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 #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. 
 Please repost or tag someone who might chime in, this is a brand new account with no followers for privacy reasons. 
 Good point with the bitcoin backed loan... well maybe not your point, but a loan may avoid red flags for the bank and you can pay with the bitcoin.

I did a collateral loan in 2020 with Ledn.io and learned the hard way not to bank on price appreciation and expect that I couldn't be liquidated. It even felt like we were in the bull market when I did it. So just FYI be extra cautious with bitcoin backed loans, make sure you can pay them off partially (I could not) and have a solid plan for worst case scenario including 70% drop... but using to get cash and closing it with the collateral might be a good idea.

I never know who is a bitcoin friendly bank, at least in the UK. I wish we knew heuristics to help us predict which actions (like depositing large sums) are going to flag your account and which are not.

Other ideas:

1. Split the receipts across banks to reduce the total amount per account?

2. Call ahead to inform that you may receive a large sum.

3. Use a satellite bank account(s), not the current account or even the bank who manages your current account to receive funds to avoid inconveniences from shutdowns or freezes.

Thanks btw ❤️ zapped. Lmk if you have thoughts on my thoughts. 
 Interesting consideration! Never thought to do a video chat. Just to have a friendly chat and set some ground rules in a friendly way 👍.

Can't zap you... please add a lightning address. 🙏