Dealing with cryptocurrencies can be a bit tricky because it comes with a mixed bag of outcomes. You may feel happy to accumulate large amounts of crypto currencies, but there is another baffling thing that you may have to figure out, and that is how to convert large amounts of bitcoins to cash.
One of the issues surrounding cashing out vast sums of bitcoins is that the amount you want to sell may exceed the daily cash limits set by various exchanges. You may also attract the attention of regulators because people can use digital currency as a means of illegal money laundering. Besides, it may affect the price of the digital currency and may also have some significant tax implications.
The good news is that the market has taken care of colossal bitcoin withdrawals by developing Over the Counter (OTC) crypto services. These are platforms that provide all the necessities for the big investors and institutions to carry out their transactions.
Here are some of the ways to convert large amounts of bitcoin to cash:
Trading with the bitcoin OTC broker
Among the most popular option for cashing in large sums of bitcoins is using an OTC trading service. The platform, also referred to as an OTC bitcoin broker, directly links sellers and buyers of digital currencies. They do this by matching the client’s desired conditions. OTC bitcoin brokers are preferred for major bitcoin cash outs for the following reasons:
· The broker does not publicize the details of the transaction, so the deal doesn’t affect the market
· The trades happen directly between the parties involved; hence withdrawal restrictions do not apply
· The deal offers a high level of anonymity that cannot be provided by exchanges, and this is crucial for institutional and corporate dealers
Cashing out bitcoins using an exchange
Using an exchange is most likely the most popular way of exchanging digital currencies for fiat. The services carry out a big chunk of the transactions, providing top-notch customer service and a good experience, and have all the essential options. Nevertheless, the corporate and institutional dealers do not find them favorable. One downside to this option is that BTC to USD rates may vary significantly. Also, some exchanges may not have enough fiat currency on hand to allow big bitcoins cash outs. The biggest problem with using exchanges is that making big orders on an exchange could crash the bitcoin price resulting in immense losses.
Bitcoin holders who want to cash out massive amounts of bitcoins should consider doing so on NakitCoins, the first land-based bitcoins cashpoint or broker in Turkey. Here, you can top up and withdraw bitcoins and other cryptocurrencies in fiat, with the utmost confidentiality and security and no limits. NakitCoins also offers a decentralized online exchange service for customers in need of quick conversion of their money.
Peer-to-peer cash out
The option is an OTC transaction involving bitcoin but with no need for an OTC bitcoin broker. For instance, you could sell your bitcoins to a person you know and trust. A good example of this kind of cash out is selling to someone recommended to you by your business partner, tax attorney, or another person you trust. Unfortunately, the amount of bitcoins that you can cash in this option is purely dependent on chance and may not be a very reliable option to count on when it comes to how to convert large amounts of bitcoin to cash.
Here you have the key ways you can use to cash out bulk bitcoins amounts. However, some people use back-alley trading or unlicensed vendors to convert large amounts of bitcoin to cash. This is the riskiest way to trade crypto for fiat, but some unsuspecting traders seeking to save on taxes and fees choose to use it. The downside is that you can quickly lose all your money and get on the wrong side of the law. So, irrespective of its attractiveness, avoid this route and instead use one of the three ways discussed above.