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Noob Questions..
- Thread starter theDon
- Start date
any time you can and every time you can as quickly as possible with no delay.
hlfbkd420
Limp Gawd
- Joined
- Jun 16, 2017
- Messages
- 280
I would get it out as soon as I could... Not like NH has been hacked before....
That's entirely up to you. At this point it's treated as an investment, weigh the following things:
- Do I need the money? If yes, spend it or convert it to USD. If no, ask yourself the following:
- Am I willing to risk leaving the money in its current BTC state, or do I want to convert to USD?
- Am I willing to give up on future gains of BTC? Because that's what you are doing by converting to USD/pulling your BTC out.
- Am I willing to risk future losses by not cashing out?
I'm personally of the mind that when I reach enough BTC value to recoup my initial investment, I may convert at least that amount to USD, if at that time the exchange rate is relatively good. Mostly though, I think I'll let it ride. My reasoning for that is that I can afford to lose this money, it's not crucial to my day-to-day. So I'm willing to take the associated risks. But everyone's situation is different. If you don't have an emergency fund and/or if you are having trouble making ends meet, you are in a vastly different situation than I am.
I am not in any hurry. I think i will leave them in there kind of like a savings account. If i need them i will cash them out for USD. What method do you guys/gals use to cash them out for USD when/if you do?
The answer is in page one of this very thread.
Stryke1983
Limp Gawd
- Joined
- Dec 1, 2011
- Messages
- 271
This thread (and others) has been really useful for me so thanks to everyone for posting. Unfortunately I ran into the issue of Gdax not being available for Minnesota (as well as Wyoming and another state), so that throws a wrench in the works.
My initial plan was just to cash out every time I hit .002BTC (which is about every 10-12 days for me, depending on how much time I have it running) to avoid most of the fees. Plus as it's a new thing for me I wanted to get some money out of it right away so that even if things went horribly wrong it still hasn't cost me anything, as I already owned my graphics card, so electric is the only expense. Now I'm thinking I'll just hold everything I mine in my Coinbase wallet until I find the next easiest way to cash out or when Gdax allows Minnesota residents to use it.
My initial plan was just to cash out every time I hit .002BTC (which is about every 10-12 days for me, depending on how much time I have it running) to avoid most of the fees. Plus as it's a new thing for me I wanted to get some money out of it right away so that even if things went horribly wrong it still hasn't cost me anything, as I already owned my graphics card, so electric is the only expense. Now I'm thinking I'll just hold everything I mine in my Coinbase wallet until I find the next easiest way to cash out or when Gdax allows Minnesota residents to use it.