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If $589 hit this year... how would you get cash?


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4 hours ago, Mushroomsforlife said:

I’m U.K. based and have been researching The London Block Exchange. Their retail app is fine allows for at least £2500/day, but their  over the counter service will be ace for the ‘great cash-out’: minimum £25k, no max, direct XRP/GBP pair, and U.K. banking plus you get your own personal broker to actually do the trade and organise the payment

That's nice!
I was thinking something like this with Bitstamp in Luxemburg, directly to a Lux bank account :D

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From Canada...I've heard of people selling and transferring substantial amount from exchanges (Binance) to banks no problem last fall/xmas time...however I recently heard from a buddy that fellow crypto enthusiast that his bank (RBC) very recently wouldn't accept the electronic fund transfer ($20k) from Quadriga (Canadian exchange...full disclosure I don't have all the details but the source is reliable), so he asked for a cheque to be sent instead...6 weeks letter he received an envelope, regular mail, from Quadriga with $20k cash in it!! This is a problem.

I expect over time this will sort itself and the banks will come to grips and facilitate (and who knows maybe even offer crypto accounts themselves as someone previously speculated, makes sense), but in the interim converting substantial amounts of crypto into fiat and getting it into your banks account may to be problematic in Canada...

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21 minutes ago, Mushroomsforlife said:

As far as I understand; LBX OTC desk work with GBP, USD & EUR. They aim to be regulatory compliant so have to go through KYC process. Once that’s a green light they can buy/sell to any bank account in your name...!

These guys or coinfloor are the only two options I've found and I'm in the UK too - not sure what hoops we'd have to jump through to register though in terms of KYC.  Think we need the XRP at the price before they would open the OTC account to us in order to sell.  Think there will be a mass exodus though at some price points.

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41 minutes ago, Mushroomsforlife said:

As far as I understand; LBX OTC desk work with GBP, USD & EUR. They aim to be regulatory compliant so have to go through KYC process. Once that’s a green light they can buy/sell to any bank account in your name...!

They gave me a great rate for buying XRP.

We took the market rate from Kraken and they included their costs in that.

 

And there was no fx costs because they pair with GBP.

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23 hours ago, MegaNerd said:

We talk about lambos and money, but how do we actually get that money? Bitstamp is out. their KYC is impossible to pass for large amounts over $10,000. 

so... what is everyones plan for actually converting their XRP into spendable cash?

Buy gold via XRP > XAU  @ BPG and have the gold bullion delivered to my house. 

"emetals" 

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20 hours ago, ringer2 said:

Depends on the account type. My savings accounts are set up to do that but my checking are not. 

Yes, and your bank.  If your bank knows you well enough then there is no issue.  But it has been a problem with some folks on exchanges, and I think it may arise with some folks using some banks.

Just something to think about.  Get to know your banker.

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On 4/19/2018 at 2:40 PM, MegaNerd said:

We talk about lambos and money, but how do we actually get that money? Bitstamp is out. their KYC is impossible to pass for large amounts over $10,000. 

so... what is everyones plan for actually converting their XRP into spendable cash?

Probably coinbase, unfortunately.  Not sure that Binance is adding this XRP/USD pairing or not, but that would be nice as once you are verified you can transfer up to 100 BTC out daily.

 

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I’m assuming at the price, there would be widespread adoption by banks /remittance coys 

From Singapore, XRP - > fiat via bitstamp and then wire transfer via xRapid it back to my bank account.

The other alternative will be maybe working out a deal to sell XRP directly to a local bank

Thirdly, ill keep it in XRP and spend it via Monaco card or something. 

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