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When, and how, to cash out?


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OK, so I have around $250USD in my NiceHash wallet. What should I do with it: leave it there, move it to 'real' currency, do something else with it?

Is there a risk to leaving where it is? Are there potential benefits to leaving it there?

If I should move it to real currency, how should I do it to minimize costs? Are there free ways to move it?

If I should do something else with it, what should I do, and how?


Thanks for any feedback guys.

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  • 2 weeks later...

I suppose it depends on what your long term goals are here. Is the $250 in USD or is it BTC? Do you have a CoinBase account or other altcoin exchange account you could move it to?


To answer your questions, I'll take them one by one:

I would say the risks of leaving it in NiceHash are low. They were hacked and are probably now more secure than ever. 

Not sure if there are free ways to move it. Usually a transaction fee is involved, just like at a currency exchange for regular fiat currency.

CoinBase can serve as a well-known location to easily move between USD, BTC, ETH, BCH, and LTC. Check that out and see if it will work for you. 


Your final question depends on why you are in this to begin with. If you are a crypto believer, then this is probably a better time to buy than sell. Prices are way down since January. If you just started mining to play around (like most of us) and are ready to be done with it, then move to CoinBase and cash out. If you want to get a little deeper than the initial mining, then I suggest starting to listen to some podcasts like CoinMastery, and I've found that "Crytoassets: The Innovative Investors Guide" is a good way to learn and start thinking about an investment strategy:





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