Taking Profits

Hi, I am curious as to what the best method is for converting crypto to fiat. At some point in time if things go the way I hope they do, I will want to take some profits to pay off part of my mortgage etc. I am a Canadian and I don’t trust exchanges so I have been considering using someone like Caleb & Brown to do the trades OTC. Both options are centralized entities and it is difficult to put your faith in either of them when sending them your valued crypto. Any thoughts would be appreciated as I try to plan for what I hope will be a good and prosperous future. Thank you!

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Good question. I don’t have many answers but I am also curious. Within the next 12 months I will start looking around as well. I’m assuming at some point in the not to distant future Coinbase will have a USD to Ada on ramp/off ramp. I am no fan of Coinbase though.

yup, being a Canadian and living in Toronto, people use to tell me Quadriga was the best to withdraw money and to have my funds there, thank God i didnt listen, phewww. I have a local place that buys and sell bitcoins, so i usually go there, although i have only bought not cashed it YET :wink: In time and when the profit is lucrative and we are all ready to cash in, there will be better options. For now and if you wanted to cash in today, your best bet if not a local dealer or moneymart type of place, Coinsquare i heard cashes you out in fiat moeney. Although i havent done it and in no way giving advice to do so. Just food for thought and maybe you can look into it as well…cheers!

I just reached ‘even’ then other day when it hit .09 so it gets you excited and thinking of the future. I won’t be doing anything for awhile but I do want to be prepared. I used to use QuadrigaCX as well and I thankfully escaped unscathed.

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ahh sweet, yes mee too, im in at 10cents so i know the feeling you were feeling :slight_smile:

My plan if I were to do such. Send from my wallet to Coinbase, then cash out to bank. Why CB? It’s in the US, not too far from home but more importantly, subject to US law. From there transfer to bank in smaller amounts to avoid any costly mistakes or in case I need to buy back in. This of course doesnt happen until Ada is on CB.

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haha yup perfect plan, only one thing, coinbase wont let us Canadians access Canadian or U.S fiat currently. i take it in time when our laws change they will have that option. What about taxes? thats a whole other can of worms to open up. If we are law abiding citizens, technically we got to pay tax of these profits, if im not mistaken, or lets fly to the cayman islands and cash out tax free!! haha

Oh man…I didnt know that. Thanks for the info.

I dont mind the taxes if we moon. Ive been hodling more than a year so the lower tax rate is fine with me. Kinda sad I know cuz we assume the risk and the gov takes some profit from money already taxed…funny system but whatever. If we moon, as long as I get the lions share I’m good.

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i feel you brother! ill pay whatever taxes i need too, just the avoid being in a cage.

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Crypto currencies were developed to overcome FIAT and replace it as a shift in paradigm on how we do things financially

It looses it purpose if we change it back to fiat IMO … yet I really understand, some profit is always good

One day, I believe, future generations would laugh at us for not adopting crypto earlier as it’s the most logic way!

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I wish we had a global crypto currency in the following 5-10 years. I am a huge believer in crypto but I am also probably going to end up just selling a big part of my holdings for fiat in the upcomming years, if it reaches certain price.

I think that the overall experience will differ based on the country you live in. I think that countries like Japan or South Korea might be faster in adopting crypto so I can imagine that if I lived there, I would like to wait to spend the coins directly. Sadly, I have zero faith in any huge adoption in my country anytime soon so cashing out in fiat is the only sensible things to do, unless I want to wait for the next generations to enjoy my bags :slight_smile:

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It sounds like Coinbase may be a safe option in the future. Does anyone have any experience dealing with a certified OTC broker?

This may be of some help for Canadian Exchanges. As the saying goes do your due diligence. https://www.reddit.com/r/BitcoinCA/comments/ap9cqm/canadian_crypto_exchanges_comparison_spreadsheet/

Thanks for the feedback.

I was thinking the same. I found Bylls which I have paid bills with and have liquidated small amounts with and it seems to work. There is also mylocalbitcoins. Perhaps when the time comes we can pool information and go from there. I’m also in Canada.

I’ve used shakepay (it’s an app but I do think it’s an exchange) which has BTC, ETH to CAD in-app trading and allow CAD e-transfer deposits (tested, it works) and withdrawals (haven’t tested yet). They advertise 0.75% trading fees but I’ve experience up to 2% difference from the final value I received.

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Are there any good data sources about the costs of exchanging crypto and crypto as well as crypto and fiat? Seems to me that the cost of a round trip, or in some cases on side or the other is going to be critical to a lot of business plans that connect to this space in any way at all.

Where is the friction? There are costs and opportunities around the liquidity of various coins. Tokens are another matter, and in these contexts there will likely be contracts or usage agreements around converting tokens accepted for services into fiat as needed to run the services and sustain them.

bittrex has USD / ADA plus I have my bank acc set up as well for wires and deposits , great set up