I nearly learned an expensive lesson cashing out crypto.
Last week, I made a few hundred thousand. I was thrilled and ready to cash out, but I got impatient. Someone offered a better exchange rate and a faster transfer, so I bypassed the official platform and traded directly with them.
They said the money would arrive instantly, so I released the crypto. The money did come through, but my bank card was frozen for three days. I was nearly driven to a breakdown. 😭
After that, I realized that making money in crypto is one thing; getting it out safely is another.
These days, I’d rather cash out a little more slowly than chase a slightly better exchange rate.
If you’re in Hong Kong, use compliant local channels. For large withdrawals, prepare your on-chain transaction records and proof of source of funds in advance. If you’re using an overseas bank card, first check whether the bank and platform support it. Make sure you understand the fees, exchange rate, and transfer time.
If I use C2C, I’ll only consider merchants with a long trading history on the platform. No private transfers, no in-person cash deals, and I keep all order details and chat records.
I used to think the hardest part of crypto was making money. Now I realize that safely cashing out after you’ve made it is the real final hurdle.
You can work hard to make a few hundred thousand, but if your bank card gets frozen just because you wanted to save a little on fees or get a slightly better exchange rate, you’ll have nowhere to turn.
Until the money is safely in your hands, no matter how much you’ve made in your account, it doesn’t really count as money you’ve earned.
$BTC
Last week, I made a few hundred thousand. I was thrilled and ready to cash out, but I got impatient. Someone offered a better exchange rate and a faster transfer, so I bypassed the official platform and traded directly with them.
They said the money would arrive instantly, so I released the crypto. The money did come through, but my bank card was frozen for three days. I was nearly driven to a breakdown. 😭
After that, I realized that making money in crypto is one thing; getting it out safely is another.
These days, I’d rather cash out a little more slowly than chase a slightly better exchange rate.
If you’re in Hong Kong, use compliant local channels. For large withdrawals, prepare your on-chain transaction records and proof of source of funds in advance. If you’re using an overseas bank card, first check whether the bank and platform support it. Make sure you understand the fees, exchange rate, and transfer time.
If I use C2C, I’ll only consider merchants with a long trading history on the platform. No private transfers, no in-person cash deals, and I keep all order details and chat records.
I used to think the hardest part of crypto was making money. Now I realize that safely cashing out after you’ve made it is the real final hurdle.
You can work hard to make a few hundred thousand, but if your bank card gets frozen just because you wanted to save a little on fees or get a slightly better exchange rate, you’ll have nowhere to turn.
Until the money is safely in your hands, no matter how much you’ve made in your account, it doesn’t really count as money you’ve earned.
$BTC