#asknostr #bitcoin
I tried posting on reddit and got perma banned immediately with no reason 🤦♂️ (word for word below):
# Withdrawing Bitcoin
Throwaway account.
This is actually advice for a friend, but it is also interesting for me to learn from you too.
Assuming that in the future, one wants to withdraw a large sum of money to pay off a mortgage in the UK, what is the best way to go about this.
I personally have very little experience receiving fiat for bitcoin, but I do have experience buying bitcoin:
- via Coinbase
- via Bisq
- via Robosats
- via other centralised exchanges too.
I have experienced being blocked by the bank, mostly when attempting to send to a centralised exchange, but also once when attempting to trade over bisq because they asked me what I was doing, I told them buying a custom gaming PC from a friend and they said I should use PayPal with better payment protection because they thought I was getting scammed. Maybe I should have told them what I was doing, but its a nark on the trading partner and it might cause further issues. I managed to move funds to another bank and complete the trade.
But selling bitcoin and receiving large amounts of bitcoin, I wonder what issues people have had, if there are any advice on maximum amounts to avoid problems, timeframes etc.
My go to advice is to use p2p, start withdrawing early, try weekly, bi-weekly or monthly and increase the amount you deposit to the bank each time. So maybe £3k, then £5k then £10k, then £20k, etc.
Maybe banks won't freeze your account or screw with you if you withdraw from coinbase?
Imagine the amount is around 200k gbp (I actually don't know how much, might be less).
What is people's thoughts? You know... not financial advice, just for educational purposes.
anon /
npub1ck…2lav7
2024-11-03 22:56:30
Author Public Key
npub1ckfhd45j4vgvk0ndvxqzjhsfm3ajp6wl4ztrk4vlp50cnfltw34qz2lav7Published at
2024-11-03 22:56:30Event JSON
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"content": "#asknostr #bitcoin\n\nI tried posting on reddit and got perma banned immediately with no reason 🤦♂️ (word for word below):\n\n# Withdrawing Bitcoin\n\nThrowaway account.\n\nThis is actually advice for a friend, but it is also interesting for me to learn from you too.\n\nAssuming that in the future, one wants to withdraw a large sum of money to pay off a mortgage in the UK, what is the best way to go about this.\n\nI personally have very little experience receiving fiat for bitcoin, but I do have experience buying bitcoin:\n\n- via Coinbase\n\n- via Bisq\n\n- via Robosats\n\n- via other centralised exchanges too.\n\nI have experienced being blocked by the bank, mostly when attempting to send to a centralised exchange, but also once when attempting to trade over bisq because they asked me what I was doing, I told them buying a custom gaming PC from a friend and they said I should use PayPal with better payment protection because they thought I was getting scammed. Maybe I should have told them what I was doing, but its a nark on the trading partner and it might cause further issues. I managed to move funds to another bank and complete the trade.\n\nBut selling bitcoin and receiving large amounts of bitcoin, I wonder what issues people have had, if there are any advice on maximum amounts to avoid problems, timeframes etc.\n\nMy go to advice is to use p2p, start withdrawing early, try weekly, bi-weekly or monthly and increase the amount you deposit to the bank each time. So maybe £3k, then £5k then £10k, then £20k, etc.\n\nMaybe banks won't freeze your account or screw with you if you withdraw from coinbase?\n\nImagine the amount is around 200k gbp (I actually don't know how much, might be less).\n\nWhat is people's thoughts? You know... not financial advice, just for educational purposes.",
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}