Topic: Trying to find advice and info about selling BTC (Read 294 times)

Yeah, we need a KYC for us to not get questioned by the authorities because if we are always dealing with a huge amount, they can think that we are a money launderer. Having a KYC, is also a way for those abusers to get caught out easily. You already said that big platforms are doing the same thing, so don't say that the KYC thingy is only limited to Binance.

P2P is where we started. It preserves the original feature of crypto which is to be decentralized or anonymous if we are only doing it online but there are also risks on it. So we must be careful and follow the guidelines about it for a much safer transaction. In P2P, other currencies can also get involved not only fiat. Fiat or stable coin, has an advantage but they also have a disadvantage. So we should consider it to decide if which currency will fit better for us.

Michael Saylor! Is that you hidding behind this account.
I thought you are very close friend of CZ, why not contact him straight up and make arrangement with his market makers to offload everything over the counter(OTC), it will be better that way than sell everything in spot, that's going to crash the price of bitcoin.  You bloody liar.

Next time when you want to lie, make some research about bitcoin so that when you lie, you will lie with dignity and not like demented Billy.  Even Microstrategy Michael Saylor doesn't have that kind of bitcoin all to himself and the total under his management  is about 158,245 BTC and they are not selling any of them soon despite been in profit already.

Let me reply you as genuine person by the way. Please don't sell the bitcoin now, hold it till next halving which is just 5 month max away from happening and when that happened, you should have more bitcoin profit by the time you sell, good luck.

It's clear enough OP don't know what he's saying. When there a good exchanges. Which I could name, Binance been the most popular and Bitget which operates in a good amount of regions even bybit. All supports P2P. He could make use of it

I've been following the discussion on this topic and  I'm really curious to see how members react to the OPs question. For me it sounds unrealistic that someone will come to an anonymous forum to ask where or which group to sell a large quantity of crypto. What if someone here directs OP to join a WhatsApp or telegram forum that buyers and sellers meet, will he heed the advice? I'm guessing the answer is no. But who I'm i to judge him, so I'll go with your advice that he should get the client's documents ready for KYC, when dealing with an exchange. This will help to distant him if the client is a scammer, because without this, he can be arrested as his accomplice, if the lead blows.

It's best to use exchanges for crypto transactions, not transacting normal p2p with complete strangers that might scam you or seeking advice of where to sell from who you don't know. So i think  that for a large sum as what OP has mentioned, it should be dealt in an exchange to be on the safer side. Exchange p2p is highly recommend also by me.

I think, buyers are not far from where you bought the Bitcoin from, if truly you have such amount of Bitcoin to sell ,you can enter the market to sell but don't forget that bearish season is still on in the market and there are some signs show that bullish market will soon take over the market for long term investors and short term investors to make a passive income. I will advice you not to sell all your Bitcoin no matter the situation you are facing right now, but you can sell half of your Bitcoin and reserve the remaining ones on massive pump to display before you can sell. Don't forget that if you sell your Bitcoin at once, it will make your bank to focus on that particular money that enter your account once and it can lead you to prison if you don't have other way to back yourself up that you got the money from the right source.

There's one more thing ... you seem to need to get your client documents ready for KYC. Even if your client is an early investor, everything needs to be proven, especially with such a substantial amount drawing a lot of attention. Even big platforms like Binance will check into the financial flow (only if you're transacting on Binance).

A lot of folks suggest P2P, and yeah... that's a good option. The BTC/FIAT order book seems like it won't cut it. Instead of risking a price dump that could hurt many, it might be better to use the P2P feature so transactions can go at a more favorable rate.

Moreover, if it is done in one order then USDT liquidity will not be available, after all I don't really believe someone has so much Bitcoin, I don't really understand the initial journey so I don't know how to sell large amounts.
Maybe many people suggest OTC and P2P exchanges, it is also not certain that one order will work if it is true that the OP wants to cash out all of it, let alone send to the exchange in large quantities then it will be suspected of money laundering.
I wonder how the OP responds after many suggestions here?
He's probably just playing around and asking.

392 000 bitcoins are worth around 7 billion dollars, which is even richer than other big companies. Take note that the OP has an acquaintance who is a bitcoin holder and holds such a large amount.

This dude who made up the topic is obviously lying. This is just my guess and observation based on his story made here in this forum. What is the point of this topic? Is it to brag that he knows a bitcoin holder with a large amount or just to tell a story even if it's not true? then, as if someone believed his story.

I would suggest doing P2P transaction for buying or selling Bitcoin and not using a centralized platform. But given the amount, I doubt that anyone will agree to do that face-to-face. Both you and the person who is going to buy it could be in danger. That will always be people liking around the shadow to do harm and take away what you have. So you have no other choice but to use platforms that I will reputable.

You can try and sell little by little or the maximum amount and exchange is offering for you to sell. Never disclose your personal information so openly and never mention how much you own to strangers. And there's also the issue of Bitcoin being legal or not at the place where you are right now. If it's legal then you can easily search for people who are willing to buy and any kind of transaction related to crypto exchange won't rise any suspicions. If it's illegal, then never make a deal that big which could get the eye of the government and get you in trouble.

It clearly sounds like a troll or nonsense question. I don't want to judge or anything; it's just that I don't think that having that many bitcoin holdings means you never once thought to sell some, and if you do, then you must have known some platforms to trust for exchanging your bitcoin for fiat. I don't know; I don't really want to judge; it's just too good to be true, and because your account is a newbie, we can't help but think that this question is nonsense. Anyway, I guess some have already shared their answers to your question. Just to add, if you want a trusted and legitimate one, use Binance. That's it; it's well known and has a lot of users. The thing is, you should be careful when transferring your funds. I still can't believe how much bitcoin you hold. May you be one of the whales? Hahaha joking.

A transaction of this size is not possible to complete on a centralized exchange. It would crash the market on that exchange and cause panic throughout the industry. These exchanges are a kind of broker so they contact potential buyers or they themselves buy those assets through an OTC deal. This way there won't be any impact on the market and usually in a transaction like this buyer makes the transaction below the market price so that both parties can benefit.

If you are someone lets say who dont have much that knowledge when it comes to financial transactions or documentations then you would really be ending up on having those kind of questions. We do know that
not all people who become rich do came from gradual process but rather there are  some who had made out instant like in lotteries or some pump of shitcoins then it doesnt mean that they are really that
well known on how to make those transactions and thats why they would really be looking like a clown but we cant really totally make out such conclusion considering that not all would really be knowledgeable to that.
On this case then the best thing to be done is that he should really be that hiring some financial advisor or lawyer or whatever that he would really be taught on how  things should be done.

On this case which trying to pull out that tons of BTC then it cant really be done with bulks, even on piece by piece and if you are that someone who doesnt have a business, then any huge transactions that would
really come in into such account would really be raising up some eyebrows and would really be definitely be asking on where those funds came from. Its not really that totally shocking.
As for p2p on making transactions then it would really be that too risky since we are talking huge money on here. We cant really just easily make out such transaction without no care.

The amount of bitcoins you mentioned is very high but if you want to sell then you can easily sell your bitcoins through P2P exchange.  There are some popular exchanges that support P2P transactions and those exchanges have a high volume of daily transactions so I think P2P transactions through exchanges are more convenient than third party transactions. Be careful when doing P2P transactions and try to sell your bitcoins little by little because if you want to sell at all you may face some problems. Try to complete your transaction gradually if you want to do P2P transactions, even if it takes some time.

LOL... that sounds like a joke, and I think it really is. Is it ethical to announce such massive ownership here at a time when the assets are so huge? 392k BTC is quite a hassle, and it seems risky if more people find out the owner is connected to you. To get a more sensible answer, you shouldn't mention the amount. It's really risky to your privacy. besides, with such a large amount, the exchange market will surely recommend a gradual sale, which can take a long time. It also depends on how the market responds to the movement of a wallet with a large balance. Because the market might immediately react negatively if a big sell-off happens when your client's wallet becomes active.

Selling 1 BTC to upgrade your lifestyle and meet competent people in new social circles is more helpful than asking in this very public space. Some people here have great expertise in that, but many will doubt what you're talking about here.

I wonder if a rich people does not know about basics because it started with how they got that fortune?

If they got bitcoin years ago, with many years in this market, they already knew how to make it right, buying, selling, KYC issues.

Whales don't sell all bitcoins they have with one single order because it can cause a dump in the market. It can create panic that can cause them loss in value of their selling too. In trading and investment theory, they teach us that there is a Distribution phase for whales, market makers to take profit gradually and distribute their coins, stocks to amateur traders, investors.

They must do distributions gradually, over many months and the crowd even don't know that top already touched so that they will continue buying from whales, market markers with belief that market will go up again, will make a higher top.

The amount of BTC OP mentioned is pretty high and I am not sure it is a typo mistake or not but I think OP was trying to say $392,000 worth of BTC.

To sell that much amount on a centralized exchange is the only option right now, and you can not use all the exchanges as the 12B worth of BTC you are talking about. It will be hard for even an exchange like binance to take on that load. I am surprised to see someone with 12B worth of BTC who doesn't know how to sell bitcoin in the open market and I think the owner of that BTC is in a difficult position right now because his law enforcement authority will hunt him down as soon as they learn about these findings.

Why would the client want that? If it really is a matter of such sums, he would want to get out of the crypto market completely and not switch back to a crypto stablecoin first. An exchange for USDT, for example, would therefore make little sense here in my opinion ... and you should also clarify beforehand whether such quantities of USDT would be available at all. Convert the amount given by the OP into BTC ...

For the kind of money involved, exchanging crypto to fiat would attract alot of attention to your...

If I were you I would consider exchanging the Bitcoin for a stable coin as this is fiat equivalent and if you are using the dollar currency you don't loss or gain on the exchange rate.

Just out of curiosity, the platform you used to buy these Bitcoins don't they happen to buyback coins for fiat

You can always sell your Bitcoin on a centralized platform but some of them do require KYC so you will be ready to do it for you to sell or buy any cryptocurrency of your choice. There are crypto exchanges that do ask for simple KYC sonyiu need to be ready to submit your credentials if you are ready to buy or sell cryptocurrency. You can also create a thread here informing people that you buy it sell cryptocurrency but this will need an escrow for this for people to trust you and send there crypto to you.

Selling that huge amount will give an alarm to any exchange and they may ask for kyc details and such.
What he can do is use several reputable crypto-exchanges and slowly sell it. He doesn't need to sell it all at once.
Also, be very cautious it selling via p2p platforms which don't require kyc because he will likely be screwed.
If the OP is telling the truth or not, there are so many ways now how to sell your btc. Just look for trusted trading platforms.