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Bitcoin Liquidity Question

1,876 Views | 13 Replies | Last: 4 yr ago by Rascal
Rascal
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AG
Let's say that I had the foresight to buy some Bitcoin back in 2012 and now I have $10 million.

Could I literally convert that into U.S. dollars via any standard U.S. bank or how does that work exactly since BC has limitations in terms of using it for payment?
Gary Johnson
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You'd have to sell at a crypto exchange then transfer the dollars to your bank. I don't know how long that'd take with $10 million but probably faster than selling stock.
administrative errors
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You'd deal with an otc broker, most likely.
***
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*Physical and mental exercises
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Step 3: property found

Step 4: set date

Step 5: plan agenda for participants, food, logistics etc, integration and counseling post-experience

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dlp3719
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AG
administrative errors said:

You'd deal with an otc broker, most likely.
This is the correct answer.
administrative errors
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administrative errors said:

You'd deal with an otc broker, most likely.

And if you need a recommendation [which I'm doubting] I can recommend who I've used in the past.
***
Coming soon:
AE Ventures - sooner than soon
*Psychedelic Retreats
*Physical and mental exercises
*Addiction services

Step 3: property found

Step 4: set date

Step 5: plan agenda for participants, food, logistics etc, integration and counseling post-experience

Step 6: long-term planning

I am amped.
Rascal
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AG
What commission or fees do these otc brokers charge?
Laser Wolf
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If you earn bitcoin by mining it, do you have to report those earnings to the IRS?
DallasAggie0
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Technically you are supposed to
one MEEN Ag
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AG
Rascal said:

Let's say that I had the foresight to buy some Bitcoin back in 2012 and now I have $10 million.

Could I literally convert that into U.S. dollars via any standard U.S. bank or how does that work exactly since BC has limitations in terms of using it for payment?
If you really have that much, and you're asking bitcoin 101 questions go with an OTC bank. Would suck to not have someone guide you through the process and you put the wrong wallet number down. $10 million just disappears.
permabull
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AG
Red Pear Realty
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AG
one MEEN Ag said:

Rascal said:

Let's say that I had the foresight to buy some Bitcoin back in 2012 and now I have $10 million.

Could I literally convert that into U.S. dollars via any standard U.S. bank or how does that work exactly since BC has limitations in terms of using it for payment?
If you really have that much, and you're asking bitcoin 101 questions go with an OTC bank. Would suck to not have someone guide you through the process and you put the wrong wallet number down. $10 million just disappears.


I know this guy named Fidel down in Chinatown that deals in fake purses. He can help you take care of it.
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
administrative errors
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Red Pear Realty said:

one MEEN Ag said:

Rascal said:

Let's say that I had the foresight to buy some Bitcoin back in 2012 and now I have $10 million.

Could I literally convert that into U.S. dollars via any standard U.S. bank or how does that work exactly since BC has limitations in terms of using it for payment?
If you really have that much, and you're asking bitcoin 101 questions go with an OTC bank. Would suck to not have someone guide you through the process and you put the wrong wallet number down. $10 million just disappears.


I know this guy named Fidel down in Chinatown that deals in fake purses. He can help you take care of it.

Again, simple steps.
1. Transfer a few Satoshis over to alleged account
2. Confirm both sides show received
3. Move more, until transaction is complete
4. Money is moved into your account at sane rate btc shows up on broker's account.

[It's not difficult unless you're an incompetent]
***
Coming soon:
AE Ventures - sooner than soon
*Psychedelic Retreats
*Physical and mental exercises
*Addiction services

Step 3: property found

Step 4: set date

Step 5: plan agenda for participants, food, logistics etc, integration and counseling post-experience

Step 6: long-term planning

I am amped.
cjsag94
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AG
I assume the following is accurate.

https://www.bitdegree.org/tutorials/how-to-cash-out-bitcoin/

Interesting note is the money laundering concern. I had heard that many mainstream banks will not accept deposits from crypto currency sites. I know someone who was having a great deal of trouble converting bitcoins he mined himself.
Red Pear Realty
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AG
This is Fidel



(NSFW language)
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
Rascal
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AG
Mine is purely hypothetical. I unfortunately never bought any but I frequently tease my wife that had I bought $10K in BC instead of her engagement ring back in 2012 that we would have $50M in the bank right now assuming we cashed out in the 2017 peak.

She sort of giggles at that.

But I wasn't sure how the transfer and liquidity stuff actually worked.
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