Is it possible to withdraw huge amounts?

[gil80]

Hi everyone,

I'm still fairly new to cryptocurrency, so this question is probably dumb... bare with me.

If one has BTC holdings that worth millions of USD, let's say $20,000,000 and they want to cash it and deposit it to their bank account, is it possible?

Since BTC is not controlled by banks, it's up for the exchange sites to handle this transaction (so I assume), so who will pay this cash amount to the person?

I live in Australia and I use two websites for cryptocurrency, CoinSpot (multi-wallet and exchange site) and Coinjar (Bitcoin wallet and exchange). I sent them a support email, asking for the same, because It's not clear if it's a country / company policy that dictates what happens in these situations.


Cheers.

[bitkilo]

Hi everyone,

I'm still fairly new to cryptocurrency, so this question is probably dumb... bare with me.

If one has BTC holdings that worth millions of USD, let's say $20,000,000 and they want to cash it and deposit it to their bank account, is it possible?

Since BTC is not controlled by banks, it's up for the exchange sites to handle this transaction (so I assume), so who will pay this cash amount to the person?

I live in Australia and I use two websites for cryptocurrency, CoinSpot (multi-wallet and exchange site) and Coinjar (Bitcoin wallet and exchange). I sent them a support email, asking for the same, because It's not clear if it's a country / company policy that dictates what happens in these situations.


Cheers.

As long as you have someone who wants/needs that many coins and has the cash available i can't see any problems.

If you have a large amount of coins you want to move then let me know, i have a person in Australia inquiring about large purchases.

[gil80]

Hi everyone,

I'm still fairly new to cryptocurrency, so this question is probably dumb... bare with me.

If one has BTC holdings that worth millions of USD, let's say $20,000,000 and they want to cash it and deposit it to their bank account, is it possible?

Since BTC is not controlled by banks, it's up for the exchange sites to handle this transaction (so I assume), so who will pay this cash amount to the person?

I live in Australia and I use two websites for cryptocurrency, CoinSpot (multi-wallet and exchange site) and Coinjar (Bitcoin wallet and exchange). I sent them a support email, asking for the same, because It's not clear if it's a country / company policy that dictates what happens in these situations.


Cheers.

As long as you have someone who wants/needs that many coins and has the cash available i can't see any problems.

If you have a large amount of coins you want to move then let me know, i have a person in Australia inquiring about large purchases.

Hi.

I don't have large amount. It was a theoretical question.
But I think you proved the point. An exchange won't allow to sell in large amounts because the banks won't vouch for them due to the fact that banks don't officially acknowledge cryptocurrency.

So, what is it worth to be valued in millions of USD in cryptocurrency if you can't sell it all to get your millions... am I missing something here?

[bitkilo]

Hi everyone,

I'm still fairly new to cryptocurrency, so this question is probably dumb... bare with me.

If one has BTC holdings that worth millions of USD, let's say $20,000,000 and they want to cash it and deposit it to their bank account, is it possible?

Since BTC is not controlled by banks, it's up for the exchange sites to handle this transaction (so I assume), so who will pay this cash amount to the person?

I live in Australia and I use two websites for cryptocurrency, CoinSpot (multi-wallet and exchange site) and Coinjar (Bitcoin wallet and exchange). I sent them a support email, asking for the same, because It's not clear if it's a country / company policy that dictates what happens in these situations.


Cheers.

As long as you have someone who wants/needs that many coins and has the cash available i can't see any problems.

If you have a large amount of coins you want to move then let me know, i have a person in Australia inquiring about large purchases.

Hi.

I don't have large amount. It was a theoretical question.
But I think you proved the point. An exchange won't allow to sell in large amounts because the banks won't vouch for them due to the fact that banks don't officially acknowledge cryptocurrency.

So, what is it worth to be valued in millions of USD in cryptocurrency if you can't sell it all to get your millions... am I missing something here?

I never said that you couldn't do it via a bank wire transfer.
If you had a few million in the bank didn't need a loan and wanted to by lots of bitcoins then i can't see how the bank could legally stop you from sending that money anywhere you like unless it's to someone on some sort of government watch list.

The US government has auctioned off many bitcoins themselves and it big lot's too.
Have a look at the link below, it show's the government advertising the sale of 50.000btc. At today's prices that's $121,000,000 usd
https://www.usmarshals.gov/assets/2015/ ... y-auction/

[gil80]

It's the other way around.
My question is what if I had millions of dollars in Bitcoin, sitting in an exchange/wallet site and I want to convert it to cash and deposit to my bank account.

It seems as this cannot really happen.

Just two weeks ago there was an article that stated "if you bought bitcoin for $100USD in 2010, today you'd have $76.6 million USD".
That's great stuff, but who's gonna cash it for you?

[bitkilo]

It's the other way around.
My question is what if I had millions of dollars in Bitcoin, sitting in an exchange/wallet site and I want to convert it to cash and deposit to my bank account.

It seems as this cannot really happen.

Just two weeks ago there was an article that stated "if you bought bitcoin for $100USD in 2010, today you'd have $76.6 million USD".
That's great stuff, but who's gonna cash it for you?

I can't see anyone buying that many coins at once for spot price but you could probably find a bitcoin whale without too much trouble taking very large amounts at once for cash, you would have to give a discount on the price per coin a little.

Google the Whaleclub, they are a group of bitcoin traders that are rumoured to trade massive amounts of bitcoins on a daily basis.

[Possum577]

Since this is a theoretical question, I'll also provide a theoretical thought...

In theory it may sound wise to cash out entirely at the same (presumably) high price. But in reality it would be best to sell off slowly. Big transactions draw big attention and with that kind of money, if it were mine, I would not want to attract big attention from anybody.

Small transactions, over time, knowing that some will be worth more fiat and others will be worth less, is the safest approach to liquidating such a large position.

Stealth wealth is always better than flaunting it. It allows you to remain in control.

[farhan236]

Since this is a theoretical question, I'll also provide a theoretical thought...

In theory it may sound wise to cash out entirely at the same (presumably) high price. But in reality it would be best to sell off slowly. Big transactions draw big attention and with that kind of money, if it were mine, I would not want to attract big attention from anybody.

Small transactions, over time, knowing that some will be worth more fiat and others will be worth less, is the safest approach to liquidating such a large position.

Stealth wealth is always better than flaunting it. It allows you to remain in control.

Great post i am totally agree with him

[nandibear]

It's the other way around.
My question is what if I had millions of dollars in Bitcoin, sitting in an exchange/wallet site and I want to convert it to cash and deposit to my bank account.

It seems as this cannot really happen.

Just two weeks ago there was an article that stated "if you bought bitcoin for $100USD in 2010, today you'd have $76.6 million USD".
That's great stuff, but who's gonna cash it for you?

I'm a nice guy and I don't like to be sarcastic with people but you are pushing it a little.

Would you really need to withdraw all 76.6 million at once (if you had the much bitcoin, I know that you are tying to make an argument).

If someone had 76.6 million (USD) in Bitcoin, and wanted to 'cash out', they could so increments. Even at an exchange like Coinbase.com you may withdraw A LOT each week. An account which is not even completely verified can do $10,000 per week (more than that if totally verified).

And if that's a problem for you then what do you think would happen if you went into your bank, where you have an account, and asked for 76.6 million in cash (if you had that much in your account)? Do you think that they'd give it to you? NO, I doubt that they would.

I once withdrew $30,000 of my own money from the bank and they gave me hard time. Moreover, there are probably very few banks that even have 76.6 million in cash on hand to give ANYONE who walked into the bank.

So I'm sorry and I don't intend to be rude but frankly the scenario that you are arguing is a little silly.

[nandibear]

..

Moreover, you could also buy assets with your Bitcoin which you could then liquidate.

You can buy expensive cars, houses, land and also sorts of property with Bitcoin which could then be liquidated.

The key is to plan things out. If you foresee yourself having a lot of wealth stored in Bitcoin and you know that you might want to pull out a lot of that in fiat then you'll have to start planning.

Make a list of all exchanges and their max withdraws and in what time frames. Look into private parties which will buy Bitcoin. Look into buying assets with Bitcoin.

And remember that a bank probably wouldn't just hand over 76.6 million in cash either.

[nandibear]

....

I see now that you say that you are very new to cryptocurrency.

I hope that I didn't sound mean in my previous comments.

It just that lately, in the offline world, it seems like every time that I talk to people about Bitcoin and crypto in general they've been giving me similar scenarios in what appears to be just for argument or they just think in negative terms. I thought that maybe that you were doing the same.

I apologize.

Welcome to the forum and please continue to ask questions.

[OneChain]

Yes, it is. Exchanges has special procedures for large sums.

[edin]

Anda dapat membeli mobil, rumah, tanah, dan juga properti mahal dengan Bitcoin yang akan dilikuidasi.

[Franco_T]

In this scenario, withdrawing such big amount might create a little problem, i think it would be better to withdraw in bits. that way it will be a lot easier and safe.

[cryptofroggy142]

I don’t think there might be any problems.

[AskGamblers]

You should be able to withdraw the money with no problems.

[Jomorey]

It depends on which country you are in. In general, with large amounts, it is better to be careful and withdraw them in small parts.

[jackp049]

i use virwox for change skrill or neteller to bitcoin. it's great but has much fees for transaction!