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Gold CASH OUT / EXIT Strategies ! / EXCHANGES/BANKS/ACCOUNTS/MULTIPLE PLATTFORMS ??

BaronEvren

Noble
Staff member
V.I.P.
Hello dear fellow Baronesses and Barons,

as I watched a Youtube Video of one of those many"Cryptoinfluencers"yesterday, that one made a statement that somehow make me think.
He mentioned that in the last Bullrun 2017/2018 he was not prepared for this.That during that time some exchanges could not handle the massive applications for new accounts and hence were sometimes even "offline" like Binance and Coinbase, so that he could not cash out in time and lost some of his possible gains.

That what interests me is how you are handling/preparing yourself for this situation.

Regarding me I have to admit: thus far I have not cashed out before. Till now I have been just hoddling and building up my portfolio.
I have two platforms where I could cash out:

1st) Coinbase
2nd) Bitwala (is a german Bank 🏦 where I can buy BTC and ETH directly from my EURO-FIAT-ACCOUNT)

What about you?
Do you have multiple accounts? If so which ones? What are your strategies for cashing out into FIAT 💵💴💶💷💰?
I guess that these questions are of importance as we are getting into the second half of 2020, a lot of positive development happening in the space etc.. so we could be expecting very nice gains in 2021. So I thought: Let's be prepared.

Thx for your opinions
👍🤓
 

Raam

Frequent Club Patron 💗
Founding Member
didnt think of harvesting season yet as im worried i ve not accumulated enough for the bull run.. 😊
but there is a good chance of coinbase going offline like it did in Dec 2017.
 

Nanimalisimo

Serf
Founding Member
Coinbase. Gemini. Celsius (soon enough). Crypto.com.
These days it will be different. Back then we didn't really have stablecoins. You can cash out into stablecoins. And, worse-case scenario, "cashing out" into stable coins buys you time so that you can then "cash out" into fiat. Or you could go into Saga or $XAUT (the tether Gold Coin) or dai.
This time it's different--I would not worry.
 

Fletchj8

Fletchj8
V.I.P.
I'll be using Argent for ERC tokens compatiable with the wallet, so my strategy is ERC-ETH-Stable coin (all inside Argent) then stable to Crypto.com to convert to local currency if needed. I'll also convert ALT-BTC-Stable and either use, Crypto.com, Kraken or Coinbase to cash out. As Nani as stated above the conversion into stable is to lock in profits if I can't immediately covert BTC/ETH back in to fiat.

This is my 'oh I need to sell' strategy, Argent Dex is easy to use if I need to sell quickly
Hope this helps.
 
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Mondo99

Vice-Baron of the Realm
Staff member
Hello dear fellow Baronesses and Barons,

as I watched a Youtube Video of one of those many"Cryptoinfluencers"yesterday, that one made a statement that somehow make me think.
He mentioned that in the last Bullrun 2017/2018 he was not prepared for this.That during that time some exchanges could not handle the massive applications for new accounts and hence were sometimes even "offline" like Binance and Coinbase, so that he could not cash out in time and lost some of his possible gains.

That what interests me is how you are handling/preparing yourself for this situation.

Regarding me I have to admit: thus far I have not cashed out before. Till now I have been just hoddling and building up my portfolio.
I have two platforms where I could cash out:

1st) Coinbase
2nd) Bitwala (is a german Bank 🏦 where I can buy BTC and ETH directly from my EURO-FIAT-ACCOUNT)

What about you?
Do you have multiple accounts? If so which ones? What are your strategies for cashing out into FIAT 💵💴💶💷💰?
I guess that these questions are of importance as we are getting into the second half of 2020, a lot of positive development happening in the space etc.. so we could be expecting very nice gains in 2021. So I thought: Let's be prepared.

Thx for your opinions
👍🤓
Good thoughts and questions. More than 3 exit points would be very useful or at least 3. Being in US will be harder but coinbase and Gemini I think would be good. Gonna go and look at Gemini and see how they work.
Thx for the heads up.
 
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Alec M

Over the rainbow
Founding Member
I think we'll think about this bridge when we come to it, the good thing about 2020 is that there are so many stable coin that you can in fact realize your profit and at the same time take the time to think about how to best cash out (bank, tax, ....etc).
 

IVE005

Inducted
V.I.P.
My way out will be:


And probably many others that you will post in here. I like bisq because it is private.

Is this a trustworthy one? I am looking for a channel decentralized exchange to cash out to lower my tax.
 

bretheman

Neophyte
Coinbase. Gemini. Celsius (soon enough). Crypto.com.
These days it will be different. Back then we didn't really have stablecoins. You can cash out into stablecoins. And, worse-case scenario, "cashing out" into stable coins buys you time so that you can then "cash out" into fiat. Or you could go into Saga or $XAUT (the tether Gold Coin) or dai.
This time it's different--I would not worry.
Which stablecoin would you recommend?
 

sienation

Inducted
Founding Member
This is a great thread!


When the time comes I’ll likely be using Coinbase Pro & Crypto.com. But I think my strategy will also be to exchange some profits for stablecoins, and park them into some of the high yielding accounts. At the moment I already have stablecoins in Celsius, crypto.com & some fiat in Nexo.


Im earning interest, which every few weeks, is topping up my crypto.com card and paying for some living expenses. Eventually Im hoping for all my living expenses to be covered with interest. Im lucky enough to have speculative positions in play, whilst also having interest paying cryptos such as ALGO & ARK, followed by stablecoins on multiple platforms.


The goal is to be able to continue investing in some big winners, whilst also earning passive income.


Will be interested to hear about other peoples strategies.
 
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