Topic: want to sell btc and I do not know how (Read 402 times)

Selling bit by bit is your only option and it is a great one just fly to any country with low technological security and congratulations you can withdraw 5% monthly or then 10% monthly it deserve to work for

somebody is more then willing to pay tax. But should you not show HOW you made that amount of btc (the same with 10 million in cash, if they stop you on the road with ten million in cash they will put you in prison if you can not say where it came from)? authorities could think that somebody is a ransomware attacker or a darkweb criminal. The lawyer somebody spoke to said that you have to be able to show the source of your funds. He said something that criminal law says that you have to have proof for an offense. And that in tax law they can fine you on assumption. Somebody is confused and afraid.

 selling it part by part, that is not a good option because it will take a life time. and somebody does not believe that btc will be the one and only for the rest of our lives. As well, if you exchange bit by bit, and it is a million in a few year, and somebody has a 1500 euro salary, that might be a red flag for the bank. somebody has already loads of cash and prepaid credit cards. exchanging bit by bit does not allow you to invest either, you are not able to buy a house with it, not able to invest a million in a companies etc..

the question is: will authorities allow it, if somebody has millions suddenly out of nothing and  can not show where it came from. somebodys lawyer says he does not know what will happen and that he has to write the authorities which he is doing now.

try selling it to people directly with a discount. exactly like you would if you had stole it keep in mind that it's risky and that your face will be exposed i.e. you are not just a wallet number anymore you are a person doing the trade. good luck somebody I wish I was you

I read you inquiry and i think you have few way to exchange you amount in FIAT.

1) First suggestion is to use only trusted exchange for move from crypto to Fiat and to make exhange little by little usine more exhenger and deposti on more banks (so no more than 20-30 bitcoin every 2 weeks).
2) If you live in no Bictoin Friendly country, start think to move to other country. 11 Million $ are a good amount for starting a new life  . For example why not think about to take a Vanuatu citizenship (i read it cost about 40 Bitcoin  )
3) Don't trust ppl that propose you to sell per cash . They are 100% scammer
4) If possible, try to hedge some bitcoin to preserve their value (if you want i could help you in this)

Good luck and PM me if you need help for hedge or preserve BTC value against price falling. 

I think you can redeem BTC into USD which you have in one of BTC wallet sites in your country but I know it is true you usually will not be able to exchange BTC you have in very large amount. I think all you have to do is switch gradually between 0.5 BTC on each redemption and you will be able to perform continuously on each exchange. if you do exchange with a very large scale I think it will lead to a very large question-mark reaction from the financial auditing body and that will be the question is where you can get a very pantastic BTC value as you mentioned.

Why not use a crypto debit card? TenX? Uquid?

if you report the income you've made from 2009 to today, by holding 2000 bitcoin, then you're free to spend it however you want and no one will bother you (by reporting it to the authorities, you'll obviously have to pay income taxes), if from the other side you don't want to report them, you'll have to sell small chunks to exchanges and convert them to fiat of 2k-4k USD, and do that consistently over some time. Either way you shouldn't be worried all too much, if you believe the exchange or bank might close your account, why not ask them what's the maximum amount they can deposit to your bank account? Usually people are more helpful than you think and it's in their best interest to tell you the trust, so that they're compliant with their KYC process

That's really a huge amount of money that somebody has got there. You can try to exchange it for small amounts such as 0.5 btc but it will take you time to encash the whole amount. Nowadays many exchanges are undergoing KYC procedures and thus it might be difficult foe that somebody to exchange the amount. So the best way to do it would be spending it little by little. You could also try to diverse the amount to your friends and family and then try to withdraw it to their bank accounts respectively giving them some amount of money. "Somebody" should really be careful as he might be accused for this action.

I find CEX.IO to be useful, because you can deposit and withdraw fiat currency by using your debit/creidt card that have visa or mastercard

In that case I can't think of any legal way to get your money out. Of course the authorities are gonna question "somebody" who suddenly out of nothing owns $10 million.
From the authorities' perspective, "somebody" could just as well have earned it from selling drug on the dark net, or making cryptolocker virusses.

My advice: get a better lawyer. $10 million should be able to get you a good lawyer, someone experienced in crypto, who understands what he's doing. Figure out the legal way to do this, pay your somebody's taxes, depending on the country and fines it could easily be 50%, in which case somebody still has $5 million left.
Most people can only dream of having "problems" like this.

_{If by now you get private messages from people who'd like to buy somebody's Bitcoins in cash, be very careful who you're dealing with!}

Unfortunately that somebody does not have his old wallets/keys anymore. that somebody changed wallets many times and changed his btc into dash, and even mixed the coins. because that somebody believed in privacy :-(   after dash skyrocketed changed back his dash into btc and there is no way of proving where it all started. that somebody feels stupid, but at that time nobody expected crypto to go through the roof. it was a hobby.

If "somebody" still has his first wallet, he can simply sign a message from the address that held 2000 Bitcoin back in 2009. By signing a message he can prove he owned the Bitcoins back then.
If you can prove you got it in 2009, it doesn't matter who sold it to you. It wasn't worth anything back then.

This is a good example of why you should pay your taxes on Bitcoin. Without paying taxes, it'll be considered money laundering, and you can't enjoy your money after your $10 in Bitcoins went up to $10 million.

If you can find an exchange that will accept to exchange into fiat, then the next problem will be your bank. The bank will close your bank account for sure(already happened to that somebody with to european bank accounts and one hong kong account). if you can not show source of funds to your bank, then you are fucked.
but suppose you would pass the first problem, that the bank will not close you, then you have the next problem: the tax investigator, and the public prosecutor, they will want to know where the money comes from. I do not know what they will say if you can not show where it comes from. It is the same if you suddenly have millions of cash in a suitcase. Where did it come from? you can say you found it, but it is not credible. and the same for 2000 BTC. if you can not show the origin, where you bought the BTC(which that somebody after all these years of trading can not show) then you have a potential problem.

anybody that has advice?

If you are holding bitcoins from 2009 then you can access to your blockchain account and transfer these bitcoin to any exchange where in your country people can easily exchange bitcoins into fiat i would like to say that you should need to search about your country exchange service of bitcoin where you can withdraw your bitcoins into fiat.

anyone tips:

there is somebody from europe.

supposedly somebody has 2000 BTC, bought in 2009. And after 2009 that somebody traded into alts back and forth into BTC many times. That somebody can not proof how and when he obtained the BTC.

How can you sell a part of the BTC and enjoy the money? If you exchange such an amount into FIAT all alarm bells ring and your money is blocked immediately. that somebody tried to sell a few 100 BTC, and opened an anonymous bank account in hong kong. The account was closed immediately. That somebody tried to sell some BTC through bitstamp. Bitstamp immediately blocked his account because he could not show where the BTC came from.
That somebody is also afraid that the police will target him as a criminal because he suddenly has millions, that somebody has a normal job and makes less then average salary.
that somebody also asked a lawyer and he said that it is risky because you can be accused of money laundering if you can not show how  you bought it and he never has seen a case like this so he could not really advice.

How can that somebody sell lets say 500 BTC? that somebody believes that BTC needs to deflate and wants to invest his money in technologies and not in crypto itself. anyone tips?

Please no discussion if this story is bullshit or not. Tips and advice only.