Post
Topic
Board Bitcoin Discussion
Re: How does a whale sell its huge amount of bitcoins and change them into fiats?
by
avikz
on 27/06/2023, 16:40:53 UTC
Hello,

From what I read, someone who sells btc sometimes has trouble receiving the fiats in its bank account. If the sum is large, the bank turns on all its red lights. I guess it's not a problem for someone famous, but for an ordinary citizen, how it happens if he lives modestly, recovers his private keys that he lost 10 years ago and finds himself with millions?

Walk to an offline broker and negotiate a deal with them. Receive a portion in cash and rest in bank. But it is wise to not convert a huge amount of bitcoins at once. If you suddenly receive a huge sum of money in your bank account which doesn't match the previous transaction trend, your bank can freeze the account.

So always convert a little amount of money which doesn't raise suspicion. Or do cash trade with offline brokers.