Moving Profits To Your Bank (Turning Cryptocurrency into CASH)

it's pump season profits are coming your way but how do you take profits well you start by moving your profits to stable coins but that's not where you stop what if you need to turn those stable coins into fiat so you can pay bills get out of debt or buy a lambo what then well you need to use a fiat off-ramp something to convert tokens to money in your traditional bank account and that isn't as easy as it sounds let's get it welcome to bitboy crypto home of the bit squad the largest crypto community on all the interwebs my name is ben every day on this channel i show you how to make money in crypto if you like money and crypto then make sure to hit that subscribe button in this video we take a look at stable coins assets that are pegged to a fiat currency be it with actual units of that currency an asset that has the same value as the fiat currency or a combination of those two and some other assets it's growing technology that is traditional finance scared to death back in the olden days of crypto you used stable coins to buy crypto it was faster than banks and was available 24 7.

Nowadays stable coins have become their own sort of defy ecosystem with staking and lending offering fantastic returns compared to investments like a 401k tether of course was the first stablecoin you traded in one dollar and you got one tether back it was that simple kind of tether has had its problems with the stable coins ecosystem has gotten very sophisticated in the last three years coins like pax dollar die true usd and more have been adopted along with major coins like usdc and binance usd but the tail of the tape with stable coins is going to be the network they're on and the ease that they can be converted so you've been a wise degen and your bags are now full you want to start taking profits so you go to your exchange and start swapping for tether right not so fast the off-ramp you choose is important you need to make sure the exchange or service you're using is approved by country state or the province that your bank is in if you try to move money using a service that hasn't passed the regulations required to exchange funds then you could run into some serious troubles check the help or faq section of the exchange website to see where they have set up relationships and gotten approval for money transfers this is the first step when taking profits we use gemiini for an example they have a whole page that lays out their availability by country and state keep in mind if your bank is in australia a country that is open to gemini but you are on vacation in morocco a country that isn't you'll need to use a vpn to do your business you can find one on bitboycrypto.com deals but morocco why are you so anti-crypto that's the serious question anyone from around the world is able to join the bit squad just by smashing that like and subscribe button that puts you in the best crypto community on the interwebs keeps you in the loop in the latest in crypto news and opinions but now that you've found the right exchange that can move money to and fro the stable coin you choose can make a world of difference when it comes to avoiding fees don't just default to tether if the exchange has its own stable coin like finance usd or gemini dollar you'll want to use that instead of picking a stable coin willy nilly here is what you have to keep in mind if you're moving around money on an ethereum based erc 20 token you're going to get walloped with bees with gray at all-time highs with no signs of letting up this can seriously take a buy out of your gains move your coins into stable coins that have the lowest transaction fees usually anything other than erc 20.

You can do this by changing the default network that you are transferring to for example tether defaults to erc20 but you can choose to move your tether on the tron network which is a way better value it's worth mentioning that there are other networks and services that provide off-ramping transfer services like moonpay for simplex allow you to turn crypto into fiat for your bank but bitboy crypto hasn't used them very often so we can't recommend them to you comment below with your experience with these services and let us know how it went we use all sorts of exchanges to swap trade and buy tokens but at the end of the day when it's time to buy a lambo we use either coinbase or gemini to turn crypto profits into fiat we have an established relationship with these companies and have been doing transfers for a while but it wasn't always sunshine and rainbows there were speed bumps along the way so before you go and transfer thousands tens of thousands or millions of dollars in a stable coin to your bank do a few test transfers first usually banks aren't that concerned about money coming into your account so the likelihood of your account getting locked or the transaction bouncing is low but it's worth it to send 50 to a hundred dollars to test the waters slowly ramp up your deposits checking that they are clearing properly after just a few days profits are fun but don't get wrecked follow this guide but also do research that is specific to where you live crypto is new to a lot of people and olfa is still struggling to wrap their brains around it that's all i got be blessed boy out this video is sponsored by skillshare when it comes to crypto you gotta have skills that's why i'm happy to be partnering with skillshare to bring you the goods on getting to the top of your game skillshare is an amazing online learning community with thousands of classes made to inspire creators the classes are engaging and are curated to help you explore new skills deepen existing passions and get lost in creativity crypto never sleeps and learning never stops that's why i love that skillshare offers classes on leadership and management from claire lou whether you are starting your own business moving up the ladder at your company or are a ceo that wants to up their game the class provided by claire goes into detail on how to improve your communication and leadership skills in the modern world there is a lot of value in her lessons on getting and giving honest feedback in the workplace don't miss this fantastic way to develop your career we have a special deal for bit squad members only the first 1000 subscribers to click the link in the description we'll get a one month free trial of skillshare don't miss out on this great opportunity to improve your skills and stay sharp in the crypto revolution [Music] you

You May Also Like