Imagine this...A friend turns you on to crypto-currencies in early 2016. You study the sector, spend lots of time on you-tube looking at videos on everything from the good coin, the scam coin to down loading wallets. You research 30-40 different cryptos and decide that you like Digibyte, NEM and Stratis. Around December you decide to put $1,000 into each one. Digibyte was going for .0002 cents, NEM was .0034 cents, and Stratis was .064 cents.
Fast forward to June 2017......Digibyte is at .05 cents [for a return of $250K] NEM is at .30 cents [for a return of $82K] and Stratis is at $11 [for a return of 170K]. Your $3,000 is now worth $502,000 !!! Wow super awesome you say, time to get out. I can live on that much money forever, but there is a problem......you can not get your cash out and into your bank. This crypto stuff is not like selling a bunch of Amazon stock and putting the money in your brokerage account and then into the bank easy peasy...oh no.
Let me back up a little bit at this point. I am new to the crypto space, been here only a month. Like you guys, I have been watching my fair share of you-tube videos everyday. Seems like there is really good potential here to make some money long term on the right coins, however it does not look like you can get out.....well at least not quickly. {so obviously the above scenario is not real, would be great thou :) } Ok back to the story........
So we decide to pull the trigger and sell all of our coins. First we send the coins from our wallet to Poloniex, so far so good the coins actually get to your Poloniex wallet unscathed. Poloniex is not down or the wallets are not temporarily disabled. You now turn them into Bitcoin and send them to Coinbase....whaa hoo! You wait what seems like forever to receive enough damn conformations to actually see your $502,000 worth of Bitcoins show up in your Coinbase wallet. Finally two hours later after pacing a hole in the floor and your dog wondering what the hell is all the screaming about, you see your Bitcoins in your wallet. Sweet now we just send this money back to our previously set up bank account just for crypto currencies and we will be living the good life...huh, wait, what the f@&% Coinbase only lets me send a maximum of $10,000 a week to my bank account!!!! Your head does the quick math but your heart is pumping so fast, this can't be.....it will take 50 WEEKS to get all my money out!!!! Crap by that time the value of my Bitcoins could be cut in half! Then you remember those you-tube videos you were watching....NEVER LEAVE YOUR MONEY ON AN EXCHANGE, THEY GET HACKED TOO EASY! Great, son of a bitch now what???
Ok, so really now what? I would love to hear from the veterans of this space. How high can you get the weekly maximum from Coinbase? Do you set up two accounts somehow? Do you set up a Bittrex account too? How do you get a large sum of money greater than $200,000 or whatever off the crypto platform and into your bank account?
waiting with baited breath.........
You can send me a few bitcoin To get rid of it first if you don't know what to do. Just kidding. Im just wondering the same questions... you can ask some friend to open some account in different plateform working with their bank account..and then they transfer you the money. different trading place allow to send a lot more money to your account ( but it depend from which country you are from). Open a few small business in fiscal heaven ( no idea exactly how it works)...and send it from there... it just the first things i have been thinking about.. but im following your post for sure. You can store your coin in different wallet as well. Im a crypto noob so hopefully some crypto master are going to share their experience :)
I am hoping that when you attach a pay pal acct to your coinbase you get a limit of $10,000 AND when you attach a bank acct you get ANOTHER $10,000 limit for a grand total of $20,000 a week.
Some many articles are being posted that this one slips down the line and may not be read, could someone "resteem" the article to keep it in the fore front. Thanks
great questions!!!