Bitcoin Forum

Let's say you have a large amount of BTC and you want to spend it / invest it / transform it in fiat but you do not want the BTC to be traced to exchanges or to you, how would you do it ?

It's not for me, it's to further my understanding of the space.

Actually cashing out in one go is really a headache for someone who does have lots of bitcoins into his stash and knowing that only centralized platforms

aside from p2p could only be the chance for you to make it out. Even myself do really think on how i could get out those funds without triggering some alerts from your bank.

One thing on my mind is to cash out or make out conversions on gradual manner and that might possibly work imho.

There's 2 main ways I'd consider:
One of them is peer to peer or over the counter where you'd do multiple smaller trades.
The other would be to buy a stablecoin/stock derivative and wait with that until you find a good time to sell.

There are a few companies that'll allow you to convert crypto to stocks positions and a few that'll hold cash on your behalf from their own issued currency (the main one I can think of is etoro but it might not be the only one - primexbt, bybit and binance also would allow you to take out a 1x long on stocks or the dollar for your crypto.

I wouldn't sell huge amounts but I'll sell in small amount in batches so that there won't be any problem if I'll sell it in P2P. I guess if you want to have that fully cover of anonymity, it's with p2p or converting it to Monero.

I wonder if swaps could be another choice for this.

The issue with P2P is you still have to submit bank details for payment, which would create a link between the source of the Bitcoins and you. If for example you get your funds through this forum, then your forum profile could be linked to your real life identity. For better privacy, you should use a mixing service like chipmixer, or coinjoin the funds to blur the flow of the transaction.
If it's a large sum, it could be flagged by your bank, so smaller transactions would be better.

Converting to Fiat is not an investment, spend it feels more appropriate (even though Bitcoin is also a form of money)

It depends: if you're trying to hide your money from government (to avoid taxes), selling a large amount of Bitcoin will just get you a pile of money you can't spend. Assuming a "large amount" means many millions of dollars, you'll get questions you can't answer if you use it to buy a house (or jet).

I haven't been in such a situation before so it's kinda hard to give a direct answer but in the past, I've seen people using Bitcoin mixers as a way of getting around the privacy issues that abound with using other methods like P2P or even going straight to an exchange to do it. Another option would be to transfer the BTC into a wrapped BTC you can use on decentralized exchange which you can then change to an altcoin and then send to a different wallet before finding moving it to wherever you want. Bitcoin mixers seems like the most effective that's why govt has been trying to crack down on them recently.

To break the traces of Bitcoin transactions then you need to use mixers which will work as long as you want to spend bitcoins in Bitcoin form but if you want to transfer into fiat then you need to go to an exchange where you will lose your privacy or else you can use decentralized p2p like localcryptos but its not actually recommended for big amount of conversion for two reasons.

One is you may not find enough amount of liquidity even in the whole country and another one is you have chances of receiving funds from hacked bank accounts.

Agreed, you could run the funds through a mixer and then take out small chunks but then even with that depending on the security of your country you might still be flagged up because of the mixer. At the end of the day you'd still have to pass those funds however small they might be (specially if the small amounts are regular) through your bank so there's risk there also. Best way is to try to find assets to buy with crypto and then sell those assets for fiat.

One hopes that expenditure with crypto becomes common place.

If you will convert it all at once into cash, you will really have a headache about how to get your money in the bank, you might need to explain to them the source of the fund and the worst is might they will freeze your fund since let assume it is about millions of dollars, it could be suspected you as a money laundering.

Probably it is good if you will convert it little by little or into a small chunk per day.  Using Bitcoin mixer service could increase your anonymity when you decided to cash out your large amount of Bitcoin and then transfer it into different addresses that under manage by the holder.

P2P is the best choice if you want to convert your bitcoin into fiat. Find someone that is reputable or someone you know that buys a lot of bitcoin in exchange of fiat. This is also the main problem of people who holds a huge value of cryptocurrency. For me if I want to convert it into fiat, I would not do it in one day. I would divide it into an amount that will not alert the bank make them investigate your account. If you managed to convert it into fiat without being traced then the government found out you bought some assets that cost very expensive then you would be suspicious to them. As long as you got it legally, I think there is nothing you should be scared of.

I guess it depends on the bank if they are crypto-friendly. There is one bank in my country accept bitcoin, and I didn't worry if my account was frozen or locked as they are also investing in bitcoin/cryptocurrency.
All banks in my country except for the one I mention will ask you or interview about where the funds come from, and when they found out about bitcoin/crypto, they will lock your account and ask you to move different bank.

De-risking by going into a stablecoin is an idea


Mixers are definitely a tool to consider.


I found an article about the subject : https://www.vice.com/en/article/7xdzqa/criminals-are-racing-to-cash-out-their-bitcoin-heres-how-theyre-doing-it
They are talking about the option to buy prepaid debit cards, you need an address to receive it which will be a point of contact between your bictoins and you, and you will probably pay up to 10% in fees and would probably not be able to cash out more than 500$ or 1000$ per card.

I guess there are options available on the dark net. Finding a dark OTC to cash out large sums is very risky bc you could get scam.



The legal route is the safest.

Unfortunately not many people can do that as most of us don't have large amount of bitcoins. So all of the answer of this question only like "a dream" which never can be turn to reality.

If you use a peer to peer platform, than bank would be unaware of the source of the funds, the only information available would be that Mr Joey sent a certain amount of fiat to Mr Billy, with no detail about Bitcoin or mixing services. Only when using a centralized exchange can the bank interfere.

This is a quite complicated for some people, except in places where Bitcoin is not that popular. You could risk with other digital assets, binds or futures.

The best is always P2P then, which country are you in? If you are in USA then too bad you cannot use localbitcoins without license but if you want, just go online and try decentralized P2P platforms like localcoinswap and localcryptos. I know in Asia a lot of Whatsapp and Yahoo groups:) You can try ask some of them,,, some people do not mind sending overseas for bigger fees.

I was wondering why no one mentioned mixers earlier. If the hypothetical scenario OP painted were a reality, then it should be better to go through mixers first. Then begin to do piecemeal purchases of privacy coins with it and P2P sales. If you're a Forex or Binary trader you can fund your account with BTC (or other acceptable cryptos) without trace and then withdraw from it in bits after a while of trading, whether in profit or not.

P2P trading, or just hire someone. Though the hiring part is gonna be in the pain to set up due to trust issues, it is one way to actually sell your coins, especially a large amount, without them knowing who you are. I hardly doubt that a large amount of BTC can be traded in one go, so multiple trades would probably be the best option you'd have.  There are also mixers but I don't really know if you're able to actually mix a large amount in one go or if they can, but you can try multiple trades.

Depend in which place you live because if there is a option in yours ? then you can at least use a Mixing site for hiding your coins.
also some you can convert in altcoin that requires no KYC because bitcoin nowadays requires kyc everytime you wanted to transfer in Fiat.

or using fake KYC? sorry but i don't give consent on this kind but OP is asking how to hide personality so that is one of the option i see..

Maybe change to other coins, and then deposit in gambling site, and then play a little, withdraw into another exchange or maybe sell that altcoins to people. I think for common coins still accepted in a community, and in a country usually have their community which can make us to sell or buy coins p2p, and of course must use trusted middleman.

I guess that he wanted to say diversify portfolio. I guess that there aren't many ways yet to buy stocks or properties with Bitcoin.


I see three very obvious approaches: Bitcoin mixers, atomic swap through Monero, or p2p sales. I think that established mixers may be friendlier and safer though.

That's not easy even with mixers. You just mix it with another bitcoin address but how will you go out to cash?
It's still the same. The trace will be the exit point where you would sell your bitcoin to another person and he would need all your details for that to happen.
Bank account number, WU, Moneygram, PayPal, or whatever you and the other person agreed to do it, it needs a name, a phone number, or something that will prove it is you.
These companies are bound by the law to avoid tax evasion and money laundering acts. I guess investing it in a different industry will be the answer.

True, because we still need banks and fiat money as legal means of payment. So however the transaction is hidden in the end it can be found. If your funds are too large you can be suspected. This matter will be the subject of investigation and can certainly involve the government.

Then about taxes. Some countries have different tax rules. Maybe a bag that is already legal crypto tax withdrawal is very good. But for those who forbid it is very strange to take crypto taxes.

Binance can do that because Binance has P2P trading, which we can sell or buy bitcoin to other people. Or you can search for a local seller who can help you transfer the money to your bank account pretend that money comes from your other business. Or you can use mixers as other members mention and I think that can also help you. You can find many ways to sell your bitcoin and stay anonymous and it is not hard as a few years ago.

I guessed so. I wasn't quite correcting the OP, but rather the idea that exchanging other assets to Fiat is a form of investment or the pure form of all assets. Some people still consider fiat in the bank to be a form of investment.

Op was probably talking about how to convert without it being linked to the original source of the Bitcoins. If mixed into different addresses and spent in bits, there would be no link to the original transaction.

Exactly what I was wondering, at some point you have to cash them and will have to reveal your identity. Maybe one can buy illegal things like drugs and other illegal items from the dark web but it is nearly impossible to get fiat for your bitcoins without at some point being exposed.

It must be a headache for people who store bitcoins to cash them if their country has banned bitcoins. It's not easy but there must be some kind of service providers who will accept some money and help you out. But again you are exposed to them and they can blackmail you later and demand money to keep your identity hidden.

Banks/government will start to question how OP manage to cash out a huge pile of money which will be a big problem when AML law is triggered and the government will starts to find more details which is a problem. The only way I could think is the peer-to-peer transaction although I would suggest to never put it in an exchange which is under by the banks because I'm sure you will be in a big trouble.

Using mixer will only cover the path of who you are but once you send your BTC to a centralized exchange then using a mixer is useless. The best way to get out is to make the transaction little by little so it won't trigger something. You know banks have a limit to someone who's not a business owners so be mindful of your transactions.

Firstly it was a confusing concept.Because any person say no to the long earning assets.Surely I won't do that at any circumference.Since bitcoin became a legal one in many countries.It was dam sure will had a huge impact in future.It's better to hold all your bitcoin.If you really had some in your wallet for the future.

If I was already holding that amount in a custodial wallet, I would just try to cash it out by small pieces. I can see where the OP is going with this like where the devs would question the amount of cash to be converted from BTC.
I would not want to go another hassle to satisfy their requirements which would even take mostly around 5 business days.

It's true that once AMLA got triggered it will create more problem as they'll going to start chasing those money and required you to send every single information about to that huge amount.

Much better to find someone locally and try to work out with them, it will continue to the process without any hassle.

The only thing is your personal security, if that's a huge amount then it also can triggered the interest of local criminals, you need to take more preventions as we are talking about money matters.

If you want to be completely anonymous with your bitcoin transactions, you will need to avoid bank and direct peer to peer transaction online! There are many ways rich people hide their money with fiat, such ways too can be adapted to bitcoin transactions. Examples; setting up a trust or making contributions to a charity or picking up investment in cryptocurrency friendly countries!

To avoid so many questions from the bank/government, he can cash out the money like people who work in the company or office to not answer anything. Even if there is a question about the money, they can answer that the money is from their business with other people.

But maybe being honest to them will be a good idea as they will think about bitcoin and search for what bitcoin is. Maybe they will ask about many things related to bitcoin because bitcoin is a new thing.

maybe I will do p2p trading...

I will trade it slowly so that it is not detected by the other party because those who do it at once directly will definitely be easily detected. swapping it to monero will also make you untracked.

When we have a large amount of Bitcoin there will be many challenges that will test how much you can hold BTC up to now. Selling some Bitcoins will certainly be done to make a profit from exchanging Bitcoins for Fiat. Bitcoin is growing so that having a lot of bitcoins will make the person who holds it become a billionaire.
It is more useful to properly manage large amounts of Bitcoin for investment or for other projects.
To make transactions untraceable, you can use the chipmixer platform and use P2P so that transactions will be broken down and will not be traced to who the owner is, the most important thing is never to publish your address.

It's quite easy to be honest. There are multiple ways of doing it.

1- P2P Trading: You can find local traders and sell your coins for cash and there is no need for identity since BTC transactions are irreversible.
2- Buying Gold or such assets which you can later sell for cash.
3- Convert your BTC into paypal and other payment processors and then slowly cash them out to your bank.

There are tons of other ways but these are the ones I can think of right now. I am not advocating for illegal trades but cannot deny that they happen every day.

You have reason, since the adoption has taken place, little by little it has manifested in many countries, in fact El Salvador wants to adopt it so that they can make their own purchases and transfers, since El Salvador is a country that moves many remittance .It is much better to adopt bitcoin because it saves much more fee than sending money through payment processors such as Western Union, Paypal, among others.

When people in El Salvador know more about Bitcoin, their adoption will be something gigantic, because it will not only cause emotions but the demand will be much greater, therefore the supply will decrease, so I think that for now the best thing is have the BTC in HODL mode, that is the best I think if that is what you want to get OP as an answer.

I just thought about it, and I think selling through p2p can help you solve the problem to cash out your bitcoin or exchange it first in XRP or other altcoins before withdrawing. In our country we can do it, bitcoin exchange to xrp then withdraw. After that cash out on different remittance center because if you cash it out in bank , it also a problem.

The best way to not get tracked is P2P, if you ever came into some huge amount of btc, and I mean like 10000 bitcoins, that is still pretty valid on P2P but you have to take it slow, don't do it over night with just one person, do it with thousands of different people over course of many days, many months, even maybe few years, that way you will not get caught.

However know that what you are doing will be illegal, not reporting how much you have to your government will be a punishment, usually a ton of taxes and even tax evasion crime so you will have to pay almost all of that back, I would rather suggest you do it in a legit way. Plus, if you do P2P there is a risk of being scammed, when you do it via a proper exchange you know you will get what you are owed without getting scammed. That is why I would advice not to go with that route and pick the legit one.

There are many ways of transforming your BTC to fiat. The common way of converting BTC to fiat is by selling it using the p2p method. Finding buyers online or offline will be your choice, both have their own disadvantages such as KYC online and the risk offline. I remembered the last time I traded a large amount of BTC using peer-to-peer offline, I and the buyer meet up in a secured place. Actually, we met at a casino and traded there. He used casino chips to trade my BTC. Law is the reason why we did that and not trading fiat directly.

I quite remembered when I opened up my LocalBitcoins account back in the days. I was not sure if I would do p2p transaction, because I never knew who was I about to meet up to, and I even had the past misconception about Bitcoin being used by people from the dark web. Fun times, but after that I stick to my usual online one through custodial wallet as well as using desktop ones like Electrum.

Some people might argue but what basically you are saying is how to do money laundering which is absolutely illegal in almost all the countries. I won't recommend this but in a few cases people have done this using a simple cash deal. The only way this has happened in a lot of cases is when people find sellers for their cryptos in hard cash. This cash can then be used to purchase something in fiat. people use forum to find sellers or other websites like localbitcoins. Another option that many people try is they make multiple accounts in name of their family members which help them to reduce tax burden while converting to fiat.

There are two legal ways which are both bit difficult: one is to convince the chap you are buying something from to invest into Cryptos. Second is to shift to el Salvador with citizenship if you have 3 BTC

Good initiative and It can really be done and you are right that  there are really ways but o think that not all would really be that confident and a bit risky on p2p transactions specially offline but if you don't have any choice due to restriction or inability to make conversion then you wont have any choice.

Its a bit of a problem even if you do own big money in amount of BTC. Conversion would be a headache if you do tend to make it on one go and that's why I do agree on some words here that gradual conversion is also a way.

This would surely test out your patience though but since this do talks money then it should be fine for most people.

Well the only way that i can think of, that wouldn't net you a huge amount of loss in fees by making multipule transactions, i would say is to use sites that have a high amount of traffic/ transactions with large amounts of money/btc for exemple you could deposit in an exchnage and than withdraw it, you could deposit into a gambling site and than withdraw, these are just few exemple of the ones that get a large numbers and amounts of deposits so that your transaction would not be traced.

Deposit to a trusted exchange like Binance will not be a problem and it is recommended, but depositing to a gambling site in my opinion will only be a waste of time. The risk of depositing on gambling sites will be greater, I will stay away from it. Gambling sites are not good if you don't know what to do.
Owning a large amount of Bitcoin and not wanting to be tracked will be very difficult. However, if you never publish the address you use, your identity will remain private.

Some of the suggestion on the main page might be enough to help the OP expand his knowledge if he want to convert a large amount of bitcoin into fiat. Maybe many of us will also think how we sell everything without any suspicion from the government when fiat is withdrawn to a bank account while many exchanges that support fiat require users to complete KYC if they want to withdraw large amount of fund. I think selling partially or gradually is a reasonable suggestion especially if we have completed the KYC on the exchange.

Not sure if someone suggested this one but you can do one thing in that case:
Hand over your wallet/private keys to the person who is willing to make a trade with you. So this would be someone local or may someone from another long distanced city/county if you wanna be completely private.
This fulfil your criteria of untraced bitcoin. I mean if your BTC never moved from your wallet then they were not traced. Though they get moved by the another party then they will be the owner already.

But, this option would be okay if you distribute the BTC in small chunks to same user or different users.

Also : "May be"

You wont really have any choice but to deal with kyc because e even you do say that you would be gradually make out some withdrawal but once the limit had been reached then you would need to comply kyc.


When it comes to limit then you should be ready to comply incase these platforms would be asking out and some documentation.

Do we have choice? Not that much when we do talk about money.

Then you’re going to make use of P2P . This option is available on lots of exchanges, even Binance has a P2P trading on their exchange and you can access it by going to the trade page and selecting P2P. So, it is very much possible to sell your coins and not be traced to an exchange at all.

But, Binance has a limit to how much you can sell and buy on their platform when you’re not yet verified. And you can only break that lint when you’re verified, which means that it has defeated the purpose of being anonymous and having complete privacy. But there are still other exchanges that you can still make use of  for the transactions, for as much as you want to do.

If me, have large amount of BTC, as long it is not illegal, i like to show if that is mine. I mean, in case we lose access to it, we still can claim it back if we do KYC for example. Like when forget pass, or maybe anything else that can cause us to don't have access anymore to our wallet. But if not want to traced by exchange, i think save in hardware wallet without any centralized exchange or centralized wallet will be good option because only us who control our coins and trade it P2P like almost everyone said.

Usualy people will do P2P exchange like you sell your btc to direct person who willing to buy it. Years ago many people used localbitcoin to do this. But today i dont know since many exchanger and i dont need to hide my transactions from my govermance. If you want to buy houses there is website which selling the houses directly use bitcoin in the old day.

As most suggested, P2P exchange is the best way to untraced your trsanction on exchange and also, using bitcoin mixer is the best choice before depositing into other exchange.

There are too many ways to become anonymous upon using bitcoin but when converting into cash, that's will the time that you will I guess have a problem if that big amount that what you have said is cashing on time at once. Banks are now very restrictive, they will ask your source of fund and if you are not lucky enough, your fund most likely freezing by them.

in some major exchanges KYC is a must to verify data. But KYC is only needed to make transactions that are large enough, he is above 2BTC for transactions around below 2BTC without KYC can also be done.
Or the safest way is using P2P transactions with trusted sellers.

sell it in P2P or collectors in your country, or you can buy Stablecoins and invest in them that's also a good idea.

if you really don't want to be tracked or verify kyc, we can use a trusted exchange where transactions carried by 2 btc don't require kyc, and we can use it with a time lag, so that every transaction is always below the predetermined limit

I think you can try exchange it to other cryptocurrency multiple times and withdraw it, that's the first thing that came to my mind I think you can do a Bitcoin mixer but I really doubt that kind of services since I see a lot of scams before regarding the mixer that won't send the fund to the receivers address and the likes.

Whatever you do, I think the way you want to make this possible will be tough enough as most countries now take cryptocurrency and their transaction seriously as many do not like it. So, as many users suggested, P2P is a good option if you can arrange a cash transaction or else, your transaction will be noticed.

In my opinion, to avoid all the risk of doing so, it is better that you either HODL, sell them if you want to encash but following your countries legal procedure including completing the KYC if it is required.

Didn't know that you can do it with a time lag, my friends mostly use mixers and tumblers to have their crypto not taxable in any way and the government in my country don't seem to care about it so they don't have anything to worry about.

There has always been a problem cashing out a sizeable amount of bitcoin, this is because only centralized exchange offers such services and it requires a KYC which is what discourages many bitcoin holders.

I think telling that to invest it on stable coins is inappropriate. They're not an investment but what you're suggesting is a good idea.

But it would still lie down on huge amounts when someone has to withdraw it to cash and take the profit with them. The solution that has been mentioned is for P2P but if there's some other way, it would be splitting it in small amounts.

^ Splitting into small amounts before you will withdraw is the right answer because when you transfer the fund to your bank account. Do not cash it all at once because the bank will always be suspected of where the source of funds and it will probably you will be suspected of money laundering and worst if the money will freeze in your bank account for the further explanation that you need before it will unfreeze by them. As much as possible, send it little by a little amount into your bank account so that no one will suspect it. Because when you say a large amount, it would be million of dollars amount that you are holding which is a really big amount of money.

If you don’t want to expose yourself then it’s really a big problem cashing out your holdings since exchanges are asking for KYC to avail their P2P services. If you have nothing to hide then I believe filling out KYC form is ok but if you are dealing into something, you should look for a person that is willing to buy your Bitcoin. Withdrawing your money is too complicated for you to remain anonymous, I can’t think for any solution aside from P2P.

P2P is being used for those who don't want KYC but for me, it was riskier than using an exchange unless if you know a person offers you such a thing.

From time to time, we can no longer escape from filling up KYC. Maybe this time we can enjoy buying crypto without having this but once the banks will also ask for this before you can send it to them, that gonna be the time that we're no longer anonymous.

I think the tax for bitcoin because it hasn't been legalized so it's not that much of a concern. but like in my country, it will be dangerous if we after converting it to fiat currency, and the money is used to buy property for example. it will be linked to the tax office related to income tax because we can buy property, and that is actually the object of the tax being pursued

Try using cryptocurrency mixer or bitcoin mixer usually that's the service people use when they wanted to do an anonymous transaction or sending it to private address. Also, there is a wallet with a built-in Bitcoin mixer I think that was Wasabi wallet. I'm quite curious too what could be the other way to hide the transaction.

no, i don't invest large amount in bitcoin, because i see bitcoin price is more expensive than before,
although many people say it's not too late, for me buying bitcoin above $30k is too late, see if you buy at $50k and still hold,
now you feel a deep loss, so just wait at a low price if you want to buy bitcoin

Yes.

If it's really a huge amount, the bank will be alerted that your account has received a huge money. Knowing and checking your bank account history.

They're going to be forced to know more about the deposit. That's splitting in small amounts is what most of the people who had experience on this do.

There's still a good mixer today that allows you to transact and remain anonymous but the effort of doing this is not easy for sure and you have to understand the system first before doing this. I didn't try to withdraw huge amount of money but seriously, of all the transactions that I have I don't think I can still transact on Private especially I'm more on P2P in Binance. This is a good question btw and maybe there's still a solution.

When we use P2P in Binance, that well enough for us to stay anonymous and only the seller will know our data, and of course, Binance will know about that. For most people who do not have big money, using P2P in Binance can be a solution to get their profit and they do not have to tell others about what they did. But for people who have a lot of bitcoin and want to stay anonymous, I am sure they will figure it out by themselves and who knows, they already have the way to hide their identity from others.

If I were to have that amount, I may not want to have an all-out withdrawal of my Bitcoins to cash. I would rather to go for staggard withdrawals, but in case I wanna buy a “big” physical asset or something like that, P2P would be good but I think Binance would do and request for us to stay anonymous to protect my identity. It’s not good for me to withdraw a huge amount straight to my bank account, as they are gonna be alerted and questioning me like this, like that, etc., plus providing more documents for approval.

Yes, if you'll going to transfer huge amount into your bank account expect to have many questions and requirements to provide, Banks are subject of AMLA the government have the rights to ask you for more verification to make sure that the money is not from any illegal activities.

You need to enhance your knowledge inside crypto industry to know all those options that you can do with your huge amount of assets, knowing how to protect yourself and your identity while choosing being anonymous.

Converting to fiat could be considered investing that's forex trades. Not everyone here uses dollar as their native currency so if you feel your local currency could be stronger as a result of any upcoming event then you can take advantage of that.

Also if you feel Bitcoin is to experience some corrections in the near future, you can also convert your Bitcoin to fiat and it could be used to rebuy when you feel the market is suitable for re-entering.

Basically it depends on what your intentions are for converting your Bitcoin to Fiat, for example as my country's native currency Naira is currently deprecating, I can decide to convert my Bitcoin to the USD and it would be an investment for me since when I decide to convert it back to my local fiat, I'll be recieving more funds than if I had done such conversation earlier.

The only way that you can withdraw cryptocurrency and not get traced is through P2P method.
Any other method of transaction apart from that is going to leave traces online and anyone will be able to trace you easily.
Although a lot of people don’t bother about that, that’s why they are making use of centralized exchanges.

People only try to hide their identity for a reason, maybe when they are living in a country where Bitcoin is not legal.
If Bitcoin or cryptocurrencies (in general) are not legal in your country then there is no other way to buy and sell them if not through P2P.

If I have much amount of Bitcoin and going to chasing out, there is no way by using banking if in my country. Or I can also use the P2P market. But in fact, it will also end I the bank., NAd in my country, is strict enough. When we are chasing out the money from the bank at the same time with the big amount of cash, they will ask us so many questions like a detective. Then they will notice that the money is from an exchange. Well, yeah, although crypto i=has been legal, there is no privacy on it when cashing out. This may be one of the risks that we may get.

It's the banking protocol to avoid money laundering scheme and another reason could be to control the money getting out because they are investing it too and they don't want the cash flowing out.
P2P may only be the better way if you don't want any traces or if you trust someone around you that want to purchase Bitcoin then you choose that way.
But the blockchain trace will remain after sending it to that person. They still know that you send it to another address. Using an exchange or a mixer might come in handy on this events.

These days cashing in large amounts especially if you want to be anonymous and untraceable is very difficult. Back in the day you could meet someone on localbitcoins and just trade BTC for cash. Now localbitcoins has gone full KYC. Another method was you could go to a bitcoin ATM and sell it there. Sure the fees were high however it was quick and anonymous. These days most bitcoin ATMs in my area require KYC also.

So if you made serious cash with bitcoin. Just use a real exchange, withdraw it to your bank account and just pay your taxes. The headache is not worth it. Even if you could go to a bitcoin ATM everyday and withdraw like $2K a day, it would take you forever to withdraw a decent amount like $100K. And where would you keep in that cash? In your house? What if there is a fire?

We have no escaped from this. This a problem that we are about to face in the future once KYC is mandatory no matter how much it is.
To tell you that, we are closely losing the word anonymous in crypto. Some banks are already asking for our source of income before we send it to them otherwise, they will freeze it if we fail to provide information. Exchanges are doing as well when we surpass the limitation.

The best option for you to do is convert it is fiat in small chunks so maybe it finds unnoticed. Or you use P2P service if you are not afraid of scam risk.

Probably there's a lot of process for that especially if you have large amount of btc..wherein maybe you need KYC also if you transfer it to another place and you make another transaction again even through P2P exchanges, I dont know.. Lol correct me if i'm wrong because even small amount those exchanges is really strict when it comes making transactions especially those trusted and verified exchanges, so how much more if you have large amount if money.? . However if you make it through a normal exchanges even they don't really ask a lot of requirements , its very dangerous as well to trust..

You reached legendary rank yet Knows nothing about using of Mixing company? wondering if that is your real account or not ..
even newbie knows what is mixers use for the whole community , and also it has been advertised here in the forum for long years now like Chipmixer company.


and of course using p2p will save you from KYC and stays anonymous .

KYC is now mandatory for every centralized exchanges before you can start trading on their platform. The only one that I know that doesn’t do full KYC is Binance, but your trading will be limited and at a time you will be forced to do your full KYC to have access to unlimited trading. So they are now doing mandatory KYC.

Not everyone is au fait with how decentralized exchanges or P2P works, so they tend to choose the centralized ones because of how easy they are. But in a case like this, P2P will be the best option. And moreover there isn’t much risk these days on P2P, because you can still find trusted buyers and sellers by filtering the options you have and setting your own requirements. You can do that on Binance P2P, and even LocalBitcoin, and Paxful.

In that case it would become a part to Fiat, another party would put it in Mono, and I would buy real estate in Dubai and Switzerland, for being the safest countries, even in possible Swiss wars is usually the safest, if you have investment there the money would be Much more sheltered safely, it would also allocate another part for gold investment. For the handling of not being traceable there are many methods, the most reckless would be through the DeepWeb and the other would be wearing mixers and creating many wallets to despire, Each Wallet would have a BTC fraction because it would not be good to get out of all the BTC because it would not be good to miss the movement when I arrive at $ 288k, and it would possibly live quietly with my family being happy.

Just like many people before me already pointed out, the best way to keep your anonymity in converting bitcoin to fiat is to use bitcoin mixers.
The second best way I'd to use P2P. However, that would still require you to submit your details for payment  and so it is only advisable if it is only used to transfer small amounts of bitcoin. Converting large amounts of bitcoin could cause you to be flagged by your bank.

you can hold your btc because holding it is equivalent to investing and you cant tracked by everyone because you havent made any transaction but spending and converting your btc to fiat is the hardest part because this two requires a transaction and you can be traced after .
why your scared anyway ? are you doing something illegal .

Is was hypothetical.

Holding is a strategy but for a large amount and if you don't have other assets or cash flow, it's a good idea to diversify and enjoy life a little.

For people being in a space sub 1000$/BTC and having a large amount, >30K$ is a good price.

Talking about good price then this would be definite number and majority will really be aiming on the point on where they havent able to seen before.
We do have different mindset and goals when it comes to personal target specially on a very speculative asset and when it comes to spending then this will vary on each individual since there would be lots of factors that would mainly affect these kind of decisions that we do make out in life.
Some would be spending it actively and some would just opt in to hold it instead and spend a little amount that they do only need.
Its all about personal choice.

There are multiple options are available to protect your identity. You can simply choose decentralized exchanges or centralized exchanges which are never asking for KYC documents. One of the simple and effective way must be trading your bitcoins for fiat or altcoins with this forum members through escrow. This way you can stay anonymous forever still I bet you will get better rates for your bitcoins.

I am just foreseeing the availability of crypto-loadable anonymous ATM cards which can serve your exact requirements. Some 4 to 6 years back which were easily available but right now both visa and master cards not providing such business.

I actually don't mind giving out my KYC if I know I'm using the exchange for a very long time or if it's my only option to withdraw fiat but for as long as there are P2P options, I would delay that as long as possible. Eventually, the game is all about getting in line with regulations and most exchanges will want to do that to survive in the long run. P2P is also just too complex for people (and if you use Localbitcoins anyway you have to KYC).

You're entirely entrusting your identity to groups of people that would not care if someone was willing to pay them for selling all of their user's info.
I am not saying that reputated exchange would do this anytime soon, but it is money on what businesses like these exchanges are after.

That he is right, he already gives trust to that particular exchange because he never saw a problem with them. He already found the credibility of that exchanges since he uses this several time and without any problem or even compromise his funds inside. I will do the same if that being required.
Maybe we could be doubtful to comply with KYC if the exchanger is new and it looks suspicious but as slaman29 said, he had proven it that was a reputable exchange and his decision is right.

After the boom of cryptocurrencies, both visa and master cards have stopped supporting anonymous ATM cards. Yes, I agree that such cards are highly useful for staying anonymous when cashing out cryptos. Still, these days there are lots of crypto loadable cards are available but you must need to clear KYC requirements. So, such cards are only for easy access and to convert crypto to fiats and NOT for staying anonymous.

Same here like I will not mind submitting my documents if those services are highly reputed and are running for long time but this may not be the case for what OP is looking for; because some people never prefer disclosing their documents even to their governments for protecting their privacy reasons.

Mixers are definitely an option to consider and can help get cleaner bitcoins, for large amounts, i understand there is still a risk of tracing.


There are Bitcoin ATMs that allow to sell without KYC, you need a phone number and they take about a 10% fee but you have to change phone number when you have reached the maximum limit without KYC + change location to buy the SIM and get the cash if you don't want to be traced.

For 1000BTC it will take you years of going back and forth every single day.

All matters with personal inputs or views on various things because we do really differ on that because humans does have different mindset.If he does have that kind of impression then let it be

because we cant really force everyone to think up the same way too on what we do have also in mind.So its a personal choice and in regarding about actively make out conversions

then its a choice because people do accumulate bitcoin as much as they can and they wont really be wasting up their opportunity on doing so on just actively spending or making those
exchange to fiat.

Holding is one thing but at some point you have to sell your coins, right? I know the price is not optimal for selling but even if after 5 years you want to sell them the question asked by OP is valid because there are not many ways you can sell your bitcoins without being traced at some point. And as far as shopping with bitcoin goes, that's not a realistic and practical approach to cashing your coins.

You asked, why is he afraid, is he doing something illegal? The answer might be that although he is not doing anything illegal, he just wants to remain anonymous similar to how so many people use mixers but not all of them are criminals, a lot of them are just making sure they are able to hide their identity for possible theft and avoid some criminal chasing you.

Firstly, if you have used decentralized exchanges you must know that fiat is not an option there and you can only convert your coins from one to another through a decentralized exchange.

I like your idea of exchanging your coins for fiat through a local seller at the forum but it does reveal your identity when you meet him in real life. Online escrow cannot help in real-life trades because how would the escrow know if the cash was transferred or there happened some conflict and both parties are claiming they did their part of the trade while one of them did not.

There are ATM machines that allow the selling and buying of crypto but there are certain problems like availability, pricing and they are not suitable for transacting large amounts.

Do some research on mixers. ;)

If I were in this position of owning a large amount of bitcoins and want to sell them in a way no one or any bot will notice the movement and trigger an alert, I have two options which I can remember for now, and the first one is using a mixer to send the coin to an exchanger like binance or any other big exchangers, mixer will help mix my transaction hash as well as my address and amount of  bitcoin being sent, this will make it almost impossible for any one to notice my transaction.
My second option is to create many crypto wallet and share my bitcoins amongst them, leave it there and after some time, like two to three months and after this time, I Will Start sending them to exchanges little by little and selling, this way, it will be difficult for anyone to trace the transaction to my main wallet where to the big money is.

There is no problem with the 2nd option but for the 1st one, that seems difficult especially when cryptocurrency is banned.

Being anonymous now is subject to be change as even Binance will ask KYC once you reach the high limit of deposited and withdrawal amounts. Sooner or later, the word anonymous will only be applicable for small players, not for rich people. But I never think it was a big problem that we need to worry about, maybe I think it is a sort of assets protection were to know who did the particular transactions.

How is by cashing out small by a small amount of BTC?
However, P2P is the best way if you don't want the exchange track or know your transaction to your bank account. however, finally, you will need a bank account. Except that we want to use PayPal in order to make it cash out.
However, is it a matter of the banks know that we cash out a big amounts or several times cashing out?

That we only hope that the banks will never find this as a money-laundering scheme so they will not freeze our account later. And we just hope that they will understand our situation and maybe also we don't have to decline from them when asking some details in regards to huge transfer. Because for me, if we couldn't find the safest way to cash out my money, I'd rather have to choose to send my KYC. That will not a big deal for me and don't care about anonymity because sooner or later, we all have to provide it.

Easy!

For starters most crypto exchanges have a certain limit you an exchange without kyc so you use this to your advantage to get another coin maybe a stable coin for your exchange method...meaning you will be doing this in small chunks, it's a lengthy process but it will get the job done and you can use tumblers aka mixers too to get cleaner coins and selling them for fiat.

If it were me I would probably go with the below 2 options

1. Use mixing services to mix my bitcoin
2. Use P2P service and find someone who can give the bitcoins for cash

I would then send someone trusted or go by myself and collect the cash in exchange for fiat.
Disguising myself would be better and feel like I am in a movie or something  ;D

You can use mixing services, various CFD assets traded exchanges for buying shares, OTC trades, cashing out in different coins, buying goods with crypto, etc. There are thousands of alternatives but it is a matter of time for exchanges to ask for proof of funds before they let you withdraw huge amounts. I prefer OTC trades or selling to the person face to face in order to avoid double-spending or other problems. P2P still looks like the best alternative unless you wanna exchange the big amounts on the risky places. Dividing the risk among the team can be another solution, tbh there is no concrete option. Depending on the case and amount, there are plenty of options to choose from. Just my 2 cents.

That is certainly hard for us but live no choice and we have to use any services like exchanges to help it out and converted our BTC to fiat money for safe transactions. Mixing services could offer you such help but I don't think it works BTC to FIAT money but that gonna be cryptocurrencies only, so you still need to trade your BTC to another platform. P2P is also available but mind a possible scam and will lose your money instanatly.

But thinking like that, you just make yourself/ourselves harder. KYC is not a thing we have to skip or to worried about because it was a part of the development and this has been made to verify the ownership of the account and sooner or later, KYC might be a mandatory case for all crypto users.

Through the exchanger.
I would exchange BTC for the currency of interest to me in a private transaction or with the help of some service.
In a pinch, I would exchange it for cash.

It would be nice to be able to keep your wealth private without having to forcefully tell so many authorities and companies.

Isn't this something that lot of hackers do though?  But obviously if its your coins, why not just sell it to exchange to your bank account?

In exchanges, if it's a huge amount of money, you'll be asked for KYC. All of them are like that and they will be alerted when somebody is going through withdrawals with such a huge amount. But just like the others that have suggested that you will withdraw many times but with very small amounts, it's your very choice. Or, if there are casinos in your area, there might be some of those gamblers that are looking to buy bitcoin, you can sell it to them.

Well, still there is a risk when dealing with someone from person to person selling your bitcoin, your life is putting in danger because we know how much the value of money you have, the theft will perhaps getting interested in you. Why not you can divide that into different parts, or selling on different exchanges like P2P exchange. That will perhaps a good choice for now because for sure if that is on the centralized exchange they will always suspect a large amount transferring into other wallets, more worst if they think you are in criminal.

kyc scams a lot of the time so it is better to stay away from kyc if there is a lot of BTC I will not invest it all together. I would use some for investment and it would be better to convert it into fiat currency turning to fiat will not be a chance to scam it will be much easier to withdraw there are also many bitcoin casinos in which I will spend money on gambling. Winning will double bitcoin and make the long term investment profitable.

Yes, that's what I've said of dividing it and selling it in small parts in exchanges. But selling on P2P, it's just a choice and there's another one that I've forgot. There are places which you're able to buy and sell over the counter and there's still a requirement for KYC but at least you'll be safe doing transactions there. You only need to know where are those OTC markets that you can go and have yourself a treat by selling it easily with them. But rates would matter on that sale but at least you've got a peace of mind that it's a legit trade and business to sell your bitcoins and you can tell that you're about to sell a lot and if they can cater you with that trade.

The simple answer would be to selling using P2P (I.e Peer to peer). It's a way of transacting between two people where one person sends the coins and the other person sends the equivalent in fiat.
You'd, however, be required to sell in small quantities with different rates depending on the buyer because many of buyers can't afford to buy large amount of btc or coins at a go. Another issue would be of Trust, you'd have to trade with trusted people so that you don't get scammed.

Isn't crypto industry main solution for individuals is to be anonymous? I think decentralization and anonymosity are two cornerstones for the financial industry future.

I did't sell the whole amount but i will sell in small patches because selling a whole amount once will not give me as much profit as selling in small patches, because bitcoin is the only coin that we can't imagine how much it gives us a profit and which situation we should sell.

Maybe KYC is a reason for you to get scam if you are visiting the wrong or phishing site. I've done with several KYC from different exchanges and luckily, I was not being scammed by them. What I did is to choose those reputable exchanges but with that huge amount of BTC, I don't make a trade in a single day, like to cut a chunk is the safest way to do. But I'm not supposed to withdraw all of it, much better to keep some of our BTC in preparing for the future.

If I have a large amount of BTC, I will hold them for the future because I know and have the patience to hold the coins, which is a part of trading. BTC is pumping again and will repeat the history in this coming months and even years I can say.

seems impossible can not be traced. especially if the exchange has implemented KYC for members it will be very easy to track anyone.
So there's no way to hide from tracking until now unless you sell btc on the black market anonymously.

You can still possibly able to do so,considering that there are platforms which do really have that 2 btc limit for unverified accounts which does simply means that people could still make able to some cashout
without being traced up.

Having lots wouldnt be a problem and making some gradual cash out wont really be that a hassle unless if you are in a rush then p2p or blackmarket transactions would be the option
but we know that certain risk on these kind of dealings.

Better to stick out with that common set-up and at least you are bit safe.