Summary of 7 years of experience in the cryptocurrency circle, helping countless cryptocurrency friends solve the card freezing crisis, worth collecting
Whether you are a newcomer or a veteran in the cryptocurrency circle, the withdrawal problem is always a headache. Newcomers are afraid of not being able to withdraw money, and veterans are afraid of being cheated. Today, I will use my 7 years of experience to help you solve these problems.
Newcomers to the cryptocurrency world don’t have to be afraid
If you are only doing small transactions, there is no need to worry. The domestic OTC market is a peer-to-peer (C2C) transaction. If there is a buyer, there is a seller, so the C2C transaction method has always existed. For example, the C2C trading markets of Binance and OKX are very stable. As long as you find a reputable merchant and don't be greedy for small bargains, you can trade with peace of mind.
Elderly people are worried about the withdrawal issue
The main concern of cryptocurrency veterans is the issue of bank cards being frozen, which means the risk of receiving black money. This article is full of useful information, and you can also consult me for specific questions.
What is black money?
In the C2C trading market, if the buying price is lower than the selling price, you can theoretically buy 1,000 USDT at 6.34 and then sell it at 6.38, making a net profit of 0.04*1,000=40 USD=280 RMB, and continuously making arbitrage profits.
But the market is not stupid, the interest rate differential has been leveled out long ago. This usually happens when a merchant (listed at 6.38) has dirty money in his hands, and they are willing to buy USDT at a high price to launder it, and you become their money laundering helper.
Characteristics of black money
Black money is like an infectious disease, highly contagious and hidden, with two characteristics:
Highly contagious: Cards that receive black money will be frozen, and transfers to other cards will also infect new cards.
Highly latent: You have no idea which card or money is problematic before it is frozen, so it is hard to guard against.
How to deal with the problem of black money when withdrawing cash
1. Choose a reputable merchant
Look for merchants with large transaction volume, long registration time, and normal prices. Merchants with more than 2,000 transactions, more than one year of registration, and selling prices lower than the market buying price are more reliable. Merchants with small transaction volume, short registration time, and abnormal prices are more risky.
2. Use an unused card to collect money
Try to trade with only one merchant per card, and don’t trade too much on a single card. Quarantine the funds for 1-3 months after they arrive, and transfer them to the main card if they are not frozen. This way, even if there is a problem, the loss will be small.
Advanced ideas
1. Withdraw via USD exchange
If you have more funds, you can open an account at a US dollar exchange such as Kraken, withdraw USDT to USD, and then withdraw it to your US dollar card.
2. Immediate access to funds
If you pay off your credit card/loan, or purchase financial products or stocks immediately after receiving the money, the probability of it being frozen will be relatively low.
3. Receive payment by bank card
Compared with Alipay and WeChat, it is better to use bank cards to receive payments.
Summarize
As long as you operate properly and don't try to get a small advantage, the probability of encountering black money will be greatly reduced. I hope these experiences are helpful to you. If you have any questions, feel free to consult me!