Escape Plans for When or If Crypto Starts to Crash
We all need an Escape Plan.
Have you wondered what you will do if all Cryptos start to Nose Dive and go into a crash.
The bubble bursts you go into a panic, now what do you do.
I have been thinking about this today, and guess what I do not have a plan...
Do you have a plan ?
If you do please share it with us here.
My immediate thought today was setup an account with an exchange who have a fiat wallet such as Coinbase.
So if the crypto bubble bursts I can quickly send my crypto to Coinbase and put it up for sale on their exchange.
I will deal with my escape plan tomorrow and setup my necessary accounts that allow me to exchange into pure US Dollars.
Plan B: Find safer cryptos. Because not all cryptos will fall to the bottom at the same time. Some may not fall while the hot ones crash and burn.
It's correct in what you say, but we never know what could happen, I'm just preparing for doomsday.
Thanks for joining in.
excellent question. Always we have to have prepared to act quickly in a crypto crash. I agree in to buy coins with good projects.
Thanks Miguel, but what happens if for whatever reason they all go into crash, I know everyone says it's unlikely, but it could happen, like the last Stock Market crash, there were no safe stocks, and even currencies crashed.
Coinbase could be a solution if you act quickly
Japan has the 54% of bitcoin if something happens there we have to have prepared.
Thanks, I will get my plan setup tomorrow, I think I will go f or a coinbase account, as my bittrex and binance account don't deal in usd.
My escape plan is to have a good size chunk of crypto where I can easily send it to a Bitpay pre-paid card. However, I don't a full escape plan is needed because I'll just buy the dip as well.
Does that card convert to usd, or does it draw off your crypto.
When you load the card it converts it to USD immediately at whatever the bitcoin price is at that time. It is then USD and you can use it anywhere Visa is accepted.
Wow I will check that out for sure, cheers.
Let me have your ref link if you have one for bitpay, if I decide to use the card I will use your link, might as well share the wealth.