Dancing With the Devil: ‘Cashing Out’ Cryptos Into Fiat Not So Easy

Bitcoin and other cryptocurrency assets are precious and some of them have grown over 1300 percent in value this year. Although, with the price on exchanges being higher than ever before its now a bit more difficult for those who want to ‘cash out’ or make significantly large purchases without being watched by the prying eyes of tax collectors and governments.

Lately across social media and forums, you can find posts written by individuals who have ‘cashed out.’ Maybe they bought a luxury car like a Lambo, paid off their mortgage, or cleared their student loans with cryptocurrency gains. However some of conversations online concerning how to cash out detail how difficult it is without being watched, or being stopped by the third party payment processors.

For instance exchanges like Coinbase, Bitstamp, Kraken, and many others require a good amount of verification to revert bitcoins to fiat or vice versa. And just because you are approved it doesn’t mean you’ll be able to throw US$100,000 worth of BTC down on an exchange and expect to have the funds sent to your bank account without issue. The exchange may cancel the process even after the sale has been made. Furthermore, on the bank side, your financial institution may also stop you from cashing out large sums or freeze your account.

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