ELI5 to cash out a large amount of Bitcoin to a bank

I should start by saying I am helping a friend. This is not my Bitcoin, but this person has struggled all their life and 2017 this person won money from an online Casino and they paid them in Bitcoin. Then it sat there the person not knowing what to do with it and now it is worth almost 200K and they desperately need the money due to losing their place to the fires in LA, and I said I would research it and help. Here are the steps I have given them already: 1) setup a Coinbase account ( higher fees but they seem the most reliable). We only plan to keep it there long enough to sell the Bitcoin and transfer it to the bank. 2) Complete the KYR requirements for Coinbase and add a bank account. 3) Speak to your bank by going in and explaining what is about to happen and what kinds of holds and reporting requirements he will have. 4) Expect to have fees along the way and a large tax liability, and that it will be a process that takes time.

I am concerned about how to transfer from the Bitcoin wallet to Coinbase and making sure a mistake doesn't happen and the money goes somewhere else. Also did I miss anything in the first steps? Is there any headwinds my friend is going to run into I am not aware of?

submitted by /u/Own_Manufacturer6959 to r/btc
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Quelle: bitcoin-en