Cashing out tips & strategies

[coinfinger]

Sometimes we are lucky and there are also times that we are not. There are times you will invest and instead of prices to go up as you have planned, you can stay for like months and the price will still be declining and you will be confused as to whether you should continue to hold the coins or not.

You're going to be seeing a lot of analysis by some experts that the price would go up, but instead of the increase they have predicted, the price will only be crashing. That's why you're being told at first to always make sure that you're investing an amount that you can afford to risk and not what you can't risk. If you're looking to make money quickly, it might not work for you, although it did work for some people like that. You just need patience.

[KnightElite]

Sometimes we are lucky and there are also times that we are not. There are times you will invest and instead of prices to go up as you have planned, you can stay for like months and the price will still be declining and you will be confused as to whether you should continue to hold the coins or not.

You're going to be seeing a lot of analysis by some experts that the price would go up, but instead of the increase they have predicted, the price will only be crashing. That's why you're being told at first to always make sure that you're investing an amount that you can afford to risk and not what you can't risk. If you're looking to make money quickly, it might not work for you, although it did work for some people like that. You just need patience.

If we will make investment, I think it is better if we will not just rely on luck because our expectation could always turned against us. That is why it is really better if we are aware on what we are doing.

Investing are not actually risky, the actual risk is being uneducated about the market. There are a lot of experiences that we should we gain first for us to have consistent earning in trading or investing. The best way to increase our money is by increasing our knowledge and experience in the market.

[serveria.com]

Here are some links for OTC trade provided by one fellow WOer:

https://genesistrading.com
https://www.b2c2.com
https://cumberland.io
https://www.circle.com/en-gb/trade

Haven't tried myself I'm curious if somebody here tried one of these? Minimum amount could be something like 50-75k?

To me I think any time I feel like cashing out whatever I have, binance has made it very easy for us, meaning I can easily cash out straight into my local bank account, so the days of using third party services to cash out is behind me, although some people may not find it important because they are not interested in kyc but to me it is great and less stressful,  so cashing out process can be different for everyone because we are all from different locations.

I checked Binance exchange rate and it seems to be at 1.49% which is kind of steep (same as CB btw). I will do more research on the rates but so far Binance and Kraken look attractive. What about Bitstamp and Bitfinex? These two have been around for years so should be pretty reliable?

[gentlemand]

I checked Binance exchange rate and it seems to be at 1.49% which is kind of steep (same as CB btw). I will do more research on the rates but so far Binance and Kraken look attractive. What about Bitstamp and Bitfinex? These two have been around for years so should be pretty reliable?

No way would I touch Bitfinex for fiat withdrawals. You'll never know what cocaine bank they're signed up with that week on some obscure island. I can only assume their big clients have their own banking arrangements and personal service.

Bitstamp is solid but if the amounts are large expect your funds to be held hostage and them to make outrageous demands like your entire tax history.

[Gyfts]

If Bitcoin ever reaches a stupidly high value very quickly, then I may be tempted to cash out my whole stash, in which case I'll probably arrange a local meet and sell for cash.

Selling for cash can be dangerous. Criminals may use the good old $20 wrench method to force you to give them your private keys for example. Or just give you counterfeit money.  

This is apparently more common than it seems. People giving you sham money for Bitcoin hoping on the fact that you won't check. They might even mix in real bills with fakes and hope you won't check each one.

I'd say just go to a Bitcoin ATM. It's KYC, but at least you know you'll get clean cash.

[swap2cashcom]

I'm opening up a service for small amounts of cash to your Venmo/Paypal shortly. I'm assuming this is for large amounts?

[coolcoinz]

If Bitcoin ever reaches a stupidly high value very quickly, then I may be tempted to cash out my whole stash, in which case I'll probably arrange a local meet and sell for cash.

Selling for cash can be dangerous. Criminals may use the good old $20 wrench method to force you to give them your private keys for example. Or just give you counterfeit money.  

This is apparently more common than it seems. People giving you sham money for Bitcoin hoping on the fact that you won't check. They might even mix in real bills with fakes and hope you won't check each one.

I'd say just go to a Bitcoin ATM. It's KYC, but at least you know you'll get clean cash.

Aren't there really any safe ways for you to exchange like physical exchanges od trusted traders who you can meet up with?
Scared of being forced to give it away? Get a room in a hotel and trade at the lobby. They have cameras there and can call the police or their own security within seconds. When you're done with the trade you can safely go back to your room and then call a cab that will drive you to your home or to your friends if you want to have even more security.
Afraid of the wrench and have trade somewhere in the park or other public place with no security? Get some friends to go with you. A typical mugger won't risk attacking 3 people even if he's with his mates. Too much risk that one of you will have a weapon.

[drumamat]

I guess all (most) HODLers are considering to cash out at some point after new highs are reached. So here in this thread we can share experience and ideas on how to do it safely, swiftly and efficiently. Best rates, opsec issues, crypto-friendly banks etc... any hints will be appreciated!

P.S. I lost nearly all my stash in an unfortunate boating accident so my interest is purely theoretical.  

P.P.S. If this topic doesn't belong here please feel free to move it to the appropriate section.

I recently also started thinking about using p2p services. The situation in the country is heating up and it seems to me that over time problems with the tax system may begin.I always cash out through 2-3 trusted services. So far, there have been no problems. If we are talking about a large amount, I think it is best to meet with the dealer from the exchange service in person.

[serveria.com]

I always cash out through 2-3 trusted services. So far, there have been no problems.

Perhaps you could share with the community? 

[Gyfts]

If Bitcoin ever reaches a stupidly high value very quickly, then I may be tempted to cash out my whole stash, in which case I'll probably arrange a local meet and sell for cash.

Selling for cash can be dangerous. Criminals may use the good old $20 wrench method to force you to give them your private keys for example. Or just give you counterfeit money.  

This is apparently more common than it seems. People giving you sham money for Bitcoin hoping on the fact that you won't check. They might even mix in real bills with fakes and hope you won't check each one.

I'd say just go to a Bitcoin ATM. It's KYC, but at least you know you'll get clean cash.

Aren't there really any safe ways for you to exchange like physical exchanges od trusted traders who you can meet up with?
Scared of being forced to give it away? Get a room in a hotel and trade at the lobby. They have cameras there and can call the police or their own security within seconds. When you're done with the trade you can safely go back to your room and then call a cab that will drive you to your home or to your friends if you want to have even more security.
Afraid of the wrench and have trade somewhere in the park or other public place with no security? Get some friends to go with you. A typical mugger won't risk attacking 3 people even if he's with his mates. Too much risk that one of you will have a weapon.

You definitely could, but the problem is finding people that are trustworthy traders in your area. If you live in a big city in a developed country, I'm sure it'd be easy to find someone to meet up with. But if you live in a rural area, you're out of luck. Always meet in a public area with cameras. Preferably, near a police station. Scammers won't ever set foot near a place that has police. Some stations have areas that are designed for online sale meet ups with 24 hour camera surveillance.

Again, all of this is predicated if you can find a trustworthy trader to deal with IRL.

[Sadlife]

Normally i only cash out 5% of my stash if the price goes higher so i wont miss a bigger move in the future. I think long term HODLING is the safest and the best bet while cashing some little percentage of your BTC to have a return of investment whenever a bullrun happens.
Then cashout to your local wallet provider that supports Bitcoin to fiat conversion.

[Eugenar]

Based on my own experience, I have a plan before I do cash out my money, we should expect that things could happen, bitcoin can go high or low so always remember they we should cash out when the price of the bitcoin is high enough for us. There are times that if you are going to wait for so long because you are thinking that bitcoin can reach so high but the next another day it goes down, we lost the opportunity to cash out our money when the price of the bitcoin reaches ao high. So do not be so greedy, always remember that bitcoin could still go down if you know that the price of the bitcoin is enough for you to earn money that you need then make a cash out now.

[serveria.com]

I'm opening up a service for small amounts of cash to your Venmo/Paypal shortly. I'm assuming this is for large amounts?

Not trying to discourage you or something but not many people would be ready to send you BTC and get Paypal from you simply because Paypal can be reversed.

[Cryptopher]

Coinbase to Revolut. Kraken doesn't seem to want to play ball with Revolut, but Coinbase is cool with it.

[serveria.com]

Coinbase to Revolut. Kraken doesn't seem to want to play ball with Revolut, but Coinbase is cool with it.

Exactly. Used it myself and it works fine. Not sure about large amounts though.

Binance rates seem ok. They also advertise ACH withdrawals I wonder is anybody tried it and what are the limits? I'm unable to verify atm as their system seems broken (server overload or similar error). As to FIAT withdrawals, they offer some shady payment systems... no wire option?

[leeboy]

It all depends on your amount and your country. In majority of cases localbitcoin or others p2p sites is enough

[CryptoArbi]

Cashing out tips and strategies are very difficult in a volatile environment. In reality, you have to play a game against robots and software, and I find it very difficult to declare victory over them. That said, my strategy is very simple. It is simple, because simple ideas work best. I am not trying to take advantage of price changes in the short term, thus, I m trying to buy my coins at very specific price ranges and then holding them until the price goes to a range where I want to sell.
So my effort is to find these buying/selling ranges and then have the strength in me to implement my strategy because strength is needed. So how do I find these price ranges? I will not speak about past results, but I will speak about the present situation.
I believe it is not possible to use value investing, technical analysis, or Elliot wave theory the way we use them in the stock markets. What we can use, is a technical analysis of the long term. I am not sure if this term is correct or not, maybe it is not. But what I mean here, is use technical analysis to find supports and resist lines, and when we get near them, buy or sell respectively.
So in the current situation, I will show a very well-identified triangle that gives very nice entry and cash-out points. You can find this triangle and the strategy I use here: https://arbusers.com/index.php?topic=7174.msg76745#msg76745
So when we go to the lower side of the triangle, we buy. When we go to the upper side of the triangle, we sell. It is that simple.
But here, as we are closing at the corner of the triangle, it is evident that we are nearing a make or break point. This is a very difficult position because it is a decision point.
At this point, I believe that most odds are for keeping my coins, waiting for the upper side of the triangle to break. The risk-reward ratio is very good. The resist line was tested twice, and the more is tested, the more possibilities it breaks.
Sorry for the long post.