Sell your cryptocurrency. Before you can actually take your money out of Coinbase, you’ll need to first sell your Bitcoin, Ether etc within the app or site, and deposit it in your EUR wallet within Coinbase, ie, convert it into euros. Dec 05, 2019 As long as you have all the necessary credentials and verification, cashing out with Coinbase is a breeze! Coinbase will support conversion from Bitcoin, Ethereum, Litecoin, and Bitcoin Cash to US dollars. All you have to do is connect a US bank account to your Coinbase account, and then order the transfer.

Some people kill time at the airport by browsing duty-free shops. I decided to shop for bitcoin.

Feb 11, 2021 Bitcoin nearly tripled in price, from $15,000 to over $40,000, in two months. If you invested $1,000 in early November, you could have taken out $2,600 in early February. Jan 05, 2021 If you decide to cash out your Bitcoin using a broker exchange (such as Coinbase), then it will normally take about 1-5 days for the money to reach your account. For EU customers, payments are made via SEPA (withdrawals paid in Euros). However, if you want to sell Bitcoin for USD, brokers normally use the SWIFT payment method.

But first, there are two things you should know about me: I tend to be almost as afraid of losing money investing as I am of flying. On some level, I figured one fear might cancel out the other.

So last Thursday, while waiting for a flight to Nashville, I pulled up a popular application called Coinbase that can be used to buy and sell bitcoin. The virtual currency had hit $10,000 for the first time a couple days earlier, before retreating somewhat. News of bitcoin's rapid rise was everywhere, including on CNN.

For 15 minutes at the airport, I refreshed the price of bitcoin over and over, watching as it gained and lost hundreds of dollars in a matter of minutes. I called out the price fluctuations breathlessly to my wife, who gently encouraged me not to be an idiot, before returning to her magazine.

She was in good company. JPMorgan Chase CEO Jamie Dimon recently called bitcoin a 'fraud' and suggested people who buy it are 'stupid.' Warren Buffett called bitcoin a 'mirage' in 2014 and warned investors to 'stay away.'

Are you trading Bitcoin? We want to hear from you.

And yet bitcoin has climbed more than tenfold since Buffett's warning. Earlier this month, one college friend casually told me over drinks he'd made tens of thousands of dollars investing in another cryptocurrency. He said he hoped it would be worth enough one day to buy a house.

When I saw the price of bitcoin fall to $9,500, I pressed buy, defying the wisdom of two finance titans and my wife. One hundred dollars, or 0.0101 bitcoins. (A few days later, I bought another $150.) By the time we got to our hotel, my stake had already gone up 10%. One week later, it was (briefly) up 100%. My wife's opinion of me has reportedly decreased by the same amount.

What is happening?

It's an investing frenzy, plain and simple.

Bitcoin cracked $1,000 on the first day of 2017. By this week, it was up to $12,000, and then it really took off: The price topped $17,000 on some exchanges Thursday, and $18,000 on at least one.Other cryptocurrencies have seen similar spikes, though they trade for much less than bitcoin.

There's a long list of factors people may point to in an attempt to explain this. Regulators have taken a hands-off approach to bitcoin in certain markets. Dozens of new hedge funds have launched this year to trade cryptocurrencies like bitcoin. The Nasdaq and Chicago Mercantile Exchange plan to let investors trade bitcoin futures, which may attract more professional investors.

Yet a key reason the price of bitcoin keeps going up is, well, because it keeps going up. Small investors like yours truly have a fear of missing out on a chance to get rich quick. And when the value of your bitcoin doubles in a week, as it did for me, it's easy to think you're a genius. But you can get burned assuming it will keep skyrocketing.

Some investors have likened the bitcoin hype to the dot-com bubble. Others, like Dimon, have said it's even 'worse' than the Dutch tulip mania from the 1600s, considered one of the most famous bubbles ever.

As Buffettput it back in 2014, 'the idea that [bitcoin] has some huge intrinsic value is just a joke in my view.' Bitcoin is not backed by a company's earnings, or the strength of a government and rule of law. There's also no interest or dividends.

Why would anyone want or need to use bitcoin?

Bitcoin serves as a new kind of currency for the digital era. It works across international borders and doesn't need to be backed by banks or governments.

Or at least that was the promise when it was created in 2009. The surge and volatility of bitcoin this year may be great for those who invested early, but it undermines bitcoin's viability as a currency.

Right now, I can use my bitcoin holdings to pay for purchases at Overstock(OSTBP), or book a hotel on Expedia(EXPE). But if I use bitcoin to buy $25 worth of socks on Overstock today, and the price of bitcoin quadruples next week, I'll feel like those socks actually cost me $100. Then again, if bitcoin crashes, at least I'll always have the socks.

Rather than a currency, bitcoin is being treated more like an asset, with the hope of reaping great returns in the future.

Taking Money Out Of Bitcoin Exchanges

So is there anything truly valuable about bitcoin?

Yes, the technology behind it.

Bitcoin is built on the blockchain, a public ledger containing all the transaction data from anyone who uses bitcoin. Transactions are added to 'blocks' or the links of code that make up the chain, and each transaction must be recorded on a block.

Even bitcoin critics like Dimon have said they support the use of blockchain technology for tracking payments.

Is there a legal and legitimate way to invest in bitcoin?

Bitcoin exchanges have a checkered history. Mt.Gox, once the largest exchange, shut down in 2014 after losing hundreds of millions of dollars worth of bitcoin after a hack.

Today, the leading exchange is offered by Coinbase, a startup that has raised more than $200 million from a number of top tier venture capital firms. Square(SQ), the payments service, is also rolling out a bitcoin product.

There are also bitcoin ATMs in scattered bodegas and convenience stores around the country, through companies like Coinsource. The ATMs let you exchange bitcoin for cash, or vice versa by scanning a QR code from the digital wallet application on your phone.

With Coinbase, you must first give the app permission to connect to your bank account. As with other stock trading applications, you pay a small fee for each transaction, buying and selling. But the transaction can take significantly longer.

My original $100 bitcoin purchase won't officially be completed on Coinbase until Friday, more than a week after the transaction. The price I bought it at remains the same, but I won't be able to sell at the earliest until Friday.

If the price plummets before then, I'm out of luck. No socks for me.

-- CNN's Selena Larson contributed to this report.

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.

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.

Earn Money From Bitcoin

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.

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!