This is interesting for anyone who might someday become a millionaire blogger on Steemit (some already are!).
- Your bank might begin asking questions if you try to cash out $1 million.
I went to the bank last summer and told them I needed a million dollars—cash. They asked for a reason, and I replied, “You didn’t ask me for a reason when I put it in, so why are you asking me about it when I want to take it out?” Think about it, what business is it for the bank to know why I’m taking my money out? What I really wanted to do was to test to see if I could even get my money. The excuses the bank used to not give me my million dollars right away were many.
- You may have to meet with the IRS if you cash out $1 million.
My bank actually told me this. Why would I need to talk to the IRS to withdraw cash from a checking account?
Of course the quotes above are from a guy who actually wanted to withdraw $1 million in cash from his bank account. To put $1 million into a bank account is a bit different.
- If you deposit cash over $10,000 your bank will be required to fill out a form.
- It is possible that you may be secretly investigated by the authorities.
So yes while it is fairly easy to put a million dollars into a bank account, it will definitely trigger some flags which will put you on the radar. You will be on the radar of various authorities who could decide to open up an investigation. While this question hasn't been definitely answered because we don't have many stories from people who have deposited over $1 million in cryptocurrency through Coinbase, we probably can think of it similar to how would a bank react if some person walks in with a black bag with $1 million in cash to deposit. Bitcoin is very much like cash and it is possible the bank could wonder where you got $1 million in cash from.
The good thing about Steemit is that there is a trail which can show exactly where you got it from. This is of course a double edged sword, but in the case where you have a million dollars to deposit, it will be easier to prove you legitimately earned it.
Anyone who has deposited large amounts from Coinbase into their bank account, please feel free to comment under a pseudonym to tell us what it was like.