how to cash out of bitcoin at once? | Bitcointalksearch.org

drgrah

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Quote from: mOgliE on November 06, 2017, 11:24:38 AM

Quote from: drgrah on November 06, 2017, 09:46:04 AM

OK, so I've only been invested for two weeks, but I was looking into how to sell (once I become a gazillionaire) and there's not a whole lot of info out there. Suppose you get to $1,000,000 plus and just want to cash out. It looks like coinbase only let's you sell $10,000 per week? Or maybe transfer $10,000 in cash back to bank? Kind of fuzzy there. At any rate, that would take 2 years to get your million bucks out. Could that really be true? If so, why? And are there other places that would let you cash out all at once? It seems that if this thing goes the way people think it will, that this actually could be an issue.

For what I know there is a very simple solution:
Use Poloniex. It's not like I specially love the plateform but once you get to maximum level of verification you have no limit for bank withdrawal. So you just send your btc here, sell them for $ and then voilà!
But of course you have to trust a trading platform...
So if I were you I would do it by medium amounts like 20k$ :p

It doesn't look like poloniex deals in fiat. unless i'm missing it.

50ouncebrew

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The best and easiest way to cash out your bitcoins is through a Bitcoin ATM. There is this website called coinatmradar.com that allows you to find Bitcoin ATMs near you. They also have an app you can download through the Google PlayStore. Once you are looking near your location, be sure to look at the different ATMs and the fees they offer when buying and selling your coins.

mOgliE

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Quote from: drgrah on November 06, 2017, 09:46:04 AM

OK, so I've only been invested for two weeks, but I was looking into how to sell (once I become a gazillionaire) and there's not a whole lot of info out there. Suppose you get to $1,000,000 plus and just want to cash out. It looks like coinbase only let's you sell $10,000 per week? Or maybe transfer $10,000 in cash back to bank? Kind of fuzzy there. At any rate, that would take 2 years to get your million bucks out. Could that really be true? If so, why? And are there other places that would let you cash out all at once? It seems that if this thing goes the way people think it will, that this actually could be an issue.

For what I know there is a very simple solution:
Use Poloniex. It's not like I specially love the plateform but once you get to maximum level of verification you have no limit for bank withdrawal. So you just send your btc here, sell them for $ and then voilà!
But of course you have to trust a trading platform...
So if I were you I would do it by medium amounts like 20k$ :p

LightFork

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I would try localbits and lots of small transactions on different cards + exchange for cash. For a month a million can be withdrawn if you do it every day.

drgrah

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Quote from: gentlemand on November 06, 2017, 10:43:38 AM

Quote from: drgrah on November 06, 2017, 10:21:54 AM

converting BTC to USDT?

USDT is only worth what some other moron on Kraken is going to give you for it. Kraken is pretty much the one and only place on the planet where you can turn USDT into real dollars. You certainly can't do it via the actual creators of USDT. As Kraken volume is tiny it's one of the stupidest things anyone can do.

There's enough to real USD out there. Go an convert it into that with one of the numerous services that can.

I'm glad I asked this. I thought it was just equal to the dollar minus a % or two for profit and always stayed that way. Actually I can't believe it isn't that way. that would be a tidy way to hold electronic cash on reserve to trade. Business opportunity??

gentlemand

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Quote from: drgrah on November 06, 2017, 10:21:54 AM

converting BTC to USDT?

USDT is only worth what some other moron on Kraken is going to give you for it. Kraken is pretty much the one and only place on the planet where you can turn USDT into real dollars. You certainly can't do it via the actual creators of USDT. As Kraken volume is tiny it's one of the stupidest things anyone can do.

There's enough to real USD out there. Go an convert it into that with one of the numerous services that can.

RodeoX

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Quote from: drgrah on November 06, 2017, 09:46:04 AM

OK, so I've only been invested for two weeks, but I was looking into how to sell (once I become a gazillionaire) and there's not a whole lot of info out there. Suppose you get to $1,000,000 plus and just want to cash out. It looks like coinbase only let's you sell $10,000 per week? Or maybe transfer $10,000 in cash back to bank? Kind of fuzzy there. At any rate, that would take 2 years to get your million bucks out. Could that really be true? If so, why? And are there other places that would let you cash out all at once? It seems that if this thing goes the way people think it will, that this actually could be an issue.

You have come up against a scaling problem with fiat currencies. Bitcoin has no rules, dollars are made of rules. Fiat is slow, so it takes days to weeks to get to you. Fiat is much less secure, so a lot of work verifying your identity must happen. Fiat is also costly, so you will pay to fund an exchange, you may have to pay to withdraw, you will pay a fee for the exchange... Why? Why not just use bitcoin?

You can buy about anything with bitcoin if you look around. Want to do a million today?

A few of these: https://veldtgold.com/product/1-kilo-gold-bar/

Something from here: http://bitcoin-realestate.com/

And throw in a new car: https://cars.overstock.com/

No fees (other than the Tx fee). No money lost switching back and forth between currencies. You often get 3% off buying with bitcoin. Best of all you expand the economy and raise the value of your remaining coins.

BTCLovingDude

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BTC to the moon is inevitable...

Quote from: drgrah on November 06, 2017, 10:21:54 AM

Is it just that there's extra paperwork or verification or something? Or is it because they think you've done something illegal?

i think it is mainly about legality of it. mostly because bitcoin is not exactly 100% traceable and there is always money laundering issues and stuff like that. and i don't think it will be relaxed any time soon Tongue

Quote

So if I wanted to sell $1,000,000 worth of bitcoin I could do it, but I'd have to leave it on coinbase or wherever (which I wouldn't want to do) and the problem is just the conversion of it, right?

i believe the deposit and withdrawals of these exchanges is based on equal value of their limit not just in fiat. for example if it is $10k per week it is also equal amount in bitcoin per week (meaning 1.36BTC per week). i am not sure how coinbase limit works though.

Quote

So,if I thought a crash was imminent what are other options, converting BTC to USDT?

no, that is going from bad to worse. USDT is centralized and it all depends on the company that is backing it. if some day that company which is also backing bitfinex goes under (like when Bitfinex was hacked and everyone was worried) USDT will crash hard (as it did before after bfx hack).

btc78

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Quote from: drgrah on November 06, 2017, 09:46:04 AM

OK, so I've only been invested for two weeks, but I was looking into how to sell (once I become a gazillionaire) and there's not a whole lot of info out there. Suppose you get to $1,000,000 plus and just want to cash out. It looks like coinbase only let's you sell $10,000 per week? Or maybe transfer $10,000 in cash back to bank? Kind of fuzzy there. At any rate, that would take 2 years to get your million bucks out. Could that really be true? If so, why? And are there other places that would let you cash out all at once? It seems that if this thing goes the way people think it will, that this actually could be an issue.

try to use other wallet than coinbase.it has a limit for specific time.so you cant withdraw or in cash a huge amount.thats for the users security and the government as well.coz launderer is just around

drgrah

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Quote from: BTCLovingDude on November 06, 2017, 09:57:02 AM

well the problem you are talking about is a fiat related problem. which means you have to find an alternative way of receiving the fiat in return for bitcoin. that means some method that doesn't require banks or other centralized (law abiding) places. like trading face to face with someone on localbitcoins.com for example.

why? you have to ask your government and banks why they have set such rules for fiat Tongue

Is it just that there's extra paperwork or verification or something? Or is it because they think you've done something illegal? It seems like if you told the IRS that you wanted to cash out 1,000,000 and they'd get 200,000 of it right away and you had all the documentation of your trades that they'd let it happen, LOL. If I sold my house for a million or a few bars of gold, they wouldn't have any problem taking that money. Seems strange. Do you think it's something that will get more relaxed over time? I mean, I only can HOPE this is a problem some day! I think i'd be scared to do it on localbitcoins. Hell, I'd be scared to do it anywhere, lol.

So if I wanted to sell $1,000,000 worth of bitcoin I could do it, but I'd have to leave it on coinbase or wherever (which I wouldn't want to do) and the problem is just the conversion of it, right? So,if I thought a crash was imminent what are other options, converting BTC to USDT?

shinratensei_

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Quote from: drgrah on November 06, 2017, 09:46:04 AM

OK, so I've only been invested for two weeks, but I was looking into how to sell (once I become a gazillionaire) and there's not a whole lot of info out there. Suppose you get to $1,000,000 plus and just want to cash out. It looks like coinbase only let's you sell $10,000 per week? Or maybe transfer $10,000 in cash back to bank? Kind of fuzzy there. At any rate, that would take 2 years to get your million bucks out. Could that really be true? If so, why? And are there other places that would let you cash out all at once? It seems that if this thing goes the way people think it will, that this actually could be an issue.

Did you wanna find a way to cash out your money at once? But for some reasons, if you are doing very high verification and you will be able to cash out a lot of the money from the exchange site.
I give you an example if you are having enhanced account in the bittrex exchange site and you will be able to withdraw your money (bitcoin form up to 700k for now) but if you are looking about the wire transfer and that will be required a lot of the verification.

drwhobox

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Quote from: drgrah on November 06, 2017, 09:46:04 AM

OK, so I've only been invested for two weeks, but I was looking into how to sell (once I become a gazillionaire) and there's not a whole lot of info out there. Suppose you get to $1,000,000 plus and just want to cash out. It looks like coinbase only let's you sell $10,000 per week? Or maybe transfer $10,000 in cash back to bank? Kind of fuzzy there. At any rate, that would take 2 years to get your million bucks out. Could that really be true? If so, why? And are there other places that would let you cash out all at once? It seems that if this thing goes the way people think it will, that this actually could be an issue.

Well, you can try localbitcoins or just sell them to a crypto trader with .5% discount than the price at that time. They need to regulate the flow of turning bitcoin into fiat ofcourse you may cashout on some with a limit of 5 digits per month in USD mostlikely it depends on the country you are in on how much you can cashout.

gentlemand

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No one bothers with Coinbase apart from chump change.

If I had that type of money to get rid of then I'd go OTC. A broker matches a buyer with a seller. There are no limits, no verification crap and the deal is tailored.

Once you're beyond a certain level then retail level simply isn't good enough any more. You also have options like the Gemini daily auction but OTC makes the most sense by far.

BTCLovingDude

legendary

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BTC to the moon is inevitable...

well the problem you are talking about is a fiat related problem. which means you have to find an alternative way of receiving the fiat in return for bitcoin. that means some method that doesn't require banks or other centralized (law abiding) places. like trading face to face with someone on localbitcoins.com for example.

why? you have to ask your government and banks why they have set such rules for fiat Tongue

drgrah

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OK, so I've only been invested for two weeks, but I was looking into how to sell (once I become a gazillionaire) and there's not a whole lot of info out there. Suppose you get to $1,000,000 plus and just want to cash out. It looks like coinbase only let's you sell $10,000 per week? Or maybe transfer $10,000 in cash back to bank? Kind of fuzzy there. At any rate, that would take 2 years to get your million bucks out. Could that really be true? If so, why? And are there other places that would let you cash out all at once? It seems that if this thing goes the way people think it will, that this actually could be an issue.

Topic: how to cash out of bitcoin at once? (Read 276 times)