Bitcoin Forum

Hey everyone,

I've been wondering...
We probably all have bitcoins or altcoins (or both) kept in a wallet.
The daily withdraw limit of the wallets I'm using are around 25,000 Dollars.

What if you have for example a million worth of bitcoins, then you can't withdraw it all at once.

Then how do you withdraw a very big amount of money to your bank account when you only have a very limited withdraw amount per day?

(unfortunately I'm not owning cryptocurrencies worth a million, I'm just wondering ;D)

You probably have two options.
You either withdraw normally daily until you've withdrawn everything. You stick to the limit that the exchange has imposed you for the level of verification you've gone through (usually the highest).
Or you can contact the exchange directly through customer service and arrange something like having the limit raised to $100K daily, waived completely or a manual withdrawal of the amount you want to withdraw by sending your details to them. I haven't done this and I don't know if it would work. It's obviously different for each exchange but I'm sure people who hold very big amounts of bitcoin aren't bound by such limits.

hello

bitcoin wallets dont have any restrictions to send.

if you mean the exchange platforms, where you can sell bitcoins and get a payout. there are plenty ones which also offer +100k payout daily.

if its still to less, you can open a own company related to financial services and get your limits higher.

If you go to bank and ask them that you want to put to your account more than 1 million dollars they will invite you for coffee to talk first. You dont need to send them once. I think also you can send them to different accounts. I mean to your family members' or friends' accounts. Otherwise they can examine your account for money laundering.

before you/or whom is paying those sums, there is a need to contact the bank before, as they will be alarmed if you dont tell them and the tax regulation of your country will knock at your door ( or even raid  lol )

if you want to keep much of your money first checkout a good country for it with less tax % and solide law at cryptos.  move there for 1 year to get out of your main residence country and the laws of paying taxes there.

You don't have to worry about because you don't own crypto worth of million. LOL.
Well, if that is the problem you should follow that limits until you reach to withdraw them all. My wallet also have a limit to withdraw every day. But I am not worrying because I am not owning that huge amount. ;D
My wallet also needs some verification for some limits to withdraw if your wallet is also like that, you can finish that verification so you can encash huge amount.

man.... I would love to have the issues/concerns you have....   ;D
hope that sometime in the futue i have to check this topic again....

I think it's not a good idea. If the bank sees you are moving much money they will set on the alarm and call the authorities, etc... You will have issues with the law if the money isn't being declared and if the tributes aren't being paid. I believe rich people use others as straw-men to withdraw their money in larger amounts, so they stay under the radar.

I'm not dealing with that issue (yet), you never know if an altcoin you're owning will boom like crazy ;D

Well, if you have that huge amount of money it could be easy. Our wallet have different level of verification, now usually when your stored money lets say reach millions assuming you have the highest level of verification, right?
You can contact or visit your bank settle it for once properly and formally, because it could look bad when youre gradually withdrawing everyday to the limit. You might be subjected to fraud. Theres no other way rather than visiting your bank when you want to withdraw millions.

I think that you are referring to exchanges where you have some limits. I would say that it is a good limitation even in range of 100 000 because to have this kind of restrictions  can help to stabilize the market in case of large sells.
Also in case of banking system, one has to rise limits and large transactions are manually checked for illegal activity.

Like how?
There are a lot of people who became millionaires by investing in crypto's.
Did they withdraw all of their money to different bank accounts?