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RE: It's carnage out there in crypto land! What's going on?
I totally agree I want to get my cash on kraken or coinbase as soon as possible to take advantage of this opportunity, but it always takes a few days before my cash is on one of the websites. I live in the Netherlands. What would be the fastest way to get my cash on the websites without paying reallt high fees?
If you use Coinbase, you can keep a reasonable amount of USD in your wallet so that you can make quick purchases when opportunities like this one present themselves. That being said, I wouldn't keep a lot of liquid cash in your Coinbase wallet at any given time. Think of it as whatever amount you would normally hold in your physical wallet for impulse purchases. You wouldn't want to keep large sums of money in your wallet in case it got stolen or lost. The same principle should apply for your digital wallets.
I am planning to budget $50 every month to put into my USD wallet so that when the opportunity strikes, I can make a quick purchase without having to wait for the pending transactions to go through or pay crazy fees. I probably won't keep more than a couple hundred dollars in there at a time and I use multiple wallets and exchanges to minimize the impact of one being hacked or the service going down (e.g. the Ethereum freeze on Poloniex last week).
Thanks a lot for your reply. You explained it very well! Opportunities like this are exactly the reason I want to keep some cash on the websites so I can take full advantage of it. I just got involved in trading coins last week. Well not really trading actually more buying and holding:P
So the way I transfer money is actually the right way and fastest way, that's good to know, only wish now that I would have started out a little earlier so I got more money on the exchange, but that's life haha. I'm following you now by the way I see a lot of posts on you're blog that will be an interesting read:)
I only started buying crypto a few weeks ago but I have been watching the market very closely and soaking up as much information as I could for the better part of two years to make sure I had a good handle on how it worked before I invested. In hindsight, I was probably too cautious due to horror stories I had read of people investing their life savings into BTC and losing it with bad trading or security practices. Looking back, I wish I had taken the leap a lot sooner! I watched BTC explode over the past few months and I was kicking myself haha
In my opinion, it looks like crypto has a lot of growth ahead of it still so I am happy to be preparing for that now :)
Let me know if you need help! I am have learned a few things along the way and I am happy to try to answer any questions you might have. Best of luck!
I am usually transfering money from my Bank Account that takes a couple of days. Opportunities exist every day, so i never run to make deposits. Maybe someone else can give you a fastest way.
Thanks for your reply. That's true opportunities present themselves every day:)