Ongoing by Tim Bray – How To Sell Bitcoins

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.

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