Mar 27, 2020 There are several ways to convert bitcoin to cash and ultimately move it to a bank account: Sell bitcoin on a cryptocurrency exchange, such as Coinbase or Kraken. This is the easiest method if you want to sell bitcoin and withdraw the resulting cash directly to a bank account. Earn Money by acting as Amazon purchaser. This is one of the traditional and hassle-free methods. Cashing out millions of dollars worth of bitcoin is certainly doable, and there are several ways to accomplish this, depending on your need for speed, security, and anonymity. Remember to first talk to your bank to get the green light for the transaction, and to consult with a lawyer or accountant with expertise in cryptocurrency tax laws.

Lately, there have been a lot of people wondering how to cash out large amounts of bitcoins safely.

Whether it be that they became one of the famed crypto millionaires, they are on their way to being one, or just out of simple curiosity.

Figuring out how to cash out large amounts of bitcoin is a good problem to have.

Because it means you made it!

A lot of people claim that they got involved in the cryptocurrency space because of the tech, but we all know that the majority of investors are just here for the money.

And for the ones that actually made it big, we decided we’d help them out by detailing how to cash out large amounts of bitcoin and safely deposit them into their bank accounts.

Let’s get into it.

How Is Cashing Out Large Amounts Of Bitcoin Different Than Cashing Out Small Amounts Of Bitcoin?

First off, we need to understand that there is a big difference between withdrawing large sums of bitcoin versus small sums of bitcoin.

The reasons are intuitive, but let’s touch on them here.

Life-changing Money

Depending on who you are, this could be life-changing money.

Wealth is a very relative term, and “large amounts” may mean different things for different people.

Whatever a “large amount” means to you, just bear in mind that you’re going to want to treat the withdrawal of this money seriously.

Withdrawal Limits

Most exchanges have withdrawal limits.

Some are only a couple thousand, some are tens of thousands, and some even go up to one hundred thousand.

Either way, you must know the withdrawal limits of the exchange you’re working with so that you don’t send all your money to your exchange address only to have it sitting there without the ability to take it out.

Bank Freezes

If there are unusually large amounts of funds being deposited into your bank account, the bank may get suspicious.

They may even freeze your account.

This is why you must plan accordingly so that this does not happen.

Taxes

And then, of course, there are taxes.

The taxes on large amounts of bitcoin are going to be much larger than small amounts (obviously).

You’re going to want to keep in mind the tax implications of the funds you withdraw.

Can You Cash Out Your Bitcoin To Fiat?

For the record, yes, you can cash out your bitcoin to fiat currency.

Newbies, be aware: you can convert your BTC to fiat just as you initially converted your fiat to BTC.

You just have to understand the process of doing so.

Which is exactly what we’re talking about here (for large amounts, that is).

Talk To A Lawyer For Tax And Legal Purposes

The very first thing you must do when cashing out large amounts of bitcoin is to talk to a lawyer or a tax accountant immediately.

All countries have different tax implications.

You need a cryptocurrency tax specialist to guide you through the exact process of depositing your funds at the lowest rates possible.

Of course, there will be a fee to do so.

But the fee will be nominal compared to the amount the accountant will be able to save you with his experience and expertise.

With large amounts that could be life-changing for you and your family, it is 100% worth it to speak to a professional to get clear instructions on how to best navigate your situation.

Speak To Your Bank

The next step would be to speak to your bank.

You have to warn them of the deposits you’re about to make.

If you don’t, they may become suspicious and freeze your account.

Even still, you may discover that they will not even accept your deposits anyways.

Depending on the bank you are with, they may not accept cryptocurrency-related deposits into their accounts.

The market is still so new and not all banks are on board yet.

If this is the case, you may need to register an account at a different bank.

Which is why you want to speak to them as soon as possible, so that you can set this up with as little hiccups as possible.

Possible Methods Of Cashing Out Large Amounts Of Bitcoin

This is going to depend on exactly what your lawyer and accountant tell you.

Typically, there are a few popular options that they recommend.

To get yourself familiar with their recommendations based on your own personal situation, we have listed the usual options below.

Cryptocurrency Exchanges

Connecting your bank account to an exchange and depositing the funds directly into your account is a very popular way to withdraw your BTC.

However, different exchanges have different withdrawal fees (some high, some low) and also have different daily, weekly, and monthly withdrawal limits.

Based on how much you’re taking out at a time could really affect which crypto exchange is recommended.

If the fees are too high or the limits too restricting, they may point you in a different direction.

Over The Counter (OTC) Brokers

OTC brokers are people who specialize in purchasing bitcoin OFF of an exchange, not on.

How Does Bitcoin Make Money

They usually deal with large amounts, and some of their biggest clients are billion-dollar financial institutions.

Depending on how much money you have, you may be directed to take this option.

They can usually give you a good deal for a large amount, and also avoids the slippage that may happen on exchanges.

Peer-To-Peer

This is similar to OTC because it also happens off of an exchange.

But peer-to-peer could be with anyone, not just professional OTC brokers.

If the lawyer or accountant have been in this space for years (which they should be) they may be connected to people who specialize in large purchases on bitcoin, but may not necessarily be professionals.

With this option, it is highly recommended that you trust your lawyer.

With such large sums of money, you want to make sure you aren’t getting swindled at any point.

Get Know Your Customer (KYC) Verification

If you are vying for the exchange option, you will need to get KYC verification on the exchange in which you are going to be withdrawing your funds.

To avoid money laundering and criminal activity, it is required that larger exchanges know a bit about their customers for large transactional withdrawals.

So you will definitely want to set this up beforehand so you aren’t waiting when the time comes to withdraw.

Sometimes it could take a few days – if not weeks.

Break Up Your Withdrawals In Incremental Portions Just To Be Safe

Instead of withdrawing all of your BTC all at once, it is sometimes advised to withdraw only a portion of your bitcoin incrementally over time.

This is to avoid something going wrong with your lump sum withdrawal that can result in you losing all of your money.

That would be the last thing you’d ever want to happen.

Some people even recommend to withdraw small portions of your total balance across different withdrawal methods.

Which means withdrawing on different exchanges AND on OTC or peer-to-peer.

This is an extra precaution taken to ensure your one withdrawal method does not screw you over in some way.

This spreads your risk so that you don’t put all your eggs – or BTC – in one basket.

Report Your Taxes

And, lastly, when all is said and done and your money is safely in your bank account…

REPORT YOUR TAXES.

Some investors like to get cute and try to weasel their way out of it.

But at the end of the day, there is a high chance that you may get caught.

In our opinion, it is best to simply pay the taxes rather than to try to hide your earnings and be constantly paranoid about the government finding out.

If you really made a huge amount of gains, you should be able to pay the taxes and still be happy.

Withdrawing And Cashing Out Large Sums Of Bitcoin – A Conclusion

In conclusion, there are standard procedures that need to be taken in order to withdraw large amounts of BTC.

You need to speak to a lawyer or tax accountant, inform your bank, and pay your taxes.

Get Money Out Of China With Bitcoin

There are also popular ways to cash out your bitcoin, but the specific steps should be given to you by a lawyer based on your own specific, exact situation.

Hopefully, you will one day be able to deal with this.

Until then – HODL on!

This is one of the most popular questions that we see from users of our Bitcoin ATM kiosks. Can I withdraw my Bitcoin into cash at a Bitcoin ATM? Can I sell Bitcoin at a Bitcoin ATM, or can I only buy Bitcoin? The simple answer is YES! You can withdraw cash from a Coinsource Bitcoin ATM and many other operators. It’s fast and easy.

In summary:

• Yes, you can convert your Bitcoin into cash at a Bitcoin ATM
• Not all Bitcoin ATMs have the ability to sell crypto
• To withdraw cash from a Bitcoin ATM, you must already have a wallet with Bitcoin in it, ready to be used.
• Coinsource offers one of the lowest rates in the U.S. to turn Bitcoin into cash using a Bitcoin ATM

How to Withdraw Cash from a Bitcoin ATM

1. Create an Account

To use a Coinsource Bitcoin ATM, you first need to have an account with us. It’s easy, free, and quick to enroll with your mobile device.

2. Find a Bitcoin ATM Near You to Withdraw Cash

Second, once you have created your Coinsource account (or other account), you will need to locate a 2-way (buy and sell capability) Coinsource Bitcoin ATM near you. Using a different operator? CoinATMRadar has a complete listing of Bitcoin ATMs with crypto selling capabilities.

How To Take Money Out Of Bitcoin Atm

3. Have Your Wallet Address Ready to Convert Your Bitcoin to Cash

Because you are withdrawing cash, you need to already own Bitcoin and have your transactions stored in a wallet. Have the wallet address where your Bitcoin is stored available and ready.

Remember, this is your private key. If you have multiple wallets and/or multiple keys, select the one you want to use in this transaction.

4. Withdraw Cash from the 2-Way Bitcoin ATM

When you are at the 2-way kiosk, log in to your account on the Bitcoin ATM, and select the “Withdraw Cash” option. If the Bitcoin ATM you are using does not have this option available on the screen, it most likely does not have crypto selling capabilities. Make sure the location you are using has the ability to sell Bitcoin. Enter the amount of cash you wish to withdraw and send Bitcoin to the wallet address QR code indicated.

Final Notes

Once the transaction is confirmed on the blockchain network, you can collect your cash. This typically happens in under 30 minutes and this wait time is outside of the operator’s control.

Earn Money From Bitcoin

All Bitcoin operators charge a fee for using the Bitcoin ATM to buy or sell Bitcoin. However, Coinsource has one of the lowest fees of all the Bitcoin ATM operators in the United States. This means that you’ll take home the most cash possible from the Bitcoin you are withdrawing!

NOTE: Not all Coinsource machines support two-way operations yet, and some of our kiosks only allow you to purchase Bitcoin or send cash to someone’s wallet. Be sure to find a 2-way Coinsource kiosk if you want to convert your Bitcoin into cash. Sign up today with Coinsource to withdraw your Bitcoin to cash!

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