Bitcoin Forum

Hello everyone,



I am still fairly new to cryptocurrency, therefore that challenge is probably dumb... bare with me personally.

If a person has Holdings that value tens of thousands of 83000, let us imagine $20,000,000 plus they would like to cash deposit and it for their banking account, is it possible?has Holdings that value millions of 2500, let's say $20,000,000 and they would like to cash deposit and it for their banking accounts, how is it feasible?

Since Just BTC isn't controlled by banks, it's up for your own exchange websites to handle this trade (so I assume), so who'll cover this cash amount into this individual?

I reside in Australia and that I use two sites for the cryptocurrency, CoinSpot (multi-wallet and swap site) and Coinjar (Bit-coin wallet and exchange). I emailed them a support email, asking for the exact same, as It is not clear if it's really a country/company policy that dictates exactly what goes on in such situations.


Cheers.

Most exchanges are going to have limits on the amount of Bitcoin you can withdraw. You have to check these things before depositing any coins on the exchanges.

I would say it's impossible to withdraw big amounts without disclosing your full information (so I would expect a scan ID, address, phone... the whole package).

More and more exchanges demand all of these informations to trade even between altcoins (like Bitrex)

I wouldn't expect to get more than 1 BTC a day from most exchanges without further verifications. Currently it's $2000 in Poloniex.

Poloniex for example, has limits for each user level. If you send your passport and ID and photo, they leverage your user status to the upgraded member and you can withdraw more money. But I think withdrawing huge amounts would cause problems legally.

it is possible to do that,but you need to seperate it when you're trying to encash it.
the reason is if you encash it at the same time your bank account will get freeze by the banker.
they find it as a suspicious activity,it's possible to hold $1 million dollars in your exchanger as long they can cover it and they allow it.
( most of them did not allow it to prevent a money laundry )
and who will cover it when you try to withdraw it ?
of course the users that reside in your country and others user that want to buy Bitcoin and using an that exchanger(your place for encash it),
most of it right now did not have that much money to cover it up,that is why you need to encash it from different site.
and also you can find someone else from peer to peer(p2p) platform that want to buy Bitcoin directly off the markets.

You would have to take it out slowly slowly and few several exchanges and depending on the laws in your country you would have to declare this income. I think like places we live in in EUROPE if we ever make some money even remotely over 100k we would probably setup an investment company and pay corporation tax which would be much cheaper or you can pay capital gains tax as well but you would need to seek advice from your tax consultant in order to see what is the best way forward for you. Centra is also issuing debit cards, the titanium and black cards have huge limits you could send on.

If you wish, no problem to withdraw any amount but why do it? The larger the amount the more attention to you by the tax authorities. If you need something urgently to buy costly then it is better to take loan from the Bank. Yes it will be slightly more expensive to tax but you will always be able to show where he got the money. The Bank is also interested in the repayment of the loan therefore will not publicize you extinguish the credit.

You are going to need over 50-100 exchangers to withdraw such a big amount. Most of the exchangers have a limit for withdrawing bitcoin( the biggest I have seen is 10). Also your bank account will look suspicious receiving big amounts of money everyday.
I recommend you to find local persons(maybe a representative person from a big exchanger) and exchange your bitcoins either with money in hands either through bank transfer. Making such transactions online is dangerous and you can easily be hacked

I have read, that it is no problem to change a 1.000.000$ worth of bitcoins to cash in one day.

But with that kind of sums, you need to identify yourself, and when you get the money, you will probably have to pay taxes for it too. Can't really avoid that, if the exchange knows your ID.  That is if your country taxes bitcoin profits. (mine takes 30% tax of profits made with bitcoin)

But would you really trust a bitcoin exchange  so much, that you would like to deposit 20.000.000$ worth of bitcoins there in one go? What if they steal your coins?
Better to do it in smaller pieces. First try to change 50 Bitcoins and see how it works. Then maybe 100.... and so on.

Selling 20.000.000$ worth of bitcoins in one go could even affect bitcoin price.

I would advise you to talk to some banks from Europe, from Switzerland or Germany. As I know Switzerland is a country that has legally accepted bitcoin and their banks could help you. I do not know which particularly bank could help you , but you can try and talk with some of the know banks.  Also is a good idea to try some banks from Germany, there are German banks where you can open an account on the internet without being necessary to go there. It is possible that one of these banks to accept your bitcoin for their money.

that true have a limitation to withdraw your bitcoin here in my country have an limitation also to convert the bitcoin into a local currency, because if need money i need to withdraw my bitcoin and convent into local currency but have limitation because have a law here in my location the amount of cash you need to withdraw, i suggest with do not panic bitcoin go dump but later on go uprise reach the unexpectable price up.

It's ok to have limits to withdraw big amounts of money, but I don't understand why they are asking for real addres, real phone, real date of birth and more on Bitrex now, even if I want to trade only altcoins. A lot of people have complained about this and have been forced to stick to Poloniex and other exchanges with less liquidity to buy some more obscure alts without having to give all of your data and risk getting doxed or something, because bitcoin exchanges get hacked so often so you simply can't trust them, it has nothing to do with legality, it's just dumb to give your details to crypto exchanges in general, it's a matter of safety.

Yes.It's based on your opinion. Transaction of high amount is not at issue in bitcoin. You have to decide. You are not bought about paying tax at all.You can proceed. But in bitcoin ,you have to check out dollar. Only you need so.Because the price increase means, you will more dollars .

If you have done any KYC with your exchange i suggest never to do so or you might just end up with cops next morning. Moreover exchanges especially with low volume dont normally have high cash reserves to pay you. So consider both the things.

I have never done this, but am also curious on how one would do it, because logically, banks would flag the transaction as highly suspicious and freeze your account. I only see people holding BTC and using it directly, or exchanging it for smaller quantities of USD, this way the bank account might not freeze and flag the transaction.

every exchanger has its withdraw limits, you gonna have to cash it out slowly
or i guess send some to your trusted trader friends and help you cash out i guess

Most of the exchanger limit the withdrawal especially in fiat to control the amount money that passed through the account and also a safety features if ever your account had been compromised.

There is limit in withdrawing amount in any exchanges. It would depend on the information you submit and to some exchange the length of time you have been using their service. And if you also deposit that large amount in any banks, you will be flagged. Then you have to report it or you can be accused of money laundering. Which is very bad for you. I advise if you have that much money in bitcoin you have to be careful in withdrawing it

You should ask about what offshore banks are. For example, the ADVcash card is like that. She ignores the tax authorities. Or, for example, in America there is a law on corporations. Having such a corporation can throw up money for different needs of this corporation and do not pay tax.

It might be possible, however your bank account would certainly be flagged... So even if it was completely possible, it's not feasible.

As mentioned, everything has got the possibility and surely your bank account will be flagged. Maybe soon you need to face several legal issues which might end you usage of digital assets, because at times based on the documents you submit the banking authorities might hold all your funds and freeze your account.

Yes undoubtedly there are limits for depositing and withdrawing. The limit amount vary depending on the exchange. If your account is non-verified with ID then you will have lower limits.And if it is verified then you would probably have higher limits or sometimes no limit.Think about paypal if your ID is verified then you have no limits for sending and recieving. But in the Bitcoin market I won't expect no-limit exchanges as Bitcoins transaction rules are not confined.

So I suggest you to withdraw on a daily or weekly basis.Also various banks have different restriction when it comes to transaction limits.So check all possible solutions.Check every bank higher limits per day and per month and also per year.This way you can easily make a decision based on this.

if you withdraw a huge amount, your bank may freeze your acount.

I do not know what country you are living, but
I expect that even if they do freeze your account, you can probably unfreeze it if you can explain where the bitcoins came from. I am assuming you got them legally by eg. mining them a long time ago, or something.
At least if you have proofs backing your claims.

Every exchange has its own rules on withdrawing limits

withdrawal of huge amounts are depends on the law in your location because have defference laws in every nation how much you can withdraw amoount under the anti money laundering law.

i never had any problems on withdrawing huge amounts. if your talking about more then 10M then i dont have any idea.

Yes of course. You can withdraw a large amount of money. Well the question is, are you getting one or getting a lot of money? :/ Well I will tell you that it is so possible, but all you gotta do is that be careful in sending your funds. I mean, the code of your bank and also the code of your btc address. It depends on that. If you will send a lot of funds then go but be careful :)

Only a twat would go anywhere near an exchange with that amount of money.

For starters exchanges can't be trusted. Second of all they can't be trusted with those types of amounts. They're terrified of losing their banking and will KYC you until you die.

Find an OTC broker who will directly hook you up with a buyer or seller. No dicking around, no stupid questionnaires.

I find it weird that so many people are still so fixated on exchanges. For anything more than pin money they're dog shit.

This is a newbie account and with suggestions of having tens of thousand of Bitcoin and asking for possibilities for cashing out! First thing first, how did you come into that much?

Be sure to have proofs, most exchanges are going to insist on verification of id and address, which is normal if you have nothing to hide, but in case you do have something to hide, withdrawal of huge amounts (crypto to fiat) will always raise a red flag and don't fool yourself into thinking your transactions would be anonymous!

Bitcoin isn't controlled by banks, but as soon as you convert it to fiat, that is regulated to prevent money laundering.

It varies from place to place, but most exchanges operate according to US standards (even if they arn't American), which allows $2000 a day withdrawal with no questions asked. Anything higher and they want to do a full KYC on you, get you to upload your picture, your passport etc.

Bitcoin is not really controlled by the banks and this is its advantage. In my post OP is not talking about bitcoin. You're talking about the equivalent of a certain number of bitcoins in dollars. As you know all dollar transactions reflected in the us Federal Bank and are tightly controlled. Agree, that's another story. Fiat government-controlled and there's no escape.

Every banks has its own deposits limits, with this huge amount of value you should deposit this gradually and not one time.



Online exchanges has partnered to local banks for Fiats conversion then deposit, banks doesn't have directly involvement in BTC transactions so they don't controlled it.

The fact is its not possible to withdraw such amount via bitcoin because you will have to go through bank to have access to such funds coupled with the regulation of the banking system there is no way there won't be element of money laundering involved. The only set of people allowed to make such movement of funds is government entities and multi national companies such as General Electric for the construction of a power station or railway station and before that, a lot of paper works must have been filled and submitted.

Rather than looking at that option because its not possible the best bet is to do it piece meal basis and give it time not to run into trouble because whether you like it or not, someone is watching.

There are OTC exchanges where you can find individuals or companies that would buy or sell huge amounts, you'll receive and send money through the bank.

Check out: https://genesistrading.com/

Well its really needed to know first the rules inside the country that you are residing a possibilities that they will hold your account after seeing questionable amount of money that's been deposit to your account even bitcoin is not regulated by banks but the time you convert it into your fiat government have its certain rules to check it for possible money laundering.

It would really be always required knowing that exchanges do follow protocol on KYC. They would really know a certain user specially if it would transaction huge amounts on a single day.They would really ask documents for further verifications they do this to avoid those money laundering problems.This is why we should always check exchanges terms before depositing any money to avoid problems.

That depends on the exchanger. As far as I know each exchanger has a limited withdrawal every day so if you plan to withdraw at 5 BTC it will definitely not be allowed by the exchanger. So what you can do is to withdraw the set by the exchanger limit. And the next day you again to withdraw

I am not aware to other exchanges but when it comes to Poloniex the number one trading platform of cryptocurrencies in the world they only limit your withdrawal of $2000 daily limit so meaning you can't withdraw that big amount in an instant but I think there is a condition that if you follow you will have to much more higher daily limit and I think that requires you to give your personal informations like your address and some valid government id's.

Almost impossible thing to withdraw anything above 10 lakhs (a million) rupees in my country as there are lots of rules and regulations, the foremost and bothersome of them all being to file ITR which would deduct a good chunk of the withdrawal as tax. IT sleuths would definitely sniff a sudden massive surge in funds in one's bank account and hold him liable for not disclosing how the money was acquired and ultimately this would be leading to only one thing : funds being confiscated and he would be put behind bars for questioning.

Banks would actually find it suspicious when it comes to bank transactions with that huge amount of money. They more likely to hold the money and go ask you personal informations, valid IDs and etc. Although the bank doesn't interfere with bitcoin transactions, they would still find it very unsual or unlikely for a person to transact with that huge amount. I definitely recommend to widthraw it not all at once.

It is fairly possible to withdraw huge amounts of bitcoin since it is an investment. A user should be able to take as much as what the users deposits for it to work in the first place, it has a lot of users so it possibly has a huge amount of server storing bitcoins for investors and others smalltime users that wants to get involved as well.

It is possible but that big amount of cash or coins
I would probably go for small or chunks it on small various amount for security purpose and not making your self hot in the eye if something lets say government.
I recomend to split it in various amounts and withdraw it although the fee will be more high but the security of assurance is guaranteed

And in fact websites exchangers have limits on how much you can withdraw

"since it is an investment" is not the right reason to justify that everything could be withdrawn as long as it's investment, there's so many regulation that limiting the withdrawal from exchange, a money you have in bank, and many more. if you withdraw money as big as $20,000,000 then you need to inform your government and to accumulate the possible taxes.

as for as I know through my friends they didn't withdraw huge amounts and I myself is new to it I want to learn a lot about bitcoin when I earn some huge amount then I will come to know that can I withdraw huge amounts or not I can't say anything right now about withdrawals.

I think in order for you to become safe it is better for you to withdraw small amount than huge amount. The more you withdraw huge amount the more you have been suspected by others. Everyone will ask you where did you get your money? Just like that. So just chunk it into small amount and withdraw.

If the country has the capability to track your withdrawal, then it might be of no use. In a financial year if you withdraw 1.8 BTC at once or if you withdraw 0.15 BTC every month, you will be asked if the officials want to ask any questions regarding your money.

Many countries still haven't introduced KYC or AML policies, so there partial withdrawal might work.

It is possible to withdraw huge amounts if you are using an exchange that allows you to do so. If you are on some sort of centralized exchange then that is probably the case.