you need account with a crypto exchange first. Multiple...

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jetrodder

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16/11/22

19:00

Post #: 64816085
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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 need account with a crypto exchange first. Multiple exchanges if you like. When transferring always do a small test run first to make sure it arrives onto your trading account from your wallet. Most important when transferring from wallet to trading account make sure you hit the TAG button. To not do so can mean you’ve lost those token’s forever. I’d get a family member that’s up to speed with all this to help you.
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