Bitcoins - about to hit $5,000 per coin today!

[gib]

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In 2011 I walked through the CBD with 5kg of silver bars in my backpack. Downtown. Some 70s built building with dodgy entrance. They drilled each bar to test. Despite people quoting physical price was higher they offered spot.

Then I had to walk back through the CBD to a bank with 45k cash in my backpack.

Plebs holding physical I honestly think they are BS talkers who really have $500 worth. Doing what I did increased my risk and anxiety and I bought over spot and sold at spot so it was worse than a paper trade.

Physical metals is BS for plebs dude. paper positions or buy miners.

Lol, I can sympathize. I did the same with 1 kilo of gold, and 4 kilos of silver. Gets pretty heavy, and you also get a bit paranoid you might be robbed, or that you might lose it or drop it somehow. (It does feel nice to hold when you get it home though huh?)

[GymnJuice]

Well if you are dealing with "alts", then in my view, to some extent, almost all are scams to some degree. If you buy BTC via a regulated exchange, and store on a cold wallet you should be fine. If you are really not technical, and are prone to responding to fishing and romance scams etc, just buy the Bitcoin ETF - IBIT, from blackrock. You can buy it like you do any other stock, and you then have 1:1 exposure to Bitcoin that way (with them doing all the custody, and protection).

The bitcoin ETF is what I do. IBIT has an expense ratio of 0.25% which is higher than the other ETF that I own which are considerably less at 0.03%. Hopefully there will be more competition for the bitcoin ETFs and their expense ratios will come down in the future.

[obsidian]

[obsidian]

Interesting it takes that long. I use accounts with various banks in Asia - it takes usually 30 mins to receive cash from a number of the exchanges I have account with.

Chaos - you can of course also "cash out" immediately via a peer to peer transaction, which I have done a few times - ie a friend gives you cash "in hand" and you transfer them BTC. Also, I many parts of the world there are OTC shops, where you can simply walk in, transfer BTC to their wallet and they give you cash immediately once the transaction can be seen on the blockchain (usually 20-30 mins), or vice versa - ie you give them cash and they transfer you BTC. And you can of course simply buy/sell anything you want with Bitcoin provided another person is willing to accept BTC (or just pay with any credit card, which is backed by BTC but on the front end converts to fiat currency if that is what the seller still wants as payment).

Right now, your concern should not be "how can you cash out of BTC". That part is easy, and will become increasingly easy as people are prepared to exchange every increasing amounts worthless fiat currency for BTC which is perfectly and programatically scarce. Rather, your concern, every single day, should be, how much cash can can I get into BTC.

Are you referring to crypto exchanges? You’re holding BTC, so which crypto did you cash out?

For me, when I withdraw from a crypto exchange to my bank, the funds usually take about 24 hours before they’re fully usable. However, the transaction often appears as “incoming” on the bank side within about 30 minutes.

[obsidian]

How many scammers do you run into dealing with this stuff?

I don’t, really. I mined ETH and bought crypto gradually over the years, and I only interact with exchanges occasionally. I’ve only sold around 2% of my portfolio. I have not sold any ETH.

If we go into another bear market, I’ll be bag-holding again, I guess. Flexacon seems to have a lot of “contempt” for that. The irony is that the dollar — and every fiat currency — is the ultimate shitcoin. But we still need fiat for everyday life. Honestly, plenty of crypto projects have better tokenomics in terms of supply and inflation.

I did have a few hundred dollars worth of crypto stolen from a software wallet, but so far nothing from exchanges (knock on wood).

That said, I actually tell most people to stay away from crypto. When the market pumps, I suddenly get calls from people asking what tokens to buy — which is usually the worst possible time to jump in. And they never ask about Bitcoin or Ethereum or other established projects; it’s always some random coin or just “crypto” in general. I’d rather warn them than watch them lose money.