Is it possible to withdraw huge amounts? - page 3.

Vladv26

full member

Activity: 321

Merit: 102

Quote from: emmagloor on September 29, 2017, 10:30:27 AM

Hello everyone,

I am still fairly new to cryptocurrency, therefore that challenge is probably dumb... bare with me personally.

If a person has Holdings that value tens of thousands of 83000, let us imagine $20,000,000 plus they would like to cash deposit and it for their banking account, is it possible?has Holdings that value millions of 2500, let's say $20,000,000 and they would like to cash deposit and it for their banking accounts, how is it feasible?

Since Just BTC isn't controlled by banks, it's up for your own exchange websites to handle this trade (so I assume), so who'll cover this cash amount into this individual?

I reside in Australia and that I use two sites for the cryptocurrency, CoinSpot (multi-wallet and swap site) and Coinjar (Bit-coin wallet and exchange). I emailed them a support email, asking for the exact same, as It is not clear if it's really a country/company policy that dictates exactly what goes on in such situations.

Cheers.

You are going to need over 50-100 exchangers to withdraw such a big amount. Most of the exchangers have a limit for withdrawing bitcoin( the biggest I have seen is 10). Also your bank account will look suspicious receiving big amounts of money everyday.
I recommend you to find local persons(maybe a representative person from a big exchanger) and exchange your bitcoins either with money in hands either through bank transfer. Making such transactions online is dangerous and you can easily be hacked

Basmic

sr. member

Activity: 406

Merit: 256

If you wish, no problem to withdraw any amount but why do it? The larger the amount the more attention to you by the tax authorities. If you need something urgently to buy costly then it is better to take loan from the Bank. Yes it will be slightly more expensive to tax but you will always be able to show where he got the money. The Bank is also interested in the repayment of the loan therefore will not publicize you extinguish the credit.

qiman

hero member

Activity: 1036

Merit: 504

You would have to take it out slowly slowly and few several exchanges and depending on the laws in your country you would have to declare this income. I think like places we live in in EUROPE if we ever make some money even remotely over 100k we would probably setup an investment company and pay corporation tax which would be much cheaper or you can pay capital gains tax as well but you would need to seek advice from your tax consultant in order to see what is the best way forward for you. Centra is also issuing debit cards, the titanium and black cards have huge limits you could send on.

DaMut

sr. member

Activity: 1274

Merit: 263

it is possible to do that,but you need to seperate it when you're trying to encash it.
the reason is if you encash it at the same time your bank account will get freeze by the banker.
they find it as a suspicious activity,it's possible to hold $1 million dollars in your exchanger as long they can cover it and they allow it.
( most of them did not allow it to prevent a money laundry )
and who will cover it when you try to withdraw it ?
of course the users that reside in your country and others user that want to buy Bitcoin and using an that exchanger(your place for encash it),
most of it right now did not have that much money to cover it up,that is why you need to encash it from different site.
and also you can find someone else from peer to peer(p2p) platform that want to buy Bitcoin directly off the markets.

slowlii

member

Activity: 110

Merit: 10

Quote from: AtheistAKASaneBrain on September 29, 2017, 10:36:24 AM

Quote from: emmagloor on September 29, 2017, 10:30:27 AM

Hello everyone,

I am still fairly new to cryptocurrency, therefore that challenge is probably dumb... bare with me personally.

If a person has Holdings that value tens of thousands of 83000, let us imagine $20,000,000 plus they would like to cash deposit and it for their banking account, is it possible?has Holdings that value millions of 2500, let's say $20,000,000 and they would like to cash deposit and it for their banking accounts, how is it feasible?

Since Just BTC isn't controlled by banks, it's up for your own exchange websites to handle this trade (so I assume), so who'll cover this cash amount into this individual?

I reside in Australia and that I use two sites for the cryptocurrency, CoinSpot (multi-wallet and swap site) and Coinjar (Bit-coin wallet and exchange). I emailed them a support email, asking for the exact same, as It is not clear if it's really a country/company policy that dictates exactly what goes on in such situations.

Cheers.

Most exchanges are going to have limits on the amount of Bitcoin you can withdraw. You have to check these things before depositing any coins on the exchanges.

I would say it's impossible to withdraw big amounts without disclosing your full information (so I would expect a scan ID, address, phone... the whole package).

More and more exchanges demand all of these informations to trade even between altcoins (like Bitrex)

I wouldn't expect to get more than 1 BTC a day from most exchanges without further verifications. Currently it's $2000 in Poloniex.

Poloniex for example, has limits for each user level. If you send your passport and ID and photo, they leverage your user status to the upgraded member and you can withdraw more money. But I think withdrawing huge amounts would cause problems legally.

AtheistAKASaneBrain

hero member

Activity: 770

Merit: 509

Quote from: emmagloor on September 29, 2017, 10:30:27 AM

Hello everyone,

I am still fairly new to cryptocurrency, therefore that challenge is probably dumb... bare with me personally.

If a person has Holdings that value tens of thousands of 83000, let us imagine $20,000,000 plus they would like to cash deposit and it for their banking account, is it possible?has Holdings that value millions of 2500, let's say $20,000,000 and they would like to cash deposit and it for their banking accounts, how is it feasible?

Since Just BTC isn't controlled by banks, it's up for your own exchange websites to handle this trade (so I assume), so who'll cover this cash amount into this individual?

I reside in Australia and that I use two sites for the cryptocurrency, CoinSpot (multi-wallet and swap site) and Coinjar (Bit-coin wallet and exchange). I emailed them a support email, asking for the exact same, as It is not clear if it's really a country/company policy that dictates exactly what goes on in such situations.

Cheers.

Most exchanges are going to have limits on the amount of Bitcoin you can withdraw. You have to check these things before depositing any coins on the exchanges.

I would say it's impossible to withdraw big amounts without disclosing your full information (so I would expect a scan ID, address, phone... the whole package).

More and more exchanges demand all of these informations to trade even between altcoins (like Bitrex)

I wouldn't expect to get more than 1 BTC a day from most exchanges without further verifications. Currently it's $2000 in Poloniex.

emmagloor

newbie

Activity: 74

Merit: 0

Hello everyone,

I am still fairly new to cryptocurrency, therefore that challenge is probably dumb... bare with me personally.

If a person has Holdings that value tens of thousands of 83000, let us imagine $20,000,000 plus they would like to cash deposit and it for their banking account, is it possible?has Holdings that value millions of 2500, let's say $20,000,000 and they would like to cash deposit and it for their banking accounts, how is it feasible?

Since Just BTC isn't controlled by banks, it's up for your own exchange websites to handle this trade (so I assume), so who'll cover this cash amount into this individual?

I reside in Australia and that I use two sites for the cryptocurrency, CoinSpot (multi-wallet and swap site) and Coinjar (Bit-coin wallet and exchange). I emailed them a support email, asking for the exact same, as It is not clear if it's really a country/company policy that dictates exactly what goes on in such situations.

Cheers.

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