Withdrawing crypto to ... ? (Exit strategy)

Hi everyone. Everybody is into trading, maximising profits, finding the best alts and so on. What is your exit strategy if you sense that bubble is about to burst? Some people will change alts to BTC, others will try to save gains by having them in stable coins. What if you plan to buy something from your gains, like a car or a house? What is your plan? Will you just change everything to fiat (which is extremely unstable at these times)? Will you try to make your purchase in crypto? Will you exit crypto to gold to make your purchase and come back when the bubble already burst and prices are lower again? Let’s discuss possibilities and strategies on how to secure your wealth and how to use it wisely.

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Buy in the dips. Sell in the Tops. Re-invest 80% profit in BTC. 20% in to alts or “candy”. That’s my strategy.

I also have a question… do you have any thoughts?
in a temporary dip

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Got more knowledge and things in the world are accelerating, so now I can’t see myself selling any of BTC. Gonna choose borrowing and using BTC as a collateral instead of selling it for my purchases and losing the best possible money :slight_smile:

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So far my exit strategy is to convert to stablecoin in an interest earning account as opposed to cashing out in fiat.

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Update:

I’m still looking into interest earning accounts. Moving funds from my wallet and surrendering custody to another party to earn interest is still something I’m working on becoming comfortable with. Hodling and dollar cost averaging has done me well, but it would be nice to earn interest. My top two at the moment are Blockfi and Celsius.

I like Blockfi because you can convert over to stable coins without having to move funds out of your account to make the change. What I don’t like is that it appears their process of cashing back to fiat is currently cumbersome.

Celsius has great interest rates and withdrawal is easy, but account holders are not able to convert crypto inside the platform so switching to stablecoin must be done outside and then deposited. It would be my preference to be able to do this in one place to streamline the process.

I’m still taking the DeFi 101 course and haven’t found a DeFi platform that makes me feel as comfortable as I do with the above more centralized options. This is a work in progress though, and I will continue learning and developing a plan. As time goes by my risk tolerance is increasing, so I will be able to experiment more.

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Hello, how do you do that and what interest bearing account?

Hello Lisa, and welcome!

Links below. You can deposit your crypto and earn interest. When the bull market ends and prices fall, instead of cashing out into fiat currency in an exchange you can convert to stablecoin instead and leave it in your account to continue accruing interest.

The downside to Blockfi is that it will take about a week to withdraw fiat money if you wish to do so, and Celsius does not have the ability to convert one currency to another. Both of these are KYC (know your customer) so it is necessary to register your identity, which is something privacy advocates wish to avoid.

https://blockfi.com/

https://celsius.network/

PS, I’ve spent a considerable amount of time reading reviews of both to see the pros and cons of each. These two look very dependable.

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I don’t have deep pockets to invest so I’ve adopted a plan that’s so far produced about 65% gain over the past 8 months and still working with same original investment. I hold BTC, ETH, AAVE, & MKR. With a moderate level of success I’ve sold on all these at around the top and put gains into an interest bearing stablecoin account…Algorand. once the dip is at maximum I put all back in to original coin I drew from. A risky way to increase value of portfolio…probably, but I have to maximize what I have to work with.

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So you’re basically trading; correct?

Don’t sell your BTC , its not time yet, or you’ll be like that guy who sold his for pizza. Think of it like digital gold. The time will come . This not professional advise , but my own opinion.
age quod agis…:sunglasses:

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