How to Cash Out Bitcoin: Complete Guide

Trying to figure out best way to execute HODL plan -- Any Input Greatly Appreciated!

I posted this in the binance sub yesterday and received no responses, so today I tried to post in the bitcoinbeginners sub and my post was instantly removed for who knows why, so now I'm here, really hoping to get some basic insight!!!

I'm pretty new to the cryptocurrency world, but after reading up on VeChain and a few other coins, I've become interested in investing one or two thousand between a few different coins. I'm not planning to do any day trading or mining.
What my newbie level of research has brought to my attention is that if I want to make a full round trip of investing a few thousand, letting it mature, and say withdrawing a significant portion back into fiat USD (live in US) in a few years, what would be the best way to go about that?
My current idea is something along the lines of:
  1. Initially exchanging let's say $1000 USD for bitcoin via funding from my checking account through something like Gemini or Coinbase (Can't do that directly with binance.us right?).
  2. From there I could create a binance account and exchange this bitcoin into VET and a few other coins.
  3. Next I would create my own wallet, let's say with Exodus (or some other wallet: recommendations?) and store all the coins there for a number of months or years.
  4. Finally, when I'm ready to cash out I would convert all my coins back to bitcoin (using binance again?) and transfer them back to the initial place of purchase (gemini/coinbase/betterplace?) and instantly convert that to fiat USD and then ach or wire that back to my checking account.
Please tell me if I am thinking about this all wrong? How would you execute this type of plan?
p.s. Extra newby question: would a wallet like exodus have high fees for the transfers out when i'm ready to cashout in many months/years?
If you made it this far, thanks for reading through! Any thoughts are appreciated!
submitted by Funguyguy to CryptoCurrencies [link] [comments]

Trying to figure out best way to execute multiple transactions with smallest amount of fees for longer term hold

I'm pretty new to the cryptocurrency world, but after reading up on VeChain and a few other coins, I've become interested in investing one or two thousand between a few different coins. I'm not planning to do any day trading or mining.
What my newbie level of research has brought to my attention is that if I want to make a full round trip of investing a few thousand, letting it mature, and say withdrawing a significant portion back into fiat USD in a few years, what would be the best way to go about that?
My current idea is something along the lines of:
  1. Initially exchanging let's say $1000 worth of bitcoin via funding from my checking account via gemini or coinbase (Can't do that directly with binance right?).
  2. From there I could create a binance account and exchange this bitcoin into VET and a few other coins.
  3. Next I would create my own wallet, let's say with Exodus (or some other wallet: recommendations?) and store all the coins there for a number of months or years.
  4. Finally, when I'm ready to cash out I would convert all my coins back to bitcoin (using binance again?) and transfer them back to the initial place of purchase (gemini/coinbase/betterplace?) and instantly convert that to fiat USD and then ach or wire that back to my checking account.
Please tell me if I am thinking about this all wrong? How would you execute this type of plan?
p.s. Extra newby question: would a wallet like exodus have high fees for the transfers out when i'm ready to cashout in many months/years?
If you made it this far, thanks for reading through! Any thoughts are appreciated!
submitted by Funguyguy to binance [link] [comments]

NEX AMA Answers!

Some of the NEX team went through the questions asked a couple of days ago, but due to the answers being posted sporadically, i thought it might be better collating answers and reposting for visibility!
I highly recommend reading through if you are interested in NEX!
    NEX team marked as
U = u/Unignorant, C = u/Canesin, L = u/Localalhost_coz  
Original post here
Q: What is the NEX marketing plan to grow in terms of a customer base ? And how far is the team away from a finished product? During most of the interviews I noticed the team reference comparison to Binance, how does the interface match binance in a decentralized environment? (u/sheldonbraganza)
(U)We will have a complete product out on TestNet in Q2, and a fully working cross-chain exchange on the NEO and Ethereum networks in Q3.
NEX is marketing to two primary groups of users: (1) Mainstream users who want an easier experience buying altcoins with cryptocurrency. Through our network of banking partners, we will make it easy for anyone in the world to buy tokens on NEO, ETH (and eventually other chains) using their national currencies. (2) Bots and traders: we aim to have best-in-class trading APIs for high performance, computational trading. We will have better and faster APIs than today's centralized exchanges, with the added benefit of these systems running on decentralized networks
The point of our off-chain matching engine tech is to enable the same (or better!) usability as an exchange like Binance, while keeping around the decentralized model. The off-chain engine makes trading just as performant as today's centralized exchanges, and makes it much easier to support the kind of cross-chain trading functionality that has long been a pipe dream for decentralized exchanges. We are very much inspired by other exchanges like Coinbase in this regard, and we will be the first DEX to achieve this.
(C) Just to remember that NEX is also going after costumers that usually are not considered by other exchanges with its features to facilitate peer to peer payments requests, invoicing and tipping/gifts.
Q:Can you elaborate on NEX staking? The whitepaper was fuzzy about it and had terms like "staking percentage". (u/r3dh4r7)
(U) The NEX staking rate will be from 25-75%. Committing to stake for one day gives a rate of 25%, which increases linearly to a rate of 75% if you are willing to stake for 2 years By staking rate, we mean the percentage of revenue you will get from NEX fee collection proportional to the tokens you hold. For example, if you hold 10% of all NEX tokens and are staking at a rate of 75%, then you will receive .10 * .75 = 7.5% of all fee revenue generated by NEX over that period.
We will confirm these details in an updated white paper release coming out today or tomorrow. ~ If you commit for two years, the first year will still be at 75%.
Q:How soon do you introduce Fiat pairs? (u/coinonymous1)
(U) Our network of banking partners will begin to go live in Q2. That means users will be able to enter the ecosystem with national currencies through the NEX extension and web-based exchange interface.
(C) To clarify, this are not direct trading pairs on the exchange itself (i.e. JPY/NEX) but a easy method to on ramp and cashout using the tools. Users will be able to acquire NEO and GAS with fiat and any other tokens traded at NEX will be using the exchange itself.
Q: The chrome extension is great but why should I still rely on desktop to access NEX interface ? When can we expect Iphone/ Android App? (u/cryptobuddy_1712)
(U) We are planning native android/iOS apps. Depending on how fast we can grow, they may be out by Q3.
(C) Mobile presence is a complex topic, depending of how much of the full experience you want to provide - that will depend on the support shown by 3rd party wallets, if they adopt NEX APIs.
Q: Will you guys be supporting Ledger integration any time soon? Nex chrome add-on, Nex exchange integration...?! Plans to list the Nex token on other exchanges before the release of your own? What are the plans to continue supporting Neon wallet now that Nex came out with their extension for chrome? Will Nex exchange introduce fiat deposits/withdrawals? (u/mihai_ss)
(U) Yes, ledger is on the roadmap. We cannot comment on other exchange listings right now. We love and will continue to support Neon wallet (you are speaking to its creator :) as a great desktop wallet and complementary partner to our extension. NEX will support national currencies in/out of the exchange through our network of banking partners.
(C) Not only ledger but hardware wallets in general. Ledger is priority currently given that it is quite popular in NEO. We have to have in mind that NEX is trying to do a lot of different things to make usage easier to new users (that probably don't have a ledger!), there is currently about 96k users of it (more than this sub) so we will focus on fixing the corner cases and issues that appears frequently with such large user base first.
Q:More and more people are using mobile apps for trading. Don't you think nex should also have its own iOS and Android app. Are the API being developed future proof to integrate with mobile apps for trading and seeing candle charts. (u/Cryptobanku)
(U) We agree with the power for mobile, and future proofing the API is 100% on our mind. Longer term, we are planning native iOS/android apps.
Q:So NEX is a security right? What does that mean exactly? The Token only will be available on the neon exchange? In order to get the exchange dividends are we gonna be forced to put our tokens on stake mode? If so, once we put our tokens on stake mode does that mean we are not gonna be able to move them or sell them for a specific period of time? (u/sersimovi)
(U) NEX is a registered European security. It will be traded on NEX exchange, but that is not the only place it will be traded (I cannot say more than that right now). Being a registered security is amazing for investors. It means that all of the sketchy things that so often happen with cryprocurrencies/tokens (things like market manipulation or insider trading) are made explicitly illegal. It also means that we, as a company, go through an extensive audit. For that, we have partnered with the top tier accounting firm Ernst and Young.
The staking model means that you commit to staking your NEX for a certain amount of time to receive a share of fee revenue. The minimum amount of time you can stake NEX is one day. The maximum time you can stake is two years. While staked, you cannot move or sell the NEX tokens.
(C) All that plus the investor don't need to fear it will crash because someone classified it as a security in the future.
Q:When will the official sale date be announced and when will the official tokens per neo be determined? (u/rborsb9)
(L) We are still working with our legal partners to determine a final sale date, but it will be sometime at the end of April. The tokens per Neo/Gas will be determined from the 10 day moving average of the price before the sale begins.
Q:What do you think sets NEX apart from the countless other DEXs that are starting up right now? Why should people invest in NEX vs Switcheo/Etherdelta/Binance(once they release)?
(U) NEX will be the first usable, performant, and cross-chain DEX. Out of all the exchanges you mentioned, none of them are using an off-chain matching engine, which quite simply means none of them can do what we are doing.
In addition to that, NEX has by far the most generous revenue share model of any exchange you have mentioned. This is because we are embracing being a security (not hiding behind some questionably legal utility token). The people who invest in us will be treated very well by this model.
As for competitors: Switcheo unfortunately doesn't work. There is no volume, and the SC is broken (or at least didn't work when I tried it; the transaction failed and it stole the small amount of GAS I tried to trade). Etherdelta has higher volume but still ridiculously low overall. And again, just try to use Etherdelta... it is a usability disaster. There is really no comparison here. Binance might do something interesting, if they decide to do anything. But we have better technical talent than Binance, so I am not too worried.
Q:What % volume neon exchange will support compared with top centralized exchanges? Thanks big neo fan! (u/myfriendbaubau)
(U) We will support just as much volume as today's centralized exchanges.
Q: Will NEX have a stable coin? (u/masi252)
(U) We have looked into various implementations and ideas surrounding stable coins and have determined that it is not something we are planning on doing in the near future.
Cont: What about when Alchemint releases? (u/Bing0to)
(C) We wanted to do a fundamental strong stable coin that was capital efficient. Unfortunately there is some pre-requisites for that to be possible that currently is lacking in crypto markets. We will continue to monitor how this space evolves and our ideas are stored waiting the future when they can be applied.
Q:Can we expect the erc20 token trading earlier than q3? (u/markerizza)
(U) Q3 is the current roadmap projection. It is possible it will happen earlier depending on our growth.
Q: Will the token sale be via smart contract, so that we recieve our tokens right away? (u/Ebrii)
(U) Yes
Q: will you guys have an official subreddit and telegram anytime soon? (u/markerizza)
(U) No, we dislike the idea of project oriented telegrams. There are too many opportunities for scammers. We may have a subreddit in the future, but not anytime soon.
Q: What is the plan to get liquidity on the platform? It seems to be the biggest problem with current DEXs. (u/Mutedtommy)
(U) We have strategic partnerships for this. We are also working with other partners to develop some nice APIs for high performance trading.
Q: On the site you say that the ORIGINAL winners can participate in the second round (9000$) options, do you mean only the first round lottery winners or the first and second round winners combined? (u/FrancoisFrancis)
(U) Any lottery winners (whether first or second draw) have the opportunity to participate in both rounds 1 and 2. Please see this medium post for clarification: https://medium.com/neon-exchange/nex-extension-and-lottery-q-a-667e56f58e4a
Q: If you chose to participate in round 2 from the KYC process, does that mean you are guaranteed a spot? The medium article seems to indicate there will be an additional lottery from those who selected that option to see who from round one is eligible for round 2. (u/DwyerMatt)
No one is guaranteed a spot in round 2. It is even possible (though extremely unlikely) that all NEX is sold out in round one. This would happen if everyone who is selected goes through KYC and participates at 100%. (U)
Q: Will NEX tokens only be tradeable on NEX or is there a chance of it being listed on other exchanges like Binance? (u/Frank_Sinatra88)
(U) See an answer above. Not just NEX, but I can't say more than that right now.
Q: How do you see NEO compare to other coins on its network ? Like another coin could be valued more than NEO itself ? And will NEX always be bound to NEO? (u/BN_Boi)
(U) It is unlikely but possible that a NEP5 token could eventually achieve a higher marketcap than NEO itself.
NEX is not bound to NEO much at all. Our token will live as a NEP5 on NEO, and that is how users will receive staking rewards, but we will support trading very early on Ethereum as well.
(C) Google runs atop of other companies infrastructure (telecom providers), but it is valued more than all of them. The same thing can (and probably will) happen in token land, it will just take a while - when infrastructure becomes less important than applications and platforms atop of it. Like with the internet.
NEX behind the scenes (as the DEX is cross-chain from start) is using NEO capabilities, but the future of both is broad and uncertain. As a long term strategy the NEX company will do what it can to improve its underling technology and remove risk from its business.
Q: Is there a vesting period for the half of available NEX tokens that will not be sold during the ICO? (u/ETHERjimbo)
(U) The founder and employee tokens (25%) will vest over two years.
Q: Whitepaper uses an example $100m in the fee distribution calculation. If NEX is truly a security token and the whitepaper is your prospectus then you must provide further data on fwd looking statements. The NEX token gives the right to fee distribution. Given this you must provide assumption based forecasts on expedited fees over the next 3 years. This will support price discovery. How can the market properly price the token when fee expectations are unknown.(u/nsheahan82)
(C) Fee structure is defined on whitepaper and version v1.1 contains a example section as stated. Version v2.0 (to be released very soon) contains the actual staking portion (25% to 75% linear over two years growth on staking).
Guess work on the volume would in reality be very indigenous, look at volume behavior market wise (https://coinmarketcap.com/currencies/bitcoin/#charts) so much variation. Following the 3 years trend we could say trading volume will be bigger than the world economy, clearly that is not happening.
Q: Would NEX Staking be a 50% or 75% as stated on the whitepaper? (u/GMDaddy)
(C)See answer above, it starts at 25% and goes up to 75%. The increase is linear and maximum period is 2 years.
Cont: By linear, you mean like as an option where the user has the choice on picking whether to stake it from 25% up into 75%?
(C)No, when you start staking it starts at 25% and by linear I mean it increases at a constant rate of about 2.08% per month for two years until it reach 75%.
(U)To clarify fabio's comment: yes, you can choose a fixed rate of 75% by committing to stake for two years.
Q: A massive attraction to NEX is the prospect of decentralised banking. What makes decentralised banking better than traditional banking? (u/kabelofthe3rd)
(C)Our goal is to facilitate crypto trading at large, this touches from usage of applications to investing passing by funds management and invoicing solutions. What this enables is a digital cashless economy, we call it the smart economy. In the smart economy users are in control of their funds using this advanced technological tools to perform the tasks above and current banking solutions are no longer needed.
Q: Once NEX is rolled out, what will be the easiest way for US residents to buy some stake? I'm aware it's going to be issued as a security so I'm thinking the NEX token will only be tradable on NEX itself because most non decentralized exchanges will not list security's or tokens that don't pass the Howet Test. Is this correct?(u/Cozmo525)
(C)You are correct, for US persons you will need to wait other licensed exchanges list NEX or we acquire the proper licenses to allow US people to trade securities. Whatever happens first =)
Q: Can I stake only NEX or also other Token f.e. NEO? (u/masi252)
(C) NEO doesn't need to be staked, you already can claim GAS on NEX extension.
Q: How do you plan to compete with Switcheo when they have first movers advantage and will be live for months before your platform will be? (u/toneeey1)
(C)We plan to compete with anyone in our market by providing better products.
Q: Will TNC be utilized? (u/molly1nora)
(C)That is not planned, NEX has it own custom scaling solutions already in development.
Q: Do you see exchanges not listing NEX, due to the fact that you guys are direct competition? (u/detnah)
(C)That is a tricky question, I believe competition will not be with every exchange - in special centralized ones, as CEX they will more focused in national markets and we are going after broad chain level trade.
Q: Is there a chance in the future you will also introduce other coins to the exchange sich as ERC-20 tokens etc? If so you'd blow all competition out the water. (u/Frank_Sinatra88)
(C)Yes, ERC-20 tokens will be supported by Q3 together with NEP-5.
Q: Will NEX APIs support mobile Dapps or Wallets? (u/johndon96)
(C)Both, APIs are in general not target to a specific application, is up to the developers to use it in their products.
Q: What are the team's plans to make NEX the best decentralized exchange and one of the best projects ever released? (u/its_me_TAG)
(C)We will be working close to our costumers, never afraid of breaking status quo and never ending improvements. NEX will never be done.
Q: Are there any plans to open up some Nex-Stores in several spots around the Globe? (u/michaeluebelhart)
(C)No, but will have a online swag store :D
Q: Is it possible that in the long future to have forex pairs listed on NEX? (u/BR8889)
(C)In a future where fiat has token representations or stable coins are indeed stable.
Q: When will we see the updated Whitepaper? (I know for example that you plan to integrate ERC20 tokens earlier than mentioned in the original Whitepaper) (u/mambor)
(C) Target is this weekend. We could delay if redacting detects things that should be changed/improved.
Q: What is your go-to-market strategy? (u/Dux_AMS)
(C) We already have >100k users. ;)
submitted by menofthenorth to NEO [link] [comments]

My honest Mogocrypto Review

I recently got a Mogocrypto invite.
Here are my experiences (compare to Quad, Coinsquare, and Binance <- my true love haha).
Funding methods: Mogocrypto offers Interact E-transfer only. They claim the funding time is 30 minutes, and this is really bold. But after I completed my transfer, I got my funds into my account literally after a bathroom break. So, I would say around 10 minutes?
Compare to Quad or Coinsquare this was a MASSIVE improvement. Not sure how they process this so quickly... I will probably try to fund again in the future and see if anything changes.
Quad and Coinsquare offer other funding method, but they charge a fee, while Mogo is free. $3000 limit is enough for most people.
They only offer bitcoin right now, which is definitely not ideal for me. I like Alt coins, ethereum at the very least. So in comparison, Quad and Coinsquare has a lot more. If you are into trading Alt coins, then go with Quad or Coinsquare. Or be like me and go to Binance :P I mean that's a real party haha.
The Cash withdraw process tho, its quite impressive. Everyone is familiar with Quad's withdraw time, but it took me roughly like a day to get my cash out of Mogocrypto. and its free.
After realizing their withdraw time, I was really WISHING I can deposit my Coinbase and Binance BTC into Mogo and cashout... but guess what, they don't have BTC deposit.
It is 100% true that they do NOT allow the withdraw of BTC. This was my concern at first, after chatting with Mogo's support people, they told me this feature is in process but with no timeline.
I was really hoping to take advantage of the Free funding, buy some BTC through Mogo and transfer into Binance. then when I am ready to cash out, go from Binance to Mogo. But I guess that won't be happen anytime soon.
Lastly, I was quite impressed with the transparency of Mogocrypto. I mean... there is this Buy/Sell confirmation page that actually shows you how much $$ Mogo is charging for fee. I don't think I have seen that anywhere at all, but then again, normally when I buy, I don't care too much about buying/selling fees.
Oh right, I like the design
Overall, I think this is a great starting platform if you want to make some cash buying and selling bitcoins. However if you want to do things with your BTC, this is not for you. At least until they allow you to withdraw your BTC at the very least.
TL;DR
Pros:
- Super quick funding
- Super quick Cashing out
- Transparency and I like the fact that they are on the TSX
- Good support (so far)
- Free funding and withdraw
- Awesome design
Cons:
- NO alt coin (how is that even possible in this day and age LOL)
- No BTC deposit
- No BTC withdraw (apparently it is in process? )
submitted by ChocolateMignon to BitcoinCA [link] [comments]

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Binance has a vast selection of coins with pairings to Bitcoin, Ethereum, Binance Coin, and Tether.. Many investors like Binance because they offer coins like IOTA and Waltonchain that often aren’t listed on many other exchanges. Since Binance is strictly a cryptocurrency exchange, you’re not able to fund your account with fiat currency or get money out of Binance. So after you have tried it out for lets say Bitcoin, then it is the same for the rest and you can just follow this guide for all cryptocurrencies on Binance. You can follow the withdrawal from Binance via your Withdrawal History page. See when the transaction is in transit (processing) and when it has been sent (confirmed). When it has been confirmed you can check your balance in the wallet ... Get one now, and you may not need to cash out for long. Now, if after those questions, you still need to convert crypto into your local currency, then we’re here to help you regardless. Sell Bitcoin into Cash via the Binance Cash Gateway. For a streamlined manner of selling Bitcoin and turning that into cash, the Binance Cash Gateway offers a simplified and secure way for you to directly ... The other day I wrote a guide on buying Bitcoin (BTC) on Binance directly with my credit card.. Today i’m going to teach you how you can deposit or withdraw your fiat currency via bank transfer with Binance. If you haven’t register with Binance, you ought to do so right now here.. Securing your Binance account allows you to trade cryptocurrencies on a fast, secure and reliable platform. Are you looking to cash out your bitcoins? Well, if these questions resonate with you, then you are in the right place. I believe some of you want to sell their bitcoins because of one of these reasons: You have now lost interest in Bitcoin. Or you think you have made enough returns out of your Bitcoin investment. In any case, you just want to convert your BTC into cash either to realize ... Cash-out times: It takes between 1-5 working days for Kraken withdrawals to reach your bank account. Turn Bitcoin into Cash Using a Peer-to-Peer Exchange. Now that you know how to cash out Bitcoin using a broker, let me show you how to do it using a peer-to-peer exchange.

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How to Cash Out Your Cryptocurrency on Coinbase (Bitcoin ...

https://www.coinbase.com/join/5991f6aa6529b7022969e7c4 Open a Coinbase account and get $10 in FREE Bitcoin when you deposit your first $100: https://www.coin... In this video, I show you how to withdraw on Binance using the cryptocurrency Ripple (XRP) as an example. Learn step-by-step how to make a withdrawal from Bi... IN today's video we take a look at how to Use Binance , specifically, how to deposit and withdraw on the Binance Exchange. I've set up a new Telegram group f... Get some FREE Stocks on Robinhood: Use this referral link: https://join.robinhood.com/mattt277In this tutorial video I will show you how to cash out your crypto... Part 1 of video tutorial on how to transfer Tokens to Coins Ph: https://www.youtube.com/watch?v=kwhtV3-h5ds Trust Wallet: https://share.trustwallet.com/sFOSu... How to transfer fund from Binance to coins.ph #Binance #CoinsPh Join Binance here: https://www.binance.com/?ref=12695653 (20% off trading fees with this link) Join OKEx here: https://www.okex.com/join/1913302 (20$ Welcome... It's a good idea to have accounts with other exchanges ready just in case one exchange goes down. When Coinbase went down during the Bitcoin Cash launch, I b... How To Withdraw Bitcoin From Cash App To A Different Wallet __ Try Cash App using my code and we’ll each get $5! SFGQXGB https://cash.me/$AnthonyCashHere __ ... Once you get your cryptocurrency into Binance it's a little bit of a process to get it out. We walk through the process of selling your altcoins for Litecoin...

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