How does Veeky Forums turn their crytpo into fiat? i know i know >cashing out. but today is a good reminder that there are times to cash out on your cryptos and wait until the storm is over and then buy back in to make a nice profit. i'm pretty sketched out about taking a photo of myself holding my ID and uploading onto an exchange so that isn't going to happen.
how does Veeky Forums cash out momentarily during large dips like this one?
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aside from small amounts, people don't
nobody has ever shown proof that they've been able to cash out large amounts of crypto. this shit is a meme.
You use coinbase or localbitcoins to cash out small amounts at a time.
With a visa card, pay for stuff, withdraw at ATMs. There are plenty of such cards:
I am not sure how legit these cards are though. Do your own research.
I buy gift cards.
> buy shanty home
> convert BTC into gift cards
> buy materials to fix property
>????
PROFIT
cex.io
i purchased 133 eth for $19 a couple of months ago and there are times, like last night for example, that i could have turned it into cash and bought back into the inevitable dip making myself a few easy thousand. instead i am just sitting on my eth. i am grateful that i was able to make such a large profit but i could be making even more if i could sell and buy back in.
i want to be able to convert a large amount of my stash into usd, and coinbase takes like 7 days, that is far too long
Let me give you a real tip. USDT, aka tether. It is a coin with it's price fixed to the US dollar. You're welcome.
ELI5?
Basically crypto-dollars. Has a proof of reserves system to keep price stable. You can purchase it for bitcoin or other coins on most exchanges, and then sell it back. The price doesn't vary much more than +-2 cents, so it's a good form for temporarily storing cryptos.
Thanks senpai
locabitcoins.com
thank you for this tip. i should have looked into this long ago. i see it's on only two exchanges. poloniex and bitfinex. which do u trust more?
It's also on bittrex, and that's the one I trust the most.
Out of those two, I'd use bitfinex though, it has had less issues compared to polo. But polo has a much larger volume and coin variety.
You literally can't cash out large amounts over a few thousand on any exchange. Many bank accounts have been suspended/frozen under money laundering suspicions.
You could do a ton of grunt work converting to Bitcoin and selling on local bitcoins. But you're doing customer service and often stuck with cash or money orders.
You might be able to cash out fortune sized amounts in a few years. Not now unless you get really, really creative. Remember to hire a good CPA for taxes.
i also use bittrex. in fact, its the only exchange ive ever used other than coinbase. but i dont see it on bittrex? would you mind linking it for me if it isn't too much trouble?
Uh oh
So all these people with wallets upwards of 100k... how do they actually get that money
I've cashed out shit loads of times already and fucked myself out of at least 10k
i think it does this when it's under heavy load. it seems that the other user was right on with converting to USDT. also, is that why i can't find it when i search for it on bittrex? the maintenance? because i am still having trouble finding it
how did you manage to do that? did you sell and then the price pumped back in before you could get back in?
Scroll to the bottom in the home page, it has it's own market, just like ethereum.
oh so that's the catch. the trading price for USDT is more than $20 under the current value of Ethereum. seems quite pointless and a lot of money thrown away
Well I buy low then get greedy and panic when it dips and sell for a measly ~100% gain
i've also done this in the past when i was a noobie. took me a while to grow strong hands
I've heard that Gemini is good for cashing out
You dont need to "cash out" per se to weather any storms, you just need to sell your Bitcoin for US Tethered Dollars (USDT) on the exchange which will convert your Bitcoins to its US dollar equivalent, and you can then sit on that and buy back in at a price you feel more comfortable at.
good advice, thanks anons.
currently, bittrex says that the going rate for USDT-ETH is 141.3. about 25 under the current value for ethereum. isn't that a huge disparity or am i missing something?
You can on Bittrex iirc buy trading it for USDT (A crypto backed by the US dollar). Can someone on Veeky Forums please correct me if I'm wrong?
kraken. Max 10k/day, if you try to cash out 500k you are asking for trouble/"hack"
the limit per day for tier 2 verification is $2000. anything past that requires too much information for my liking, (taking a photo of me holding my ID AND social security number) fuck that
Despite the name, US Tethered Dollar isnt a perfect 1:1 exchange rate against fiat USD. It actually fluctuates (albeit never too far) around a dollar... sometimes lower, sometimes higher.
Right now its actually sitting above a dollar.
As of right now one USDT= $1.04 USD fiat.
Perhaps this might have something to do with the disparity youre seeing.
You gotta pay big boy tax on that level of gains
Please read
if i were to convert, say, 130 ETH into USDT i would have 130x141.3(USDT) = 18,369
however, if i were to convert 130 ETH to it's current value according to gemini or coinbase i would see 130x168 = 21840
i fail to see how USDT would ever be worth exchanging for
after posting this a few sell orders came in from bittrex's USDT-ETH for 16 ETH at 125. why the fuck would anyone do that? the more i look into USDT the more confused i get
Maybe convert to BTC first then ETH?
Could also be Bittrex having lower volume, especially when considering USDT, than a higher volume exchange such as Poloniex. Check USDT/ETH value on Poloniex, might be more accurate.
USDT has been known for having high amounts arbitrage between various exchanges.
ok on poloniex the value of ETH-USDT is ~$157 which is about ~$10 under the current value of Ethereum. better but still would be a ~$1300 loss if selling 130 Ethereum.
I guess there really isn't any way to convert your ETH or Bitcoin into cash before a dip so that you can buy back in after. perhaps putting it all into an alt coin but that would be a huge risk
Selling ETH on an exchange won't be the current exchange either, it might have a 5 to 15% fee, depending on where you sell.
if you don't mind me asking. are you holding BTC or ETH in a fairly large amount? did you see this dip coming and did you do anything about it? i want an alternative to just hodling. if i see a quite obvious dip in the future, i want to be able to get out and get back in but the options don't seem that great
Yes I am holding a decent amount of BTC, not as much ETH. I expected a dip, but didn't know when it would happen. Only alternatives to holding I can think of are Tether, cashing out, or buying commodities like gold.
The price will go up no matter what, so simply holding long term can be fine as well.
gift cards
what makes you so certain the price will go back up no matter what?
babbies first bull market
Crypto-currencies have amazing potential for real world applications, the market cap has a long way to go still. Just wait 5 years ;) Unless a coin is killed by government/exploit, everything should keep growing well into the future. You don't need to take my word for it though.
how do you even cash out amounts over like 100k?
doesnt that vastly limit the potential?
People want to buy bitcoin to trade alt-coins, hold or spend. As long as there is that demand you will be able to sell bitcoins. With patience and using multiple exchanges you can withdraw a quantity like that just fine, maybe you can speed it up by buying gold/silver even. Don't forget to pay your taxes ;)
you aren't wrong
i also have high hopes for crypto, i bought eth at $19 so i can't really lose, i was just thinking of ways i could maximize profits as i've held through several dips now since march. i guess ill just be happy with what i have and continue to hold and be content. knowing myself, i'd probably fuck something up trying to trade my stash..
Best of luck out there man, may your profits be many.
Convert to BTC. Convert BTC to Gold via Amagi.
I literally just cashed out $6k of USD from coinbase?
Where we are going, we won't need fiat..
>I literally just cashed out $6k of USD from coinbase?
>?
why do you question yourself, user
gemini takes so fucking long. its been like 5 days.
im gonna call them or email them.
fucking winklevoss mario brothers.