For that amount I would recommend buying directly from a mine or OTC. You may be able to get a better price since you save the seller time and effort.
Since there is a danger of fraud if you are not sure what you are doing, I would want to meet face to face and sign a contract for the sale. Meet at a public restaurant for dinner. The seller can send the coins then you guys can eat dinner while waiting for 5-6 confirmations. In about an hour the Tx is safely encoded into the blockchain and each of you can be assured that the sale is legit.
You may also need an escrow. The hard part of this is the fiat, not the bitcoins. 500k is a lot to carry in a briefcase, but no one in their right mind is going to let you walk out after handing over a check. They will need some way of verifying that you have the money and that the dollars are real.
Topic: How do I go about purchasing a large amount of bitcoins - page 2. (Read 2752 times)
before you invest that amount, make sure you know alot about securing your BTC
maybe this is a better option for you:
http://www.otcmarkets.com/stock/GBTC/quote
http://www.xbtprovider.com/lang_en
maybe this is a better option for you:
http://www.otcmarkets.com/stock/GBTC/quote
http://www.xbtprovider.com/lang_en
cool, so OP is asking to buy BTC for 500k USD and you recommend him to use online US based bitcoin exchange, right?
now please describe us, how to securely transfer 500k USD to some exchange and what are you experience with such transactions. last time, when I tried to transfer 25k EUR (SEPA) to bitcoin exchange within EU, they called me in 20 minutes from my bank and asked for explanation. I just expected, that if somebody had 500k USD, he knows how to behave, negotiate and secure similar meetings personally..
sorry, but recommending online bitcoin exchange as coinbase for 500k USD transaction is one of the most stupid advices, which I ever read heard..
now please describe us, how to securely transfer 500k USD to some exchange and what are you experience with such transactions. last time, when I tried to transfer 25k EUR (SEPA) to bitcoin exchange within EU, they called me in 20 minutes from my bank and asked for explanation. I just expected, that if somebody had 500k USD, he knows how to behave, negotiate and secure similar meetings personally..
sorry, but recommending online bitcoin exchange as coinbase for 500k USD transaction is one of the most stupid advices, which I ever read heard..
Localbitcoins is probably the worse place to buy that amount of Bitcoin.
Your best bet would probably be second market. If that doesn't work then I would suggest coinbase if you are located in the U.S. (Or another country they serve customers to). Their exchange has somewhat of limited liquidity at times however you can buy from them directly with only a ~1% markup above the exchange rate.
Your best bet would probably be second market. If that doesn't work then I would suggest coinbase if you are located in the U.S. (Or another country they serve customers to). Their exchange has somewhat of limited liquidity at times however you can buy from them directly with only a ~1% markup above the exchange rate.
Try to search on localbitcoins.com
They should had sellers around your area if you want meet them face to face
They should had sellers around your area if you want meet them face to face
Let's say I'm looking to invest around $500k in bitcoins
What is the procedure to acquire the corresponding amount of bitcoins
What is the procedure to acquire the corresponding amount of bitcoins
uhh, 500k USD is around 1.7k BTC these days, which not look so high, as it looks in fiat:)
possible ways
1* go to localbitcoins.com, initiate contact with biggest sellers in your region (Europe, US) and start negotiate terms / ask them for offer.
2* initiate contact with some huge Chinese mining company/visit China personally and buy it directly from miners
3* create multiple bank accounts, transfer fiat to multiple exchanges and start buying
problem with point 3 is, that gov. may block your funds at it will be visible. So imho best and feasible way is just start slowly collecting locally..anyway, it will be risky and time consuming for sure, 500k USD is really lot of money, in my country you can had luxury car and amazing big house with garden everywhere you want:))
500K USD on localbitcoins, scary... scary
LOL, yeah, "Meet you in Starbucks, I'll be the guy with the AK47 and the Rottweiler."
Let's say I'm looking to invest around $500k in bitcoins
What is the procedure to acquire the corresponding amount of bitcoins
What is the procedure to acquire the corresponding amount of bitcoins
uhh, 500k USD is around 1.7k BTC these days, which not look so high, as it looks in fiat:)
possible ways
1* go to localbitcoins.com, initiate contact with biggest sellers in your region (Europe, US) and start negotiate terms / ask them for offer.
2* initiate contact with some huge Chinese mining company/visit China personally and buy it directly from miners
3* create multiple bank accounts, transfer fiat to multiple exchanges and start buying
problem with point 3 is, that gov. may block your funds at it will be visible. So imho best and feasible way is just start slowly collecting locally..anyway, it will be risky and time consuming for sure, 500k USD is really lot of money, in my country you can had luxury car and amazing big house with garden everywhere you want:))
500K USD on localbitcoins, scary... scary
Look at different exchanges, they all have limits on what you can buy. Also look at the fees, they can eat in to your money. Right now it seems like cex.io has the lowest fees, but I didn't look at every exchange. They don't charge anything except their regular trading fees. So you will end up paying for wire transfer fee(s) and .25% to buy btc. There may be better but that is the best I found. Also before buying look at the order books. There is no point in making a price spike because you will pay more than you need to. With that size I think that what others have said, making smaller purchases at multiple exchanges, is your best option. If you use LBC just make sure you are not getting too much markup, the % can be (but is not always) pretty steep there if you are not creating your own order.
Best of luck!
Best of luck!
Let's say I'm looking to invest around $500k in bitcoins
What is the procedure to acquire the corresponding amount of bitcoins
What is the procedure to acquire the corresponding amount of bitcoins
uhh, 500k USD is around 1.7k BTC these days, which not look so high, as it looks in fiat:)
possible ways
1* go to localbitcoins.com, initiate contact with biggest sellers in your region (Europe, US) and start negotiate terms / ask them for offer.
2* initiate contact with some huge Chinese mining company/visit China personally and buy it directly from miners
3* create multiple bank accounts, transfer fiat to multiple exchanges and start buying
problem with point 3 is, that gov. may block your funds at it will be visible. So imho best and feasible way is just start slowly collecting locally..anyway, it will be risky and time consuming for sure, 500k USD is really lot of money, in my country you can had luxury car and amazing big house with garden everywhere you want:))
Let's say I'm looking to invest around $500k in bitcoins
What is the procedure to acquire the corresponding amount of bitcoins
What is the procedure to acquire the corresponding amount of bitcoins
Never mind, didn't see the "K''
Also make sure that at whatever exchanges you buy at that you are fully verified and have passed whatever verification that they require. That way you won't have governments and the exchanges going after you for "suspicious activity"
$500k is an amount that should be possible via the larger exchanges, see https://bitcoinwisdom.com/
Since the market at each moment and at each exchange is not that deep, you would probably divide between different exchanges and multiple days.
Since the market at each moment and at each exchange is not that deep, you would probably divide between different exchanges and multiple days.
As far as I know there is no special way to buy large amounts of Bitcoin, you could either buy the whole thing from someone who amassed huge amounts from the early days or slowly over a long period of time from exchanges (going on an immediate buying spree with that kind of money would cause the price to rise fast and you would lose quite a bit)
Let's say I'm looking to invest around $500k in bitcoins
What is the procedure to acquire the corresponding amount of bitcoins
What is the procedure to acquire the corresponding amount of bitcoins
Jump to: