Crypto Tip: Have multiple off-ramps ready for your coins

You got to have all your ducks in a row before the moon. Back in 2017, Crypto exchanges shut out new users because they could not keep up with the demand. FOMO was surging when Bitcoin almost hit $20k making long waits for support tickets and other changes for users so they could convert crypto to dollars and other currencies. The screenshot above is from CEX.io a major crypto exchange. There were many others shutting their doors to new users as well during the 2017-2018 crypto rush.

https://www.businessinsider.com/crypto-exchanges-are-shutting-out-new-users-because-they-cant-keep-up-with-demand-2017-12

Imagine you got crypto during the bear market, using localbitcoins.com Or earning it through posting on Hive, LBRY, Publish0x, Read.cash, Uptrennd or some other platform not thinking about exchange registration at the time. Then out of nowhere crypto rockets up, FOMO sets in for everyone you know. And you find yourself unable to cash out easily. That would really suck!

Source: https://www.civilbeat.org/2017/08/reader-rep-time-to-cut-the-rhetoric-and-use-words-wisely/honolulu-freeway-traffic-kapiolani-blvd-offramp/

Many exchanges closed their doors to new users during the 2017 all time highs. I found myself in a similar situation. Using Bitfinex to buy crypto back in 2014, I got an email a few years later saying they were going to stop supporting United States customers. And US customers should do their final transactions before the deadline they imposed. Since I did not have any other exchange relationships set up at the time. I felt pressured to sell my coins. When I sold before deadline for Bitfinex I made some massive gains. But crypto continued to climb almost doubling from where I cashed out.

Maybe if I had other exchanges to use at the time I would not have cashed out so early.

Source: https://www.driverseducationusa.com/resources/how-to-exit-the-freeway/

Though my experience was not so bad since I could cash out. But many could not take any of their gains at all due to not thinking ahead.

Source: https://medium.com/@BramBerkowitz7/i-dont-know-much-about-crypto-but-bitcoin-fomo-is-killing-me-right-now-4573d9ec171e

Since then I have learned from experience to keep multiple exchange relationships going. And now I have three exchanges I can cash out to fiat if I see another massive run up. I got verified during the bear market and had everything setup in a matter of weeks, way before any bull occurred. Of course I have no idea when the next bull run will happen, but now I dont have to worry about scrambling to get verified on exchanges to have fiat withdraws.

Here are a couple exchanges that do US dollar deposits and withdraws:

Coinbase Kraken CEX Gemini Bittrex

I am working on getting verified on all of them. To do this I must scan my drivers license, take selfies holding my ID and send them other identifying documents. A few times they were rejected due to a bad selfie or my scans of my ID being too low quality. But after the feedback from the support reps I went back and we did the requirements and got approved!

Its a good idea to get verified before everyone else in the world is trying to do the same. As you may have to wait awhile, and not be able to cash out the price you want to.

Once verified do a small wire transfer to the exchange, so your account is activated and ready for when you want to cash out. The minimum is fine, the point is to have your bank account activated on the exchange. That way you can sell your coins exactly when you wan to. Not waiting to finally do a wire transfer during the bull run, just cash out. As this is required by many exchanges to set up a relationship. ACH is another option but I find doing a wire for the initial setup works better for me. I then use ACH after the first deposit once the exchange is aware of my bank.

Source: https://www.gyft.com/bitcoin/

The crypto exchanges I mentioned are not the only options. You can also cash out your crypto to gift cards, or even buy items from auctions. A few options are below:

Crypto Voucher Gyft Wegift Bitrefill Egifter

https://news.bitcoin.com/trade-gift-cards-with-cryptocurrencies/

Crypto debit cards like Bitpay is something to consider as well to cash out your crypto.

So its a good idea to be ahead of the ahead of the masses and have an exit route ready to go before everyone runs for the exit as well. Otherwise you may find yourself stuck in the doorway so to say with everyone else.

This is not financial advise, just my opinion. Do your own research and decide for yourself.

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