Crypto is another investment that is doing well. I started in Feb buying alt coins. I'm not using any money I'll have to have in the future as it could all go puff. Some coins are up as much as 500%. Some are down 20%. I still don't know exactly how crypto is bought and sold on the blockchain or how the blockchain even works. Yep it's a gamble. So far the gamble is paying off. Best of luck to all your investments.
There are some very informative documentaries on netflix and discovery plus to watch. Like you, I am putting money that I can afford to forget about into several coins and watching closely.
You won't be going down alone...I'm doing the same!
I've been in crypto since 2017. Kind of regretting my choice of coins right now, but still up a fair amount this year. Hoping that it still has a fair amount of run in it, if it reaches gains like the others have I will be a very happy man.
To those that know how to make it pay out by 'mining' or whatever they exchange it for, my niece's soon to be husband invested a few thousands dollars at the advice of friends few yrs back, and just 'cashed it out' in a trade for a '16 C7 Z06 worth about 65K.
Personally, I have never taking an interest, since I don't like playing games unless very familiar with ALL the rules.
I've been buying for a while and am up pretty good this year. Don't put in what you can't afford to lose is the advice I was given. I'm mostly trading what I've earned so if it goes up in smoke no big deal. Ethereum and chainlink have been big for me this last month. When to cash out and when to hold what you got is the tough part.
So how does one cash out into real USD? Are you just selling like you would a stock?
I have cashed out just once. To sell crypto exchange I use asked me how much USD I wanted. I put in the amount and the exchange told me how much crypto I needed to sell for the amount of USD requested. Once I hit the approve button the request is executed. The USD goes into my portfolio in the exchange. The withdraw the USD from the exchange into my financial institution I need to make a withdrawal. I use the ach transfer method which has no fees. The USD goes from my portfolio in the crypto exchange to my bank account. I think it took 2 days for the transfer. That is my limited knowledge of how to get green backs from crypto.
I have never had a problem getting cash out. It used to take several business days to show up but now you can get it instantly. Last night I cashed out several small investments for several hundred dollars and for a $4 fee I had my money in my account within minutes. At the end of the year you will be liable for taxes on any profits just like any other investment.Originally Posted by bass-o-maticjm
I'm curious how withdrawing large sums works. I'm on Uphold because it's one of the few that is still dealing with XRP right now. They have a $10,000 a day withdraw limit. For the people who have become millionaires off of cryptos it would take a hundred days or more to transfer their money into their account. I wish I had this problem, but I wonder what the best way to withdraw large sums are. Using multiple exchanges? So that you can withdraw the max from multiple exchanges everyday?
That's a great question. I would guess that you would use your financial institution to do a wire once you have been able to convert to bitcoin or a more widely used coin. I'd imagine the fees would stack up once you had to move the money.
I sold my Ethereum at $2100.I bought Alogrand with the proceeds which has been doing well but not Ethereum well.
Brandon
1996 Ranger 362XT
Johnson Faststrike 150
I thought I was really doing something when I sold Ethereum at $400 and made big profit. I don't feel so smart anymore.I sold my Ethereum at $2100.
Did Elon just kill bitcoin? only time will tell.
The bitcoin hodlrs started attacking Musk on social media. They were saying he didn't know what he was talking about in regards to digital payments.
Thanos was the hero
I don't understand it very well. I tried to buy BNB, but an error said it was not available in my state. Then on a different exchange I tried another coin, but my bank declined the transaction through a third party. I took it as a sign that crypto is not for me.
We have a developer we are working with asking if we will accept bitcoin for deposits on condo units. We said yeah as long as they convert it to cash first. I can't imagine having a deposit sitting in bitcoin for a year while they build a building.
the only rule for crypto is never sell the bigs never hold the sh!ts more than 4 hrs
tidbit for ya
"For any 4 year period in history, Bitcoin has had a return on investment of at least 900%"
$HOGE
Fully agreed I buy BTC and ETH with my former snack and coffee money from work. Started drinking water and eating healthier and putting 7-14 a day into btc and eth. Its paid off wonderfully.
Reply With Quote