In Australia, all of the big banks have now placed a limit to how much money you can transfer out of their bank to invest in cryptocurrency.
The Commonwealth Bank, for example, has placed a $10,000 limit per month.
However, if you want to bet on sports or go to the casino and draw out thousands of dollars every few days from the ATMs, they don’t seem to mind, as their is no limit to the amount you can withdraw.
This speaks volumes about how scared the banks are of cryptocurrency.
So, I decided to write this article to show you there’s another way you can purchase crypto with CASH, so your bank has no idea what you’re doing with your own hard-earned money.
- Step 1: Open up a new Cointree Crypto Exchange account and do the KYC (know your customer) questions. It seriously takes about 5 minutes and you can use your drivers licence.
- It takes around another 5 minutes for you to be verified.
- Step 2: In your account, click on WALLET and then DEPOSIT CASH.
- Step 3: Choose CASH and enter the amount of cash you want to deposit.
- Step 4: You will be depositing your cash at your nearest news agency using BlueShyft.
- Step 5: Head down to the news agency you found that accepts Blushyft cash payments, with your Cointree QR Code.
- Step 6: Make sure you visit your bank first and withdraw thousands of dollars of cash.
- Step 7: The news agency will scan your QR Code and accept your cash money.
- Step 8: It only takes a few seconds and the money will appear in your Cointree account.
From there, you can easily buy Ethereum on Cointree and transfer the ETH to your Metamask Wallet and then you can buy all kinds of crypto and altcoins.
Crypto held by exchanges can be used at any time by the exchange to cover a shock event / recapitalise. Exchanges only hold about 3% of crypto deposited.
Thus any shock means the exchanges eat into your crypto if they are holding it for you. So if you think you own crypto held at exchanges, think again.
This could be one reason banks put a cap on monthly withdrawals to crypto, because only banks are allowed to have that kind of financially abusive fun.
ps. It’s all very well storing crypto on a cold wallet, but it does not mean you can avoid loss of value if a currency goes down due to capitulation of a currency caused by abusive exchange activity
G’day Max,
Completely agree! That’s why I say in the article people can deposit CASH into an exchange through BlueShyft (like Cointree), but then should immediately buy ETH and transfer the crypto out into metamask so they have full custody and control of their own crypto.
By moving all your money into your own crypto wallet (like metamask, ledger, etc….), you become YOUR OWN BANK.
Or a savvy mind could just buy 20-50 great domain names.
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Hold 20-50 great domain names, and you can turn down low ball offers and emails from idiots, responding only to qualified buyers.
Love it!
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Or…
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