So for those of you who are really experienced buying/selling/trading, I'm using Litecoin as an example, but can anyone tell me if this is correct?
Lets say I bought 10,000 litecoins 5 years ago. I sat on those coins for a few years and decide I want to cash them out today, all $240,000 usd worth.
I make an account at an exchange, say poloniex. They welcome my 10,000 LTC deposit with open arms, and I promptly exchange them for bitcoins.
Now I have $240,000 worth of BTC, roughly 137 of them. I want to transfer to coinbase so I can convert to usd. Now what?
poloniex has a withdraw limit of $2,000 usd per day though.
So I'm stuck doing $2000 btc withdraws to coinbase for the next 120 days?
Ok say I verify now it's 10k per day. Now it'll only take me 24 days of withdrawls at 10k. All the while the price is fluctuating like mad.
is this correct?
or can I transfer the entire 137 btc amount at once from polo to my coinbase btc wallet?
So it finally gets to coinbase. Now I have to verify some more and say I'm at 25k per withdrawl.
I still have to wait another 10 days of 25k withdrawls to get my money out of coinbase.
Is this really how it works? Nobody lets you withdraw your money at once or in large chunks?
Pretty much. Unless you find an OTC deal. There are brokers out there who'll put you together with a buyer. There won't be any limits. It is indeed a ludicrous process via the usual routes.
If I had a substantial amount to cash out I wouldn't go anywhere near an exchange. They might freeze you and demand more documents, or just fall apart before you get all your money out.
In some level I understand those withdrawal limits
but not the demand of documents. E.g. Poloniex can raise the limit to 10x, if you send a pic of your passport. For what purpose they need the passport?