Buying large quantites

Question

I am new to this Bitcoin thing but I have a closing next week and will have $50K that I am looking to wire to someone to purchase Bitcoin. Where is the best place to do this? What about one that does not require ID as well? Thank you for your help

Answer 1

You don't say what country, but I assume you are in the United States.

First things first: make sure you have the technical capability to handle the coins and understand how Bitcoin works. You don't want to buy those coins and then lose them due to a technical screwup. Practice first with a smaller amount of money until you are confident you securely handle and store coins.

The better known dealers will require identification. Genesis Trading in NY is one of the larger US brokers.

You can also use an exchange directly such as Bitstamp (in Luxembourg/London) or Bitfinex (Hong Kong) or Coinbase (San Francisco) or Kraken (San Francisco). All will require a lot of identification and verification information. There is an exchange in Bulgaria (?) called BTC-e that has a reputation for not requiring very much information, but they probably require at least a passport scan.

For anonymous trading you will have to use Local Bitcoins, ie individual small time dealers. Each dealer has their own policies.

Your question is kind of a basic question. That you would even ask a question like this suggests that either (1) you need to learn more before trading Bitcoins, or (2) you are some kind of Fed or narc who is looking for information about something they want to attack without really understanding it.

Answer 2

It will be difficult to find a seller willing to sell such an amount of bitcoins to an individual - even with ID verification. To buy such an amount, that individual will need to fill in an anti money laundering / know your customer form. This can be found on bitbargain and I assume other online bitcoin accounts. Bitbargain is the one I use.

Hope this helps