@kopipe, if you bought BTC legally and you have no problem paying taxes, then all you have left is verified crypto exchanges - unless you want to take risks and do business with people/companies that do not have a reputation.
If you want to leave banks out of the equation, you need to find people who need BTC and are willing to pay in cash. However, this is easier said than done, and if you do find someone, make sure they don't know exactly how much BTC you have - I suggest using a mixer. If you were in the EU, you could legally (without KYC) sell even 1 BTC a day if visited several physical exchange offices - however, the fees are quite high 5-10%. Of course, this does not apply to the whole EU, but to an individual country.
Topic: How then should he his $300,000 collect? (Read 157 times)
If what you're saying is that these addresses are credit report-derived, then I suppose all I'd have to do is pull the report and see all the addresses it thinks are valid?
Yes, those types of verification questions typically come from your credit report. They could ask about past addresses, loans, stuff like that. If you get your credit report (some banks offer it for free if you have an account with them or you can get it from annualcreditreport.com - beware of similar sounding scam sites) you should be able to see the same info that the verification is based on and answer the questions correctly... now I'm not entirely certain if annualcreditreport.com won't try to do the same verification so you might have a bit of a catch-22.
Among my addresses have been:
c/o General Delivery
11304 Chandler Boulevard,
North Hollywood, CA
(from when I was homeless, lived in a nice van for a spell)
Room 223
Colony Inn
4917 Vineland Pl, North Hollywood, CA
(from when I was almost homeless, lived there for quite a long time actually)
Two of hundreds
c/o General Delivery
11304 Chandler Boulevard,
North Hollywood, CA
(from when I was homeless, lived in a nice van for a spell)
Room 223
Colony Inn
4917 Vineland Pl, North Hollywood, CA
(from when I was almost homeless, lived there for quite a long time actually)
Two of hundreds
Large centralized exchanges have very complex sign up procedures, I've found; I could not even get an account at Gemini, they have this strange postal address system where you have to guess among various addresses which one is yours. I failed that.
I have a feeling you're not telling us something. Failing that means you have an address on your credit report that you don't know about. If that's what's going on, you might have other issues, like your identity being stolen - pull your credit report and verify. Otherwise it sounds like you're trying to open an account with a fake name.
Certainly not. I've just lived many places, it wouldn't be wrong to say I've had hundreds of addresses, mostly overseas. When I was in Los Angeles, I went to the SSI office… I failed their address thing too, but succeeded at everything else, so they did what I wanted, and the address on the printout I only remembered after seeing it. 508 something something, Brooklyn. I probably lived there two weeks. Also, sometimes I'll help friends out by paying their bills in my name, so my credit report likely is full of addresses.
I would say that there is a certain difficulty in transitioning from "poor" to "rich", as the things assumed by the rich (people rarely change permanent address) are ridiculous assumptions when applied to the poor.
If what you're saying is that these addresses are credit report-derived, then I suppose all I'd have to do is pull the report and see all the addresses it thinks are valid?
Let's think more outside the box.
It varies according to your state, your BTC options and how the tax laws, anti-money laundering.
In my country, individuals' accounts are checked. It is true that the bank will not freeze your account when 300k deposited, but it will be included in suspicious accounts. so You should check all of these rules first.
As for thinking outside the box to exchange $ 300,000 Bitcoin to cash or money in your bank account, here requires things related to Bitcoin, for example:
- Buying a car with bitcoin: buying a car is good because you can move around in it and therefore you can buy it, pay with bitcoin and then sell it.
- Establishing a platform to sell digital products: I don't know, but you may need to spend 20,000 on marketing and other services.
- Buying and selling phones: Once again, the import and export laws must be reviewed.
Large centralized exchanges have very complex sign up procedures, I've found; I could not even get an account at Gemini, they have this strange postal address system where you have to guess among various addresses which one is yours. I failed that.
I have a feeling you're not telling us something. Failing that means you have an address on your credit report that you don't know about. If that's what's going on, you might have other issues, like your identity being stolen - pull your credit report and verify. Otherwise it sounds like you're trying to open an account with a fake name.
Let's think more outside the box.
OK. So we are avoiding centralized exchanges. Look in to trading peer to peer. RickDeckard gave you links to the two best peer to peer exchanges above - Bisq and LocalCryptos. You'll struggle to find someone willing to trade that much in one go, especially if you are a brand new user to these platforms. My suggestion would be to find someone with lots of good feedback, and message them privately explaining you would like to set up recurrent sells, say $5,000 a week, and see if they can accommodate you. You might also be able to negotiate a better exchange rate doing this. You'll still need to talk to your bank, but you'll have an easier time with regular payments coming from the same person rather than a variety of payments coming from all over.
Option two is to look for a real estate agent who accepts bitcoin, and pay them directly for your new property without converting to fiat at all.
I'm sorry some of you don't find my game amusing.
Large centralized exchanges have very complex sign up procedures, I've found; I could not even get an account at Gemini, they have this strange postal address system where you have to guess among various addresses which one is yours. I failed that.
Coinbase? Not used in many years, think I'm banned. I told off their customer service circa 2015 for some reason, I don't remember why.
Let's think more outside the box.
Large centralized exchanges have very complex sign up procedures, I've found; I could not even get an account at Gemini, they have this strange postal address system where you have to guess among various addresses which one is yours. I failed that.
Coinbase? Not used in many years, think I'm banned. I told off their customer service circa 2015 for some reason, I don't remember why.
Let's think more outside the box.
The only problem with the "do it in batches" approach is that you might not be able to use an OTC desk, since they set minimum volume per trade. Kraken, for example, require a minimum of $100,000.
AFAIK the advantages of using OTC is that you can give a better price and lower fees, right?
But I believe that in an asset such as bitcoin that has a high volatility (like 2% within few minutes) this advantage is not really a big deal.
The risk of trusting the exchange such high amount may not be worth
However, if he did a few batches of 10k, 20k, 30k, he may risk one big 200k in OTC. but anyway, I would send the fiat in bat he's o the bank
For that volume, I think a big exchange is also much safer than p2p.
I also wouldn't easily trust the big exchanges. Never mind losing, locked in that amount for a few minutes will cause tremendous stress.If I wanted to cash in on that, I would only deal with local exchanges where I could physically reach them effortlessly. In fact I will visit their office in person before depositing to make sure I can withdraw it in fiat all at once (or periodically depending on bank transfer limits).
For that volume, I think a big exchange is also much safer than p2p.
As much as I love P2P and hate centralized exchanges, I would agree. A bank is going to have far more issues with $300,000 turning up in your account from another individual, or you showing up with $300,000 in cash, than it is with that money coming from a large business.The only problem with the "do it in batches" approach is that you might not be able to use an OTC desk, since they set minimum volume per trade. Kraken, for example, require a minimum of $100,000.
I would also sell in batches - the last thing you want is all $300,000 being stuck in regulatory limbo somewhere.
For that volume, I think a big exchange is also much safer than p2p.
I think this idea to sell in batches is the best approach
Send 10,000, withdrawal to the bank account if everything goes OK, send 30,000 and so on. Never keep lots of funds in an exchange until you feel safe, and never for too long.
I yhink in USA you have something similar called Internal Revenue Service (IRS) but I sent know exactly.
The coins on the address OP shared have been held for longer than a year so will be taxed as long term capital gains when they are sold for fiat.Shouldn't you inform in 2017 you bought some bitcoins?
There is no requirement in the US to inform the IRS or anybody else when you have simply bought bitcoin with fiat. If he bought bitcoin with an altcoin, then selling that altcoin for bitcoin would have been a taxable event. If the bitcoin came from work or mining, then they would have been classed as income.If you are happy to be fully KYCed, provide proof of where all the coins came from, and have that information passed to the IRS who may well start sticking their noses in to your affairs, then you will want to go through a major exchange, potentially one which offers OTC services. I would also chat with your bank and tell them you will be receiving large amounts of USD from said exchange and make sure they aren't going to freeze your account. I would also sell in batches - the last thing you want is all $300,000 being stuck in regulatory limbo somewhere.
I don't know American taxes mechanism, but in Brazil we all have to fill a document with all our property, assets and wages we received over the last year. I yhink in USA you have something similar called Internal Revenue Service (IRS) but I don't know exactly.
Shouldn't you inform in 2017 you bought some bitcoins? If you did, you don't have to worry about that. Just pay your taxes.
I noticed that this address has old transactions, with coins prior BCH fork.
So, the owner also has about 6 bch (which is about 2700 usd not much).
You can recover that money easily after moving your bitcoins (move your bitcoins first due to security reasons)
Shouldn't you inform in 2017 you bought some bitcoins? If you did, you don't have to worry about that. Just pay your taxes.
I noticed that this address has old transactions, with coins prior BCH fork.
So, the owner also has about 6 bch (which is about 2700 usd not much).
You can recover that money easily after moving your bitcoins (move your bitcoins first due to security reasons)
You do realize that you could have made a more straightforward answer and the amount of help that you would receive would be the same right? There's no use in playing the "pretend" game here, at least from my perspective.
Regarding your query (or your friends) - If you/he/she doesn't mind to pay taxes to the local authorities and also doesn't mind to have his/her/ information stored in a server somewhere, you can always try the most usual exchanges - Coinbase (PRO) or Kraken (PRO) would be my suggestions. Be advised that you probably will have to endure more KYC procedures if you're aiming to sell all your BTC in a single day - according to this[1] Coinbase Pro article you're limited to a withdrawal of $50,000/day depending on your KYC level. Kraken gives you a really good explanation regarding their verification levels[2][3].
If you are indeed looking for a more anonymous service - as in no-KYC procedures, then I'll leave my usual suggestions:
[1]https://help.coinbase.com/en/pro/trading-and-funding/trading-rules-and-fees/limits
[2]https://support.kraken.com/hc/en-us/articles/360001395743-Verification-levels-explained
[3]https://support.kraken.com/hc/en-us/articles/360001449826
[4]https://bisq.network/
[5]https://localcoinswap.com/
[6]https://localcryptos.com/
Regarding your query (or your friends) - If you/he/she doesn't mind to pay taxes to the local authorities and also doesn't mind to have his/her/ information stored in a server somewhere, you can always try the most usual exchanges - Coinbase (PRO) or Kraken (PRO) would be my suggestions. Be advised that you probably will have to endure more KYC procedures if you're aiming to sell all your BTC in a single day - according to this[1] Coinbase Pro article you're limited to a withdrawal of $50,000/day depending on your KYC level. Kraken gives you a really good explanation regarding their verification levels[2][3].
If you are indeed looking for a more anonymous service - as in no-KYC procedures, then I'll leave my usual suggestions:
- Bisq[4]
- Localcoinswap[5]
- Localcryptos[6]
[1]https://help.coinbase.com/en/pro/trading-and-funding/trading-rules-and-fees/limits
[2]https://support.kraken.com/hc/en-us/articles/360001395743-Verification-levels-explained
[3]https://support.kraken.com/hc/en-us/articles/360001449826
[4]https://bisq.network/
[5]https://localcoinswap.com/
[6]https://localcryptos.com/
~
Now in plain English, what exactly do you want? Cash in a suitcase? Money order? Gold bar?
There are different ways to go about this. However since you're not evading taxes there doesn't seem to be any substantial reason to replace the perceived risk of an exchange or a bank with the very real risk of getting mugged if you try some back alley deal here.
Damn, that is a lot of money. If I were him, I don't want to alarm the bank sounds by receiving the money.
I suggest you withdraw small money, let say 0.1 btc but do it 3 or 4 times in a month and don't withdraw at once. The only way he can withdraw big money is to search for a local person who will be a third-party seller and transfer the money to his bank or give the money in cash. But maybe that will be difficult because we talk about a lot of money and not many of them are sellers who have a lot of money.
If you only want to withdraw for $6,000 at a time, that will not give you a problem and the banks will be okay too. But it will differ if you use an account that is not too active because that can make the banks suspicious of you.
I suggest you withdraw small money, let say 0.1 btc but do it 3 or 4 times in a month and don't withdraw at once. The only way he can withdraw big money is to search for a local person who will be a third-party seller and transfer the money to his bank or give the money in cash. But maybe that will be difficult because we talk about a lot of money and not many of them are sellers who have a lot of money.
If you only want to withdraw for $6,000 at a time, that will not give you a problem and the banks will be okay too. But it will differ if you use an account that is not too active because that can make the banks suspicious of you.
Message: Let's say a fellow has a lovely old address, 2017 proof, “Brilliant Uncirculated”. Let's say I represent, or am, this fellow.
Let's say this fellow can do more but sign; also spend.
Let's say he tires of his accommodations, and wants a place to live rather than just coins to gawk at.
What a troublesome proposition, though, as how can anyone bear to trust the real world and its banks when it's been so easy to just stow away this address?
Let's say he is American, has no credit score, and isn't even concerned with giving the taxman his share; it's not the government's thievery that is truly to be feared but that of supposedly trustworthy exchanges and exchangers.
How then should he his $300,000 collect? Is Bitcoin indeed fungible if it can only be spent $6000 at a time?
(kopipe, Bitcointalk, 20 December 2021, 12:14AM EST)
Address: 157AZzAgu3DYsaLeNEXkPZEnjTGfaGYNDY
Signature: H0X9EOce90nXnGGoVcccLiqF05zMiXAFQyOVltkRzZI0a3Lqac5kBESzN71rFRaqlaCP5nt8CBs7TpE Vs+9X6CM=
Let's say this fellow can do more but sign; also spend.
Let's say he tires of his accommodations, and wants a place to live rather than just coins to gawk at.
What a troublesome proposition, though, as how can anyone bear to trust the real world and its banks when it's been so easy to just stow away this address?
Let's say he is American, has no credit score, and isn't even concerned with giving the taxman his share; it's not the government's thievery that is truly to be feared but that of supposedly trustworthy exchanges and exchangers.
How then should he his $300,000 collect? Is Bitcoin indeed fungible if it can only be spent $6000 at a time?
(kopipe, Bitcointalk, 20 December 2021, 12:14AM EST)
Address: 157AZzAgu3DYsaLeNEXkPZEnjTGfaGYNDY
Signature: H0X9EOce90nXnGGoVcccLiqF05zMiXAFQyOVltkRzZI0a3Lqac5kBESzN71rFRaqlaCP5nt8CBs7TpE Vs+9X6CM=
Jump to: