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.........
Move it to the Bitshares wallet and buy either BitUSD or HERO. BitUSD pegs the US Dollar and HERO earns 5% annually. Then just take it out in 10k chunks as you need it.
Thanks billbutler for your reply and to the others, this was helpful information that will help others i am sure. could someone resteem this so others can see this post?? thank you
Sending all your bitcoins to Coinbase was your biggest mistake. Can you send more than $10,000 worth of bitcoin out of Coinbase per month?
why get out of crypto?
Find an old Bitcoiner to help facilitate an OTC trade.
Good point. This will help a lot of people. Their fees are high and they want to hold your money too.
Hey man,
you actually have plenty of options.
Localbitcoins.com let you sell your bitcoins in a lot of fashion
cryptopay.me has an awesome debit card service
bitpay.com same.
+your coinbase
and also some other cards services, unfortunately I can't review them because I never used them.
I would transfer some bit coin to a gold dealer on line and then take that gold bring it to a local coin shop. I believe if it's under $5000 there's no taxes. There are dealers online that accept BTC, I think Myles Franklin is one of them.
Don't trip skip! Just get a crypto credit/debit card. And enjoy the world!
So frustrating. Coinbase has $1000 of mine and still no bitcoin. I bought it through my bank account so it wasn't instant and they have canceled all transactions. Yet they still have my money. So I'm not sure if I'm going to see my money or the btc. I'm not sure what to expect. Good luck man!
Just go with tether , and you will have a stable price for your wealth
Ok @swgdr-pga-coach, but in MHO this fear actually comes with the newness of the crypto coin market and the pioneering crypto-exchanges. A similar scenario could easily happen at your Nasdaq broker with your regular stocks if something goes wrong. As long as there are buyers and sellers though, and the crypto market cap grows and reaches maturity, there is no need to panic. Just don't exchange a huge amount at once at this stage.
you could sell the crypto to smaller buyers at a higher premium/profit to various people in smaller chunks, but at far quicker pace if you know what you are doing
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