How does a whale sell its huge amount of bitcoins and change them into fiats? - page 3.

davis196

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Quote from: Becassine on June 26, 2023, 07:39:18 PM

Hello,

From what I read, someone who sells btc sometimes has trouble receiving the fiats in its bank account. If the sum is large, the bank turns on all its red lights. I guess it's not a problem for someone famous, but for an ordinary citizen, how it happens if he lives modestly, recovers his private keys that he lost 10 years ago and finds himself with millions?

Offshore banks and offshore companies are a thing. Have you asked yourself why trillions of dollars are being kept in offshore companies located at "tax heaven" islands? The rich people are using such companies because they are very convenient.
Selling big amounts of BTC in centralized exchanges seems very risky to me. I guess that the crypto whales are negotiating big deals with the crypto exchange owners and they sell them their BTC outside of the crypto exchange platforms.
Obviously we are not crypto whale accountants and we don't know how the crypto whales are moving their wealth, so I'm just guessing. Grin

Tytanowy Janusz

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Just like others said. Going yolo is the worse thing you can do. Hire professional lawyer and tax advisor. A good tax advisor will not only legally limit the tax to be paid on such an amount, but also advice you how to do it as painless as possible, because perhaps for millions suddenly found in a long-forgotten bitcoin wallet, it would be better to go to a tax haven for six months for a beautiful holiday combined with a change of tax residence.
You can also consult various banks beforehand and ask if they have a problem with such a deposit.

pakhitheboss

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It depends on the whale. If the whale is already wealthy and well-known, he/she won't face any problems when exchanging Bitcoin for local fiat at a local bank. However, if it is a common man or a woman, they would convert their Bitcoin into local fiat in smaller amounts to avoid arousing suspicion. Then as
pooya87 said it also depends on the country where the whale resides. Some countries do not have hash laws against converting Bitcoin to local fiat.

tabas

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Quote from: Becassine on June 26, 2023, 07:39:18 PM

Hello,

From what I read, someone who sells btc sometimes has trouble receiving the fiats in its bank account. If the sum is large, the bank turns on all its red lights. I guess it's not a problem for someone famous, but for an ordinary citizen, how it happens if he lives modestly, recovers his private keys that he lost 10 years ago and finds himself with millions?

If a whale is popular, we've just seen how they've been exposed that they've been selling through huge exchanges as well just like what has happened on the FTX. But if this just an ordinary person, I wouldn't worry about him/her because he's bright enough to buy bitcoin as the earliest stage and selling it would be easy. The regulations will depend on where he is found and I am sure that he won't just sell all of it on an instant with just one exchange. Scattering it and spreading it across various exchanges could be his option and one thing is for sure that he can't skip the KYC part because if he wants to sell and have no problem then that's what he has to go through. Not unless, he knows a huge place where he can OTC or through P2P without having any issues.

pooya87

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It depends a lot on the country and their local regulations involving bitcoin and sometimes the bank that they are using. This is not something global, some countries don't have nasty banks that would just shut down your account if you withdraw even a tiny amount of fiat from a bitcoin exchange, some others do.

Poker Player

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Quote from: Becassine on June 26, 2023, 09:49:47 PM

That's my question. A person who lost his private keys for years and recovers them. Maybe he mined btc or he won btc with a faucet, how can he prove all that after 10 years ?

Don't worry about that person. If he is someone who has a lot of money, he will have no problem bringing it to the surface. The problem would be for you if you suddenly recovered a few dozen bitcoins that you had on an old laptop from when they were worth pennies.

We have discussed this many times in the Legal section of the forum and the conclusion is that the best thing to do would be to hire a professional specialized in these matters to advise you, as what you can do will depend on the legislation where you live.

Becassine

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Quote from: Don Pedro Dinero on June 26, 2023, 09:43:21 PM

The problem would be someone who has somehow kept bitcoins out of the sight of banks and authorities and suddenly turns up with millions of bitcoins from who knows how. But if it's someone who has a lot of millions, either they won't have done it that way, or they'll have ways of bringing it to the surface via alleged profits of companies or something like that.

That's my question. A person who lost his private keys for years and recovers them. Maybe he mined btc or he won btc with a faucet, how can he prove all that after 10 years ?

Don Pedro Dinero

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Quote from: Becassine on June 26, 2023, 08:11:17 PM

Unfortunately I don't have millions Grin

,

It is noticeable.

Quote from: Becassine on June 26, 2023, 08:11:17 PM

I'm just wondering how it's possible (for example to buy a house or something like that)

If this person has previously made deposits of large sums in centralised exchanges, he/she will not have any problems, because he/she will have already filled in enough paperwork.

The problem would be someone who has somehow kept bitcoins out of the sight of banks and authorities and suddenly turns up with millions of bitcoins from who knows how. But if it's someone who has a lot of millions, either they won't have done it that way, or they'll have ways of bringing it to the surface via alleged profits of companies or something like that.

Minor Miner

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Quote from: Becassine on June 26, 2023, 07:39:18 PM

Hello,

From what I read, someone who sells btc sometimes has trouble receiving the fiats in its bank account. If the sum is large, the bank turns on all its red lights. I guess it's not a problem for someone famous, but for an ordinary citizen, how it happens if he lives modestly, recovers his private keys that he lost 10 years ago and finds himself with millions?

The way I see my local investors do it is they move all their bitcoins to the top exchanges because the liquidity on centralized exchanges is huge, and the conversion from bitcoin to USDT is too simple. They then use the exchange's P2P service to convert to fiat little by little, they never place an order too large to make the banks suspicious. I think it is not too difficult to do, converting crypto to fiat is very simple, even if it is millions of dollars. I've never been worried about that, what I'm worried about is how to have a lot of bitcoin to do it Cheesy

.

Becassine

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Quote from: Woodrose on June 26, 2023, 08:06:29 PM

Quote from: Becassine on June 26, 2023, 07:39:18 PM

Hello,

From what I read, someone who sells btc sometimes has trouble receiving the fiats in its bank account. If the sum is large, the bank turns on all its red lights. I guess it's not a problem for someone famous, but for an ordinary citizen, how it happens if he lives modestly, recovers his private keys that he lost 10 years ago and finds himself with millions?

It's not a problem at all. There are many wallets nowadays that you can use to cash-out your money. And for me, why do you need to transfer all millions of dollars in a single event if you can divide your money into different assets such as pouring them in different exchanges or foreign stocks, buy different cryptos and save in different wallets. Just make sure you'll not forget the seed phrase.

Sorry if you don't give me examples, I don't see how it's possible. Especially since I read that some have problems with incoming transfers. Unfortunately I don't have millions Grin

, I'm just wondering how it's possible (for example to buy a house or something like that)

Woodrose

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Quote from: Becassine on June 26, 2023, 07:39:18 PM

Hello,

From what I read, someone who sells btc sometimes has trouble receiving the fiats in its bank account. If the sum is large, the bank turns on all its red lights. I guess it's not a problem for someone famous, but for an ordinary citizen, how it happens if he lives modestly, recovers his private keys that he lost 10 years ago and finds himself with millions?

It's not a problem at all. There are many wallets nowadays that you can use to cash-out your money. And for me, why do you need to transfer all millions of dollars in a single event if you can divide your money into different assets such as pouring them in different exchanges or foreign stocks, buy different cryptos and save in different wallets. Just make sure you'll not forget the seed phrase.

Becassine

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Hello,

From what I read, someone who sells btc sometimes has trouble receiving the fiats in its bank account. If the sum is large, the bank turns on all its red lights. I guess it's not a problem for someone famous, but for an ordinary citizen, how it happens if he lives modestly, recovers his private keys that he lost 10 years ago and finds himself with millions?

Topic: How does a whale sell its huge amount of bitcoins and change them into fiats? - page 3. (Read 373 times)