Dealing with higher BTC volume/value

[Bawb3]

There's been a lot of talk lately about BTC going up again, however I'm not here to speculate.

Let's say BTC jumps to 5k per coin, and even small-fry BTC holders like myself, suddenly have 5-6 figures worth of bitcoin. What do we do then, if we want to sell some for fiat?

When dealing with tens, or even hundreds of thousands of dollars worth of bitcoin, how can you actually safely conduct a transaction for that amount of money?
I don't even feel comfortable using something like Coinbase with ~200$ USD in BTC, let alone trusting them to not cause any fuckery if a single BTC was pulling 5k$ or more.

I've seen people mention going to the deep web to sell, but how is that any better? Do you use escrow? What about local BTC selling services?

Basically, I'm looking for the safest way to move higher-valued amounts of BTC to Fiat (and not get screwed by someone) in the event that I choose to do so.

Just trying to be prepared! Thanks.

[RawDog]

...however I'm not here to speculate.

....Let's say BTC jumps to 5k per coin,

Could hve fooled me.

[Bawb3]

...however I'm not here to speculate.

....Let's say BTC jumps to 5k per coin,

Could hve fooled me.

Just using that as an example... lol.

[1Referee]

There's been a lot of talk lately about BTC going up again, however I'm not here to speculate.

Let's say BTC jumps to 5k per coin, and even small-fry BTC holders like myself, suddenly have 5-6 figures worth of bitcoin. What do we do then, if we want to sell some for fiat?

When dealing with tens, or even hundreds of thousands of dollars worth of bitcoin, how can you actually safely conduct a transaction for that amount of money?
I don't even feel comfortable using something like Coinbase with ~200$ USD in BTC, let alone trusting them to not cause any fuckery if a single BTC was pulling 5k$ or more.

I've seen people mention going to the deep web to sell, but how is that any better? Do you use escrow? What about local BTC selling services?

Basically, I'm looking for the safest way to move higher-valued amounts of BTC to Fiat (and not get screwed by someone) in the event that I choose to do so.

Just trying to be prepared! Thanks.

I think you are one of the few that have this problem. There are so many large traders that have hundreds of thousands / millions $ worth of bitcoin and altcoins. They have no problems at all.

[nkocevar]

There's been a lot of talk lately about BTC going up again, however I'm not here to speculate.

Let's say BTC jumps to 5k per coin, and even small-fry BTC holders like myself, suddenly have 5-6 figures worth of bitcoin. What do we do then, if we want to sell some for fiat?

When dealing with tens, or even hundreds of thousands of dollars worth of bitcoin, how can you actually safely conduct a transaction for that amount of money?
I don't even feel comfortable using something like Coinbase with ~200$ USD in BTC, let alone trusting them to not cause any fuckery if a single BTC was pulling 5k$ or more.

I've seen people mention going to the deep web to sell, but how is that any better? Do you use escrow? What about local BTC selling services?

Basically, I'm looking for the safest way to move higher-valued amounts of BTC to Fiat (and not get screwed by someone) in the event that I choose to do so.

Just trying to be prepared! Thanks.

You could use localbitcoins to get cash. It is pretty reliable and if you only have 5-6 figures you shouldnt have problems trusting them.

[DjPxH]

Well there are many people that deal with those numbers even today and they find a way. Interestingly, people seem to care less about their money when they got it through speculation and didn't actually 'do' anything for it. So maybe you won't even mind
But hey, just keep your stash safe in a paper wallet and transact smaller sums that won't affect your life if you lose them!

[ljudotina]

There's been a lot of talk lately about BTC going up again, however I'm not here to speculate.

Let's say BTC jumps to 5k per coin, and even small-fry BTC holders like myself, suddenly have 5-6 figures worth of bitcoin. What do we do then, if we want to sell some for fiat?

When dealing with tens, or even hundreds of thousands of dollars worth of bitcoin, how can you actually safely conduct a transaction for that amount of money?
I don't even feel comfortable using something like Coinbase with ~200$ USD in BTC, let alone trusting them to not cause any fuckery if a single BTC was pulling 5k$ or more.

I've seen people mention going to the deep web to sell, but how is that any better? Do you use escrow? What about local BTC selling services?

Basically, I'm looking for the safest way to move higher-valued amounts of BTC to Fiat (and not get screwed by someone) in the event that I choose to do so.

Just trying to be prepared! Thanks.

Price of BTC has nothing to do with anything. Even if BTC was priced at 1$ a piece, you could still own 1mil$ worth of BTC and want to sell them out. Best way, if you want to do it 100%legal is trough one of largest BTC exchanges. There are LARGE transactions happening every day, so there is no real reason to be afraid. You can always split your "loot" and sell it on few exchanges to split the volumen so you don't attract any attention.
There are some other alternatives but i wont go too deeper into it. Main poant is, there are large buy in's and sell out's every day. If you are clean, you have nothing to worry about.

[Bawb3]

Price of BTC has nothing to do with anything. Even if BTC was priced at 1$ a piece, you could still own 1mil$ worth of BTC and want to sell them out. Best way, if you want to do it 100%legal is trough one of largest BTC exchanges. There are LARGE transactions happening every day, so there is no real reason to be afraid. You can always split your "loot" and sell it on few exchanges to split the volumen so you don't attract any attention.
There are some other alternatives but i wont go too deeper into it. Main poant is, there are large buy in's and sell out's every day. If you are clean, you have nothing to worry about.

Good points, I suppose I just have a hard time trusting some of the exchanges for obvious reasons.
By "clean" you mean that I'm not using BTC to launder money acquired through illicit activites? Then I'm good.
If you mean reporting them on your taxes... well I'm not sure what to do about that one yet lol

Thanks for the input.

Well there are many people that deal with those numbers even today and they find a way. Interestingly, people seem to care less about their money when they got it through speculation and didn't actually 'do' anything for it. So maybe you won't even mind
But hey, just keep your stash safe in a paper wallet and transact smaller sums that won't affect your life if you lose them!

I'm just a lowly miner that got into the game a little late, but I've worked really hard for what I've earned, so I'm just trying to be cautious.
If I lost it somehow, I'd be angry but not living on the streets or anything, I never risk anything that I cant afford to lose.

[waldox]

you can sell at your local meetup.com bitcoin meetup

[counter]

Yeah it is a fair question but not sure how many people are that worried about this problem.  It is easy to break down so find a few options with smaller amounts and try them out and see which suits you best.  Some new service will be out by the time BTC hits 5K my gut tells me.

[Minecache]

5 or 6 figures?!? Let's not get ahead of ourselves, eh?

[JypsiCreme]

Imo you will not have to sell because you will be to use it.
If really need fiat you can try
http://bitstamp.net
Or
https://bitme.com

[p2pbucks]

if btc reaches 5 or 6 figures us dollars that means many people are willing to buy , so no worries

[kwukduck]

Not sure what you're worried about... Both volume and price are dropping like a rock