So the purpose of one of my rare threads is to try and help UK users. This is specifically UK, it won't be the same for the USA or elsewhere. I went to find this out as I am a UK resident.
Rightio, as a hodler there will come a day when I want to withdraw to GBP and into a bank account, I imagine others will want to aswell.
The problem I have pondered is how am I going to do that? What steps do I need to take?
This afternoon I have been speaking with Uphold as for me I feel they offer the best chance of avoiding the sheer panic if and when the day comes when XRP starts making us wealthy individuals.
I am happy to share how I do and how I want to do things when the time comes, now I understand how Uphold will work for me and people wishing to withdraw to GBP and to a UK bank account.
So currently I deposit GBP into Coinbase as BTC this is painless really, I have had no issues doing this.
From Coinbase i then send the entire balance as a BTC deposit into Binance.
I then trade XRP/BTC, I'm not fussed on the price of XRP at the moment as I'm hodling.
Once I have more than 20 XRP which is the minimum to withdraw, I then send them to my Toast wallet. Where they will remain for the foreseeable.
Now, fast forward 3/5 years I want to withdraw my millions (or smaller accepted amounts haha!) what am I going to do? I am of the opinion exchanges will be carnage with people trying to withdraw and panic buying/selling crashing etc, so I will be keeping away.
Based on my conversation with Uphold this is what I am going to do.
Transfer the contents of my Toast Wallet into Uphold, using a virtual XRP card as the holding card. I will then transfer the XRP to the virtual GBP card. This is important as once I have a balance in GBP I am done, there is no more exchanging that needs to take place. I can then utilise the the max daily withdrawal amount to my UK bank. Letting them know I will be depositing this daily amount, it will also be fully traceable.
At the moment Uphold have suspended a lot of the GBP services they provide, however they have informed me that they are updating the GBP side of things and that XRP (and other crypto) does not have a maximum about when transferred to GBP. This is great news because it means that the overall total in GBP is secure, away from the exchanges. There might come a time when there is a higher threshold than the 10k daily maximum, but I am happy that if the virtual GBP card is secure, then my finances are secure. Whether or not my bank will be happy in me doing that, that's another issue and I'll switch banks if not.
This has really helped me and it's given me a clear way to come out of this game when I need to.
Hope it is of some use to you guys too.