How do you folks sell your bit coin ,and buy back if it goes lower ?

[xcaret]

I read several posts here where people have suggested selling at a high , then buying back if the price drops.
Last week would have been an ideal situation.

I'm in Alberta, no Bank here will allow me to send or receive cash transfers to crypto exchanges .
I phoned them all .(there are  5 major banks in Canada)
So I'm not sure how a person would sell, and buy back ,unless you walked in to an exchange with cash .
MNBA credit cards have blocked all such transactions . My other cards are issued by Canadian banks .

I just read a post where it was suggested that by buying and selling when the dips and leaps occurred , that a person might make a big percentage gain over a years time .
I'm not disputing that ,but it isn't for me.

When you sell to an online , what do you get in return for your bitcoin ?
 
Coinify told me they could issue me a prepaid credit card . They also have atm's that payout cash, but only in Ontario, and Quebec. The fees at atm's are super high , the credit cards are charging a lot too.

So here I am trying to learn something .
So far I see bit coin ( and I have bought and sold it 4 times in the last 3 years) as only an investment , every day type of retailers don't accept it .

Oh ,one of the bank representatives told me he dealt with coin base and hey sent the funds to paypal, which sent them to his bank . I read on hear that their was problems with that , but not sure what they were ( besides more fees).

I am fortunate that I'm not to faraway from a exchange where I can walk in with cash ,or out with cash .
I'm sure that would have limits ,I only had under 3k at the most .

I'll be waiting for how you all cash out, and/or back in.
I find this very frustrating  !         
 

[1714849768]

1714849768

[Poker Player]

I read several posts here where people have suggested selling at a high , then buying back if the price drops.

And I suggest you buy the winning lottery number.

Those people are quite likely morons who don't know what they are doing. Only few people with a lot of knowledge and some luck are able to do what you are saying on a regular basis. For 99% of the people the best strategy is to just buy and hold. I've seen people many times saying that they regret trading because if they has just holded they would have made more money (or they wouldn't have lost the money).

I know that's not the answer you are looking for but I had to tell you. So don't say we didn't warn you. Good luck with your crystal ball.

[mk4]

Banks suck. This is one of the problems that stablecoins kinda solve: easier access to fiat on exchanges.

While I personally don't recommend holding stablecoins in long timeframes, it is what I recommend using when you're planning on doing active trading. Probably look for an exchange that supports BTC/USDT or BTC/USDC trading pairs.

While I mostly despise trading this way, hey, in the end it's your money. Best of luck!

[barto123]

The best advice is NEVER sell - Few understand why though.

The reason Bitcoin keeps going up is because more & more people are seeing it's value.

The supply is far more scarce than what is advertised & will only continue to get more so over time.

There are a lot of people like myself who will never sell.

If you expect Bitcoin to survive for 10's of generations, all you need to do is continue to accumulate it.

Avoid the noise & ditch the emotion; the Bitcoin network is the most robust on the planet & will only continue to get stronger by the day.

Avoid selling back to a dying system & your position in the network is fixed for eternity.

[pakhitheboss]

For buying and selling did you try local itcoin.com or localcrypto.com they both are P2P exchange. I am not sure whether they are available in your location but if they are then it should solve your problem with high fee and purchase issue.

Now if you are looking for short term return then use the strategy buy in the dip and sell when high. Most of us here are holding Bitcoin for long term. We are focusing on the big return.

[xcaret]

I shouldn't have mentioned buying low in a dip and selling high . I have no intention of doing that.
I mentioned it to illustrate the situation it seems we are in , and that is that we cant sell for cash .
Someone mentioned p2p, ok how will I get cash ?

As someone just posted the best time to sell is never ( a Warren Buffet saying)
 
Many people on here are talking about buying or selling bit coin. So, if the banks don't allow transactions with bit coin exchanges ,how do you buy.
Better yet , and more important , how do you sell your saved up bit coin and buy a house , unless the seller wants bit coin ?   
I asked this question before and no one had a logical, reasonable answer that time either .

I don't get it !! So many talk about how nice it will be if bit coin goes up into the hundreds of thousands , but no one know how to convert the gain into cash .

To me ,that would be far more important than anything .
If you didn't know if you could cash in a wining lottery ticket ,wouldn't it be stupid buying one .

So many on here talk about bit coin taking over . How is that possible when banks refuse to even deal with a company with good hard cash to deposit ,that they will allow bitcoin to take over .
Politicians too, are speaking down to bit coin.
Look at the trend ! first bit coin was totally anonymous , then around 2017-2018 all the exchanges were forced to verify who their customers were . Next the banks blocked us.   

To me it is not a thing my life hangs on, the most I ever owned was $2,200 worth of BC, and that was just one time , the both times I just had one hundred or two hundred Canadian dollars invested .

For you new people ,you better do your research ,before you start dreaming of huge profits you can spend !

[tertius993]

Not everyone is in Canada. Not all banks operate these restrictions. “Most” exchange users can simply sell on an exchange and make a transfer of fiat to their bank account.

You asked about peer-peer and how do you get cash - well it’s simply a transaction between individuals, one person sends BTC the other sends the money. Usually facilitated by a site like LocalBitcoins.

[Wexnident]

~

I wouldn't call it as banks refusing to transact with Bitcoin, it's at most banks just well, being outdated at times. Not to mention that there are some restrictions depending on your country. And add on to that, your situation isn't the only situation out there, there are a LOT of people who use Bitcoin, who trade it daily, so you saying that you can't, or why you can't understand it, just simply means that it is your own inability to understand (or you just refuse to that is).

P2P is basically just like any other transaction out there is, you send BTC, the other party sends money, easy as that. There are also stable coins as mk4 said, you can let it sit there for a bit before trying out ways to exchange it to fiat.

[Marvelman]

I don't get it !! So many talk about how nice it will be if bit coin goes up into the hundreds of thousands , but no one know how to convert the gain into cash .

This is a very wrong assumption. We all here know how to convert crypto to fiat. Well, at least the vast majority of us. This isn't 2011 anymore, you know.

And besides, why do you even want to convert bitcoin to fiat? Do you know that you can pay for services and goods directly with crypto?
There is nothing you can do with fiat currencies that you can't do with crypto.

[xcaret]

Marvelman, I'm sure I'm not the only one on this forum having doubts about converting BC to cash .
 Can you explain , how we could convert the amount of BC that would sell for   $600,000 , and buy a house from the local realtor ?
I had a hard time getting $2,200 in cash .

Oh, while your at it , please tell me how I could buy a set of tires for my 4X4 from Costco with bit coin.

[traderethereum]

Marvelman, I'm sure I'm not the only one on this forum having doubts about converting BC to cash .
 Can you explain , how we could convert the amount of BC that would sell for   $600,000 , and buy a house from the local realtor ?
I had a hard time getting $2,200 in cash .

Oh, while your at it , please tell me how I could buy a set of tires for my 4X4 from Costco with bit coin.

Maybe the illustration can be like this.
You sell your bitcoin to the local seller, exchange, p2p, or whatever who they are.
Then the seller send the money to your bank account, so you see big money in your bank account, and you can use it to buy a house or whatever you want.
If you want to buy a set of tires for your 4x4 or anything you want, you need to ask the seller if they can accept bitcoin as the payment or not. Otherwise, you need to sell your bitcoin to the crypto sellers so that the money will be sent to your bank account.
Without doing that you can not use bitcoin to buy something you want.

[Marvelman]

Marvelman, I'm sure I'm not the only one on this forum having doubts about converting BC to cash .
 Can you explain , how we could convert the amount of BC that would sell for   $600,000 , and buy a house from the local realtor ?
I had a hard time getting $2,200 in cash .

You can also buy a house with bitcoin, and it’s not as hard as you may think.

https://www.cnbc.com/2018/01/03/heres-the-one-thing-you-need-to-buy-a-house-with-bitcoin.html
This is not even the latest news, as it was published back in 2018.

Oh, while your at it , please tell me how I could buy a set of tires for my 4X4 from Costco with bit coin.

Does it really have to be Costco?

[cheezcarls]

Usually I have USDT or USDC first stored in my non-custodial wallet, I easily swap it to Bitcoin (but not recommended for day trading) but the fees are ridiculously high. When I wanna do day trading, I am transferring my USDT to my CEX account and start trading where fees are much lower.

[Lucius]

xcaret, your situation stems from your location, and it’s something that doesn’t affect other people who have much better terms when it comes to selling or buying cryptocurrencies. I have no problems with my local banks and crypto exchanges, I can also sell crypto at my local post office or at a specialized physical office that is a physical crypto exchange. I can also buy most technical things in IT equipment stores directly for BTC, but also many other things in over a thousand online stores (check my avatar).

You have to accept the fact that each country has its own rules, not only when it comes to cryptocurrencies but everything else. I don't know what else to tell you except to try to find a way to find an easy way to buy and sell BTC, maybe someone from Canada can give you some better advice.

[buwaytress]

Short summary: a lot of people talk about selling and buying back, but that's trade talk. And let me tell you, most traders talk a lot and don't walk, even those purportedly doing it professionally full time. It's just a lot of ego and hot air, most traders lose money.

You really want in Bitcoin? Just hold. Sell/liquidate when you're done. For your jurisdiction, I'd recommend just going the full verification route at Coinbase or Gemini. Maybe even PayPal soon enough.