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nippy

10,169 Posts.

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16/11/22

18:34

Post #: 64815627
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Originally posted by boomeronrations: ↑

Hi,
I have neither the expertise nor desire to get into crypto currencies.
But certainly interesting.
So a question .
I have bitcoin in my cold wallet , I plan to buy a villa on Lake Como [modest one , Eu29mill], the seller has no interest in Bitcoin.
So , somehow I need to convert my bitcoin into fiat .
If Binance has a run , how do I get my money.
One presumes that if there is a run on Binance , the other exchanges are not going to be in great shape to take any slack.
Selling it to a bank which normally buys it , or even peer to peer , hard to imagine as everybody runs around trying to work out what is going to happen.
So , what is going to happen?
I imagine a whole lot of people with ''cold lockers '' just hanging around waiting for whatever might happen , happening.

Now , as per recent events , owners of crypto dont have forever to sort this out , as people with hobnail boots and bailiffs are there pretty quickly, if they feel their assets are at risk.

As I look at various scenarios , all of the ''internal'' crypto solutions seem to fall over at that last '' convert to fiat'' step.
I accept that it seems like that to me because there is something I am missing , I look forward to someone supplying me with that bit.
[excuse the pun , it is a failing].
cheers

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You are missing the common sense to never consider anything to do with it at all.
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