Bitcoin Forum

I HAVE AN UNCLE WHO IS THINKIN ABOUT BUYIN A MILLION DOLLARS WORTH OF BITCOIN ..

A COUPLE QUESTIONS..

IS GEMINI A SAFE EXCHANGE FOR TRANSACTIONS OF THIS MAGNITUDE?

IS IT A GOOD IDEA TO BUY BITCOIN AT THE CURRENT PRICE?

ANYONE WHO IS WELL VERSED IN CRYPTO, SOME POINTERS ON THIS WOULD REALLY HELP.

THANKS.

I hope he knows how to turn off his caps lock. :)

LOL THIS IS SERIOUS BRO .. IM TRYNA HELP HIM OBTAIN ANY KNOWLEDGE I CAN. IM NOT A CRYPTO EXPERT, BUT IM THE MOST KNOWLEDGEABLE IN THE FAMILY, SO HE TURNED TO ME.. NOW IM TURNING TO YOU GUYS. IS GEMINI SAFE FOR THIS AMOUNT? GOOD IDEA, BAD IDEA?? EXPERTS OF BITCOINTALK, WHAT DO U THINK?

are you sure he can get verified for that amount? i'm pretty sure they have limits on withdrawals, dunno about deposits.

yes. gemini is as safe as it gets. it has a bank charter, it's fully regulated as any bitcoin exchange can be and it has deep pockets backing it. if it was easily accessible to me it would be my choice of exchange.

no one can tell anyone anything about when to buy or sell.

THANKS..HE HAS A REGULAR VERIFIED ACCOUNT .. IS THERE ANOTHER STEP THAT HE WOULD NEED TO TAKE TO GET VERIFIED FOR A LARGER WITHDRAWAL AMOUNT?

Safe indeed. And I just have the same concern with the amount. A million is no joke and his uncle might have problems and will be spending a lot of time explaining and showing documents for him to not be tagged as money launderer.
Regardless of the current price he will still get great profit from btc if the the value hits 20K at most since he'll be putting in a million. Large whale in the making.

If I have a million dollars I don't think I can sleep at all if I'm gonna put it all in btc.  ;D

With my knowledge I would say to go with popular exchanges which as good reviews,CB,KRaken,bitstamp etc

But always do your research before committing !

You shouldn't have any problems with gemini, or your uncle shouldn't. In terms of the $1m investment the first question would be how important to him is that $1m? If he obtained it by mortgaging his house etc then he would be a fool to do it, maybe in time a rich fool but nonetheless a fool. If it is a sensible percentage of his wealth then it's more reasonable. Now is a strange time to buy with how bullish bitcoin is but I don't see its trend changing soon.

THANKS..IS GEMINI KNOWN FOR GIVING PROBLEMS TO
PEOPLE MAKING LARGE WITHDRAWALS? IF THEY HAVE NO PROBLEM ACCEPTING THE DEPOSIT, WHY SHOULD THEY GIVE PROBLEMS WHEN ITS TIME TO WITHDRAW??

I HEAR GEMINI IS WAY SAFER THAN THOSE

haha I was going to say the same thing, surely the talking euphoria!

HOW HIGH OF A DEPOSIT DOES GEMINI ACCEPT IN ONE SHOT?

$500.  I hope he is patient

LOL I MEAN WIRE TRANSFER BRUH

FOR THOSE WHO RECOMMENDED THIS, I FOUND SOME RED FLAGS:

https://www.reddit.com/r/Bitcoin/comments/6j02e8/caution_i_sent_a_large_sum_to_gemini_in_order_to/?utm_source=amp&utm_medium=comment_list

WISH I WOULDVE KNOWN THIS BEFORE ADVISING MY UNCLE

You should switch off your caps lock before posting here.

Gemini or any other trading platform is not good way to buy those large sum of bitcoin. You should suggest him to buy them on OTC (over the counter) services like itbit or whatever suits him

Guide on how to buy large amount of bitcoin through OTC here https://99bitcoins.com/how-to-buy-large-amounts-of-bitcoin/

IMHO anyone who wires transfer USD 1M to any crypt exchange hates their money. Who wants to buy large amounts should do that in smaller batches, always moving out ASAP to a hardware wallet.