A couple of notable members have seemingly cashed out of Crypto's of late (and apparently missed the recent high's as well though). But here's a question ? How do you convert all your Crypto Gains into a meaningful bunch of cash in your real life ? Especially when the market is tanking ? Let's say you have ten sort's of Crypto's, stashed in multiple wallets/exchanges. How quickly can you convert that to cash in a tumbling crypto market before it is worth 50% less of what it was in a 24 hr market crash?
I alway's live by the rule of never putting in more than what you are willing to lose, but many people bet their future livelihood in this day and age and lose out as a result.
Don't wait to sell in a falling market(if you're planning on selling), start selling in a market that is rising irrationally. I never had a crazy amount, I always treated cryptos like a casino and I'm happy to be out. This market has become to crazy for the likes of me. To many people forget to take profits and make it real, then one day it all vanishes.
I think there are several factors, all reliant on each person's goals. How long do you plan on staying in? How do you think the market will look like over the next 12 months? 24 months? 5 years? How do you scalp your profits? Are you happy leaving your initial outlay in regardless of what happens? As for actually cashing out, I can't see why that couldn't be done within minutes. For me, I'd exchange everything I want to cash out into BTC or LTC, send it to my Coinspot account and then withdraw. Simple, and quick, so I can't imagine that if things start to drop/crash I could execute the relatively quickly without much damage Cashing out is the last thing on my mind for now personally as I expect 2018 to be the most significant year in Crypto history. We should start to see more and more projects actually forming into something real and in this current climate more and more people are discovering and getting into it all so I think next year will be massive Beyond that though, who knows for now but I'll just keep going while the goings good for now, with one eye on the future
For the online wallets it's easy, just sell them instantly and the cash gets credited to your online cash account (which you can then transfer to your bank at your leisure). Those locked up in hardware wallets take more time as you have to first transfer to said wallet and then sell them.
Same here. I used to have half my crypto in a trading account were I would regularly trade and make (mostly) profits, and half in my hardware wallet for permanent storage. But now I've moved most over to the hardware wallet and have gone into a mostly accumulation and hold phase. I'll use fresh money I get for trading before moving more into accumulation.
This is pretty much it. I am currently only about half out but I am uncomfortable with a few things I am seeing and looking to reduce my exposure while the going is good. Once it starts to crash it's too late. The way the crypto market currently looks, with a lot of hot money moving around fast, if you're trying to sell during a rush for the exits you're done. Not to mention a lot of the exchanges will probably break and be unusable during a crash due to the load.
I'm thinking that even in a falling market, a quick purchase of AU and or AG from PM websites participating in the use of Crypto's would be a cleaner and quicker option than trying to beat the market flood on any of the major exchanges and trying to convert back to Fiat as a lot of these exchanges have a habit of going offline in such circumstances. https://www.ainsliebullion.com.au/ Of course these Company's can also just shut the gate too, but transferring from a safe wallet to an exchange, consolidating various crypto's and then selling in a falling market compared to exchanging to BTC/ETH on Exodus and buying a bit of shiney seem's like a bit of headache. Think I might set up a few accounts for a rainy day.
Never assume things will work smooth. When i did a silver purchase with Bitcoin it turned out to be a very slow process. Also like you said, in a rapidly falling market you can almost guarantee they will suspend bitcoin payments. (they will call it a technical glitch)
No way, I subscribe to the Bill Hicks description of Life Leo. It's a Fucken Rollercoaster. Which part of the process was slow M8 ? The actual purchase or the completion/delivery of it ? I like to think I am abreast of things with the market but don't kid myself and am always on the lookout for a quick exit if needed. I have in the last few weeks week or so swapped out of nearly all Alt's and concentrated back into BTC, BCH, ETH, LTC, with a few ICO outliers I am willing to let ride for now as I got in early and the capital outlay was small in comparison to current value. I have decided to just Hodl and accumulate for a while as trading was getting a bit time expensive and the effort needed to keep on top of things was giving me the shits, still dabble here and there on a sure thing but was just overall over it. Couldn't even be bothered to get my BTG entitlement for now. Basically I can exchange down to a single crypto on my Exodus wallet and hopefully exit stage left if I feel the need. Contingent on Shapeshift or Changelly being up and running that is. I'm not particularly worried at the moment though as I think the whole market is just starting to grow and mature a little. There is a lotof nervous new blood coming in, but also a lot of hardened traders who act like sharks when there is a bit of blood in the water as well and float the baot back up when there is a drop in the majors. I just feel a bit more comfy having a few different exit strategy's if needed is all.
The buying was very slow. It was manually processed, so i had to wait like a day before someone sent me a bitcoin pay link. Though i was one of the early people to do it, so it might be a lot smoother now.
Thank's for the info Leo, Was it a while back or fairly recent ? I went to purchase a recent model Camera earlier this year with BTC from an overseas Asian site that advertised acceptance of BTC as payment, once I got to the checkout they were asking 50% more in current BTC value than in US Fiat and were promptly told in no uncertain term's to go chew on their own Duodenum via the closest entry point as a result. Thanks to young short female versions of myself and endless watchings of the Next Step and footage of Pink Narwhal Whales, we are all out of prime time internet here for now, so looking for PM sites that accept BTC is a bit painful and slow till next month or at least till 1.00 A.m Local time. Exit strategy's are something that I think everyone reading this should give some sort of thought to, even if they are not into Crypto or Precious metals. Exiting the Fiat system has to be one of the hardest things ever if you are a debt slave and spend the majority of your life working to service loans merely to meet interest payments while at the same time getting screwed in every orifice by rising cost's of everything and a stagnant wage. They reckon Heroin is a deadly drug, Credit is stronger.
I checked out the crypto payment options for a number of bullion dealers the other week. They take a hefty cut on the transaction and it looked more trouble than its worth. Reckon it'd be cheaper and faster to sell for fiat and then buy PMs with fiat. But if you find a good option I am very interested, so please share.
When i did it at KJC, their conversion worked out very good and only charged an additional 1% which went to the bitcoin payment system they used called Bitpos. So i would say it's very competitive and convenient. My case was slow due to it being new, but I'm sure they have a faster turnaround now.
OK, so I tried this company. I had a bill of $875 and I used Litecoin for the payment. That $875 turned out to be a $913 AUD value in the end. (All within a few minutes) So even though they don't charge fees they charge a hefty "spread" on the deal. Is it worth it? I don't know, they do carry all the risk plus they do convert LTC into a real BPay payment in end. I think you are better to do a peer to peer gentlemens agreement between yourselves. Still, it is a way of offloading crypto, cheers.
Going the long way of peer to peer is always going to get your a better price, but I think that is a reasonable spread for the service, given they are available at any time to buy your crypto off you. It also depends on circumstances. The ATO has a ruling that says that if you buy bitcoin for personal use and spend it online for personal goods and services, you are not taxed on gains (subject to certain conditions). Using LROS, it is easy to show that you are spending your bitcoins. Selling for cash could mean you are liable for CGT. Maybe there is room for others to provide a similar service so there is competition and better prices, but for now, it is one of my options for "cashing out".
