Bitcoin Forum

Once you want to sell your cryptocurrency for fiat, how would you do it?

Would there be any liquidity problems with semi-big sums e.g. 20.000$?

Depends on site and method of cashing out.

There is a lot of ewallets and exchangers online supporting Bitcoin and other crypto currencies actually. There is no problem usually about exchange in this platforms, especially if you become verified member. For example Coinbase (for some countries) exchange crypto for fiat, also Neteller, and Payza.

An exchange.

The 24 hour volume on Bitcoin exchanges is currently more than 750 million.  20K would not move the needle.

This is not true.

You SHOULD be aware of liquidity problems. Coinbase, specifically, has weekly sell limits and it's based on your current level of activity and how much identity verification you've provided them. At my level of verification and sell limit it would take me over 3 weeks to sell and withdraw the amount of currency you're talking about...and of course Coinbase completes all the necessary documentation to make it known to the Federal authorities. I'm not opposed to that last bit, but it's worth knowing.

You need to plan your sell/withdrawal carefully based on these sell limits and the urgency or demand you have to get that currency out of cryptocurrency and/or out of the wallet and holding exchange.

Good luck to you!

There are quite a bit of methods to do this.

The fastest i think would be to cash out on coinbase. The fees will be quite high though.

Personally if I were to cash out I would use the most trusted exchange sites. (Bitfinex, Kraken, etc.). Though I suggest withdrawing your funds as soon as you've sold your crypto as there are chances of them being hacked.

Its better to look for local exchanges in your country if available. In this way you can directly deposits from exchanges to your local bank account or you can used something like remittances whichever is easy to used and available to you. If there is no local exchanges then you can used exchanges based in other country which offer cash out through western union OK pay  or any remittance available to your country. Lastly you can have to contact or have a meetups someone interested to buy your bitcoins but I think its risky in my  opinion.

I would be careful even with bank transfers, especially with large sums. Ive heard of banks freezing accounts or straight shutting them down pending an investigation because people would receive random large amounts of money from exchanges based in other countries. Even though it is more common now and banks are more versed in Bitcoin transactions it is probably best to speak to a bank consultant prior to getting any bank transfers.

You can always see if there are any "whales" in your area on localbitcoins. (https://localbitcoins.com/)

For sums that large, any face to face meetings should probably be conducted in a very public (and safe) location... like a police station (assuming your local police aren't corrupt :P). If face to face isn't an option, then you'll seriously want to consider using an escrow service... honestly for sums that large, 1% fee (~$200) for the security of not getting screwed is chump change... and you'd probably be able to negotiate a fixed rate anyway.

$20000 is not that big amount to catch attention from IRS.

There are many Bitcoin exchanges around, you can simply divide your bitcoin and use like 4 of exchanges to cash out $5.000 if you are worried.
You can ask your friends or family to create additional accounts on bitcoin exchange too. Or you can use bitcoins to buy directly some digital goods or hardware.

A big sum of 20,000 may seem large to you, but a lot of exchanges trade volume of tens of millions per every few hours.

Withdrawing into USD you can do with coinbase, it withdraws to your paypal or directly to bank.

Alternatively, you can use bitpay and get a visa card.

But if you are wanting to remain anonymous, i guess you would need to just buy things with bitcoin or buy giftcards with bitcoin.

You can send bitcoins to a microsoft account and buy almost anything on their site, they have some giftcards there, overstock.com lets you buy in bitcoin .

Cashing out into USD will have a bunch of fees just so you know and you do need to dlecare it on your taxes.

The best option I would recommend to you is going here: https://localbitcoins.com/?ch=5wo5

LocalBitcoins is hands down the best place to get the highest rate for your Bitcoins. You can easily get 1-2% above the actual market rate by selling on LocalBitcoins as opposed to a different site, like say Coinbase which will pay you 1-2% LESS than market rate.

My personal recommendation is to use LocalBitcoins CASH DEPOSIT or BANK TRANSFER options, which are extremely safe and also very fast ways to sell large amounts of Bitcoins. Best of luck!

Check the FAQ of the wallet, you are using! Usually it is written here :)

Use localbitcoins.com you can cash out a certain amount and it increases depending on your reputation and it also increases when you give certain person info over. It is already set fairly high. I know exchanges I use have $2000 to $20000 limits per day or month. You could circulate from one exchange to the next if your limit is reached.

Everything depends on platform, but in actually is no problem to exchange your cryptocurrency.

The most simple and easy way is to sell your Bitcoins to local exchangers in your country. Usually you transfer the BTC to their wallet, and they will transfer the money to your bank account. But, beware of scammers and fake people. You must seek the most trusted exchangers in your country and the cheapest. You can search it in your local forum online, or your local facebook groups.

I wouldn't transfer $20K in one go. It might be better to break it up into 4 or 5 transactions.