Dafar (OP)
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dafar consulting
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November 05, 2016, 08:12:23 PM |
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If I want to sell $100K worth of bitcoin -for example- immediately, to secure a price... and then re-buy if the price falls again with that $100K what's the best place to do it?
I have my BTC on coinbase but I never sold before so I'm afraid that if I sell on Coinbase... first of all there may only be a limit of $50K or something, and secondly I'm not sure how selling on Coinbase works.... will I have to wait a week for the sell to process, and is that $ going straight into my checking account? Or does the cash stay in Coinbase until I withdraw? Then I'd have to wait another week to re-buy the BTC if I wanted to buy again.
I want the option to buy and sell immediately, as if I'm on poloneix or BTC-E. If anyone has sold on Coinbase would appreciate it if you let me know how it works, or if you have suggestions on where I should sell the BTC.
I considered GDAX too, but I'm afraid of low liquidity and slippage. Does anyone know if GDAX has a limit on how much I can sell at once?
Thanks
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Meuh6879
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November 05, 2016, 08:19:43 PM |
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no problem = Kraken.
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European Central Bank
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November 05, 2016, 08:35:27 PM |
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it has to be an exchange. no way coinbase will process that much for you, nor will they let you buy that much either. throw in how long it takes to move usd and brokers are kind of a no go too.
if you're in america you could look into gemini. i don't think their exchange would avoid slippage but the daily auctions would be a good fit. read everyone's small print carefully. i've head so many dumb stories about bitstamp verification and anality i wouldn't want any significant amounts on there.
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BitcoinMarshal
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November 05, 2016, 08:41:24 PM |
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@Meuh6879 Thanks for this very resourceful reply because I was also looking for some good exchange now I can use this freely but have just one question this rule apply for all countries or they have different for different countries
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Meuh6879
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November 05, 2016, 09:53:23 PM |
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all countries. the old spreadsheet has been replace by this one ...
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maydna
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November 05, 2016, 10:43:54 PM |
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no problem = Kraken. kraken is a good choice for selling big amount of bitcoin and from that image, i think we should get at least verification for tier 3 to get maximal withdraw limit in monthly but it would be good again if you complete until the tier 4 so the withdrawing the amount that you can do is much bigger than tier 3.
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MONKEYJUNK
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November 06, 2016, 01:55:58 AM |
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So you use coinbase as a wallet? 100.000 USD? O.O Is it safe?
I have a question here too, if you trade 100k BTC for USD, you will pay a fixed value or it will decrease a little bit?
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Pitchblackroom
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November 06, 2016, 02:28:56 AM |
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I have used BTC-E in the past but I dunno how trustworthy it is now, and the amount i sold was >1 Bitcoin.
I have heard that Kraken is pretty good for serious investors, so I would try using that.
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Ewinsane
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November 06, 2016, 09:56:38 PM |
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you can sell your bitcoin in any how amount in localbitcoins with safe because a lot of people using the localbitcoins for buy and sell bitcoin and i often sell my bitcoin in to localbitcoins without any worry.
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robelneo
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November 07, 2016, 02:37:13 AM |
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Do not trade on one site,spread it out to at least 5 trading sites because this is a big amount and only go for trusted sellers like kracken,
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saiha
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November 07, 2016, 02:46:41 AM |
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Do not trade on one site,spread it out to at least 5 trading sites because this is a big amount and only go for trusted sellers like kracken,
This is a good idea, but if kraken will able to do job for that $100k worth of bitcoin then let it be. So most of the people here kraken is the best choice. And it is a quite risky that you are able to hold a lot of bitcoins that is worth $100k just keep an eye for those phishing site when you are going to visit kraken. Because that trade is not a job.
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Vires in Numeris
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Slark
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November 07, 2016, 04:06:16 AM |
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Do not trade on one site,spread it out to at least 5 trading sites because this is a big amount and only go for trusted sellers like kracken,
This is a good idea, but if kraken will able to do job for that $100k worth of bitcoin then let it be. So most of the people here kraken is the best choice. And it is a quite risky that you are able to hold a lot of bitcoins that is worth $100k just keep an eye for those phishing site when you are going to visit kraken. It is not about doubts that Kraken can't process sell/buy order of that magnitude. I am sure they can do it with no problem. But transaction so huge could attract some attention - for example it might be noted as "VIP transaction" by the exchange, and used later to track "whale level" users when government potentially introduce some cryptocurrency tax in the future.
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pooya87
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November 07, 2016, 05:06:19 AM |
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[assuming you really want to sell $100K worth of bitcoin] a word of warning: you may encounter some problems with your bank because that is a large amount of money and it is clearly going to come from a bitcoin exchange service and depending on your country, your bank may flag your account and you may face some troubles this can be taxes or worse.
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Kakmakr
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Leading Crypto Sports Betting & Casino Platform
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November 07, 2016, 06:26:51 AM |
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[assuming you really want to sell $100K worth of bitcoin] a word of warning: you may encounter some problems with your bank because that is a large amount of money and it is clearly going to come from a bitcoin exchange service and depending on your country, your bank may flag your account and you may face some troubles this can be taxes or worse.
You will not get in trouble by doing this, but you will get in trouble when you do get flagged and you want to avoid paying taxes on those bitcoins. Pay your tax, when it is due and you will not have to worry about the IRS. In some countries, Bitcoin is seen as a commodity, so you will only pay Capital Gains. The banks normally flag transactions at 10k, but if you have a frequent 10k transaction history over a short period, they would flag that too. So there is no way to avoid paying taxes, when you working through regulated exchanges.
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zombie007
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November 07, 2016, 06:28:55 AM |
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you can sell your bitcoin in any how amount in localbitcoins with safe because a lot of people using the localbitcoins for buy and sell bitcoin and i often sell my bitcoin in to localbitcoins without any worry.
yes i will also prefer local bitcoin as it is one of the most reliable and trusted way of selling or buying bitcoin as millions of transactions are made on daily bases here, therefore i will recommend localbitcoin.
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bitcoinisbest
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November 07, 2016, 06:56:15 AM |
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Well if you actually have traded personally before then its a good choice else with recommendation you can try trading for smaller amount and then if you feel comfortable go for bigger else local bitcoin in any day choice where you sell as much as you want to the trusted buyers/sellers.
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BingoDog
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November 07, 2016, 07:00:49 AM |
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I'm not sure that any exchanger would sell this large amount in one single transaction. Maybe if you split this amount smaller transactions. Or that you find someone on localbitcoins or to trade in person? Anyway, this is risky, I wouldn't dare to sell that much.
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malaj
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NorrisK
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November 07, 2016, 07:41:19 AM |
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Are you planning on leaving the cash on the exchange while you wait for the price to drop?
Otherwise you will get into issues with the banks and tax agencies when you get a big incoming transfer (>10k in most countries), which will be investigated. If you didn't pay tax for instance, this may cause problems if you can't explain where and when you got this amount from.
If you plan to trade it within days, you may as well leave it on the exchange, as transfer times between banks will also take days before your funds are withdrawn or deposited.
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junglist.massive
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November 07, 2016, 08:59:39 AM |
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Gemini Auctions - Large amount of coins without affect a market price of Bitcoin. Its quite new but seems working.
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