Let's say you have a large amount of BTC and you - page 3.

Reatim

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Quote from: boumalo on June 07, 2021, 02:23:58 PM

Let's say you have a large amount of BTC and you want to spend it / invest it / transform it in fiat but you do not want the BTC to be traced to exchanges or to you, how would you do it ?

It's not for me, it's to further my understanding of the space.

You reached legendary rank yet Knows nothing about using of Mixing company? wondering if that is your real account or not ..
even newbie knows what is mixers use for the whole community , and also it has been advertised here in the forum for long years now like Chipmixer company.

and of course using p2p will save you from KYC and stays anonymous .

Ararbermas

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Probably there's a lot of process for that especially if you have large amount of btc..wherein maybe you need KYC also if you transfer it to another place and you make another transaction again even through P2P exchanges, I dont know.. Lol correct me if i'm wrong because even small amount those exchanges is really strict when it comes making transactions especially those trusted and verified exchanges, so how much more if you have large amount if money.? . However if you make it through a normal exchanges even they don't really ask a lot of requirements , its very dangerous as well to trust..

Hypnosis00

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We have no escaped from this. This a problem that we are about to face in the future once KYC is mandatory no matter how much it is.
To tell you that, we are closely losing the word anonymous in crypto. Some banks are already asking for our source of income before we send it to them otherwise, they will freeze it if we fail to provide information. Exchanges are doing as well when we surpass the limitation.

The best option for you to do is convert it is fiat in small chunks so maybe it finds unnoticed. Or you use P2P service if you are not afraid of scam risk.

adaseb

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These days cashing in large amounts especially if you want to be anonymous and untraceable is very difficult. Back in the day you could meet someone on localbitcoins and just trade BTC for cash. Now localbitcoins has gone full KYC. Another method was you could go to a bitcoin ATM and sell it there. Sure the fees were high however it was quick and anonymous. These days most bitcoin ATMs in my area require KYC also.

So if you made serious cash with bitcoin. Just use a real exchange, withdraw it to your bank account and just pay your taxes. The headache is not worth it. Even if you could go to a bitcoin ATM everyday and withdraw like $2K a day, it would take you forever to withdraw a decent amount like $100K. And where would you keep in that cash? In your house? What if there is a fire?

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Quote from: Rengga Jati on June 18, 2021, 05:09:07 PM

If I have much amount of Bitcoin and going to chasing out, there is no way by using banking if in my country. Or I can also use the P2P market. But in fact, it will also end I the bank., NAd in my country, is strict enough. When we are chasing out the money from the bank at the same time with the big amount of cash, they will ask us so many questions like a detective. Then they will notice that the money is from an exchange. Well, yeah, although crypto i=has been legal, there is no privacy on it when cashing out. This may be one of the risks that we may get.

It's the banking protocol to avoid money laundering scheme and another reason could be to control the money getting out because they are investing it too and they don't want the cash flowing out.
P2P may only be the better way if you don't want any traces or if you trust someone around you that want to purchase Bitcoin then you choose that way.
But the blockchain trace will remain after sending it to that person. They still know that you send it to another address. Using an exchange or a mixer might come in handy on this events.

Rengga Jati

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If I have much amount of Bitcoin and going to chasing out, there is no way by using banking if in my country. Or I can also use the P2P market. But in fact, it will also end I the bank., NAd in my country, is strict enough. When we are chasing out the money from the bank at the same time with the big amount of cash, they will ask us so many questions like a detective. Then they will notice that the money is from an exchange. Well, yeah, although crypto i=has been legal, there is no privacy on it when cashing out. This may be one of the risks that we may get.

henmark

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Quote from: boumalo on June 07, 2021, 02:23:58 PM

Let's say you have a large amount of BTC and you want to spend it / invest it / transform it in fiat but you do not want the BTC to be traced to exchanges or to you, how would you do it ?

It's not for me, it's to further my understanding of the space.

The only way that you can withdraw cryptocurrency and not get traced is through P2P method.
Any other method of transaction apart from that is going to leave traces online and anyone will be able to trace you easily.
Although a lot of people don’t bother about that, that’s why they are making use of centralized exchanges.

People only try to hide their identity for a reason, maybe when they are living in a country where Bitcoin is not legal.
If Bitcoin or cryptocurrencies (in general) are not legal in your country then there is no other way to buy and sell them if not through P2P.

CryptopreneurBrainboss

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Quote from: Upgrade00 on June 07, 2021, 04:21:19 PM

Quote from: boumalo on June 07, 2021, 02:23:58 PM

want to spend it / invest it / transform it in fiat

Converting to Fiat is not an investment, spend it feels more appropriate (even though Bitcoin is also a form of money)

Converting to fiat could be considered investing that's forex trades. Not everyone here uses dollar as their native currency so if you feel your local currency could be stronger as a result of any upcoming event then you can take advantage of that.

Also if you feel Bitcoin is to experience some corrections in the near future, you can also convert your Bitcoin to fiat and it could be used to rebuy when you feel the market is suitable for re-entering.

Basically it depends on what your intentions are for converting your Bitcoin to Fiat, for example as my country's native currency Naira is currently deprecating, I can decide to convert my Bitcoin to the USD and it would be an investment for me since when I decide to convert it back to my local fiat, I'll be recieving more funds than if I had done such conversation earlier.

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Quote from: cheezcarls on June 14, 2021, 06:33:05 AM

Quote from: boumalo on June 07, 2021, 02:23:58 PM

Let's say you have a large amount of BTC and you want to spend it / invest it / transform it in fiat but you do not want the BTC to be traced to exchanges or to you, how would you do it ?

It's not for me, it's to further my understanding of the space.

If I were to have that amount, I may not want to have an all-out withdrawal of my Bitcoins to cash. I would rather to go for staggard withdrawals, but in case I wanna buy a “big” physical asset or something like that, P2P would be good but I think Binance would do and request for us to stay anonymous to protect my identity. It’s not good for me to withdraw a huge amount straight to my bank account, as they are gonna be alerted and questioning me like this, like that, etc., plus providing more documents for approval.

Yes, if you'll going to transfer huge amount into your bank account expect to have many questions and requirements to provide, Banks are subject of AMLA the government have the rights to ask you for more verification to make sure that the money is not from any illegal activities.

You need to enhance your knowledge inside crypto industry to know all those options that you can do with your huge amount of assets, knowing how to protect yourself and your identity while choosing being anonymous.

cheezcarls

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Quote from: boumalo on June 07, 2021, 02:23:58 PM

Let's say you have a large amount of BTC and you want to spend it / invest it / transform it in fiat but you do not want the BTC to be traced to exchanges or to you, how would you do it ?

It's not for me, it's to further my understanding of the space.

If I were to have that amount, I may not want to have an all-out withdrawal of my Bitcoins to cash. I would rather to go for staggard withdrawals, but in case I wanna buy a “big” physical asset or something like that, P2P would be good but I think Binance would do and request for us to stay anonymous to protect my identity. It’s not good for me to withdraw a huge amount straight to my bank account, as they are gonna be alerted and questioning me like this, like that, etc., plus providing more documents for approval.

michellee

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Quote from: crzy on June 14, 2021, 02:09:37 AM

Quote from: BlackFor3st on June 13, 2021, 08:30:21 AM

Try using cryptocurrency mixer or bitcoin mixer usually that's the service people use when they wanted to do an anonymous transaction or sending it to private address. Also, there is a wallet with a built-in Bitcoin mixer I think that was Wasabi wallet. I'm quite curious too what could be the other way to hide the transaction.

There's still a good mixer today that allows you to transact and remain anonymous but the effort of doing this is not easy for sure and you have to understand the system first before doing this. I didn't try to withdraw huge amount of money but seriously, of all the transactions that I have I don't think I can still transact on Private especially I'm more on P2P in Binance. This is a good question btw and maybe there's still a solution.

When we use P2P in Binance, that well enough for us to stay anonymous and only the seller will know our data, and of course, Binance will know about that. For most people who do not have big money, using P2P in Binance can be a solution to get their profit and they do not have to tell others about what they did. But for people who have a lot of bitcoin and want to stay anonymous, I am sure they will figure it out by themselves and who knows, they already have the way to hide their identity from others.

crzy

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Quote from: BlackFor3st on June 13, 2021, 08:30:21 AM

Try using cryptocurrency mixer or bitcoin mixer usually that's the service people use when they wanted to do an anonymous transaction or sending it to private address. Also, there is a wallet with a built-in Bitcoin mixer I think that was Wasabi wallet. I'm quite curious too what could be the other way to hide the transaction.

There's still a good mixer today that allows you to transact and remain anonymous but the effort of doing this is not easy for sure and you have to understand the system first before doing this. I didn't try to withdraw huge amount of money but seriously, of all the transactions that I have I don't think I can still transact on Private especially I'm more on P2P in Binance. This is a good question btw and maybe there's still a solution.

jossiel

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Quote from: DoublerHunter on June 12, 2021, 04:46:12 PM

Quote from: jossiel on June 12, 2021, 12:43:56 PM

Quote from: perryxi2 on June 10, 2021, 07:06:52 PM

sell it in P2P or collectors in your country, or you can buy Stablecoins and invest in them that's also a good idea.

I think telling that to invest it on stable coins is inappropriate. They're not an investment but what you're suggesting is a good idea.

But it would still lie down on huge amounts when someone has to withdraw it to cash and take the profit with them. The solution that has been mentioned is for P2P but if there's some other way, it would be splitting it in small amounts.

^ Splitting into small amounts before you will withdraw is the right answer because when you transfer the fund to your bank account. Do not cash it all at once because the bank will always be suspected of where the source of funds and it will probably you will be suspected of money laundering and worst if the money will freeze in your bank account for the further explanation that you need before it will unfreeze by them. As much as possible, send it little by a little amount into your bank account so that no one will suspect it. Because when you say a large amount, it would be million of dollars amount that you are holding which is a really big amount of money.

Yes.

If it's really a huge amount, the bank will be alerted that your account has received a huge money. Knowing and checking your bank account history.

They're going to be forced to know more about the deposit. That's splitting in small amounts is what most of the people who had experience on this do.

ningrum

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Quote from: boumalo on June 07, 2021, 02:23:58 PM

Let's say you have a large amount of BTC and you want to spend it / invest it / transform it in fiat but you do not want the BTC to be traced to exchanges or to you, how would you do it ?

It's not for me, it's to further my understanding of the space.

no, i don't invest large amount in bitcoin, because i see bitcoin price is more expensive than before,
although many people say it's not too late, for me buying bitcoin above $30k is too late, see if you buy at $50k and still hold,
now you feel a deep loss, so just wait at a low price if you want to buy bitcoin

BlackFor3st

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Try using cryptocurrency mixer or bitcoin mixer usually that's the service people use when they wanted to do an anonymous transaction or sending it to private address. Also, there is a wallet with a built-in Bitcoin mixer I think that was Wasabi wallet. I'm quite curious too what could be the other way to hide the transaction.

andriarto

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If you get Bitcoin through the right source I don't see any reason why you be afraid what so ever of the law in your country. Except if your source is illegal then that is the only way you should be afraid of converting it to your local currency. If I may ask you, is it that you want to pay taxes?

I think the tax for bitcoin because it hasn't been legalized so it's not that much of a concern. but like in my country, it will be dangerous if we after converting it to fiat currency, and the money is used to buy property for example. it will be linked to the tax office related to income tax because we can buy property, and that is actually the object of the tax being pursued

Ziskinberg

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Quote from: Johnyz on June 12, 2021, 04:53:06 PM

Quote from: BIN-BIN on June 12, 2021, 11:14:13 AM

There has always been a problem cashing out a sizeable amount of bitcoin, this is because only centralized exchange offers such services and it requires a KYC which is what discourages many bitcoin holders.

If you don’t want to expose yourself then it’s really a big problem cashing out your holdings since exchanges are asking for KYC to avail their P2P services. If you have nothing to hide then I believe filling out KYC form is ok but if you are dealing into something, you should look for a person that is willing to buy your Bitcoin. Withdrawing your money is too complicated for you to remain anonymous, I can’t think for any solution aside from P2P.

P2P is being used for those who don't want KYC but for me, it was riskier than using an exchange unless if you know a person offers you such a thing.

From time to time, we can no longer escape from filling up KYC. Maybe this time we can enjoy buying crypto without having this but once the banks will also ask for this before you can send it to them, that gonna be the time that we're no longer anonymous.

Johnyz

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Quote from: BIN-BIN on June 12, 2021, 11:14:13 AM

There has always been a problem cashing out a sizeable amount of bitcoin, this is because only centralized exchange offers such services and it requires a KYC which is what discourages many bitcoin holders.

If you don’t want to expose yourself then it’s really a big problem cashing out your holdings since exchanges are asking for KYC to avail their P2P services. If you have nothing to hide then I believe filling out KYC form is ok but if you are dealing into something, you should look for a person that is willing to buy your Bitcoin. Withdrawing your money is too complicated for you to remain anonymous, I can’t think for any solution aside from P2P.

DoublerHunter

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Quote from: jossiel on June 12, 2021, 12:43:56 PM

Quote from: perryxi2 on June 10, 2021, 07:06:52 PM

sell it in P2P or collectors in your country, or you can buy Stablecoins and invest in them that's also a good idea.

I think telling that to invest it on stable coins is inappropriate. They're not an investment but what you're suggesting is a good idea.

But it would still lie down on huge amounts when someone has to withdraw it to cash and take the profit with them. The solution that has been mentioned is for P2P but if there's some other way, it would be splitting it in small amounts.

^ Splitting into small amounts before you will withdraw is the right answer because when you transfer the fund to your bank account. Do not cash it all at once because the bank will always be suspected of where the source of funds and it will probably you will be suspected of money laundering and worst if the money will freeze in your bank account for the further explanation that you need before it will unfreeze by them. As much as possible, send it little by a little amount into your bank account so that no one will suspect it. Because when you say a large amount, it would be million of dollars amount that you are holding which is a really big amount of money.

jossiel

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Quote from: perryxi2 on June 10, 2021, 07:06:52 PM

sell it in P2P or collectors in your country, or you can buy Stablecoins and invest in them that's also a good idea.

I think telling that to invest it on stable coins is inappropriate. They're not an investment but what you're suggesting is a good idea.

But it would still lie down on huge amounts when someone has to withdraw it to cash and take the profit with them. The solution that has been mentioned is for P2P but if there's some other way, it would be splitting it in small amounts.

Topic: Let's say you have a large amount of BTC and you - page 3. (Read 933 times)