Quote:
Originally Posted by p2 dog, p2
i also want to know about potential fluctuations. Can i somehow lose a bunch of BC(money) downswings or w/e?
You can have zero currency risk on the deposit side if you:
- Use an exchange that lets you purchase and spend bitcoins instantly.
- Use an exchange that lets you deposit and hold a balance in dollars, even if this takes some time to process, so that you can buy and spend the bitcoins instantly when you are ready.
This depends on your country, and if you are in the U.S., also depends on your state.
On the withdrawal side, you do have some currency fluctuation risk. Some steps you can take to reduce the risk are:
- Time your withdrawals so that they happen on a day and time when bitcoin withdrawals are processed quickly by WPN, and you will be ready to send the bitcoins to your exchange and sell as quickly as possible. Don't cash out on weekends or off hours with bitcoin, because this might increase your exposure time, since you are committed to receiving a specified amount of bitcoin at the time of your withdrawal request.
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Watch the bitcoin price, and time your withdrawals into an bitcoin price uptrend. No guarantees it will continue, but can put the odds in your favor that there won't be a steep decline during the short time when you are waiting for the withdrawal to be processed, and for the exchange to allow you to sell.
- Withdraw in small amounts, especially at first, so that you are used to the process and how long it takes. Frequent small withdrawals are better than infrequent big withdrawals, when it comes to currency risk.
It's also fine to deposit with bitcoin and withdraw via other methods, which can give you zero currency risk if you have access to the right bitcoin exchange.
Quote:
Originally Posted by PaulyJames200x
Do wpn do bitcoin withdraws on weekends? Last time they said only weekdays at certain times.
But for bitcoin deposits, do they always take them even on weekends if they dont do cashout on weekends?
Because of the currency risk, I would only do bitcoin withdrawals during the recommended times.
I had no trouble making an instant deposit late on a Saturday evening, so that should be fine. It appears that deposits are automated and withdrawals are not, so they take longer.