What exchanger to use to cash out large amounts of crypto into banks?
Well, first of all never use a retail exchanger like Kraken, Bitstamp, Bitfinex. Huge pain in the ass, over zealous compliance and so on.
I suggest you to use an OTC exchanger.
Why? They are already prepared to handle millions. They are liquid. They have no problems to process 20-30 millions daily to your bank account.
KYC and verification is still here but it’s not a pain the ass.
What OTC do I suggest?
I can surely suggest CASHGOLD.
Easy verification, one of the oldest BTC exchangers (founded in 2013), helpful staff, never been hacked in all these years.
Then I could suggest you something like Cumberlandmining and B2C2, but they are a step below CashGold.me in my opinion (at least for our aims).
You don’t have a bank account? No problems.
- How to sell large amounts of bitcoin
- How Can Bitcoin Whales Exchange A Large Amount Of Bitcoin Without Crashing The Market?
- How to sell large amounts of bitcoin reddit
- How to sell big amount of bitcoin
- How to sell large quantities of bitcoin
- • Peer-to-Peer
- How to sell large amounts of crypto
- • Opt For A Centralized Exchange
- How to sell large amounts of crypto reddit
- • Trading with OTC Brokers
- How to sell big amounts of crypto
- Best way to sell large amounts of bitcoin
- Over The Counter
- Other Threats
How to sell large amounts of bitcoin
The following article will teach you how you can “cash out” of a big sum of bitcoin safely, be it in person, through an exchange or even using a broker.
How Can Bitcoin Whales Exchange A Large Amount Of Bitcoin Without Crashing The Market?
Recently, the bitcoin community and casual spectators freaked out as the price of bitcoin took a sudden for the worst. The price of bitcoin dipped below $300 into the $280 to $260 range, the lowest the price it has been all year. This price drop tested many bitcoiners nerves. Many caved in and sold.
While others bought more and for a cheaper price.
How to sell large amounts of bitcoin reddit
Besides that, most of the coins in circulation today were mined in the earliest days of bitcoin and caused large amounts of bitcoin to reside in a few hands. These two factors have lead to bitcoin’s very volatile price, with this recent price movement being a clear example of that. Many people have claimed that these conditions lead to an unhealthy and easily manipulatable market.
While we can’t say this for certain, most people think that was the goal of the Whale in the recent price decline. The reason being, it makes no sense to sell such a large amount of Bitcoin an exchange, due to slippage. Slippage is the amount of money lost when a person makes a sell order but there is inadequate demand and the market has to adjust the price.
This causes the seller to lose the money he would’ve made if all his coins sold at the original price.
How to sell big amount of bitcoin
There are many factors in a market as complex as bitcoin but it is safe to say that a 30,000 BTC sell order on BitStamp was mainly behind the decline. Someone, trying to manipulate the market, or just very green to trading practices, decided to sell 30,000 BTC. There was not enough buy orders to meet the demand. Orders ended up showing up, which caused the price to fall 10%, but the order was pulled shortly later which caused a 20% increase.
Then the person decided to put the 30,000 BTC sell order again and caused the price to dip by 10%, below the $300 mark! Several hours later, the huge sell order had been eaten up by enough buy orders, causing the price to surge back up, to its current price of about $360-380.
Illiquidity, insufficient sell and buy orders, has plagued bitcoin for most of its life.
How to sell large quantities of bitcoin
Using the peer-to-peer function can be likened to an OTC bitcoin transaction, but there is no OTC bitcoin platform involved.
In this option, users have to trade with those that can be trusted. For those that are looking for how to sell large amounts of cryptocurrency through this method, the need to transact with a trustworthy person is key. They could trade their BTC to someone that was recommended by their business partner or a tax lawyer.
Using this method may not be safe if precautions are not taken.
How to sell large amounts of crypto
Crypto enthusiasts are always seeking how to sell large amounts of cryptocurrency seamlessly. How can they cash out large amounts? Do trading accounts have withdrawal or deposit limits? There are different ways that one can trade their Bitcoin or exchange it for another cryptocurrency. If you are wondering how to sell large amounts of cryptocurrency for fiat currencies or altcoins, take a ride with us.
• Opt For A Centralized Exchange
Many exchanges can be linked to one’s bank account and allow users to exchange their money to cryptocurrency for transaction fees.
Centralized changes tend to give holders of BTC and other cryptocurrencies the opportunity to exchange or trade their cryptos. The level of anonymity here is next to none, as users have to upload a form of identification before they are allowed to use the exchange.
How to sell large amounts of crypto reddit
The BTC to USD rates for this option tend to vary, and many of them have ridiculously low withdrawal or deposit limits. Placing orders for large amounts of Bitcoin can lead to a crash in the price of BTC, which results in losses of large magnitude.
• Trading with OTC Brokers
Creating an account with an OTC broker is another option for those looking for how to sell large amounts of cryptocurrency. Using counter OTC makes it easy to sell one’s crypto without worrying about it crashing the price of the crypto. One reason that people opt for this method is that the details surrounding the sales are not publicized. What this means is that the value of the cryptocurrency to US dollars may not change because of the transaction. Withdrawal limits are not an issue with an OTC broker because the exchange or trade occurs between the two parties.
How to sell big amounts of crypto
IRC is very simple to use and really interesting as you get familiar with it.
When dealing with such large sums, participants want to be safe and secure. This has led to most people, especially the whales, to use GNU Privacy Guard. GNU is a encryption program, similar to Pretty Good Privacy (PGP), that encrypts various things, including messages.
GNU, unlike IRC, is a bit more complicated and not for the average user. If you are not familiar with encryption software, it might take a bit of studying but it is definitely possible. You can download it for free, here.
OTC trades are usually done in private, and while people do build up a reputation, it still remains based on trust.
Unlike LocalBitcoins, there is no escrow or third party involved.
Best way to sell large amounts of bitcoin
US it is $5,000 to $10,000. If you make a sell that exceeds more than $10,000, when that amount it sent to your bank account it is most likely going to be frozen. That is why it is very difficult not just to sell large amounts of bitcoin on exchanges, but in general.
An alternative option is to the exchange in-person and in cash but this is still not super easy. While you are able to do the transaction without a problem, if you are the seller, you now have a large amount of cash you don’t know what to do with.
Those laws, I mentioned earlier, still apply so even if you have received cash for bitcoin, it is still going to be several days of going to the bank and depositing large amounts of cash before all of it stored away safely.
Over The Counter
A whole market, hidden from the public eye, has popped up to serve Whales and wanna be Whales.
People who are looking to do large transactions, like the 30,000BTC sell order, do their business in person and in cash, also known as Over The Counter (OTC). This market is not nearly as visible as ones like that exchanges facilitate.
This market can be found on the IRC, a communication protocol layered on top of the internet, by the hashtag #bitcoin-otc. For those unaware, IRC is a free and basic communication platform that is a hub for bitcoin activity, as well as other open source projects.
Learn more about that here.
IRC does not have as many features or the beauty of Facebook or Twitter, but instead, its functionality is closer to reddit. It has a basic design, anonymity, and customizability. You can access IRC through a client that runs on your browser, like IRCCloud or a client that runs on your computer, like these.
He could’ve been an earlier adopter who originally got the bitcoins for pennies and just wanted to get rid of them as quickly and easily as possible. While Redditors spend hours arguing over the possibilities, the more interesting question remains, how does a Bitcoin Whale sell such a large amount of bitcoin properly?
Before I get to that, slippage isn’t the only thing Bitcoin Whales need to worry about when selling their virtual fortune. Bank can also cause huge problem for people dealing with such high volume.
Many bitcoin businesses have bitten the dust because of banks closing their bank accounts. This hasn’t just happened to businesses but also, to people who have sold large amounts of bitcoin on exchanges.
For a number of reasons, all relating to law, banks put caps on the amount one can transact in a single day.
So, this guide is written for free and just for information.
I do not promote any kind of illegal behaviour.
This guide is written for anyone that wants to cash out, to withdraw, large amounts of bitcoins (or cryptocurrencies, like Monero, Ethereum) into a bank account.
I cant’ help Unites States of America readers, unfortunately all the exchangers (almost) do not accept USA citizens or residents.
How much is large: we are talking about 2 millions dollars or more (or equivalent in crypto).
The attitude of banks towards crypto is changing slowly, but it is still a though stance.
So, let’s say that you obtained millions of dollars worth of BTC, XMR (maybe illegally, selling drugs in the dark web, I don’t judge you but still I don’t want to know).