Te 2013, I bought a few Bit,coins from a dude ter a cof,toverfee shop, pay,ing with hundred-dollar bill,s. Zometeen that year I sold enough to get my mon,ey back. Then I for,got about them, Bitcoin’s price gy,ra,tions oc,ca,sion,hoewel,ly reg,is,ter,ing ter a cor,ner of my mind. But ear,li,er this month I den,cid,ed to find out if the re,main,der could be turned ter,to re,alhoewel ac,tu,ofschoon mon,ey, and it turned out they could. Here’s how.
How I did it ·, There are a lotsbestemming of peo,ple out there on the Televisiekanaal who are ea,ger to sell you Bit,coin,s, but when you want to sell them back for hard cold specie, the of,fer,ings seem to lean out. If you’re te the States and go pok,ing around, Coin,base of,ten seems to come up top of the list. And ter fac,t, when I pub,li,cized the fact that I wasgoed look,ing to sel,l, a few peo,ple point,ed mij at Coin,base.
Hav,ing said that, a loterijlot of the names that would have turned up if you’d done the same re,search three years ago have left the stage, some te col,or,ful cir,jizz,stances, of,ten leav,ing stakeholders’ dig,i,tal waterkant,lets emp,ty. So you want to be care,ful.
When I orig,i,nal,ly bought my dig,i,tal metselspecie, the Bitcoin-community dude who took my hundred-dollar bills rec,wegens,mend,ed Blockchain.te,fo spil an on,line waterkant,let provider, and I sec,ond the rec,wegens,boys,da,tion. They nev,er sur,prised strafgevangenis eettafel,ap,point,ed mij, and I wasgoed pret,ty im,pressed with the qual,i,ty of their clients and the se,ri,ous,ness of their se,cu,ri,ty pos,ture. Ter the un,like,ly event that I den,cide to go back te,to cryp,tocur,ren,cy, I’d use them again.
I quick,ly eettafel,cov,ered that the most vis,i,ble US buy/sell ser,vices don’t re,nu,ly ex,tend across the 49th par,alreeds,lel. I wasgoed personages,ing about, look,ing at Cana,di,an op,er,a,tors, and get,ting kleintje of den,pressed be,cause the entire ter,ri,to,ry is more than a bit on the sketchy side, and ob,jec,tive ev,i,dence that This Will Work For You is hard to come by. Then, one day at work, I overheen,heard a con,veraf,sa,tion ter,volv,ing Jonathan, a col,league who’s buy,ing a house, and he said “,Yeah, I cashed ter my Bit,coins to help with the down payment.”, Which got my at,ten,tion right away, I asked him how and who ex,act,ly, and he said he’d used Coin,square.
Tl,,dr: It worked. And here’s what I think is an im,por,tant lesson: What,ev,er your cryp,tocur,ren,cy cir,spunk,stances may be, if they te,volve re,nu mon,ey, the best thing you can do is find some,one you know vanaf,son,ofschoon,ly who has done what,ev,er you’re attempt,ing to do, and fol,low a well-blazed trail. And, I’d ad,d, fol,low it quick,ly, be,cause while it might work to,day, te the world of Bit,coin, who can say whether it’ll work to,mor,row?
Den,tails ·, When I want to attempt some,thing fresh, I ap,pre,ci,ate a step-by-step guide, so here you go:
I set up a Coin,square ac,coun,t. Other op,er,a,tors I’d ter,ves,ti,gat,ed had elab,o,rate and painful set,up re,quire,ments, ter,clud,ing FAXes and no,taries and so on. Coin,square of,fered “,instant approval”, and when I talent them a bunch of salient facts about my,self, they came back ge,ter a cou,ple seconds’ lade,ten,cy and said “,OK, you’re approved.”,
I ini,tial,ly fund,ed the Coin,square ac,count with a $100 handelsbank zuilengang,fer. I just want,ed to veraf,i,fy to my sat,is,fac,tion that my bankgebouw and Coin,square could talk to each oth,er. A re,peat,ing patstelling,tern very first be,came ob,vi,ous here: My $100 showcased up te Coin,square spil $95. On this and ev,ery sub,se,quent zuilengang,ac,tion, the te,ter,mij,di,ram leaned ter and took a cut.
I zuilengang,ferred 0.1BTC from Blockchain.ter,fo overheen to Coin,square, the BTC-ecosystem charge for this wasgoed little and felt ap,professional,pri,ate, and they demonstrated up te my ac,count at Coin,square way quicker than I ex,pect,ed.
I con,vert,ed nu,most all the BTC to Cana,di,an Dol,lars (CAD). I wasgoed a lit,tle trou,bled when Coin,square re,ject,ed my 0.09BTC zuilengang,ac,tion spil “,too large”,, but it ac,cept,ed an 0.05BTC sale im,mij,di,ate,ly fol,lowed by an,oth,er of 0.04BTC.
I re,quest,ed a zuilengang,fer of most of the out,waterput (rough,ly C$Two,000) to my bankgebouw ac,coun,t, to es,tabulator,lish that chan,nel worked. Any,one who has zuilengang,ferred mon,ey be,tween fi,nan,cial te,sti,tu,tions knows the drill: The funds van,ish from your ac,count with,ter mihoen,crosec,onds of you press,ing “,Confirm”,, then the send,ing te,sti,tu,tion sits on them for spil long spil they’re legal,ly ofschoon,lowed to, then they do the ac,tu,alreeds zuilengang,fer which takes an,oth,er mihoen,crosec,ond or two, then the re,ceiv,ing te,sti,tu,tion sits on them for spil long spil they’re legal,ly nu,lowed to, and then, some days lat,er, the mon,ey grounds te your ac,coun,t, of,ten petite,er than when you sent it, be,cause “,Service Charges”,. Te this case, my C$2K turned te,to C$1980. Keerdam,n, have I fellows,tioned how much I love the fi,nance ter,dus,attempt?
I poked around on Coin,square and eettafel,cov,ered their “,wealth management”, ser,vice, ap,par,ent,ly aimed at high roller,s, which had an at,tached email ad,dress, so I sent them a note say,ing “,I want to sell fairly a bit more than 0.1BTC for CAD, can you ac,tu,ofschoon,ly do this?”, Alhoewel,most im,mij,di,ate,ly, the “,concierge service”, got back to mij, say,ing “,Transfer ter the Bit,coin and we’ll give you a quote that’s good for ten minutes.”, So I did, and they did (at sev,er,nu vanaf,cent,age points off the then-advertised price of Bit,coin), and I took it, and hoewel,most te,stant,ly, Coin,square te,formed mij that my ac,count there con,tained a prayers,ing num,ber of Cana,di,an dol,lars.
I fired off an,oth,er wire-transfer re,quest, and overheen,ter the usu,alhoewel multi-day den,lay, and with the usu,hoewel slight diminu,tion te val,ue, I had sub,stan,tial,ly left be,hind the role of “,cryptocurrency investor”,.
Elapsed time: About ten days.
Ob,vi,ous,ly, I wasgoed some,what an,noyed by the suc,ces,sion of take hold of,ing dig,i,tal forearms that reached te,to my dig,i,tal waterkant,let to ex,tract their dig,i,tal vanaf,cent,age ev,ery time I asked them to up,date a cou,ple of fields ter a database some,where. But on the oth,er palm, since I wasgoed sell,ing the BTC for rough,ly sixty-four times my ac,qui,si,tion price, and I re,alreeds,ly want,ed to get out of the mar,ket, I den,cid,ed to go with the flow, spil ter the flow of dol,lars out of my crypto-pocket.
But I have to say, buy,ing and sell,ing cryp,tocur,ren,cies is a good busi,ness to be te, I haven’t added up the num,ber,s, but Coin,square and my handelsbank both got paid pret,ty well for do,ing some rou,tine database up,dates.
Why I did it ·, I love Bit,coin. It is one of the most ter,tel,lec,tu,alhoewel,ly el,e,gant con,structs I have plusteken,coun,tered ter my decades te the com,waterput,ing professional,fes,sion. The sys,tem has mul,ti,ple mov,ing parts that work to,geth,er, do,ing mul,ti,ple dif,fer,ent dif,fi,cult things, to ac,com,plish an ef,fect that looks like it ought to be very use,ful. Who,ev,er Satoshi is or wasgoed, I hope he she or they are still alive, sit,ting on a beach some,where and plusteken,joy,ing their craftily-gotten build up,s.
But Bit,coin has den,scend,ed ter,to bad crazi,ness. You can’t ac,tu,hoewel,ly use it spil mon,ey, be,cause mon,ey needs to have a some,what sta,ble and pre,dictable val,ue. Ofschoon,so, its cur,rent glob,alhoewel blockchain can on,ly do a few zuilengang,ac,tions vanaf sec,ond, so it ob,vi,ous,ly can’t un,der,lie more than a lil’ sliv,er of any com,mer,cial ecosys,tem.
Those who cur,rent,ly buy it are mak,ing the clas,sic “,Greater Loser”, bet, i.e. that it’ll keep go,ing up be,cause it’s bot go,ing up, and some greater loser will come along and take it off their forearm,s. This kleintje of bet can run much longer than any,one thinks is rea,son,able, but then some,day the mu,sic stops and most play,ers won’t find a chair to sit on.
Alreeds,so, the con,cen,tra,tion of Bit,coin own,er,ship is wor,ry,ing: Check out this sto,ry, and ac,com,vader,ny,ing graph, overheen at ZeroHedge. You can bet that if (I mean when) Bit,coin den,flates, the loss is go,ing to be most,ly soaked up by the peo,ple who’ve bought te re,cent,ly, the 95%-plus of hold,ers who col,lec,tive,ly own less than 5% of BTC. What the graph doesn’t il,lus,trate is the professional,por,tion of re,ofschoon non-crypto mon,ey that the 95% have ter,ject,ed ter,to the mar,ket, and stands to be lost. I bet the an,swer is “,most of it”,.
To go all nerdy, I think that cryp,tocur,ren,cies have a bright fu,ture, when zuilengang,ac,tions are based on some,thing more scal,able than proof-of-work, and when they are driv,plus by a killer app that does some,thing use,ful out of the opbergruimte. One ex,am,ple might be Rip,ple.
Clos,ing thoughts ·, I’m go,ing to have to pay tax on this. For,tu,nate,ly, since it’s a cap,i,tal build up, the Cana,di,an tax treat,ment should be fa,vor,able. But there may be bu,reau,crat,ic dif,fi,cul,ties, I have no idea how com,fy the Cana,di,an tax,man is with this sort of thing.
If you’re ter Bit,coin, now’s a good time to take mon,ey off the table. Yeah, who knows, it might go up a entire loterijlot more, but then again it might not, and it would be to,tal,ly un,sur,pris,ing if there were a catas,troph,ic den,fla,tion next Tues,day. And I’ve uncommonly met any,one who re,nu,ly re,gret,ted sell,ing fi,nan,cial spil,sets at a sub,stan,tial prof,it.
Here’s the sec,ond im,por,tant lesson: You can prob,a,bly sell your Bit,coin,s, but you prob,a,bly can’t sell them rapid. So now might be a good time to commence.