Topic: How do I go about purchasing a large amount of bitcoins (Read 2752 times)

I think that a lot of people come onto forums and ask questions and make themselves out to be more than they really are so that they get attention (which this post clearly has). You see it on car forums, investment forums, and here. If someone is bigger, badder, and richer they get more replies and advice.

I assume this is not real. People who have a half million to put somewhere do not ask on some online forum. If you were that dumb you would not have the money in the first place. If this was legit, he/she would start by hiring a consultant. There is just too much money on the line here to learn as you go.

I like it when a newbie says he wants to buy $500k worth of BTC. Really smart guy. A guy with balls obviously. I just wonder why he hasn't came back to tell us what he thinks of all the suggestions given above.

Coinbase have limited countries in its list mostly from Europe. Sigh.


I just signup cex.io, the main page buy fees is high but the trading site can't figure how it works here.

The fund deposit part, for bank transfer is zero fees. But the funny thing is withdraw money fee in US$ is higher than using Euro currency?


And do I really need a f2a enable to be on the safe side?

Is it safe to do bitcoin trading buying and selling in cex.io?

Can I sent the btc to other btc wallet(beside cex.io) from cex.io? I didnt see it in help file or option

Thank you.

bold move, you may move the price lol


better strategy is to open accounts and go through the verification process at several reputable exchanges ,


get them the required funds and purchase your stash gradually

let the market sell it to you


a lot of btc is traded every day



I strongly suggest if this is a legit scenario and you really plan to do this that you store the bitcoin in a secure wallet only you control the private keys to.

If you are on win / osx/ linux use a verified build by the bitcoin development team of the qt client and withdraw the coins as you purchase them to multiple addresses,  get an expensive well secured computer and run no other software on it ever. 


I would suggest you not even use it for the trading/ web browser to visit exchanges, rather get a vpn to do that on and keep your ip different for your wallet and your trade activity.

Also assuming you are really new at this, 

never give your private keys to anyone

read the bitcoin wiki carefully

lock /password protect that qt wallet you plan to store your coins in with a secure password at least 30 charachters long

google what a secure password is it is not a sentence from your favorite book or poem or your favorite song lyrics !!!

finally if you plan to invest a large sum of money in anything not just bitcoin it is always wise to learn more about it


for you this means a more permanent solution to store your coins in the most secure method you feel comfortable with that will match up with what you plan to do with them

i do not endorse any comercial products however you may want to look into the TREZOR bitcoin wallet

someone like myself would build their own, certainly not recommended for what you plan.....

above all remember that while bitcoin is very innovative and has many great things associated with it, it has no fdic, no central authority or anyone to give you back your coins if you get robbed, (which will be difficult if you take proper precaution) , make a mistake ect....


also you may want to consider putting 1-2% or maybe more of your investment into alternative crypto currencies other than bitcoin

bitcoin will likely always be like the coca cola , the sure fire original crypto currency

still any wise investor keeps a diversified portfolio

i am reluctant to say which coins you would want to invest in.......

if i was giving casual advice i would say avoid some of the largest market cap items since many are actually scams or not really secure and have other complex flaws.... ripple would be the biggest thing to avoid, outright scam......


some strong choices for investment would be namecoin, litecoin, ixcoin, possibly the ethereum project,  i also like riecoin, feathercoin, and I am currently avoiding all proof of stake coins although some quality ones exist like ppc, hobonickles to name two exist and they would be my top two choices for anything related to proof of stake right now.

 i would avoid 'multi hash' algorithms with claims of better security , there are many academic papers which prove this is bunk, single algorithms

like sha 2 (which is also what litecoin ect.... are) is good, 

personally I am involved with the blake coin family so i will not comment on my thoughts there since there is an obvious conflict of interest


good luck to you with your investment, and be very careful , especially around here ......

do not allow any service to 'store' your bitcoin for you unless you have 100% control of the private keys

there are reputable services out there but they are not bullet proof if they have your private keys.....

careful

keep in mind that shapeshift.io has  limits on how much can be converted, and are limited by their own bankroll of a specific coin. if op has that much to spend, this could be an issue should he need to convert massive amounts at once, at which point an exchange would be the only option.

If not that get several and I mean maybe a small amount online ( no more than 5k) the rest put in a cold storage.( several different wallets just in case) If I had a 500K I'd have a computer dedicated to btc ONLY. In a sense my own personal bank that would be connected to the internet in short 5 min intervals before a code would have to be entered for another 5 minutes logged in time. Another way is to diversity and buy up several different coins but you want to be careful which ones you do this with because the coin could be a complete sham. 

I'm not an expert but if you have 500k to spend I'd suggest moving into something like Litecoin or a few other coins. You can always do the shapeshift.io if you want to swap them out for btc.  Even just posting this you're probably a target so becareful of any links someone sends you. Check Trust ratings.

What would be your crypto investment advice, since you have such extensive history on this forum

500 000 dollars is a very big amount of money. You should consider maybe other kinds of investments, that may have more turn back power. But it is your money, so your rules

are you trolling? you're advising him to buy litecoin because for you it feel more safe than buying bitcoin now? man litecoin tanked like no tomorrow recently, and in a few days, bitcoin on the other hands is holding strong the last non fake-pump(250-275)

litecoin pump instead was a pure bull trap it's already returning, slowly to its old value

If you shit money, and 500k honestly means nothing to you, then you are 10x better investing that in Litecoin or stocks that have some sort of safety attached to them. I'm not sure if you are actually considering spending 500k, but the time to take such a risk investment was when Bitcoin was far below the $100 mark. With more exchanges, bank approvals, government regulations, and worldwide acceptance, Bitcoin has become far more stable than it has in the past. I just personally think you're throwing away $500k unless you could realistically be okay with losing that amount of money.

You can buy that amount from bitstamp. But i think will not be easy

I'm not sure I understand? In fact, I'm pretty sure I don't. lol

Do you mean "physical" bitcoins vs. the normal system? I would be far more concerned about the legitimacy of a physical bitcoin. "Virtual" bitcoins are bitcoins and they are provably secure by referencing the blockchain. Physical bitcoins are much more easily counterfeited because you must destroy them to verify their funding. Perhaps I am misunderstanding you, but I would strongly avoid physical bitcoin as they require trust. 500K is a lot to just trust someone who you don't even know.  

What you want is to have the bitcoins transferred to a wallet under your exclusive control and not use a coin that requires the trust of the coin maker and the seller.  Satoshi gave us money that does not require trust, and he did it for a reason. Trust no one.

Hit me up in PM.

500k is a huge amount and I will not advise you to buy the virtual bitcoin, simply go into well arranged contract with people that sells physical bitcoin, get it from them and keep it in your bank vault for safety but buying the virtual one is highly discouraged.

Buying $500K from on source would never be recommended however you can use a popular exchange with large volumes  . Another thing you can do is contact a mining operation who usually generate large amounts of bitcoin or people who are early adopters who have large amount and set up a trade with them .

You could go for a trusted partner of bitcoin community or buy on multiple sources one at a time. By this, you'll avoid getting ripped off. Exchange sites like ecoin.eu or xmlgold are also a good choice to go. Although, they cannot supply the whole $500k, they can get you like half of it for sure.

Sell PUT option

This is a good idea, maybe Bitmain would be interested.

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.

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

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..

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.

Try to search on localbitcoins.com
They should had sellers around your area if you want meet them face to face 

LOL, yeah, "Meet you in Starbucks, I'll be the guy with the AK47 and the Rottweiler."

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!

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:))

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.

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