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.

  Honestly, that's what I'm thinking too; he got to buy a lot of bitcoin, and yet he doesn't know how to sell it. It's weird that his question seems silly in my opinion too. It's very simple, and there are many ways to sell Bitcoin.

  Google is there to provide guidelines on how to sell bitcoin. Then it also makes me think that 392 000 bitcoins is a huge amount; that is not a joke amount, and I don't know if this op is telling the truth on this topic he made. It was as unrealistic as it used to be for me, like it was just a made-up story to talk about.

I almost couldn't believe it and thought if this was just a fabrication when I read your initial thread, and when there was this explanation, I just thought, this could be true. So, good luck and hopefully you can really find a platform that is suitable and can be used for that amount of BTC in your country. BTW, because you are posting in this forum thread, make sure you are careful about various offers from certain accounts or parties on behalf of certain platforms or media who want to help you cash out. because if there is something new with something like this, it could become a target for scammers or hackers. So, be more careful and don't trust anyone who contacts you first, offers help to cash out easily, etc. be careful.

Maybe this is related to transaction fees / trading fees, and also taxes if any. Because the amount is large, the fees and taxes will also be very large. Especially if you want to cash out that much, it will definitely take a long time. Not only from a Coinbase account to a user's bank account. but also from a bank account to cash out, right? It is possible that later they will carry out an audit of the money received in the account. But maybe this is just my opinion and maybe it's different in your country.

That’s a lot of money and could crash the market if ever, but if this is a serious question then I think big institutions or P2P is the best option here and you should look for the legit one to avoid any inconvenience. Don’t use any exchanges if you’ll not sell it on a small portion because you can be flagged and you might not access it anymore, look for the best option in your area.

392000 BTC is such a huge amount of bitcoin that you can claim you own without anyone not believing in you. But what is more strange is the fact that you’re asking how to buy/sell bitcoin when you have large amounts of it in your holdings. What have you been doing since you got those bitcoins, you never learned about all this all this years. For a newbie who just bought bitcoin, this question will be easy for them to answer since they must have bought through a platform or a vendor (which is highly risky). Your claim sounds too good be true but I can’t dispute that without proper evidence.

I will suggest to trade and sell safely the coins on Binance. Yes you have to do high level of verification in order to sell those big number of coins. But it will be worth doing it. Binance is the most secured and trusted exchange available on the crypto space. But if you want to hide your identity and want to do trade with peers, then you can try famous P2P exchange, Paxful. Yes, here you need to be extra careful and sell the Bitcoins in small amounts.

First of all, I don't think any single person can have a large amount of Bitcoin, and if someone has it, why didn't he sell it when the price of Bitcoin reached $67,000 instead of selling it now? It is not possible for someone to have such a large amount of Bitcoin, and the price of Bitcoin to drop, and then think of selling them. It is also funny that such a large amount holder does not know how to sell Bitcoin in the right place, and he tell others how to find a suitable place.

If he doesn't know about a proper place or platform, then where did he get such a large amount of Bitcoin and where did he transact it?  most importantly, how can someone who doesn't know how to sell Bitcoin store such a large amount of Bitcoin so easily? because the most important thing in crypto currency is to protect your assets. If he's made the buying in the beginning, everything going well so far suggests he understands everything.

Probably your seller is the one of those scammer claiming they are selling Bitcoin in bulk with discount and doing the trade on a casino vip room or something. This kind of scheme become popular in my country before and I’m wondering how this guy with bulk Bitcoin that invest earlier can’t use exchange and cash out slowly. I mean when he will put that huge money after he converted his Bitcoin to fiat while banks has a limited insured amount.

If he is really thinking straight. His money is much safer in Bitcoin and just slowly convert to fiat whatever amount he needs instead of selling it in bulk assuming that he just recently recover the fund.

This doesn't seems believing that you have that kind of bitcoin and yet don't know how to sell it, if i may ask this then that how did you acquire such, if you buy through a particular means then why not go through same to sell your bitcoin, there are exchages, there are people trusted who perform an escrow service, incase you don't want to use an exchange, so it's up to you first, that what exactly is it that you want, are you trying to avoid the exchanges or make use of the escrow service providers if you are privacy minded.

Funny reading most of the comments. People who hold a lot of Bitcoin know about OTC, and they won't be finding out things with OP's account n this forum, and will not even say the exact amount.

Much easier to just KYC at some actually registered big exchange like Coinbase (I bet the people are US/UK). Use their OTC service. Pay taxes.

392k is a small amount for these big OTCs who anyway pool the sales.

You can take profit when others are greed and by this approach, you can use two charts.

https://www.lookintobitcoin.com/charts/relative-unrealized-profit--loss/
https://www.lookintobitcoin.com/charts/bitcoin-fear-and-greed-index/

When those charts show most of people are greed, FOMO, you will have good opportunities to taken profit. It won't help you to take profit at all time high, top but you will not miss chances to gain profit.

But what, 392k BTC. Seriously, who have it?

OTC platforms are the place where you can generally sell BTC in bulk amounts but I am not sure even that platform can handle 392KBTC.

If you are really serious about selling such amount then break into multiple small amounts like 500BTC for a day and choose the exchange where there is enough liquidity for example Binance and get verified before depositing funds and be ready tp pay taxes after converting into fiat.

If we review the Bitcoin investors with 392k Bitcoins, we will find that their number is limited. if your friend creates a cryptocurrency exchange with about 5k Bitcoins, you will definitely be among the top 3 crypto in less than 24 hours.
Can your friend sign a message from bitcoin address with balance of 1k Bitcoin or at least buy a VIP account which will cost you only 50 Bitcoins.

Assuming this is serious, you just need to look for an OTC trading broker. You know if it's a large amount, then you need to look for some. European and middle eastern states like the UAE and there seem to be a few markets that have ample liquidity to handle most of them.
Or in another way, just open your own CEX that only serves sales to users all over the world.

hmmm some good points by you guys. now I have not verified the wallet myself so you guys are making me worried its somehow not real. but my boss said its verified and legal documentation in place, lawyers etc. but now i wonder why would'nt the holder just have a way to do this himself or privately? hmm. but hopefully its real lol.

You are trolling us or you are the one being played, there is no other way around it, no one with the exception of Satoshi and maybe a few whales have that amount of bitcoin, and if they wanted to sell some of those coins you can be sure they will be able to hire the best lawyers, accountants and any other services they may like or need for a fee way cheaper than the 10% you were promised, so if you are not trying to scam us then you are the one that could be scammed.

I'm not so sure about this story although some people took it seriously to give advice and solutions.

If it's you or a company, they must have a way to sell it at least with such a large amount in bitcoin you should have a financial advisor because paying them will not be much, so the financial advisor will know better than us.

Yes even though I still this is a made up story.

That’s a lot of money and if this is for real, why bothering to ask here when in fact you should already know where to sell since you’re an early investor here and know what’s the best for that money. Exchanges might be the option but better not to transact everything in an instant, P2P is also good. Mind to share at least the country so we can know what services is available on that area?

Well, OP, it is quite hard to believe this story because if you have 392,000 BTC, I doubt you will actually come here to announce the sum of Bitcoin in your possession or of anyone you know.

Let's assume your story is true and the Bitcoin is not in a wallet that has not been flagged. The advice I will give is: sell those coins in small fractions, and while you do so, don't deposit in an exchange that requires you to pass KYC. You can deposit small fraction in a non-KYC exchange, convert to Fiat, and withdraw to your faith wallet. Then you can deposit the Fiat in another exchange where you can trade it to your bank account.

I understand, that's a decent chunk if ever the sale becomes successful.

Good luck, and that's normal to have some losses you'd say because of the taxes that you're obliged to do so and the fees that will be taken from there. I have no experience with selling bulks and how the process go but for small sales that I have made, the fees aren't really a problem at all.

i am contacting coinbase to see about trying your method. i was told there would be a significant loss during all the transactions it would take to cash it all out, and it would take years with the small amounts your able to cash out daily. but hopefully we can work with coinbase to get it done more quickly and the seller can get at least some money starting to roll in. im assuming taxes are going to be a nightmare though.

@Terrific My boss had a business friend approach the company looking for assistance (he's a broker who knows the holder). my boss said he would try and help, so he verified everything himself. We are a business acquisition company normally but i don't know anyone who would say no to a commission of that size, so we are trying to help find a buyer/buyers. but none of the others are familiar with crypto and ive dabbled in it a little with Ethereum, and i would like a cut of the commission as well.

I have this doubt that if someone owns that huge number of Bitcoin will just have to sell it on an OTC or through exchange that's known there.

How did you find this guy? Through freelance platforms? Do you know him personally? Because IIRC in some freelance groups, there have been clients that have also tried to offer almost the same thing but in relation with money laundering and promised also some commission.
If this is for real, load it up on the exchanges that's supported on that client's country or USA then sell those, no need to find any buyer on that because surely in any exchange, they can easily be sold but it won't be a big sale just like 392k on one sell order. You need to do it gradually.

@Lakai01 Thank you very much. i will check it out. its nice to actually get a competent serious response. i was about to give up

I'm just going to assume your request is serious (although no one who understands Bitcoin and market movements would sell that many coins at once, as you're hurting yourself significantly):

Some large exchanges have "institutional" branches to serve large customers, both for large purchases and for large sales. One of these exchanges is "Coinbase Institutional" which also offers its services to customers in the USA. So you could contact them first, maybe they can help you.

yeah, i know how it sounds and ive been heckled everywhere else ive tried to seek advice. I am mostly new to crypto and we had a client approach us with this. we have verified the wallet and amount. we are located in the USA, as well as the client. we usually don't deal with Crypto but it such a large client of course we said we would try and help him find a buyer. not a scam, troll or anything like that. i suppose im not that surprised at this point with the skepticism. but honestly if i can find a buyer i get a 10% percent commission from what my boss makes, so of course i told him id try.

Clearly, it can only be those two things. Either a kid writing from his mom's basement because he's bored, making up a story like that, or an attempt at a scam, and you have to be very stupid for someone to fall for a scam like that, so you also have to be very stupid to make it up; so I'm going for the first option.

Let me just check how this sounds:

-I know a guy who has 12 billion in Bitcoins and plans to sell it
-Let me seek advice from complete strangers on a forum without even mentioning what country are we looking for as I doubt the conditions would be the same for Turkey or United States or Japan.
-Since you mention "buyers" do you really think your bank will not raise the mothers of all red flags parade when even a fraction of that sum will hit your personal account coming from strangers and foreign accounts?

Assuming you're not trolling which is pretty hard to consider, or looking to scam somebody with the same meet me in Dubai story, the answer would be pretty simple, the most trustable exchange that serves your country, and for that amount, every single exchange will do an OTC deal. But 392k BTC,

Hello, I am trying to figure out a good reputable place or platforms to look for a buyer/buyers for a very large amount of bitcoin.
Basically, I have a holder of Bitcoin wanting to sell. They have roughly 392,000 BTC, and invested very early and held on to it.
Any advice or recommendations would be very much appreciated.
If this goes against any rules on here please let me know and I will remove it. Thank you.