Knowing when and how to cash out on crypto windfalls present the best bet for an investor in today’s world. No investor goes into the market for the hype without the expectation of a reward.With cryptos, there is an amazing opening to reap windfalls.
Cryptocurrencies provide the most fabulous returns on investment at present, and over the course of the last 12 months. There have been returns on investment that range from 100 % to 1800 %, depending on what you bought, and the time of sale.
A Quick Review of Top Crypto Returns
Describing the opportunity to earn with cryptos might sound strange to newcomers to the crypto market, but, it is absolutely what it is, a windfall.
Here is a quick summary of the top four cryptos and their returns as at December 31, 2017:
Bitcoin opened the year 2017 at $1,023 and it closed the year at $14,129. This gives a 1400 % return on investment if you decided to invest in Bitcoin in 2017.
Ethereum opened 2017 at 10 USD.
It maintained momentum for the greater part of the year before closing the period at $714. This means that you would have earned a 7104 percent return on your investment if you traded in Ether from the beginning of 2017
Bitcoin Cash attracted lots of attention after the Bitcoin fork that occurred in the month of August 2017.
The opening price of Bitcoin Cash after the fork was $555 and it closed the year at $2,396 to the USD
If you invested in Bitcoin Cash when it opened trading, you would have earned 500 percent return as the year 2017 closed.
Ripple trades opened the year at 0.006506 USD and it closed the year at 2.50USD. This means that if you invested in Ripple XRP at the beginning of the year 2017, you would have earned a 36000 percent return on investment during the year.
The bulk of Crypto trades are carried out on exchanges, crypto marketplaces and wallet providers around the globe, and they provide an opportunity for investors to buy, sell, and trade cryptos.
However, here is an overview you can use:
Ways to Cash Out
• Sell on exchange
• Sell on crypto marketplaces
• Sell on wallet providers’ platform
• Personal Exchange and Bitcoin ATMs
Selling on an exchange
To cash out, you need to aware of the policies that drive the exchange, their processing fees for withdrawals, and processing times.
• Click on a “Sell Tab”
• If you have an account with any of the exchanges, you need to click on a sell tab from your account dashboard.
• In following the prompt, select the crypto you are selling or exchanging
• Select the proceeds you want in either BTC, ETH, USD or other currencies
• Your sale can be effected immediately depending on the exchange you are using
• You will be charged transaction fees
• If you want cash remittance, it might take up to working days before the wire transfer hits your account
Sell on crypto marketplace (peer-to-peer)
Crypto marketplaces like localbitcoins.com will link you up with possible buyers so that you do not have to go searching for one.
• You will have to list your sale on the exchange
• State your expected sales price
• Deposit your crypto
• Wait for a response
• Agree with the respondent on sales terms
• Provide your banking details or how to receive the sales proceeds
• When the cash is present in your account, the crypto will be transferred by the marketplace to the buyer.
Sell on Wallet providers’ Platform
There are a few wallet providers that give you the convenience of immediate value for your cryptos as soon as you signify interest to sell.
• Click on the sell tab
• Enter the crypto you are selling or exchanging
• For sales, you will provide your account details
• For exchange, you will signify the currency of your choice
• On completion of the entries, click submit
• In 1 -2 days, you will have your proceeds depending on your payment method
Personal Exchange and Bitcoin ATMs
There is also a possibility of cashing out using a mix of personal exchange and Bitcoin ATMs.
• If you desire to sell cryptos other than Bitcoin
• Request through your exchange
• Specify the crypto you are selling
• Enter the remittance crypto as Bitcoin
• Locate a Bitcoin ATM
• Point your barcode to the ATM sensor
• The transaction tab will open
• Specify how much you are expecting
• The cash will be dispensed
All the processes look simple and straightforward. Some wallet providers and exchanges also issue custom debit cards, and you can use the debit cards to withdraw cash from an ATM.
You only need to make sure that your crypto has been converted to the default currency of the exchange before proceeding to make withdrawals.