why in the world do you want to cash out 8000 bitcoin at once! that is about 132 million dollar. do you seriously need 132 million dollar at once?
and there is no way that your government (no matter what country you are from) wouldn't start asking questions. not to mention the huge tax that you have to pay on that much money and all the risks of you and your bank accounts be flagged with a big red flag!
as for the suggestions that people told you to contact exchanges,... i suggest not doing it specially since you are not in the same country as Gemeni,... finding someone off the market is a better choice but cashing out slowly is a better option.
in any case if you chose exchanges, any of the top ones (bitstamp, gemeni, bitfinex, Gdax,...) would have more than enough liquidity for you to sell 8000 and price don't even move much.
Topic: I have around 8000 BTC,but my country are too small cap to cash out - page 8. (Read 1505 times)
January 06, 2018, 08:45:20 AM
January 06, 2018, 08:02:49 AM
Guys,
I'm from Malaysia,and I brought 8000btc when many years ago(and glad that I still have found back).
I'm looking for cash out all the btc I have own now,it is about 100 million usd fund,but I don't think my country market have support that huge of volume,I do my research found that exchanges in Malaysia are really small,big exchanges like only bitfinex and coinbase can support that much of volume,but it can't use their service in Malaysia,and I'm not US citizen.I don't know what to do now.
I'm really frustrated knowing I own that much of money but I can't cash out due to my country is not popular with this coin,any suggestion for me? Whoever can help me solve my problem I promise to gave him 50btc after I manage to cash out.A man will keep his word.
——————————
updated: 6.1.2018 4:54pm
what country that can support 100 mil usd withdrawal?
I'm actually have thinking about open an US bank account,but I'm not sure whether I can withdrawal that much of fund from exchanges to my bank account or not.
I actually don't mind paying tax fees to US or Malaysia gov whatever,I just want to have a cash out plan.
I'm from Malaysia,and I brought 8000btc when many years ago(and glad that I still have found back).
I'm looking for cash out all the btc I have own now,it is about 100 million usd fund,but I don't think my country market have support that huge of volume,I do my research found that exchanges in Malaysia are really small,big exchanges like only bitfinex and coinbase can support that much of volume,but it can't use their service in Malaysia,and I'm not US citizen.I don't know what to do now.
I'm really frustrated knowing I own that much of money but I can't cash out due to my country is not popular with this coin,any suggestion for me? Whoever can help me solve my problem I promise to gave him 50btc after I manage to cash out.A man will keep his word.
——————————
updated: 6.1.2018 4:54pm
what country that can support 100 mil usd withdrawal?
I'm actually have thinking about open an US bank account,but I'm not sure whether I can withdrawal that much of fund from exchanges to my bank account or not.
I actually don't mind paying tax fees to US or Malaysia gov whatever,I just want to have a cash out plan.
IF its serious then come to INDIA ...i can help u out..This is the country where with money u can do anything and buy anything ..
January 06, 2018, 07:37:55 AM
US is probably not an ideal country for you to move in, better choose Germany or Switzerland or some other country in Europe.
And then you can start cashing out in small chunks, you shouldn't try to cash in big amounts like 10 bitcoin at once, try with one bitcoin every other week or so if you need.
And then you can start cashing out in small chunks, you shouldn't try to cash in big amounts like 10 bitcoin at once, try with one bitcoin every other week or so if you need.
January 06, 2018, 07:37:31 AM
You are a lucky man. If you have 8000 bitcoins, why not migrate to other countries? So you can solve this problem.
January 06, 2018, 07:17:13 AM
why don't you cash out as much as there's possible in malaysia and then wait until you go again?
January 06, 2018, 07:09:28 AM
Congrats for finding your 8000 BTC. I will suggest you to sell part by part, your government will come after you if you convert 8000 BTC to MYR at once. You can try localbitcoin and other exchanges and sell daily.
January 06, 2018, 06:41:00 AM
I think biggest problem for OP is that he want to stay in his country and cash out all at once.Why not try to sell 500 BTC or less amounts on local exchanges and solve this problem in 2+ week or month time if tax is not problem.Sell all in one transaction even if you have a chance to do it certainly not advisable,you could send all your BTC to wrong address or get your money frozen on exchange for some reason.
Be smart and take the time to thoroughly study it,and do not trust anyone with your private keys/seed-I bet you will get too many promising offers how to solve this "problem" on your PM.
Be smart and take the time to thoroughly study it,and do not trust anyone with your private keys/seed-I bet you will get too many promising offers how to solve this "problem" on your PM.
January 06, 2018, 05:26:30 AM
Guys,
I'm from Malaysia,and I brought 8000btc when many years ago(and glad that I still have found back).
I'm looking for cash out all the btc I have own now,it is about 100 million usd fund,but I don't think my country market have support that huge of volume,I do my research found that exchanges in Malaysia are really small,big exchanges like only bitfinex and coinbase can support that much of volume,but it can't use their service in Malaysia,and I'm not US citizen.I don't know what to do now.
I'm really frustrated knowing I own that much of money but I can't cash out due to my country is not popular with this coin,any suggestion for me? Whoever can help me solve my problem I promise to gave him 50btc after I manage to cash out.A man will keep his word.
——————————
updated: 6.1.2018 4:54pm
what country that can support 100 mil usd withdrawal?
I'm actually have thinking about open an US bank account,but I'm not sure whether I can withdrawal that much of fund from exchanges to my bank account or not.
I actually don't mind paying tax fees to US or Malaysia gov whatever,I just want to have a cash out plan.
I'm from Malaysia,and I brought 8000btc when many years ago(and glad that I still have found back).
I'm looking for cash out all the btc I have own now,it is about 100 million usd fund,but I don't think my country market have support that huge of volume,I do my research found that exchanges in Malaysia are really small,big exchanges like only bitfinex and coinbase can support that much of volume,but it can't use their service in Malaysia,and I'm not US citizen.I don't know what to do now.
I'm really frustrated knowing I own that much of money but I can't cash out due to my country is not popular with this coin,any suggestion for me? Whoever can help me solve my problem I promise to gave him 50btc after I manage to cash out.A man will keep his word.
——————————
updated: 6.1.2018 4:54pm
what country that can support 100 mil usd withdrawal?
I'm actually have thinking about open an US bank account,but I'm not sure whether I can withdrawal that much of fund from exchanges to my bank account or not.
I actually don't mind paying tax fees to US or Malaysia gov whatever,I just want to have a cash out plan.
What I would suggest is not to cash out all your funds at once. Not so much for the governments being suspicious (as seen in the post above), however also if the exchanges want to scam you. Its very important that you do not do this as essentially all of the major exchanges have scammed people before, and its not a good idea to fall into that situation also with the exchange being overseas to you.
Thanks everyone for the advice.Contact Gemini or other for big exchanges private deal should be the best idea so far,
because I can't even get verified account on these exchanges,they only allow US citizen.
Just make sure you know what you are doing. 8000 BTC is a LOT! Make sure you are familiar with laws prevailing on your country. You don't want your bank account to get frozen or get in trouble with the laws, do you? Transferring such large amount of money will actually get your attention.because I can't even get verified account on these exchanges,they only allow US citizen.
Yes, you should watch out for this.
What I would do is this: Buy a plane ticket to america, and visit the HQ of a major exchange like poloniex or bitfinex and exchange it to them face to face. Thats probably thee best and safest method.
January 06, 2018, 04:59:43 AM
First of all, be practical. You cant cashout 8000 BTC at once. Even if you do, the Malay govt will turn towards you and will bombard you with questions. Try to sell small amounts and setup a business of your own in your country. Become a businessman, roam around and try to sell Bitcoins hand to hand in the countries where you travel and transfer them in low amounts to your bank accounts. It will take decades to cashout all your Bitcoins safely.
January 06, 2018, 04:55:20 AM
Thanks everyone for the advice.Contact Gemini or other for big exchanges private deal should be the best idea so far,
because I can't even get verified account on these exchanges,they only allow US citizen.
Just make sure you know what you are doing. 8000 BTC is a LOT! Make sure you are familiar with laws prevailing on your country. You don't want your bank account to get frozen or get in trouble with the laws, do you? Transferring such large amount of money will actually get your attention. because I can't even get verified account on these exchanges,they only allow US citizen.
January 06, 2018, 04:53:20 AM
A good idea might to be purchase 1000 DASH ($1 million ish about 90 Bitcoin) You get proof of Stake and will get 2 DASH per week as interest, you so just easily sell of the interest received roughly $6000 a month
This would be a good investment with your huge holdings of bitcoin
This would be a good investment with your huge holdings of bitcoin
January 06, 2018, 04:50:40 AM
Try to use different exchange for your bitcoins. Whoah that's a lot btw. Use exchangers such as bittrex, binance, kraken and many more. Do verification for each and I am telling you, you can withdraw all of those. Using paypal I think and a bank in your country could do that. Just becareful with the transaction, you might copied wrong btc address.
January 06, 2018, 04:50:37 AM
I can not understand why you need to withdrawal such a large sum?
Generally I think that it is dangerous. Big money likes silence. I would put half or a third into altcoins, the rest of the sum was divided and put on a few (for example 10) cold wallets.
And I would invest in several IСO's in the banking sector, with dividends.
Generally I think that it is dangerous. Big money likes silence. I would put half or a third into altcoins, the rest of the sum was divided and put on a few (for example 10) cold wallets.
And I would invest in several IСO's in the banking sector, with dividends.
January 06, 2018, 04:49:09 AM
I would presume one of the cheapest places to sell the BTC would be the UK, I believe you would pay CapitalGains on the sell and it will be 28%
https://www.gov.uk/government/publications/rates-and-allowances-capital-gains-tax/capital-gains-tax-rates-and-annual-tax-free-allowances
https://www.gov.uk/government/publications/rates-and-allowances-capital-gains-tax/capital-gains-tax-rates-and-annual-tax-free-allowances
I would also say Kraken is the way you could sell bitcoin quickly you can sell $500,000 a month when you verity your account to Level 4
But also, they can freeze account at anytime and then good luck getting a-hold of them lol.
I would probably do it on Coinbase, a verified account can do $20,000 a day, so just transfer 20k a day and withdraw it every day
Thanks everyone for the advice.Contact Gemini or other for big exchanges private deal should be the best idea so far,
because I can't even get verified account on these exchanges,they only allow US citizen.
Best of luck going forward, would you consider selling small amounts to us in the mean time
? January 06, 2018, 04:46:09 AM
I would presume one of the cheapest places to sell the BTC would be the UK, I believe you would pay CapitalGains on the sell and it will be 28%
https://www.gov.uk/government/publications/rates-and-allowances-capital-gains-tax/capital-gains-tax-rates-and-annual-tax-free-allowances
https://www.gov.uk/government/publications/rates-and-allowances-capital-gains-tax/capital-gains-tax-rates-and-annual-tax-free-allowances
I would also say Kraken is the way you could sell bitcoin quickly you can sell $500,000 a month when you verity your account to Level 4
But also, they can freeze account at anytime and then good luck getting a-hold of them lol.
I would probably do it on Coinbase, a verified account can do $20,000 a day, so just transfer 20k a day and withdraw it every day
I can see if he can even get that fully verified on coinbase, i don't think so being the country he is in. Once he sells for x amount of days they probably will shit him down or freeze to inquire wtf is going on lol.
January 06, 2018, 04:44:11 AM
Why not make small cashouts? I think having 20k usd is enough. You cannot spend that 100m usd in a day. Anyway, congratulations.
January 06, 2018, 04:40:37 AM
I would presume one of the cheapest places to sell the BTC would be the UK, I believe you would pay CapitalGains on the sell and it will be 28%
https://www.gov.uk/government/publications/rates-and-allowances-capital-gains-tax/capital-gains-tax-rates-and-annual-tax-free-allowances
https://www.gov.uk/government/publications/rates-and-allowances-capital-gains-tax/capital-gains-tax-rates-and-annual-tax-free-allowances
I would also say Kraken is the way you could sell bitcoin quickly you can sell $500,000 a month when you verity your account to Level 4
But also, they can freeze account at anytime and then good luck getting a-hold of them lol.
I would probably do it on Coinbase, a verified account can do $20,000 a day, so just transfer 20k a day and withdraw it every day
January 06, 2018, 04:39:28 AM
I would presume one of the cheapest places to sell the BTC would be the UK, I believe you would pay CapitalGains on the sell and it will be 28%
https://www.gov.uk/government/publications/rates-and-allowances-capital-gains-tax/capital-gains-tax-rates-and-annual-tax-free-allowances
https://www.gov.uk/government/publications/rates-and-allowances-capital-gains-tax/capital-gains-tax-rates-and-annual-tax-free-allowances
I would also say Kraken is the way you could sell bitcoin quickly you can sell $500,000 a month when you verity your account to Level 4
But also, they can freeze account at anytime and then good luck getting a-hold of them lol.
January 06, 2018, 04:38:03 AM
I would presume one of the cheapest places to sell the BTC would be the UK, I believe you would pay CapitalGains on the sell and it will be 28%
https://www.gov.uk/government/publications/rates-and-allowances-capital-gains-tax/capital-gains-tax-rates-and-annual-tax-free-allowances
https://www.gov.uk/government/publications/rates-and-allowances-capital-gains-tax/capital-gains-tax-rates-and-annual-tax-free-allowances
I would also say Kraken is the way you could sell bitcoin quickly you can sell $500,000 a month when you verity your account to Level 4
Could you sell us Bitcoin at a slightly reduced rate, im sure many here would love to top up their holdings
January 06, 2018, 04:37:24 AM
I would presume one of the cheapest places to sell the BTC would be the UK, I believe you would pay CapitalGains on the sell and it will be 28%
https://www.gov.uk/government/publications/rates-and-allowances-capital-gains-tax/capital-gains-tax-rates-and-annual-tax-free-allowances
https://www.gov.uk/government/publications/rates-and-allowances-capital-gains-tax/capital-gains-tax-rates-and-annual-tax-free-allowances
Could do this create a company there, then sell to Gemini.
But like i said he should at least get a hold of them, then setup a plan with them in terms of being able to sell that such large volume, Gemini and lawyers to set up a company in where ever is Malaysia friendly county that deals with Gemini.
Only reason i say Gemini is that its the twins, not random idiots who all run the other exchanges.
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