[elsupremo]

(01-04-2018 11:56 AM)kuros Wrote:  

We must talk about this big elephant in the room.

Withdrawals from cryptocurrencies to fiat $ are extremely slow.
What are some fast solutions?

I check always each exchanger on trustpilot.com and their reviews range from nightmarish to terrible.
Poloniex, coinbase, cex and Bitfinex being the worst, with over 60% clients rating these websites as terribly bad.

That post is EXACTLY my concern. I'm jonesing to get more into crypto but I'm afeared of not being able to withdraw to usd. I want to buy good chunk bc but with the intention to invest in a variety of altcoins because that's where the real ops are. But periodically, I want to cash in some of my chips and would be upset if I couldn/t easily.

I plan on wiring the money in and I'd like to have my skim wired back just as easily.
I have read of some folks on sites like trustpilot having to jump through a lot of hoops the exchange claims is KYC dictated. I would fail a lot of those screens because of my lifestyle. That is, I couldn't be sending in utility bills, income statements, tax returns --- all things I read some guys had to do to get their money back. What happens to my money then? Limbo, a hurricane of emails? empty threats of legal action? It gives me pause..

I'd really like to hear of others experience in actually getting their bc or alt coins profits getting wired back to their original accounts or even a different account.

btw, I have a passing interest in having tthe gains put on a debit card - it sounds great for smallre amounts but that's not my preference for bigger ones. In part because then you have yet another party your entrusting with your money.

[ksbms]

Anyone used Kraken to withdraw fiat in the EU?

[Polniy_Sostav]

this is also my main concern and what keeps me out of crypto. im sure that by clicking 4-5 buttons all banks can freeze the money.

[elsupremo]

I find it strange that in all this time, so few have come on to address this fundamental concern. Either its not ever an issue for them or like a lot of coin investors who have really drunk deep of the Kool-Aid, they are in it for the long haul and don't worry about it.

However, if you read reviews of the exchanges many people complain of exactly this issue. Here in Thailand, the conversation with my circle and at coin meet-ups is always about where to invest more, never on how to consolidate profits. Also, the amount of adjacent bs that gets put out there puts me off further.

Adjacent BS I call mis or dis - information that is not specific to coins but feeds into the coinees new world view. Ideas like - fiat will soon be finished, I don't want any money in dollars- its going to blow up soon, I have all my fiat in Thai Baht, conspiracy theories, etc.
For some, its not an investment or speculative play but a Movement, World View, and Mission all rolled up in one.

I'll put out there that a way I may try myself is to sell on Local Coin exchanges. It's not my pref and there's a learning curve to do it safely and successfully but it's a way out. Basically its like a coin Craigslist -- as if that analogy inspires confidence.

My greatest fear, and I've read stories, is not even hackers or outright theft by the exchanges, but those exchanges that keep your funds in limbo claiming a trading or IT issue or impede your withdrawal via bogus and arbitrarily changing KYC rules. That would be the worst, not being denied your money but not being able to get at it and have no choice but hope you can comply or that they respond before you have to engage in costly and time consuming legal action or threat thereof.

[Kid Twist]

Anyone tried BTC automated teller machines? Are the fees too high for you? Can you not find any that don't record you or your activity?

[randomA]

Between coinbase and those btc/eth atm machines, not sure which steals the most money from commission and pretend-fees.

[namenick1]

Haven't experienced withdrawing from crypto to fiat yet, I've only bought a few and still holding them.