10-30-2021, 09:36 AM
(10-30-2021, 08:51 AM)fenders53 Wrote:(10-30-2021, 06:37 AM)ken-do-nim Wrote: I decided to test withdrawing my funds from Coinbase. Nope, every time I try it, I get an app error. And it's not like they advertise tech support anywhere.This is me commenting with zero crypto experience. I think I would spread my bet around to several brokers. A major traditional broker when that possibility exists. Put on your imagination hat and lets pretend BTC runs to $100K, then it dips to $20K in a couple weeks sometime next year. The liquidity crisis will be epic when people rush the bank for some USD because they bought the crypto with a home equity loan. This is why the FED is nervous crypto gets too big.
The cool thing with crypto is that you can quite literally pull it into your own pocket whenever you want. You do not have to keep it with the exchange (=broker) that you are using. You can buy it there and then move it to where ever you wish to store it. (can be an online wallet, a phone app, a USB stick) You can of course keep it with the exchange if you wish, but indeed this has sometimes led to some issues in the past where the owner of the exchange just disappeared together with all the money.
There are of course transfer fees, which are actually pretty damn high for bitcoin, but significantly less high for most other cryptos. This is also where bitcoin fails and why I do not think that bitcoin will be the crypto we will one day be using... it's just too expensive.