Looking to cash out a large amount of bitcoin in cash.

I usually use cash through mail to receive cash for bitcoins however I currently have lost access to my drop and have to consider other options.

I have never traded in real life, some say it's the better way of doing things however I also see potential risks. Looking to cash out around £10000-£15000 worth, I know it's a large amount however I would expect to do this in a few trades.

What would you say the limit for a cash exchange is if there is one? I believe trading in a public place would be best, like a bar/coffee shop. Also what potential LE risks is there? If anyone has any experience that they could tell me some of the do's and dont's that would great.


Comments


[18 Points] None:

[deleted]


[9 Points] samwhiskey:

If you trade in person be careful of getting robbed.


[4 Points] jaydee0007:

Risks are not just LE, risks are you get stroked as well. But mainly risk of cash being seized if you are stopped with it.

£15 is nothing. Ill get you market price -1% in euros. PM we can talk.


[2 Points] bmoreproduct1:

Dude, there is a whole world out there. Leave Great Britain and go to Singapore, Hong Kong, etc.. Open up bank accounts and use any one of the dozens of BTC exchanges.


[2 Points] penguinmixer:

2 main dangers: 1) getting robbed, and 2) getting busted by LE. To avoid these:

(1) Don't meet in a car in a dark alley at night to trade. Meet in a public place like a coffee shop with lots of witnesses. Don't be like this guy:

https://www.deepdotweb.com/2016/08/04/florida-mans-28000-bitcoin-sale-results-armed-robbery/

(2) As for getting busted by LE: remember, buying/selling bitcoin for personal use is legal. It gets illegal if the person you plan to trade with tells you the cash they're giving you was acquired through illegal activity, or that they plan to use your bitcoins for illegal activity. If your potential trading partner mentions anything like this, find someone else. It might be LE trying to arrest you for money laundering. Don't be like this guy (yes, he was found not guilty, but his experience with jail/court was likely unpleasant):

https://www.rt.com/usa/bitcoin-florida-laundering-arrest-431/