulated such a high amount, I believe it will be wise not to cash out in a single go. It would attract a lot of heat if the person is cashing out to any bank account.

IT is always advisable to cash out in bits and parts or a fixed monthly amount. It would not raise a security alarm to the regulators and the person must include that earning to the tax statement to be safe. Because what's the use of a million dollar if he spend the rest of his life in jail?

overnightmillionaire

full member

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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.

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

Netnox

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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.

overnightmillionaire

full member

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I plan to pay my taxes.

RedNovember

member

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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 think .9 % fee is not a lot, are you kidding me? You take that 1 million and put it in any low risk fund and you can get 5% return easily. You are worried about 1% basically lol

If ur a millionaire why worry. You got dis bruh, do it big

Just make sure you pay your taxes tho. Don't try to hide the money if ur in any western country

They will find it

Hatcher

full member

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

overnightmillionaire

full member

Activity: 184

Merit: 100

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

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