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Author Topic: What to do if you're native currency sucks (inflation) but you want to cash out?  (Read 32 times)
thegoatiest
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September 23, 2018, 11:54:14 PM
 #1

Hi there,
I live in the U.K. What with this Brexit nonesense....  Roll Eyes  It looks like our currency the £. Is going to suck for some time. Or so I've heard.
I'm wandering what the best way of getting around this may be. As I'd like to do some swing trading if I get the chance.

Maybe stick to Euros? Coin -> Euros, Or Coin -> USD-T?
God I hope we don't get locked out of European exchanges  Undecided

If it does happen - that the British pound becomes **** for a while. Would you recommend just owning Euros, and never converting back to the pound until it / if it recovers?
(sorry hope this made some sense, i am so tired..... really should go to bed)
G
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Malandro
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Today at 12:15:13 AM
 #2

I think British money is too strong for some new George Soros appears and crash it again. But you can do some trades with these coins you talk about, sounds easy but USDT has so low variations that your profits would be defeated by the operation costs.
mjglqw
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Today at 04:09:57 AM
 #3

NOTE: NOT an expert on economics or on what you should do on times like this

If I were in your situation though, I'd probably diversify my funds on precious metals, other more-stable currencies like USD(NOT USDT), probably stocks, and also probably cryptocurrencies(if you want to play it a bit more riskier). Though I really don't know how easy/hard the process is for Brit citizens.

I really don't suggest touching USDT. Too shady for my taste.

PETES
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Today at 05:33:46 AM
 #4

If you're sick to your currency then try to go around with USDT > coins and you can use it when taking profit.

God I hope we don't get locked out of European exchanges  Undecided

We have tons of exchange sites now, better to diversify your trades into them to avoid circumstances.

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adaseb
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Today at 05:39:32 AM
 #5

You are better holding your pounds rather than buying Crypto. Yes there are currency rates that can have wild swings but its usually a few % and nothing like Bitcoin or some alts.

If you are really worried about this, then just sell your Pounds and keep US Dollar currency instead which is a little more stable. However keep in mind you will still get the inflation hit if you hold it for a long time.

This is why you are generally suppose to spend your money on stuff like real estate or stocks if you want it to hold their value or grow in the future.

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