Time To Get Prepared
This afternoon whilst watching sport on the television I spent a couple of hours finding the best Trezor deal. I knew this time would come and having a cold wallet is a must have when dealing with crypto. The prices for the Trezor Safe 5 vary by as much as $100 and the cheapest by an authorized dealer is still $220. Worth every cent for what this offers and I will have my replacement after one I had unused in the box was stolen by my crooked Zimbabwean gardener a couple of years ago..
There has been signs over the last few days that we are going to move into phase 2 of the crypto money flow chart and when that happens we are well on track for a crypto alt season. This was never in doubt and it puzzles me why so many were thinking this may not happen. Stop listening to those on social media and start thinking for yourselves. How long do we have again no one has the answers and one must presume 3-5 months so there is a limited window to get ready and not cock up.
The cold wallet is required to give you options when you sell your crypto and to not keep your stable coins on an exchange. This allows you to stay in crypto deciding what to do next whether that is cashing out to an off ramp or waiting to come back in once the crypto's have lost significant value.
I cannot cash out via South Africa as that would be suicidal knowing the 40% crypto taxes that exist and the tax man is fed information by all exchanges in SA. You would have to be crazy to even consider this option and you are better off staying in crypto than handing over such a large chunk of change.
Over the last 12 months as part of the preparation I have researched all the off ramp options and which country is more beneficial. The cold wallet just makes this possible and the plan is to keep as much of the dollar vale as possible. My futures is not in SA so the money has to remain outside the borders for whatever lies next.
Unfortunately in SA many are going to take a chance and cash out using local exchanges and will pay the price through thinking they are being smart. SARS mentioned a few weeks ago they have partnered with the likes of LUNO and are monitoring all accounts. R5000 is the new threshold which is less than $300 and this is peanuts so everyone in theory using this route will be paying in.
Many of us have worked too hard to give it all back in taxes and I am not against taxes but fair is fair and 40% for making my life difficult does not warrant a payment in my thinking. If the government had embraced crypto and made life simpler and not fighting crypto for the last 10 years then maybe I would not be so adamantly against this. They do not care and I see how they operate more like theft and know if they reduced taxes for crypto down to a more reasonable 10% they would earn far more in the long term.
Posted Using INLEO
Trezor is a good cold Wallet. I am using a Ledger. Habe you considered that too?
Yes I have, but know the Trezor already so I am comfortable with this.
Heard from a friend that the Trezor 5 is really good and has a convenient Display.
What are some of the best places to cash out crypto?
I wish I had gotten a Trezor instead of a Ledger. I still have the Ledger, but it's not that user friendly.
This is what you get when the government and parliament is made of stupid, selfish, greedy, illiterate people. Nothing to expect there. SA and other African countries are going back to stone age.
BTW, Trezor is a very good option, I bought mine a few years ago and don't regret it.
I bought it when everyone was hyping Ledger and booed those who bought Trezor, then the whole privacy thing happened with Ledger.
40% is very steep as a percentage to pay for taxes. Besides, the funds would probably not be reinvested back into the country. Listening to what social media influencers say is a recipe to do all the wrong things and never learn from actual experiences in terms of understanding this crypto cycles.