Cryptocurrency Beginners Guide (Part 17) How to deal with fiat money limits in an exchange?
This is one of the major questions to deal with for the majority of investors with limited financial possibilities and not so limited ones too.
To start with, you will have an exchange where you have bought your coins using fiat money and it does not only matter on your financial possibilities and where you live, also it depends on the exchange conditions too.
Recently, we have heard that Coinbase has raised the cash limit to $25000 for their US costumers and soon they will proceed to other countries.
Other exchanges however have different cash limits which start from $2000 to $5000 or $15000 with their validation option activated.
Considering both situation mentioned above and the price of bitcoin now days, these limitations could be enough for users such as me.
But there are investors with a huge amount of coins that deal directly with individual exchangers and provide them with the necessary coins.
These individual investors are legal investors which have created what is called “White Label Business” (You can find out more about this type of business by reading one of my publish articles in steemit, about different business with bitcoin)
Generally this is consist of opening an exchange with whatever name you want online, using one of the major exchanges which has an application and if you cover their conditions, they will provide you with the program in their network.
One of these conditions is a starting capital and they get it from investor with a large amount of coins.
But for us, which I believe we have not got so far yet and having cash limitations of $2000 or $5000, when the price of bitcoin is well over $5000, What can we do?
Well, there is various legal form of accessing the fiat money.
Have different exchanges and get to their up level of cashing out by going through their validation process.
Use bitcoin debit cards from official and well known sites such as coinbase.
Use localbitcoins site, depending where you live it offers you number of options to sell your cryptocurrency.
Peer to peer transaction- Such as dash evolution (beta version) which enables you to do transactions with other users.
Combining some or all of these methods should allow you to cash out a reasonable amount.
TO BE CONTINUED……………………………………………………………………………….
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