Bitcoin Forum

A friend of mine got an offer to sell his 600 BTC to some chinese businessman.
The problem is how to transfer money from China to EU.
Do you have some ideas?

Why not convert it to Bitcoin and ask the receiver that you will send the money through bitcoin.

We have BTC and hes got cash, we can send him BTC, but don't have a clue how to get the cash?  ???

Wire transfer? Use an escrow service for this like localbitcoin or some other services out there.
i do escrow as well, you can choose escrow in BCT.

Oh I see. Have you tried paypal? You can also try that or try to ask some money remittances from your country if they are receiving a chinese yuan to euro or vice versa.

I am on Europe, and maybe I have the possibility for cash out of such a big BTC amount. But probably you will need to come to Europe for "money" it can be very complicated for wire transfer.

NEVER USE PAYPAL for transaction due to chargebacks...

i guess you better get some escrow but this is a huge amount so maybe best to do is make the transactions by per 50 btc each,so the risk is smaller than bulk of 600btc


Or another option since this is a big amount why not either you go to EU or the buyer will goo china to make the transaction smooth..this was the first time I encountered this kind so i hope what ive said can help.

Goodluck mate

What about many bank accounts in Serbia which will get 10000 eur each? for example?

The amount for that bitcoin is around $4.5 Million so you need to transfer it via bank accounts but changing huge amount will cause you huge taxes so you can split up your trade and do it gradually and also use escrow for big transaction then your funds will be safe.Paypal is not a good option because they will charge you more heavy taxes than bank transfer.

Your friend would be better off selling that amount of bitcoin slowly on centralized exchanges. If he really insists on transacting with the Chinese businessmen, then they can use Western Union's money sending service to send money from China to Europe(but I doubt if that amount of money will be questioned or not by regulators so be careful). Another good way for them to settle their transaction is to follow this tip made by a comment above(I edited it a little in the quote):
And meetup would be made in a safe place(specifically near a police station for safety).

Plus it will cause a red flag for banks to see this kind of amounts being transferred overseas. I suggest face to face, or like sort of LocalBitcoins transactions. That's a fairly huge amount so I would be very careful on dealing with the other side unless you really know this guy.

So can also do small transactions to not raise suspicious if you really insist of not meeting the buyer. At least in this way, its going to be safe on both side. Of course, escrow is a must, but I'm not sure who you going to trust with that huge amount.

I don't know why he want to sell like this,I suggest him to go with an exchange for selling the crypto currencies and huge amount means the chance of scam in these kind of transaction is high.So sell the bitcoins at the different exchange into partitions for the actual market rate which can be the best and all his money will be safe.Use multiple bank accounts while selling.

In this kind of issue, there is no need endangering your btc. Sell it gradually through exchange and be free from risk. You can use binance and others. You have a big amount of btc, wish you luck that you don't enter a wrong hand.

Getting money from someone in another country is going to be risky. I suggest that he gradually sell those Bitcoins on localbitcoins or some other site that allows cashing out.

If he insists on selling to someone in China, then he should do it in parts. Just send a small amount and wait for payment before sending another small amount. Do this until it is all sent. It could take a long time, but it’s safer that way.

Even localbitcoins is also not suitable to sell for huge amiunt of bitcoins as once we have to do many trades to sell them.But I think this is a biggest negative of crupto field if a big investor want to cashout the process is not easy.

Agree with your comments. But to convert to bitcoin then I think it would be more expensive than converting money into xrp coin. As such, transactions will become much faster and cheaper

This is a very large amount, for the transfer. Minus tax, which will be considerable. It is necessary to divide, sell in parts and on different bank accounts.

I would fly there. For that kind of money a plane ticket is negligible. Meet in person and have the buyer do a bank transfer. When that is confirmed call a friend sitting at your synced wallet. That friend then initiates a bitcoin transaction that you and the buyer can see confirming.  Relax and have a drink together. In about an hour it will have sufficient confirmation. I would require six confirmations for that much money.

Now you have the cash and they have the BTC

P.S. This is not going to work if you think you can hide the money from the tax man. I can almost guarantee you that this will get noticed by all governments involved.

I don't understand, you can sell Bitcoin with the same success at exchange which works with fiat money. btw this is a huge value and you don't have any legal ways to transfer/receive this value without tax.

Op is trolling right?

Lol, he can come to your friend with plane and then give him all this cash. no? :\
IT IS REALLY EASY  ;)

You should dump it on a good exchange, if you are in EU you will have no problem related to this process. Selling 5 btc or 600 btc is the same thing, you make it complicated by this way.

best option is localbitcoin

The better way to sell is in the exchange which is safe and the process would be safe. If it is though a wire transfer, Banks may not support as it is a huge amount of cross border transfer, and paypal charges a way high as transaction charges, if you meet face to face there might be a problem as the other party carries huge amount by Hand, western union money transfer will have a limit per person, so if he choose this option he needs to send it to multiple persons. It is better to have multiple transactions while selling if he just want to sell it to the businessman, else the best way is selling in an exchange.

You can use credit card, International debit card, also you can use sepa for money transfer. You may use some third party sites like chnager.com xmgold etc.

All these methods are there to get paid for your enormous number of bitcoin. Just like we transfer other big amounts in real life, we can use all those methods for getting paid for it. All the options enlisted here are going to get you the money you are asking for 600 bitcoin. Bitcoin is something is very important and I would like to suggest you for using the most secure method of receiving money. You can use third party as well.

Yes,selling them in the exchange is the best option and safest too because there were lot of risks while dealing with the trades personally and the schance of scam is also more.Go to the exchange which is suported by your county then sell it there to have safe transaction.

I think the localbitcoin service will help you a lot. Let your buyer simply register on this site and make a secure transaction with you. At the same time, the buyer will be sure that he will receive his bitcoins and you are guaranteed to get your money.

EU and China are close, may not spend 1 day of your day when you use the Plane.

With a nominal 600 bitcoin in your wallet, the plane ticket was just a dust grain. you could be an Exchange member there and you are the sultan of the rich.

If I was offered by a chinese to buy 600BTC and decides to accept the offer, I'd like to meet him in person near my town. That I guess would make it safer. But then again its a waste to sell 600 BTC while I can wait for the price to go more than $20K again before selling. 600BTC is damn huge. I'd be damn regretting if I sell that 600BTC for the current price.

In my own opinion, I think its better to get an escrow that would handle the transaction between both parties safely so that no one would be duped in the process. This is just the best solution to trade your coins

I think the best way to exchange currencies is by meeting up with each other. With that large amount of money, your travelling expenses will be nothing. I assume both of you are rich person so it will be just a small expenses for you. This is the best way for me I think.

Engaging escrow must be the good option for secure transaction. But I'm afraid how to sell that much big amount of bitcoins. Yes, 600 bitcoins must be very big amount and encasing that must need corporate level of dealing. Convincing any real time banker for big cut will help them in better way.