Bitcoin Forum

I live in The Bahamas and don't hold an European or US Passport.
I have accumulated around 20 BTC from Mining Activity (ETH) coupled with trading my ETH Mining Output to AltCoin and BTC.

Basically I'm extremely happy with my performance, and since the BTC hit the 10,000 USD I decided it's time for me to exit (to USD)
But the "BIG" problem is I'm simply not able to sell my BTC quickly, and feeling safe.

So far I was only able to withdraw 10,000 USD on the 200,000 USD using Shady solution like OKPAY, AdvCash, ePay.
But that's only 5% of what I want to withdraw... and I really don't trust this platform for large amount.

Clearly, I never realised after playing around that it would be so hard to actually get rid of my BTC for USD :(

All the big name like: Gemini, Kraken, GDAX, BitStamp, Bitfinex either don't work with my Country and/or have extremely long verification process.

Kraken: the "Get Verified" button is not working for me since 15 days
Gemini: US Only
GDAX/CoinBase: Bahamas Not Supported
BitStamp: verification pending since 10 days
Bitfinex:  verification pending since 10 days

The only good news for me is while I'm struggling to get USD against my BTC, my 200,000 USD are now worth 300,000 USD....
But what's the point if you just can't exit when you want.... and believe me I'm trying hard...

Yes I could try LocalBitCoin, but every transaction is a potential risk, and there is no counter party to trade with me in The Bahamas
Yes I could do micro transaction on BitcoinTalk, but again every transaction is a potential risk, and it would literarily take me forever
No, I don't want to accept your PayPal money and deal with fraud risk + 25% Fee either :)

I'm (or was) a strong Crypto believer, but this problem is seriously questioning my believe...
 
Is BTC raising since everybody want to buy from people who actually can't sell?
Is BTC exchange to USD in the hundred K range is limited to a handful of privileged trader?

Seriously what I'm missing here? And is there anybody else in the same situation who find a decent solution that I could be comfortable with?

Seriously ?! No answer for 24 Hours....

In all markets there are restrictions on the withdrawals. This is done in your interest. If hackers gained access to your account you will not be able to steal all the money. As for account verification it is a problem all services. I also have a problem with that. You have a big amount so I think that you pending verification of tax authorities.

I understand the AML/KYC process and compliance rules are not helping.

But having mining operation I personally have nothing to hide, so I am 100% transparent with all party (I sent all requested documents or signed all necessary form). I'm not trying to be "creative" to hide anything, I operate a legit business in my country.

Today I don't find any "skip the line" process for Institution, Corporation or Individual Investors dealing with large amount...
Ultimately, the result is since two weeks my application is on the desk of more than 6 large company waiting to be reviewed.

It's beautiful to see the BTC price going up, but what's the point if you can't exit when you want, or as quick as you should. And we're not talking of few hours, I'm talking of two weeks wasted so far, and absolutely no hope to see the situation improve anytime soon because basically all customer support are swamped and not answering (beside their auto-responder).

Time is still playing for me so far since in these two weeks price go from 10k to 18k (and now 15k), but that's just insane...

I'm the only one feeling that there is something really wrong going on?

Yes, if bubble happen member can not sell BTC for large amount. If bubble happen we will get notification in an email. So always check email to get new information about BTC :)

Have you tried contacting a representative of those exchanges personally? I'm sure some exchange would be willing to help you out, especially if you're doing everything legally like you mentioned.
Also try to get a reaction on twitter, they will probably help you even faster so they don't get any bad publicity.

Even if bitcoin would be a bubble of the exchange will be required to pay the obligations under the dollar account. To translate large amounts of currency is always difficult. I'm sure if OP was bringing the same amount from the Bank then it would not work to do it quickly. To him it would be a lot of questions. I always keep some of their money in Fiat on the card.

This KYC stuff is a real cancer, I feel your pain. Exchanges must follow the law but they can't handle the amount of requests. You can also try use skrill, maybe it is possible to order their card to bahamas (but I'm not sure).  Or you can just find a crypto card that is available in your region. It is not necessary to find only local deals in localbitcoins. You can use different internationsl transfers like WU or something else.

I follow carefully crypto card project like TenX and Mona.co but clearly it's not ready.
I also follow carefully Revolut announcement that they are also entering crypto market with an already ready & successful credit card with hundred of thousand of user in Europe.

But I didn't know that SKRILL was dealing with Crypto....

Ultimately, I'm not dealing with crypto to end up using WU or doing Micro-Transaction with Skrill or small ATM Withdrawal.

What about serious and scalable solution for institution willing to do professional funds dealing with crypto?!

For sure they don't deal with that kind of micro-management (that ultimately make it look shady by ventilating huge amount in micro transaction). What about the good old & secure bank wire to go in & out of crypto market, this was just an investor dream :) ?!

all you can do is waiting to get verified if you want to use the sites that you mentioned above
not sure why you don't like solutions like Advcash , yeah it's not that trusted but so fat it's working really good and actually you shouldn't trust any site even coinbase

did you try Neteller ?? I heard that they are one of the most trusted ewallets that takes bitcoin so maybe you can use it too ( never used any of the above cause all not supported here )

also you may find some trusted guys here who can do the trade with you and send you the money to one of the ewallets you have , but I guess most of them ask for a fee

well, part of being a "Crypto believer" is first knowing that it is called crypto "currency" not crypto "invest for a while and dump for fiat". and also it is believing that you can spend the coins you own now or some day at least.

i know most of this is just talk since we are far away from the day we can spend bitcoin just like we spend cash. but one of the reasons why bitcoin exists is all these issues you just encountered here! the "fiat related issues", the AML/KYC stuff, the ridiculous percentage based fees you have to pay to banks and other payment processing methods, all the waiting, all the invasion of privacy, all the taxes,...

It's not bitcoin's fault that the verification processes on exchanges are slow and tiresome. It is what it is, you have to wait, specially if you live in bahamas. Needless to say, you will regret not holding one day tho, I think 2021 is a good long term hold goal if everything goes well. I would never cash out 100% of BTC holdings, and I think by 2021 it would be possible for an amount like yours to be sold 50% and retire in fiat terms while holding 50% on BTC indefinitely. If BTC actually gets to 1 million bucks a coin one day, I don't want to be the idiot holding 0.

Having 10,000 USD you can travel to a more Bitcoin friendly country and there, using LocalBitcoins or maybe other local exchange, you can cash out your BTC.

But, if I were in your place I wouldn't hurry with exchanging everything. You said it yourself that while struggling with the exchanging process your 200,000 USD turned into 300,000 USD. Who knows what will happen next?

If he travels to another crypto friendly country and then come back with like 200$+ k USD in cash in his bags then OP gona have a great chance to get robbed break the law. In most countries there exist a limit on the amount of cash that you could have while leavinr or entering the country.

Touché, but right now I feel what is happening today is too quick, sick, and a total non-sense so I want out for now to come back later.
I'm not an oracle, but that's my guts feeling, I believe is it's going to collapse anytime soon to 1-4k, I will then go back to market.
Until then, I take the risk to be the idiot with 0 BTC, and acknowledge I might be dead wrong.


With Advcash it work, I do 10k by 10k, and I already sold 20% of my BTC with them.
It's just I would love to have a much more trusted authority to go in & out more quickly in confidence.

I'm considering BitCoin Suisse that seems to be a good partner with Fast Track for amount above 100k
But I will also investigate now Neteller and Skrill and any other option you might suggest in this post.

If is it bubble you can use it too take a good profit then enjoy with them. :D

It looks to me like your only real choice here is to wait for exchanges you could actually use to verify your identity. Everyone should have an escape plan, and for someone holding that large of an amount, you should have had this mapped out long ago. I don't think this has anything to do with crypto, or even your belief in them. Crypto has always been this way, and it shouldn't have come off as a shocker that you need to be part of an exchange to liquidate without going through shady deals. If you were talking about the network congestion and how you're unable to sell because your transactions won't confirm, then that is Bitcoin's problem.

But yeah, either way, I wish you luck. I obviously have no idea how exchanges handle transactions of that amount, but some do claim that they don't limit withdrawal once you reach a certain verification status. I hope you get your money out.

Clearly,  I didn't that coming, I though BTC would be 10k in 3-5 years, from $2,500 to 18k in 4 months is just something I was not prepared at all... I honestly feel very lucky, it's like having a winning ticket but you just don't know where is the headquarter office of the national lottery to withdraw your large gain.

Not even mentioning that in The Bahamas, no bank will take a 10k cash deposit... It's no longer the 90's here.
This country is under scrutiny since very long time and big time compliant with all AML/KYC law.

BitCoinLocal is like getting your white income as black as it could, not really an option :)

That is unfortunate that you can't get verified easily but that does not mean something is wrong with crypto. All it means is that this is a young industry and for you to take out loads of money that may take some time. If you want a nominal amount they can give that to you tomorrow, it is the same with any industry. Do keep an eye on payment cards like TenX because once they get up and running worldwide you should be able to spend your cryptos at the very least which should ease your problems a bit.

This situation you are is kind of serious because you have probably explore the options you have but moving large amount is really not about bitcoin but the process of converting to fiat is where the issue is and from where I see it, its one of the problem bitcoin wants to solve which is freedom to move your money so far you earn it legitimately. That being said even if you carry out a project and you are paid in fiat, there is limit to what you can move as an individual without the bank raising a flag or you answering questions about the source of such funds.

Based on the explanation, I think you need to settle for the gradual withdrawal and if all your verification should fall though at once, you cannot still not stay under the radar with that amount of money moved at once. My suggestion, try using another peer to peer site like paxful(if available in the Bahamas) where you can get someone to transfer to you using Western Union, or start thinking of converting it to ordering goods from abroad which you would probably need to buy locally if the money lands.

Well I'm sure I'm missing something because in these conditions, a fund like Bitwise HOLD10 (https://www.bitwiseinvestments.com) would not be able to operate, they need liquidity, and definitively don't deal with Credit Card or Western Union since the amount they are dealing is most likely massive compared to what I'm talking about...

So far the closest of what I'm looking for seems to be https://www.bitcoinsuisse.ch/ (but not sure yet if they deal with my country)
Or incorporate a company in the USA so I can deal with Gemini, Coinbase/GDAX, etc...

Ok, then if you were able to withdraw 10,000 USD so far, I think the best option for you would be to keep withdrawing little by little (although $10k is not at all a small amount imo) staying in The Bahamas. What you can do additionally is to try to convince people you want to buy something from to accept BTC. Maybe this won't be so hard to do these days since Bitcoin's popularity is on the rise.

Thanks for your answer, I will lock this topic for now, but if somebody understand what I need (large volume, no cash, wire to bank account, trusted authority) please contact me in private.