Holding and Cashing Out of an Altcoin

[bite]

Making money is no problem, it´s holding and cashing out at a latter date.

Suppose you bought 1000´s of altcoins at the bottom of the last major dump for example LTC at 1 dollar each.
Where would you park them and how would you go about exchanging them for dollars, euro etc?

[pedrog]

For long term hodl you should always keep in your own wallets, you only move coins from your wallets when you really need to.

If you have a lot of coins to cash out, you choose a few of the top exchanges, register, verify your account to increase limits and enable 2FA, then you start distributing your coins among them and selling.

This works particularly well with Litecoin as it is supported by major exchanges.

[jzone23]

I personally keeping coins that I think had a big chance to multiply its value after few years I am keeping them to my personal wallet but if I dont have the fate to hold on to that coin for long time I just leave them on the exchanger where I have acquired them and sell after a price pump.

[pey]

First holding does not work always and if making moneys not problem, what about this fear in the market? For long term, keep your coins in a wallet which you can have your private keys.

[seattletu]

First holding does not work always and if making moneys not problem, what about this fear in the market? For long term, keep your coins in a wallet which you can have your private keys.

yes I agree that holding all alt coins is not that profitable, so here the first point is selecting proper alt coin and also cross check whether major exchanges supporting it or not.Than store them with private key and later if you get profit just cash out them.

[RedNovember]

I think if you cash it out to fiat you have to pay taxes at least where I live...

So I'm thinking of using Tether. This could be an option as well - Tether is linked to US dollar so it seems saferr than holding it in another altcoin

[styca]

Tether can be great, I used it a lot in the recent market dip. Do bear in mind though that in the last few months they've struggled to maintain the dollar peg, so it can move slightly against the dollar itself.

[Seansky]

The problem is getting past the gatekeepers, you are doing everything legally and still you have a problem because any one transaction above $500 is marked, they donn't want the money to leave the system, so you have to work hard and cash in those $100 lots of for example LTC that you accumulated back in 2015 for $2 or maybe start your own exchange.

So you want to get past in the gatekeepers huh? You can verify your account at polo or just do this simple thing. Sell your coins into btc on exchanges that do not limit their user's daily withdrawal. Then just send that bitcoin into a web wallet that offers services to convert your btc to fiat slowly but surely. That way you can get past exchange gatekeepers.

[pawanjain]

For a long term investment, I prefer altcoins those have their own wallets since keeping them on exchange for a long term is quite risky. The wallets which can be downloaded and stored are safer and those coins will be safe in our hands. Over the time when you want to sell them , you can convert them to bitcoin and sell it to dollars or other fiat. For a long term investment i generally prefer bitcoin over altcoin as bitcoin has greater potential than any other coin and is safer to store in wallets as we have its private key with us.

[StealthCoin1]

Making money is no problem, it´s holding and cashing out at a latter date.

Suppose you bought 1000´s of altcoins at the bottom of the last major dump for example LTC at 1 dollar each.
Where would you park them and how would you go about exchanging them for dollars, euro etc?

exchanging them for dollars by doing reverse of how you got them. if you mined then exchange it to bitcoin then setup and sell it on coinbase.com or kraken.com for european.

[AleSergio]

For long term hodl you should always keep in your own wallets, you only move coins from your wallets when you really need to.

If you have a lot of coins to cash out, you choose a few of the top exchanges, register, verify your account to increase limits and enable 2FA, then you start distributing your coins among them and selling.

This works particularly well with Litecoin as it is supported by major exchanges.

Why not to hold them on a trusted and popular exchanges? It is also an option for example Kraken and Bittrex.
It would be even easier and you don`t need to pay fees for transactions.

[robeth]

First holding does not work always and if making moneys not problem, what about this fear in the market? For long term, keep your coins in a wallet which you can have your private keys.

What's the safest wallet today?

Because

to keep the coin in a long time must be properly awake?
For the wallet is definitely very much a choice,,thanks

[xiaohang07]

If you do not need money urgently, I think hold atlcoin is generally a good idea, especially when the market is becoming bullish again.

[Wintersoldier]

For a long term investment, I prefer altcoins those have their own wallets since keeping them on exchange for a long term is quite risky. The wallets which can be downloaded and stored are safer and those coins will be safe in our hands. Over the time when you want to sell them , you can convert them to bitcoin and sell it to dollars or other fiat. For a long term investment i generally prefer bitcoin over altcoin as bitcoin has greater potential than any other coin and is safer to store in wallets as we have its private key with us.

If you want to have a more profitable investment in terms of altcoin you should choose altcoin with exchangers that is Bitcoin based on the price. It much better to choose altcoin that have exchange on Bitcoin because it much more easy on transaction and in trading platform like Tidex or Poloniex. And if you want to cash out it make sure you have an access or accounts that accept Bitcoin exchange of your altcoin. But it much better to just keep your investment if you will not need it.

[Robertqueen2]

If you are experienced in descovering the bottoms, you have no problem, although it isn't that easy to earn money following this way, the crypto markets were in a bubble, all coins were moving up.