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XRPforLong

UK Holders - Cash out plan?

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Any other UK XRP holders here? What will be your method for cashing out if we ever hit a big price figure? I'm conflicted.

My only known easy route would be to sell half via Coinbase (where I know my funds are insured) and withdraw to a bank account (and leave my other half to run higher if XRP obliges). However, I don't know which bank looks favourably on deposits from an exchange (I've heard lots of stories of accounts being shut down due to this). I'd need to figure that out and open an account before transferring out of Coinbase.

I also worry that if we ever hit those high prices, does it make sense to go back into fiat due to erosion of capital, but it's also risky to continue to hold in crypto (potentially). Cash out and buy gold as a safe haven? No idea how to do that. Do I buy physical gold or through some other method? I've no idea.And if cryptocurrency is the digital gold of the future, maybe I shouldn't cash out at all unless I need to pay for something, such as a house. 

All worries I have that I won't know how to action at the time things may hit in our favour.

Any suggestions and/or thoughts from your own plans?

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My plan currently is having my bank a/c linked to my exchange and then transfer as much out as possible.  Also by using wirex as an avenue out.  I am also considering a off shore account to put part of my portfolio in.  But this will only happen after the funds have been taken out.

Its difficult to manage as their is no certain route out for crypto.  This is also dependant on exchanges not blocking withdrawals at busy periods as has been done in the past.

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1 hour ago, baggy23 said:

What numbers are you talking about? To cashout a few millions should'nt be a problem.

I've heard of bank accounts being closed by certain banks for just transferring in a few thousand, let alone millions.

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51 minutes ago, Lumpy said:

Wirex. 100% crypto friendly.

I keep hearing everyone is using Wirex these days. I've not looked into it at all yet. Can you give me the cliffs notes on what it is and how it works?

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3 hours ago, XRPforLong said:

I've heard of bank accounts being closed by certain banks for just transferring in a few thousand, let alone millions.

How could any bank do that? Every bank in this world is reliant upon customers, and they will serve customers to the best of their ability within laws and regulations. There are no banks in this world, who will simply close an account for no good reason. 

 

The only thing I can think of, is a freeze due to money laundry bells ringing, in which case the account would be suspended pending legal proceedings, as it does happen that banks will freeze an account when they suspect wrong-doings. Not just that, they're obligated to take measures if they find discrepancies (and they have systems in place to flag certain transactions).

 

Let's take me, for example – let's say I for some reason don't mess up and actually manage to accumulate a decent amount of XRP,  then it goes to 100 USD (just for the example). If I suddenly cash out a million USD from an exchange, it will raise red flags (as it should).

 

Does my account get closed without further ado?  Hell no, it would be illegal for them to do so. What are you talking about? 

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Not as I’ve got an exit plan myself yet... but a big withdrawal is probably not the best idea.

A more sensible strategy would be a phased approach, either at price points or moments in time. Takes out the emotion somewhat, because let’s be honest the chances of cashing out at the absolute top  price are minimal and basically luck.

Don't really want to be scrambling around in a rush trying to get the lot out against the clock really. Get verified at as many withdrawal locations now whilst it’s quiet. Those backlogs Dec 17 to Jan 18 to get verified were a killer.

 

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