Options available for selling out if my ship comes in?

BTCforJoe

hero member

Activity: 882

Merit: 976

Quote from: Plumberman on January 01, 2018, 09:45:39 PM

Quote from: tomhutchinson on January 01, 2018, 04:50:11 AM

Quote from: Plumberman on December 31, 2017, 10:14:13 PM

This is still one of the most confusing areas for me Huh

So let's say the 1000 coins I bought for a penny magically goes up overnight to $1,000. Wow! I'm rich! I'm going to buy my mansion, I'm going to buy a yacht, a Porsc.. wait. First I have to GET the money! Coinbase would take a year to pull it with those dumb weekly limits.

Worse I don't even have a temporary place to put it in Coinbase as I watch the price drop down and there's nothing I can do about it!

So who and what is everybody recommending one do for a no sell limit or high sell limit for initial accounts that arent taking a month of sundays to verify?

Am I dreaming or uneducated?

move your coin from exchange site and safe it in hardware wallet.
all want bitcoin you can sell it for cash or open your online selling service "localbitcoin"

after get cash buy what you want

Thanks. That's definitely one outlet I was unaware of. I've been looking for exchanges to do so. And I'm assuming by all these answers, even though no one has come right out and said it, there are no exchanges out there that's going to let you sell off large amount? Like a Coinbase with no limits?

To my knowledge, there are no reputable exchanges that do not have a limit to withdrawals. Once a Bitcoin transaction is confirmed, there are no refunds or chargebacks, and most exchanges are not willing to take that risk of having to front the liquid capital to cash out on someone's investments at such a high risk.

I asked a friend who has quite a few Bitcoin how he is able to buy the things that he buys with Bitcoin, such as his house and a couple of Teslas, and he referenced two things:

First, that he has a guy that will buy the bitcoin from him and just wire transfer the money into his account. I imagine that relationships like that are hard to find, but feel like you can manage to find a trusted and reputable buyer here on the forums if you are truly looking. Or possibly on localbitcoins.

Second, he has a company that gave him a credit card where he deposits bitcoin into, and the company offers the balance as his credit limit for any purchase where a credit card is accepted.

I'm sure there are many services out there for pulling your Bitcoin out; I personally have never sold more than $500 positions, so I couldn't tell you exactly how large conversions are done, but I can't imagine that the whales are using exchanges to draw their bitcoin out...

Plumberman

newbie

Activity: 42

Merit: 0

Quote from: tomhutchinson on January 01, 2018, 04:50:11 AM

Quote from: Plumberman on December 31, 2017, 10:14:13 PM

This is still one of the most confusing areas for me Huh

So let's say the 1000 coins I bought for a penny magically goes up overnight to $1,000. Wow! I'm rich! I'm going to buy my mansion, I'm going to buy a yacht, a Porsc.. wait. First I have to GET the money! Coinbase would take a year to pull it with those dumb weekly limits.

Worse I don't even have a temporary place to put it in Coinbase as I watch the price drop down and there's nothing I can do about it!

So who and what is everybody recommending one do for a no sell limit or high sell limit for initial accounts that arent taking a month of sundays to verify?

Am I dreaming or uneducated?

move your coin from exchange site and safe it in hardware wallet.
all want bitcoin you can sell it for cash or open your online selling service "localbitcoin"

after get cash buy what you want

Thanks. That's definitely one outlet I was unaware of. I've been looking for exchanges to do so. And I'm assuming by all these answers, even though no one has come right out and said it, there are no exchanges out there that's going to let you sell off large amount? Like a Coinbase with no limits?

Plumberman

newbie

Activity: 42

Merit: 0

Quote from: player514 on January 01, 2018, 06:35:30 PM

Quote from: Plumberman on December 31, 2017, 10:14:13 PM

This is still one of the most confusing areas for me Huh

So let's say the 1000 coins I bought for a penny magically goes up overnight to $1,000. Wow! I'm rich! I'm going to buy my mansion, I'm going to buy a yacht, a Porsc.. wait. First I have to GET the money! Coinbase would take a year to pull it with those dumb weekly limits.

Worse I don't even have a temporary place to put it in Coinbase as I watch the price drop down and there's nothing I can do about it!

So who and what is everybody recommending one do for a no sell limit or high sell limit for initial accounts that arent taking a month of sundays to verify?

Am I dreaming or uneducated?

Ideally, you wouldn't have your coins on Coinbase. It's one of the worse web wallets out there; people dislike it because of it's fees, limits, and cases of bad customer service.

What you could do if you have that much is use Bitcoin peer to peer. You can find a private buyer who's interested in buying a large amount or even split that amount across multiple people who want to invest. It's a win-win because the people who are buying don't have to use a web wallet service to purchase and can use whatever wallet they want. For you, you have the option to sell how much you want and you get to dodge those disgusting fees.

That's good advice and yes I've never heard of that before so that's worth exploring. Of course i don't have a large amount, probably as much as everyone else does that dabbles in it. I'm just curious what happens if one of the other coins turns into a bitcoin and everyone has instant riches!

I understand the downfall of keeping my coins on Coinbase but I don't have a whole lot there, and wouldn't destroy me at all if somebody stole them so not really worried.

I guess I was confused by the advice to get a Wallet because I don't really see where that helps with my hypothetical situation about how to sell a large amount if the coin goes up overnight. That would be correct advice if I asked how to store my coins safely?

I still have to take those coins out of that wallet and sell them if I want to turn it into cash and that's my question, where they can sell large amounts of their coin if it becomes the next bitcoin? What exchanges are people using for that for the small guy?

player514

legendary

Activity: 1414

Merit: 1039

Quote from: Plumberman on December 31, 2017, 10:14:13 PM

This is still one of the most confusing areas for me Huh

So let's say the 1000 coins I bought for a penny magically goes up overnight to $1,000. Wow! I'm rich! I'm going to buy my mansion, I'm going to buy a yacht, a Porsc.. wait. First I have to GET the money! Coinbase would take a year to pull it with those dumb weekly limits.

Worse I don't even have a temporary place to put it in Coinbase as I watch the price drop down and there's nothing I can do about it!

So who and what is everybody recommending one do for a no sell limit or high sell limit for initial accounts that arent taking a month of sundays to verify?

Am I dreaming or uneducated?

Ideally, you wouldn't have your coins on Coinbase. It's one of the worse web wallets out there; people dislike it because of it's fees, limits, and cases of bad customer service.

What you could do if you have that much is use Bitcoin peer to peer. You can find a private buyer who's interested in buying a large amount or even split that amount across multiple people who want to invest. It's a win-win because the people who are buying don't have to use a web wallet service to purchase and can use whatever wallet they want. For you, you have the option to sell how much you want and you get to dodge those disgusting fees.

Plumberman

newbie

Activity: 42

Merit: 0

But a wallet is just storing the coins right? Not the price at which they can be sold for? So yes I can put them on a wallet, but if the price goes back down I still lose. So only option I see is selling them for that price?

DeniseEYfX

newbie

Activity: 7

Merit: 0

If the amount of virtual currency in the account is relatively large, the usual way is to store it in the hardware wallet, or in the independent wallet of this coin. If you need to trade, then transfer to the exchange account. There have been many problems with the exchange of accounts and the theft of funds by hackers in the past few years.

tomhutchinson

jr. member

Activity: 37

Merit: 7

Quote from: Plumberman on December 31, 2017, 10:14:13 PM

This is still one of the most confusing areas for me Huh

So let's say the 1000 coins I bought for a penny magically goes up overnight to $1,000. Wow! I'm rich! I'm going to buy my mansion, I'm going to buy a yacht, a Porsc.. wait. First I have to GET the money! Coinbase would take a year to pull it with those dumb weekly limits.

Worse I don't even have a temporary place to put it in Coinbase as I watch the price drop down and there's nothing I can do about it!

So who and what is everybody recommending one do for a no sell limit or high sell limit for initial accounts that arent taking a month of sundays to verify?

Am I dreaming or uneducated?

move your coin from exchange site and safe it in hardware wallet.
all want bitcoin you can sell it for cash or open your online selling service "localbitcoin"

after get cash buy what you want

HeRetiK

legendary

Activity: 3108

Merit: 2177

Playgram - The Telegram Casino

1) Don't store your coins on Coinbase, withdraw them to a wallet of your own. Mobile, desktop... doesn't really matter. Anything would be better than Coinbase. Best case use a hardware wallet. If you're talking BTC I'd recommend Electrum as desktop wallet or Trezor / Ledger Nano S as hardware wallet.

2) Don't sell your coins on Coinbase exclusively, there's a lot of other exchanges to choose from. Just make sure to complete the verification process ahead of time, as this can take multiple days. Check which withdrawal limits apply to you ahead of time, to avoid unpleasant surprises.

Plumberman

newbie

Activity: 42

Merit: 0

This is still one of the most confusing areas for me Huh

So let's say the 1000 coins I bought for a penny magically goes up overnight to $1,000. Wow! I'm rich! I'm going to buy my mansion, I'm going to buy a yacht, a Porsc.. wait. First I have to GET the money! Coinbase would take a year to pull it with those dumb weekly limits.

Worse I don't even have a temporary place to put it in Coinbase as I watch the price drop down and there's nothing I can do about it!

So who and what is everybody recommending one do for a no sell limit or high sell limit for initial accounts that arent taking a month of sundays to verify?

Am I dreaming or uneducated?

Topic: Options available for selling out if my ship comes in? (Read 147 times)