Comment · Tue, April 13, 2021 · ND Owner
Paying by crypto
Original post in this thread
a1b3c5d7 · 5 points
What crypto is supported? Can i pay Cardano Ada?
What they were answering
[deleted] · 1 points
[deleted]
u/MisterYouAreSoDumb · ND Owner
Yeah, I have already been banned by a few banks. LOL. You just have to make a relationship with one that is cool with you trading crypto, then get prior approval from them before you sell and get the wire transfer in. Don't just sell a ton of crypto and get a massive wire into your bank without telling them what you are doing. That's when you run into issues.
The price given is dependent on the amount you want to sell, the market spread at the time, and how volatile it is at that moment. Generally you are going to get a few % under market price for larger sells. However, you would have a ton of slippage on exchanges selling that much as well. You will likely come out slightly ahead with an OTC trade when accounting for slippage. Of course you could avoid slippage by doing laddered sells over a longer time period, but then you have more tracking to do and it is stressful. I'll take a couple % less to not have to worry about that, then not have to worry about money being on an exchange. Plus, exchanges you have to transfer your crypto there ahead of time. I can just trade OTC and settle in 24 hours from my cold wallets. Way easier.