Let's say you had $10 million as an example. How would you move it from a Ledger to a bank? I know Ledger has partners through their marketplace, but they all have limits etc.
Also, let's say you bought all your coins from Binance and then try to cash them out through Coinbase. Would they be able to liquidate large amounts without collapsing?
Sorry for all the followups. Trying to learn and understand the system.
Then your question is not about bitcoin. But rarher about depositing large amounts of cash into your bank account. Anything over $2999 within 48 hours in Canada is flagged by Fintrac. If this is repetitive there may be conequences. Nothing to do with bitcoin.
Im talking legally. If I own 100 BTC and want to cash out. To buy a house or whatever. This is all hypothetical.
yes you can cash out person to person if you find a buyer.
you said specifically TO YOUR BANK ACCOUNT in your comment...
👀 I imagine a bank would have to be involved if we're dealing with millions in cash.
not necessarily, someone could also accept bitcoin as payment for a house, boat, car, etc. I have done this to pay for my wedding.
sure its not convenient and takes effort and organization.
Or yes you could give an exchange your ID card and send all the money there and pay your taxes like a good little slave.
The latter is not an option that crosses most peoples minds here on nostr.
The choice is yours! The world is your oyster!
