It's pump season.
Profits are coming your way.
But how do you take profits?
Well, you start by moving your profits to stablecoins.
But that's not where you stop.
What if you need to turn those stablecoins into fiat so you can pay bills, get out of debt, or buy a Lambo?
What then?
Well, you need to use a fiat off-ramp,
something to convert tokens to money in your traditional bank account.
And that isn't as easy as it sounds.
Let's get it!
Welcome to BitBoy Crypto!
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The largest crypto community in all the Interwebs
My name is Ben.
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In this video, we take a look at stablecoins, assets that are pegged to a fiat currency,
be it with actual units of that currency,
an asset that has the same value as the fiat currency,
or a combination of those two and some other assets.
It's growing technology that has traditional finance scared to death.
Back in the olden days of crypto, you use stablecoins to buy crypto.
It was faster than banks and was available 24/7.
Nowadays, stablecoins have become their own sort of DeFi ecosystem
with staking and lending offering fantastic returns compared to investments like a 401(k).
Tether, of course, was the first stablecoin.
You traded in $1 and you got one Tether back.
It was that simple.
Kind of.
Tether has had its problems,
but the stablecoins ecosystem has gotten very sophisticated in the last three years.
Coins like PAX Dollar, DAI, TrueUSD and more have been adopted along with major coins
like USDC and Binance USD.
But the tale of the tape with stablecoins is going to be the network they're on
and the ease that they can be converted.
So you've been a wise degen,
and your bags are now full.
You want to start taking profits,
so you go to your exchange and start swapping for Tether, right?
Not so fast.
The off-ramp you choose is important.
You need to make sure the exchange or service you're using is approved by country, state,
or the province that your bank is in.
If you try to move money using a service that hasn't passed the regulations required to exchange funds,
then you could run into some serious troubles.
Check the help or FAQ section of the exchange website
to see where they have set up relationships and gotten approval for money transfers.
This is the first step when taking profits.
We use Gemini for an example.
They have a whole page that lays out their availability by country and state.
Keep in mind, if your bank is in Australia,
a country that is open to Gemini,
but you are on vacation in Morocco,
a country that isn't,
you'll need to use a VPN to do your business.
You can find one on bitboycrypto.com/deals.
But, Morocco, why are you so anti-crypto?
That's a serious question.
Anyone from around the world is able to join the BitSquad
just by smashing that like and subscribe button.
That puts you in the best crypto community on the Interwebs.
It keeps you in the loop in the latest in crypto news and opinions.
But now that you've found the right exchange that can move money to and fro,
the stablecoin you choose can make a world of difference when it comes to avoiding fees.
Don't just default to Tether.
If the exchange has its own stablecoin like Binance USD or Gemini Dollar,
you want to use that instead of picking a stablecoin willy-nilly.
Here's what you have to keep in mind.
If you're moving around money on an Ethereum-based ERC-20 token,
you're going to get walloped with fees.
With gwei at all time highs with no signs of letting up,
this can seriously take a bite out of your gains.
Move your coins into stablecoins that have the lowest transaction fees.
Usually anything other than ERC-20.
You can do this by changing the default network that you're transferring to.
For example, Tether defaults to ERC-20,
but you can choose to move your Tether on the TRON network,
which is a way better value.
It's worth mentioning that there are other networks and services that provide off-ramping.
Transfer services like MoonPay or Simplex allow you to turn crypto into fiat for your bank.
But BitBoy Crypto hasn't use them very often, so we can't recommend them to you.
Comment below with your experience with these services and let us know how it went.
We use all sorts of exchanges to swap, trade and buy tokens,
but at the end of the day, when it's time to buy a Lambo,
we use either Coinbase or Gemini to turn crypto profits into fiat.
We have an established relationship with these companies
and have been doing transfers for a while.
But it wasn't always sunshine and rainbows.
There were speed bumps along the way.
So before you go and transfer thousands,
tens of thousands or millions of dollars into stablecoin to your bank,
do a few test transfers first.
Usually, banks aren't that concerned about money coming into your account,
so the likelihood of your account getting locked or the transaction bouncing is low,
but it's worth it to send $50 to $100 to test the waters.
Slowly ramp up your deposits, checking that they're clearing properly after just a few days.
Profits are fun, but don't get wrecked.
Follow this guide but also do research that is specific to where you live.
Crypto is new to a lot of people,
and Ol-Fi is still struggling to wrap their brains around it.
That's all I got.
Be blessed.
BitBoy out.
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