Cashing out large amounts of bitcoins?

[secdark]

My advice is to look site which have bigger trust and which have lower fee.Look on both thing is smarter because we wlll then not be scammer and also we will save own money,I prefer YoBit.

I dont think if you cash out really big amount of bitcoin in thr exchanges it is in small fees because the more the bigger is you are going to cashout the more bigger the fees . But the only thing you should do is the most trusted exchanger  so that you are not end up getting your money

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[Jalum]

no reason to do it all at once, i think. and if kita concerned about it at all, kita could do things slowly,  am sure they can handle that well and of course the best thing to do is not to encash it one time and not to use just one service provider. There are so many ways to do it. Goodluck then if kita have that amount.

I wouldn’t want to get all my Bitcoin cashed just at once because the price of Bitcoin could go up the next day. The people that cashed their coins out when the price of Bitcoin was around $20 per coin easily regret that they’ve made that choice since the price of Bitcoin is over $2,000 now.

[darkangel11]

If I were to do it I'd not only split my money between exchanges, but also accounts and banks. With that much money you're not only risking being blocked by exchanges but also by your banks. Also, I wouldn't want to get raided by the police after transferring a couple million to an account that hasn't ever seen a large transaction. I just don't feel like proving to people that I'm not a terrorist.

[czvezda]

This is confusing, why are we treating this like an illegal activity? Since when is it illegal to make money online, receive it in the bank, pay taxes on it, no matter how large the sum?

Are you guys saying that if my bank happens to ask, and I tell them the money is from an online investment they are going to shut me down?

I never said I want to be "undetected" I'm not doing anything illegal.

successful icos = my money

[Netnox]

This is confusing, why are we treating this like an illegal activity? Since when is it illegal to make money online, receive it in the bank, pay taxes on it, no matter how large the sum?

Are you guys saying that if my bank happens to ask, and I tell them the money is from an online investment they are going to shut me down?

I never said I want to be "undetected" I'm not doing anything illegal.

successful icos = my money

No. We are not treating it like illegal activity. The OP was just confused about the exchange fee, and about which exchange he should use for the transaction. If this was illegal, then I'd have never suggested Bitstamp, which is registered in Luxembourg, and operating with all the required licenses.

[rickadone]

How does some one go about cashing out 5 million dollars worth of bitcoin?

IS there a trust worthy exchange that doesn't have low limits.. and high fees?

Bitstamp allows any amount it seems at .09% fee so for 1 million dollars it would be $9,000 fee.


Does anyone have any experience cashing out large amounts that does not take a year to do?

thanks

The problem is you will not be able to withdraw your amount trough an exchange site. Better to split your money into some parts and try various exchange site to withdraw your money. But it may take more time to go.
In another case, if that makes less on your own risk. I think every exchange site has a tier or daily limit.

Yes this is a much better idea. It will be very tough to use this amount as a whole if you split your money. Also the use of various exchanges for this purpose is an excellent idea. It is good to be safe as with using various platforms you diversify the risk related to your money and a successful person is the one who knows how to reduce the risk factor.

[Vaslime]

My advice would be to ignore the fee. Just use a reliable exchange such as Bitstamp or Btc-e. While trying to save 0.1% or 0.2% of the total amount, you may be putting the entire capital in risk. 5 million USD worth of BTC is quite a huge amount. If I were in your place, I would be willing to pay even 1% fee, provided my coins are traded safely.

Cashing large amount have fees. you can find a exchange that has less fees. you will loose alot if the fees is big.

[Prodigan786]

How does some one go about cashing out 5 million dollars worth of bitcoin?

IS there a trust worthy exchange that doesn't have low limits.. and high fees?

Bitstamp allows any amount it seems at .09% fee so for 1 million dollars it would be $9,000 fee.


Does anyone have any experience cashing out large amounts that does not take a year to do?

thanks

If your paying tax for government then no need obviously there will be kyc process in wallets for withdrawing money . As fa am using wallet in my country for local exchange it takes less than 0.1% for each transaction mine is not big amount like you million . I really wanted to follow this thread if in future i would come to your position 

[bitcoinbox]

Why not trying to contact directly a "big bitcoin investor" instead of going through an exchange?
There must be a way to identify and contact people/traders/investors investing large amounts of Bitcoins in your country.
In this case, instead of paying exchange fees, you limit the risk and also you can offer a better price to the potential investor.
The buyer and the seller can also "officialize" the transaction with a writen contract.

[White Christmas]

I'd not withdraw that lot of money at once if I were you.

Distribute the money into like four phases, and simply use an exchange like localbitcoins.com.

Good idea, by that you will safely get it unlike when you withdraw a huge amount of it and if there's something wrong it will be a big regret to you. I didn't experience also cashing out a big amount of it, whenever i want to have it I cash it out little by little.

[Gaaara]

My advice would be to ignore the fee. Just use a reliable exchange such as Bitstamp or Btc-e. While trying to save 0.1% or 0.2% of the total amount, you may be putting the entire capital in risk. 5 million USD worth of BTC is quite a huge amount. If I were in your place, I would be willing to pay even 1% fee, provided my coins are traded safely.

Cashing large amount have fees. you can find a exchange that has less fees. you will loose alot if the fees is big.

That's not the point if you are about to withdraw a 1 million dollars then you shouldn't risk it just for lower fees, Netrox's advice is a right thing to do. Im my opinion I do not prefer for a lower fees as they might be a scam and if ever that they are op will lose not just 0.1% or 0.9% but the whole balance.

[deisik]

Why not trying to contact directly a "big bitcoin investor" instead of going through an exchange?
There must be a way to identify and contact people/traders/investors investing large amounts of Bitcoins in your country.
In this case, instead of paying exchange fees, you limit the risk and also you can offer a better price to the potential investor.
The buyer and the seller can also "officialize" the transaction with a writen contract

Which would be a perfect cause for endless litigation

After which you might end up with neither coins nor dollars. In fact, by looking for an off-the-market deal you are actually increasing the risks, not diminishing them. And if with an exchange you risk losing only your coins, going the offline way you are literally risking your life. There was a news a few days ago about some dude from Brooklin who had a gun pointed to his head when he tried to sell his coins this way

[rumex]

How does some one go about cashing out 5 million dollars worth of bitcoin?

IS there a trust worthy exchange that doesn't have low limits.. and high fees?

Bitstamp allows any amount it seems at .09% fee so for 1 million dollars it would be $9,000 fee.


Does anyone have any experience cashing out large amounts that does not take a year to do?

thanks


I THINK THE bITSTAMP FEE OF 0.09 FOR MILLION IS FAIR AND ABOUT THE LOWEST I HAVE SEEN. DO ADEAL WITH THEM IF YOU HAVE SUCH BTC.

[BigBall]

I have never cashed out a large amount of bitcoins.My biggest cashout was 0.005 btc and that is it.I hope that one day I will be able to withdrawal every month at least 0.5 btc to have enought money for me.

[tauceramica]

Why not trying to contact directly a "big bitcoin investor" instead of going through an exchange?
There must be a way to identify and contact people/traders/investors investing large amounts of Bitcoins in your country.
In this case, instead of paying exchange fees, you limit the risk and also you can offer a better price to the potential investor.
The buyer and the seller can also "officialize" the transaction with a writen contract.

I think you cannot sell it to a "big investor" because you can't trusy anybody. If they will buy bitcoin, they buy it straight forward without needing your offer.

The question is really vital and probably the answer is somehow negative if you try to cash a big sum of bitcoin out.

[Baofeng]

If I were to do it I'd not only split my money between exchanges, but also accounts and banks. With that much money you're not only risking being blocked by exchanges but also by your banks. Also, I wouldn't want to get raided by the police after transferring a couple million to an account that hasn't ever seen a large transaction. I just don't feel like proving to people that I'm not a terrorist.

This is the best solution that I can think of. Even some exchanges have a withdrawal limit so I doubt you can withdraw huge amount as well. Just split the money in a exchanges and wait for another few days before making a withdrawal request again. In this method, the exchanges will not set an alarm on your account for withdrawing big amounts. If they flag your account, then definitely you will have a lot of proving to do before letting you withdraw your funds. Just be on the safe side to prevent hassles on your end.

[stillicide]

Not sure if still relevant but i heard buying gold was a good way. Btc to gold

[miningguru]

I have never cashed out a large amount of bitcoins.My biggest cashout was 0.005 btc and that is it.I hope that one day I will be able to withdrawal every month at least 0.5 btc to have enought money for me.

if you want to cashout more your investment should also be more because sometimes the prices may go up and down. I think you will make a profit when the market is good and your withdrawals will be high only when you capable making profits in the market.

[criptix]

Why not trying to contact directly a "big bitcoin investor" instead of going through an exchange?
There must be a way to identify and contact people/traders/investors investing large amounts of Bitcoins in your country.
In this case, instead of paying exchange fees, you limit the risk and also you can offer a better price to the potential investor.
The buyer and the seller can also "officialize" the transaction with a writen contract

Which would be a perfect cause for endless litigation

After which you might end up with neither coins nor dollars. In fact, by looking for an off-the-market deal you are actually increasing the risks, not diminishing them. And if with an exchange you risk losing only your coins, going the offline way you are literally risking your life. There was a news a few days ago about some dude from Brooklin who had a gun pointed to his head when he tried to sell his coins this way

The only legendary on btctalk that doesnt even have 1 btc.

Gah you are such a idiot deisik 

[nikosb]

How would you explain to your bank or your tax administration where does the money come from? In lots of countries, there re strong AML laws where people start asking lots of questions in order to make sure your money did not come from illegal sources.

Is Bitcoin an illegal source? If you told them you made the money through bitcoin why is that a problem?