How do long term holders who never bought any Bitcoin from the exchange they are selling do this? Like it could be on Coinbase or Gemini or kraken as these are the most popular exchanges in the US.
Peer to peer OTC deals, preferably with cash but banks can also work when done right. It is clear that nobody here knows shit. The OTC market is huge, you can sell almost any reasonable value within days and anywhere on the world. Fees will vary depending on where you are and what you want.
Each exchange has its own rules, and KYC is a mandatory requirement that must be met. Another thing is to avoid the hassle of withdrawing large amounts of money into your bank account. It's best to create a bank account with a large capacity and state when opening the account that you are an investor in digital currency trading. If the bank already has that information, I don't think they'll ask much about the money going into your account. It's best to transfer large amounts from that bank first, rather than directly into your account.
For exchanges, as others have mentioned, try to withdraw funds regularly and in large, non-flashy amounts. This means a gradual selling strategy, with settings like sending BTC in small batches, selling little by little, and withdrawing to the bank in reasonable amounts. This will keep your account secure and minimize the risk of additional KYC from the exchange. The message is that transparency is safer than trying to avoid further KYC questions, such as filling out forms, asking for clarity on the sender, the sender's address, the source of the funds, and the intended use.
What the fuck are you talking about idiot? Both the exchange and the bank will ask a very large amount of questions especially since it is implied in this thread that the source of Bitcoin is weak or can't be proven at all. What you wrote has nothing to do with reality, and answering questions randomly in a KYC form is not a source of many. For any significant amount, which 3rd world spammers like you have never seen in their lives, you will need to provide all sort of proof for the acquirement of the coins if you use a platform that needs KYC. Even some P2P providers will ask for proof and KYC in this case.
Those who have held for a long time, they're not going to let it pass that they won't profit in the market. And we those people who have sold theirs can't be blamed. In fact, we're all in it for the profit but we just have different stop overs and points of when we're going to sell. If this cycle is the best for them and have sold a lot of theirs, that's okay. There will be another bull run soon but we'll not know if many of these who have sold still have something to sell if that arrives.
This has nothing to do with the topic.
I wonder if there are any people who have been in this situation on here that can share their experience? I'm in this situation, but I have no plan to sell any time soon at all, but I've wondered about what I may be asked for because I don't have ANYTHING from back then and I've played with each new toy as it came out over the years. Mined some, sold random stuff, was given BTC, and got some faucet money. I've never had to use an exchange since I never really did anything with BTC aside from play with it and collect it. Watching Mt. Gox happen I was beyond happy I never touched it and that permanently burned it into my being that exchanges are dangerous. Some might say "you can follow the chain" but not in this case. I've played with Lightning, Liquid, Wasabi, countless wallets, and I think a little bit has even went through some ancient mixers when they were first emerging, then any time I would get a new computer, phone, raspberry pi or similar, I would move the BTC to new wallets. Big ball of yarn lol and any old drives that would be helpful are long, long gone.
I'd be interested in what level of scrutiny someone in that situation would be under, I'd assume they would have to accuse you of an actual crime like a hack, a ransom, or whatever but you never know with CEX's, they're hungry for your funds.
You can ignore the retard signature spammers in this thread, they have no idea what they are talking about. They consider themselves rich if they have seen $1000 in their lives. That said, unless you have been tracking all your movements since the beginning of time then you are generally in a bad position in many countries. Even if they wanted to provide their whole transaction history (which they usually don't), it simply is not possible. They don't have the proof and they can't get it either. In this case selling anything significant on an exchange is a huge risk. It may even work for a few transactions but then you may get frozen once and asked for information and that will ruin the previous successes.
I highly recommend looking for alternatives if you don't have sufficient documentation. I know plenty of people in that position, and they are all just avoiding any CEX outright. Some because of actual lack of proof and others because of philosophical reasons that relate to hating KYC.
