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Author Topic: Bitcoin Bubble and the fact you simply can't sell your BTC for large amount?!  (Read 472 times)
audaciousbeing
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December 08, 2017, 07:08:37 PM
 #21

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.
InfiniteQuant (OP)
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December 08, 2017, 07:13:37 PM
 #22

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...

Betwrong
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December 09, 2017, 10:51:35 AM
 #23

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.
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.

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 Smiley

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.

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InfiniteQuant (OP)
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December 09, 2017, 01:19:07 PM
 #24

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.

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