>>62336622
cash out?

>>62336622
You talk to a tax consultant and let your bank know in advance that you have big crypto deposits coming in and to not flag your account

>>62336664
thanks, but how do you convert the crypto in the first place? OTC company, crypto exchange, something else?

do you know if some banks are more tolerant than others? i have accounts in the US and Europe

>>62336656
hah, yes but not all of it. i think buying some land and building a house is a pretty good excuse to cash (some) out

File: Untitled design.png (3.94 MB, 2000x2000)

3.94 MB PNG

>>62336622
You can’t.

Seriously, new cash outs are only chosen a few times a year, and the minimum requirements for applying are very steep. Even so, hundreds apply, but only a few are selected. If you seriously want to cashour, you’ll likely (but not always) need to have a history on every major exchange that makes you recognizable to the majority of the user-base for several years to even be considered. Pestering the current HODLers or Whales to cashout essentially guarantees that you won’t be selected.

>>62336622
I pressed withdraw button in Coinbase and typed in amount. Got my bank app notification that the money has arrived within a few minutes

>>62336700
>minimum requirements for applying are very steep
I'm having trouble understanding your post... are you talking about applying to an OTC desk as a customer?

>>62336708
are you in the US? and what was the amount, approximately

>>62336708
I think I just had to notify my bank before hand, but that’s only if you have some ungodly amount being deposited. And that was years ago too, ACH and crypto are pretty common now with banks.

>>62336726
>>62336743
EU, bank contacted me within a few days. Money was on account already quickly with no problems

>>62336763
thanks for the response. i'm hoping it's that easy for me.

i would have to open a new coinbase account and transfer btc from some old wallets. i'm just concerned they would have to analyse the old wallet transactions or something. i've just heard of coinbase frequently flagging/freezing accounts and i'm not sure what exactly causes that.

doesn't sound like you had any issues though, which is good.

>>62336798
I've had the same Coinbase account since 2017 already. This is were the money to crypto first came in and now over the last few years all went out to my bank again.

For tax purposes I've been tracking my crypto with Koinly for the last ~4 years. Maybe about 10 exchanges and 10 wallets, with multiple chains and DeFi trades also. Was not too difficult even. Havent been able to trace everything retroactively perfectly but good enough.

The bank eventually also wanted to have some documents of my transactions. To make sure I am not connected to some blacklisted addresses or that no other money came into my accounts than my own. This is thousands of transactions/buys/sells were talking about. I gave them documents that Koinly can generate. I kind of doubt the bank people can understand it all, but they are satisfied to have something and sense I am not trying to hide anything.

You don't have enough to sell OTC. You sell to the orderbook.

>>62336622
SI-SIX SEVEN!!

>>62336664
Basically this
Unless you're explicitly trying to dodge taxes, which you can't do past cashing out above a certain amount, there's no issues in selling crypto
All the horror stories around here are from dishonest scammers that aren't telling they got their crypto from very poor opsec crime

Oh yes, absolutely. Because nothing says "carefully planned home construction" quite like tying your entire building budget to one of the most volatile asset classes on Earth and then assuming every intermediary involved will roll out a red carpet while a mountain of money teleports into your bank account.
In this magnificent circus act, the market will obviously cooperate, your chosen exit date will coincide with peak prices, the OTC desk will operate with the speed of a Formula 1 pit crew, your bank's compliance department will greet the incoming wire with confetti cannons, and tax authorities will simply nod approvingly from a distance. What could possibly go wrong?
The fantasy gets even better. You're building a house, a project famous for never experiencing delays, cost overruns, contractor disputes, permit issues, material shortages, or surprise expenses. Pair that with an asset that can decide to impersonate a falling piano at any moment, and you've created the financial equivalent of juggling chainsaws while riding a unicycle across a tightrope made of spaghetti.
Then comes the banking adventure. People talk about large transfers as if they're ordering a pizza. In reality, moving significant sums often involves documentation, source-of-funds checks, compliance reviews, questions, more questions, and occasionally questions about the questions. Yet somehow the expectation is that a giant OTC sale will produce a magical wire transfer that glides through the global financial system like a bald eagle soaring through a sunset.
The best part is the assumption that next year will conveniently be the perfect time to sell. Not six months earlier. Not six months later. Exactly when the concrete needs pouring and the invoices arrive. That's not financial planning; that's consulting a crystal ball while wearing clown shoes.
By all means, have an exit strategy.

>>62336656
this reminded me of 2017 when crypto was being talked about in the mainstream now and people started asking about whether or not you could actually cash out of crypto lol

>>62336873
God bless your soul