Is it possible to withdraw huge amounts?

[emmagloor]

Hello everyone,



I am still fairly new to cryptocurrency, therefore that challenge is probably dumb... bare with me personally.

If a person has Holdings that value tens of thousands of 83000, let us imagine $20,000,000 plus they would like to cash deposit and it for their banking account, is it possible?has Holdings that value millions of 2500, let's say $20,000,000 and they would like to cash deposit and it for their banking accounts, how is it feasible?

Since Just BTC isn't controlled by banks, it's up for your own exchange websites to handle this trade (so I assume), so who'll cover this cash amount into this individual?

I reside in Australia and that I use two sites for the cryptocurrency, CoinSpot (multi-wallet and swap site) and Coinjar (Bit-coin wallet and exchange). I emailed them a support email, asking for the exact same, as It is not clear if it's really a country/company policy that dictates exactly what goes on in such situations.


Cheers.

[AtheistAKASaneBrain]

Hello everyone,



I am still fairly new to cryptocurrency, therefore that challenge is probably dumb... bare with me personally.

If a person has Holdings that value tens of thousands of 83000, let us imagine $20,000,000 plus they would like to cash deposit and it for their banking account, is it possible?has Holdings that value millions of 2500, let's say $20,000,000 and they would like to cash deposit and it for their banking accounts, how is it feasible?

Since Just BTC isn't controlled by banks, it's up for your own exchange websites to handle this trade (so I assume), so who'll cover this cash amount into this individual?

I reside in Australia and that I use two sites for the cryptocurrency, CoinSpot (multi-wallet and swap site) and Coinjar (Bit-coin wallet and exchange). I emailed them a support email, asking for the exact same, as It is not clear if it's really a country/company policy that dictates exactly what goes on in such situations.


Cheers.

Most exchanges are going to have limits on the amount of Bitcoin you can withdraw. You have to check these things before depositing any coins on the exchanges.

I would say it's impossible to withdraw big amounts without disclosing your full information (so I would expect a scan ID, address, phone... the whole package).

More and more exchanges demand all of these informations to trade even between altcoins (like Bitrex)

I wouldn't expect to get more than 1 BTC a day from most exchanges without further verifications. Currently it's $2000 in Poloniex.

[slowlii]

Hello everyone,



I am still fairly new to cryptocurrency, therefore that challenge is probably dumb... bare with me personally.

If a person has Holdings that value tens of thousands of 83000, let us imagine $20,000,000 plus they would like to cash deposit and it for their banking account, is it possible?has Holdings that value millions of 2500, let's say $20,000,000 and they would like to cash deposit and it for their banking accounts, how is it feasible?

Since Just BTC isn't controlled by banks, it's up for your own exchange websites to handle this trade (so I assume), so who'll cover this cash amount into this individual?

I reside in Australia and that I use two sites for the cryptocurrency, CoinSpot (multi-wallet and swap site) and Coinjar (Bit-coin wallet and exchange). I emailed them a support email, asking for the exact same, as It is not clear if it's really a country/company policy that dictates exactly what goes on in such situations.


Cheers.

Most exchanges are going to have limits on the amount of Bitcoin you can withdraw. You have to check these things before depositing any coins on the exchanges.

I would say it's impossible to withdraw big amounts without disclosing your full information (so I would expect a scan ID, address, phone... the whole package).

More and more exchanges demand all of these informations to trade even between altcoins (like Bitrex)

I wouldn't expect to get more than 1 BTC a day from most exchanges without further verifications. Currently it's $2000 in Poloniex.

Poloniex for example, has limits for each user level. If you send your passport and ID and photo, they leverage your user status to the upgraded member and you can withdraw more money. But I think withdrawing huge amounts would cause problems legally.

[DaMut]

it is possible to do that,but you need to seperate it when you're trying to encash it.
the reason is if you encash it at the same time your bank account will get freeze by the banker.
they find it as a suspicious activity,it's possible to hold $1 million dollars in your exchanger as long they can cover it and they allow it.
( most of them did not allow it to prevent a money laundry )
and who will cover it when you try to withdraw it ?
of course the users that reside in your country and others user that want to buy Bitcoin and using an that exchanger(your place for encash it),
most of it right now did not have that much money to cover it up,that is why you need to encash it from different site.
and also you can find someone else from peer to peer(p2p) platform that want to buy Bitcoin directly off the markets.

[qiman]

You would have to take it out slowly slowly and few several exchanges and depending on the laws in your country you would have to declare this income. I think like places we live in in EUROPE if we ever make some money even remotely over 100k we would probably setup an investment company and pay corporation tax which would be much cheaper or you can pay capital gains tax as well but you would need to seek advice from your tax consultant in order to see what is the best way forward for you. Centra is also issuing debit cards, the titanium and black cards have huge limits you could send on.

[Basmic]

If you wish, no problem to withdraw any amount but why do it? The larger the amount the more attention to you by the tax authorities. If you need something urgently to buy costly then it is better to take loan from the Bank. Yes it will be slightly more expensive to tax but you will always be able to show where he got the money. The Bank is also interested in the repayment of the loan therefore will not publicize you extinguish the credit.

[Vladv26]

Hello everyone,



I am still fairly new to cryptocurrency, therefore that challenge is probably dumb... bare with me personally.

If a person has Holdings that value tens of thousands of 83000, let us imagine $20,000,000 plus they would like to cash deposit and it for their banking account, is it possible?has Holdings that value millions of 2500, let's say $20,000,000 and they would like to cash deposit and it for their banking accounts, how is it feasible?

Since Just BTC isn't controlled by banks, it's up for your own exchange websites to handle this trade (so I assume), so who'll cover this cash amount into this individual?

I reside in Australia and that I use two sites for the cryptocurrency, CoinSpot (multi-wallet and swap site) and Coinjar (Bit-coin wallet and exchange). I emailed them a support email, asking for the exact same, as It is not clear if it's really a country/company policy that dictates exactly what goes on in such situations.


Cheers.

You are going to need over 50-100 exchangers to withdraw such a big amount. Most of the exchangers have a limit for withdrawing bitcoin( the biggest I have seen is 10). Also your bank account will look suspicious receiving big amounts of money everyday.
I recommend you to find local persons(maybe a representative person from a big exchanger) and exchange your bitcoins either with money in hands either through bank transfer. Making such transactions online is dangerous and you can easily be hacked

[aplistir]

I have read, that it is no problem to change a 1.000.000$ worth of bitcoins to cash in one day.

But with that kind of sums, you need to identify yourself, and when you get the money, you will probably have to pay taxes for it too. Can't really avoid that, if the exchange knows your ID.  That is if your country taxes bitcoin profits. (mine takes 30% tax of profits made with bitcoin)

But would you really trust a bitcoin exchange  so much, that you would like to deposit 20.000.000$ worth of bitcoins there in one go? What if they steal your coins?
Better to do it in smaller pieces. First try to change 50 Bitcoins and see how it works. Then maybe 100.... and so on.

Selling 20.000.000$ worth of bitcoins in one go could even affect bitcoin price.

[valentin68]

I would advise you to talk to some banks from Europe, from Switzerland or Germany. As I know Switzerland is a country that has legally accepted bitcoin and their banks could help you. I do not know which particularly bank could help you , but you can try and talk with some of the know banks.  Also is a good idea to try some banks from Germany, there are German banks where you can open an account on the internet without being necessary to go there. It is possible that one of these banks to accept your bitcoin for their money.

[kotajikikox]

Hello everyone,



I am still fairly new to cryptocurrency, therefore that challenge is probably dumb... bare with me personally.

If a person has Holdings that value tens of thousands of 83000, let us imagine $20,000,000 plus they would like to cash deposit and it for their banking account, is it possible?has Holdings that value millions of 2500, let's say $20,000,000 and they would like to cash deposit and it for their banking accounts, how is it feasible?

Since Just BTC isn't controlled by banks, it's up for your own exchange websites to handle this trade (so I assume), so who'll cover this cash amount into this individual?

I reside in Australia and that I use two sites for the cryptocurrency, CoinSpot (multi-wallet and swap site) and Coinjar (Bit-coin wallet and exchange). I emailed them a support email, asking for the exact same, as It is not clear if it's really a country/company policy that dictates exactly what goes on in such situations.


Cheers.

Most exchanges are going to have limits on the amount of Bitcoin you can withdraw. You have to check these things before depositing any coins on the exchanges.

I would say it's impossible to withdraw big amounts without disclosing your full information (so I would expect a scan ID, address, phone... the whole package).

More and more exchanges demand all of these informations to trade even between altcoins (like Bitrex)

I wouldn't expect to get more than 1 BTC a day from most exchanges without further verifications. Currently it's $2000 in Poloniex.

that true have a limitation to withdraw your bitcoin here in my country have an limitation also to convert the bitcoin into a local currency, because if need money i need to withdraw my bitcoin and convent into local currency but have limitation because have a law here in my location the amount of cash you need to withdraw, i suggest with do not panic bitcoin go dump but later on go uprise reach the unexpectable price up.

[AtheistAKASaneBrain]

Hello everyone,



I am still fairly new to cryptocurrency, therefore that challenge is probably dumb... bare with me personally.

If a person has Holdings that value tens of thousands of 83000, let us imagine $20,000,000 plus they would like to cash deposit and it for their banking account, is it possible?has Holdings that value millions of 2500, let's say $20,000,000 and they would like to cash deposit and it for their banking accounts, how is it feasible?

Since Just BTC isn't controlled by banks, it's up for your own exchange websites to handle this trade (so I assume), so who'll cover this cash amount into this individual?

I reside in Australia and that I use two sites for the cryptocurrency, CoinSpot (multi-wallet and swap site) and Coinjar (Bit-coin wallet and exchange). I emailed them a support email, asking for the exact same, as It is not clear if it's really a country/company policy that dictates exactly what goes on in such situations.


Cheers.

Most exchanges are going to have limits on the amount of Bitcoin you can withdraw. You have to check these things before depositing any coins on the exchanges.

I would say it's impossible to withdraw big amounts without disclosing your full information (so I would expect a scan ID, address, phone... the whole package).

More and more exchanges demand all of these informations to trade even between altcoins (like Bitrex)

I wouldn't expect to get more than 1 BTC a day from most exchanges without further verifications. Currently it's $2000 in Poloniex.

Poloniex for example, has limits for each user level. If you send your passport and ID and photo, they leverage your user status to the upgraded member and you can withdraw more money. But I think withdrawing huge amounts would cause problems legally.

It's ok to have limits to withdraw big amounts of money, but I don't understand why they are asking for real addres, real phone, real date of birth and more on Bitrex now, even if I want to trade only altcoins. A lot of people have complained about this and have been forced to stick to Poloniex and other exchanges with less liquidity to buy some more obscure alts without having to give all of your data and risk getting doxed or something, because bitcoin exchanges get hacked so often so you simply can't trust them, it has nothing to do with legality, it's just dumb to give your details to crypto exchanges in general, it's a matter of safety.

[AngelSky]

If you wish, no problem to withdraw any amount but why do it? The larger the amount the more attention to you by the tax authorities. If you need something urgently to buy costly then it is better to take loan from the Bank. Yes it will be slightly more expensive to tax but you will always be able to show where he got the money. The Bank is also interested in the repayment of the loan therefore will not publicize you extinguish the credit.

Yes.It's based on your opinion. Transaction of high amount is not at issue in bitcoin. You have to decide. You are not bought about paying tax at all.You can proceed. But in bitcoin ,you have to check out dollar. Only you need so.Because the price increase means, you will more dollars .

[1NV3ST0NM3]

Hello everyone,



I am still fairly new to cryptocurrency, therefore that challenge is probably dumb... bare with me personally.

If a person has Holdings that value tens of thousands of 83000, let us imagine $20,000,000 plus they would like to cash deposit and it for their banking account, is it possible?has Holdings that value millions of 2500, let's say $20,000,000 and they would like to cash deposit and it for their banking accounts, how is it feasible?

Since Just BTC isn't controlled by banks, it's up for your own exchange websites to handle this trade (so I assume), so who'll cover this cash amount into this individual?

I reside in Australia and that I use two sites for the cryptocurrency, CoinSpot (multi-wallet and swap site) and Coinjar (Bit-coin wallet and exchange). I emailed them a support email, asking for the exact same, as It is not clear if it's really a country/company policy that dictates exactly what goes on in such situations.


Cheers.

If you have done any KYC with your exchange i suggest never to do so or you might just end up with cops next morning. Moreover exchanges especially with low volume dont normally have high cash reserves to pay you. So consider both the things.

[joseafonso123az]

I have never done this, but am also curious on how one would do it, because logically, banks would flag the transaction as highly suspicious and freeze your account. I only see people holding BTC and using it directly, or exchanging it for smaller quantities of USD, this way the bank account might not freeze and flag the transaction.

[ShadowBits]

every exchanger has its withdraw limits, you gonna have to cash it out slowly
or i guess send some to your trusted trader friends and help you cash out i guess

[vasrasus]

every exchanger has its withdraw limits, you gonna have to cash it out slowly
or i guess send some to your trusted trader friends and help you cash out i guess

Most of the exchanger limit the withdrawal especially in fiat to control the amount money that passed through the account and also a safety features if ever your account had been compromised.

[bamboylee]

There is limit in withdrawing amount in any exchanges. It would depend on the information you submit and to some exchange the length of time you have been using their service. And if you also deposit that large amount in any banks, you will be flagged. Then you have to report it or you can be accused of money laundering. Which is very bad for you. I advise if you have that much money in bitcoin you have to be careful in withdrawing it

[dasdo]

You should ask about what offshore banks are. For example, the ADVcash card is like that. She ignores the tax authorities. Or, for example, in America there is a law on corporations. Having such a corporation can throw up money for different needs of this corporation and do not pay tax.

[unamis76]

It might be possible, however your bank account would certainly be flagged... So even if it was completely possible, it's not feasible.

[AjithBtc]

It might be possible, however your bank account would certainly be flagged... So even if it was completely possible, it's not feasible.

As mentioned, everything has got the possibility and surely your bank account will be flagged. Maybe soon you need to face several legal issues which might end you usage of digital assets, because at times based on the documents you submit the banking authorities might hold all your funds and freeze your account.