I'm feeling excitement in the crypto world.
We are at the very beginning of a 2-year bull cycle.
And when one of our favorite coins explode in value almost overnight, we need to have a plan to preserve some of the gains when they go parabolic.
What we need to do now is establish an exit strategy.
We may want to cash out some of our profits, or preserve the value into another asset. The asset could be another crypto. USDC (US Dollar Coin, available on Exodus) for example. This is one of the several stable coins that have parity with the $USD.
To do this, go to your EXODUS wallet, select Exchange on the left side, and then swap some of the 'parabolic' crypto into USDC, Tether, DAI, GUSD, etc. This preserves the value in case a crypto moves 200%-500% in a short time span.
Another method is to Exchange some of the parabolic crypto into one that you'd like more of.
Example: If XRP booms to $1-$10 in a few months, it may be a smart strategy to Exchange some of the XRP into more ETH. Or LINK. Or whatever crypto that needs to be balanced with the rest of the portfolio.
The way to Cash Out into fiat (but beware of tax consequences)
Coinbase.com (or COINBASE Pro) is the most popular way to cash out into your local fiat currency. As stated before, some people have problems opening a Coinbase account. If you haven't opened an account there yet, it would be a good idea to (at least try to) open one now, before the mad rush.
There's also Vertbase.com. But this is for US only, and for non-NY and non-AK citizens.
But then there's Uphold.com. Available in most countries, Uphold allows us to sell cryptos into fiat, and have the fiat deposited into a bank account. I am currently experimenting with Uphold. If you'd like to wait for my UPHOLD Guinea Pig report later before using it; stay tuned. :)
Other ways to Cash Out
A creative way to cash out, and with more privacy, is to open up a GoldSilver.com account, and then buy precious metals. This will preserve the value well, as gold and silver prices have been fairly stable for years. Many see a big upside for these assets, myself included, but no one knows when Gold will see $9K and silver $1K per ounce, per the Dollar to Gold and Dollar to Silver ratio on https://usdebtclock.org/
But let's say gold/silver remains at $1560 and $18 respectively for another decade. That's fine... we can preserve our crypto gains into metals. PM's are highly liquid assets, just like Bitcoin and Bitcoin Cash as well as most top 10 cryptos.
Goldsilver.com accepts bitcoin as payment. If XRP, Litecoin, DigiByte, Chainlink, etc. have a parabolic spike, we simply go to Exodus, convert any of these assets into Bitcoin or Bitcoin Cash, and then use one of these two cryptos to buy gold coins, silver rounds, palladium bars, and more.
Then we ship the metals to our door step. Wala!
Or, use their Brinks storage program, and pay just $6/mo for storage per $10K in value, and have the metals stored in Brinks locations around the world.
When or if we want to sell our metals into fiat, GoldSilver.com has a buy-back program, and will buy back our metals, and then deposit the money into our bank.
I have battle-tested their buy-back program on several occasions and it works. They are a solid company. I trust them.
Plus, Mike Maloney is pro-freedom, pro-limited gov't, and of course pro-crypto (Mike is a big investor in cryptos :)
Gift Cards
This is the most over-looked way to cash out. Again, probably no one wants to cash out their crypto profits into $25K worth of Starbucks or Home Depot gift cards, but it's a great way to buy (cash out) into smaller amounts.
This is the recommended site for spending crypto on 100's of gift cards.
https://www.egifter.com/
Stay tuned for my evaluation of Uphold and the Cash App....
