Cashing out large amounts of bitcoins?

[European Central Bank]

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.

He could tell the truth? Why would you assume there's something wrong with the legality of how he got his bitcoins. For all we know he could got in early or be a successful trader.

the problem isn't the bank, it's the bank's fear of breaching regulations. in most cases it's less trouble for them to close your account than try and explain or justify it to the government upstairs.

[Happydd]

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 it is very difficult to make such a transaction without being detected, you can be discovered by anyone when you sell bitcoin and receive large sums of money into your bank account.

[overnightmillionaire]

Yep this makes perfect sense.

[fanita]

Every result I ever get from my bitcoin will monetize her gara know how much I've got.

[MetalGear]

In cashing out large amount of bitcoins you need to be on guard because money is not a jole and it is hard to get. So when you are about to withdraw bitcoin you need to be alert on the robbers around.

[Xester]

There is nothing wrong if you want to cash out a big amount.  The problem is do your exchange site or banks would allow it.  I mean because it is a big one maybe it would take time.  Or maybe it will be staggard since they are dealing with a huge amount.  And maybe then they would think of something to have atleast a benefit of that.  Maybe putting some tax on it.  Wait for the transaction fee, maybe it is also huge.

[mike4001]

Cash your money out over several weeks (or even months).

Each day transfer at most 10 BTC to the exchange, sell it and transfer the amount to your bank account.

So if the exchange decides to freeze your account there is a maximum of these 10 BTC lost.

Of course also contact your bank to tell them what you are doing.

The other plus for this way is, you sell at an average price over the coming weeks and don't risk to selling at a low point.

[susila_bai]

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

You can do with selling on lot of exchanges and withdrawing them on several accounts like all of your family members account you can create and sell on their account and then you can withdraw it so like this you can also show the income in all your family accounts and you can decrease the tax expense on the sold bitcoins.

[darkangel]

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

Why are you interested in this? Does it have any effect on you? And who are you Are you one of them? I do not know why you are curious about what IS did.

[CardShare]

Be carefull... Banks could freeze the money once it lands if you cannot account for it some banks in the UK have started closing accounts of people using bitcoin exchanges.

My advice would be to seek advice first from your exchange and also make your bank aware of the large deposits arriving and possibly break down the transactions into smaller amounts 5 million is a lot to send in one go the risk is huge. breaking it down into multiple 100,000 payments makes more sense.

Also, speak with the exchange in person or on the phone before you do this too.

Enjoy your bit fortune!

[audaciousbeing]

I don't think bitcoin is ripe enough to cash out that amount of money out at  time even in the bank using fiat that amount of money would not go unnoticed and a good explanation will be needed to even have access to the funds afterwards. And now in the case of bitcoin where large amount of the people involved will believe its either a crime proceeds  or even money to finance terrorism. Gradual withdrawal is the best thing for now.

[European Central Bank]

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

nothing's illegal, but there are countless cases of people being shut down despite everything being totally above board. blame all the endless money laundering laws.

as anyone here should know as soon as your crypto becomes fiat you no longer have any control of it.

[reflector]

I don't think bitcoin is ripe enough to cash out that amount of money out at  time even in the bank using fiat that amount of money would not go unnoticed and a good explanation will be needed to even have access to the funds afterwards. And now in the case of bitcoin where large amount of the people involved will believe its either a crime proceeds  or even money to finance terrorism. Gradual withdrawal is the best thing for now.

As present price almost reach the 3000$, we can hold the bitcoin for some months and make the profit with that. If you wish to take out the cash from the bitcoins, best option is using trading platform. Which gives higher amount more than a Coindesk price index.

[CardShare]

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

nothing's illegal, but there are countless cases of people being shut down despite everything being totally above board. blame all the endless money laundering laws.

as anyone here should know as soon as your crypto becomes fiat you no longer have any control of it.

I agree. Surely if you had that amount of crypto why make it all fiat?  also as he said once its out the wallet and in the banking system who knows what money laws might turn up and bite you.

It's happened many times before!

[overnightmillionaire]

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

nothing's illegal, but there are countless cases of people being shut down despite everything being totally above board. blame all the endless money laundering laws.

as anyone here should know as soon as your crypto becomes fiat you no longer have any control of it.

I agree. Surely if you had that amount of crypto why make it all fiat?  also as he said once its out the wallet and in the banking system who knows what money laws might turn up and bite you.

It's happened many times before!

It was more of a hypothetical amount. I plan to take out smaller chunks.

I find this all very uneasing, if you make a large fortune in this industry you have a hard time using it. What a joke.

[LFC_Bitcoin]

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'd suggest you try & speak privately to a large bitcoin companies CEO to try & set up an OTC trade or something. Use Skype or something to try & discuss at length, you'll probably need to sell at some kind of discount considering it's such a large quantity.

Be careful though, you need to check anybody you deal with is very trustworthy.

[Harlot]

Well you are lucky because your question is not even a problem in the first place. There are local wallets available in several countries in which they offer direct cash outs from their app wallet. All you have to do is plug in your bank account # so that they know who will they send the Fiat currency at. Aside from banks they offer Money Remittances and Cardless ATM withdrawals. Now it varies from each local wallet provider but it will have a similar transaction.

[LodisMcguire]

If you're in desperate need of that large amount,you shouldn't worry about the fees,safety first
Use the most big and trusted exchanger,do your research first before you facing any problem

[deisik]

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

This is a tough question really

Even if you think that your money is clean (wtf, even if it is in fact as clean as a new pin), you'd better not hope that you won't have any issues. As the others have already said, cash out in small amounts and always remember better be safe than sorry. In other words, avoid being asked questions even if you have all the answers. Someone may not like you or just be overly envious. To think bad of people is a sin but rarely a mistake

[arklan]

no reason to do it all at once, i think. and if you're concerned about it at all, you could do things slowly, but relatively simply. buy things, real, actual things. amazon or whatever. big, expensive stuff that's small and valuable. art, high end electronics, etc. then sell THAT for fiat.

it'd effectively become a full time job to do it, but it'd work. in theory you'd avoid some of the bank level chaos. i mean, you're still not doing anything illegal. you're still paying taxes on everything, of course.