Ask HN: How do Bitcoin millionaires cash out?

3 points by aecorredor ↗ HN

3 comments

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Send the BTC to an exchange.

Perform the trade into fiat.

Call the bank, warn them a large sum is incoming.

Withdraw.

Pay taxes.

A few million dollars is not a big deal in the bitcoin world these days. GDAX BTC-USD volume is $466 million in the last 24 hours. Bitstamp is another $353M.

Some exchanges have weekly maximums you're allowed to withdraw or deposit USD from/to. However, you can increase these withdrawal limits and pay yourself out in increments (after you've sold your BTC on the exchange)