Tis the season for big gains, but how do you go about turning cryptocurrency into cash? It’s actually not as simple as you may think. There are a lot of factors at play when moving profits to your bank.
In this video, I show you everything you’ll need to consider when transferring crypto into your native currency. There are several factors you’ll need to take into consideration when you convert crypto to fiat, so be sure to watch until the end to make sure you don’t make a misstep. Comment below with your experience moving crypto gains to your bank!
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#bitcoin #crypto #ethereum
Everyone wishes they would have done this three weeks ago
This is where crypto sucks. All these fees have taken a huge chunk of cash on just usd transactions.
Gwei at all time high? What does that even mean lmaaaoo
Fiat is dying
I moved Ethererum to coinbase and used my coinbase card to pay for stuff at the store. Not good? I didn’t wanna do this but I was desperate.
Skill Share sponsors Safemoon?
Sounds like nothing but a GREAT BIG HEADACHE…
An elaborate and detailed explanation on the exact steps with some examples would very helpful. Why? Because in order to to sell your crypto for a stable coin, then transfer your stable coin to your exchange, to then sell the stable coin for fiat, then transfer the fiat/currency to your bank, I believe there are certain swapping gas fees & transfer gas fees that need to be paid in (Ethereum) if we're doing this entire process for certain cryptos that are on the Ethereum network. Additionally, what if we're trying to cash out a couple of hundred thousand or millions? How does that work? What if we don't have Ethereum? What if the Ethereum gas fees we have to pay are extremely high due to the amount we are trying to transfer/swap in order to cash out? How does that work? This exact process needs more clarity! Any input BitBoy?
How can you do this segment without mentioning tax? Such a fundamental issue that will screw many people who don’t know better and may spend all their gains without accounting for the tax.
$WOOF gonna moon
Buy DBA 🔥 🔥 🔥 🔥 🔥
Hey Ben, you borrowing a shirt from Lark Davis? : )
LoL. Take money out of crypto. That's funny. I don't take anything out. This is my retirement fund.
What a bunch of bs
if you are in US transfer it to coinbase. if you have stupid meme coin thats not supported by coinbase then youll have to switch it to a "stable coin" honestly just transfer it to bitcoin as of course we are going to 100k via the "experts" this year and cash out at a "high" and transfer to fiat as needed. your bank will see the funds are coming from a legit wallet and company and you have zero issues its not rocket science but if you are making minimum wage at taco bell and transfer 500k to your bank…yeah you might get a phone call but what did you expect. and yes guess what just like everything else you do with fiat in the US you gotta pay taxes so just understand that and hold as long as you can to avoid capital gains its simple.