The coins should be locked in their cold wallet and then the auditors would control them. Best case scenario Your funds could be locked for interdeterminate amount of time . Bitoex is a pretty good company it’s a pity they have this financial dispute going on .
I took everything off their wallet yesterday in case the company got shut down and the wallets locked. It took an hour for the withdrawals to process which was much longer than I ever experienced and I was wearing it a bit. I called their customer service (the tel number removed from their website now ) and they did help me check the transactions in real time. I really like that they have that efficient telephone service, English too, but I find it troubling that they removed the Telephone service number on the website.
I think its probably fine for trading in and out of crypto to NTD though…That is a valuable resource.
Binance and others can use wire transfer USD also .
Thanks for clarifying. I will use them for trading too but move my crypto to another wallet that offers keys. I’ll order a ledger today. Move it there instead if it arrives on time.
Their withdrawal fees are quite high. This makes them less useful for small amounts of money. You could have just accumulated before on their wallet but now…I don’t know. You could buy 10k worth of USDT or BTC etc and just transfer it out . Keep some in stablecoin until you wanted to exchange to another coin every month as DCA. Up to you.
You might think about taking that 10k USD and opening an account in binance or others by wiring the money directly . I recommend Binance for international transactions and service . Up to you. You can KYC with them if you like for added security.
You can also buy by credit card on many exchanges, coinbase etc . They may or may not get blocked by your bank though. When I got started I used my credit card. Something like 1% fees minimum.
I have been trying to get verified on Binance for two days but it’s a pain in the ass. They refused my valid ARC and passport multiple times instantly after taking the photo. After a final attempt last night, it’s now under review. Hopefully, they will accept.
With Coinbase, I am having an issue verifying CTBC debit card. They said they sent a couple of amounts there, but I can’t seem to find them.
I would also recommend Coinbase pro, especially if you’re just starting. Fix 0.5% taker/maker fee, deposits and withdrawals are easy (and its free) As for wallets I think electrum is pretty good but its only for BTC.
If you’re investing into crypto (just like with many other asset classes) dont forget that its a long game. If you’re in for just a few months or a year or two it is more gambling than investing, imo. Which is okay just be aware of it. I agree with @Brianjones , DCA is probably the best way to go.
Plus the usual: do not invest more than you can afford losing, do not try leverage trading with big amounts.
I personally believe that why invest in anything else if you can invest in the best (BTC)? (I actually hold some ethers too, but less than 10%). It could be though that it is because I am not familiar enough with other types of coins. I previously purchased alt coins against Bitcoin and made some profit in BTCs but eventually I stopped it because I spent too much time with it I have lived through a few cycles too, now only HODLing and DCAing bitcoin. For me the scarce supply is important.
There are also plenty of portfolio theories out there and some of them are quite interesting although I cannot say how good they are.
CTBC card worked for me when I needed a quick purchase for a while but since early 2021 it’s not working anymore on Coinbase. (Now I usually transfer in from my EU bank).
These are my personal experiences.
Good question, that I dont know unfortunately and I’ve never tried (knowing the super flexible banking system here). Also my account was set up with using EU residence and I am not sure if you can add accounts from a second country.
Might not be that easy to do it from TW but OP perhaps could try using his/her account from back home (except if taxes are higher)
Yea sure, use your prize money to buy real assets.
Crypto works because people are putting real money into it. It stops working when they stop doing that. That’s what a ponzi scheme is.
Maybe if they made crypto into something that created real value with all the computing it takes for mining, such as help Hollywood, SETI, and other computing intensive applications to take advantage of those mining power and then are paid by those organizations for the work, crypto is a ponzi scheme.
It’s the equivalent of paying athletes to run around in circles and calling that “money”. No real work is accomplished except making someone tired.
.Even then that’s not true although one could argue the point about each different crypto as to what is its value .
Crypto has many many real use cases , I already use it to earn money and give loans.
I haven’t used it for digital assets but many others have . It allows the transfer of digital assets outside of a walled platform. So a company cannot suddenly lock your asset up or change the rules and make your asset worthless because you can only trade through their platform.
A huge use case could be incentivising participants in a given activity. This could be play to earn gaming but it could also be watching content, making content , voting or taking medicine or whatever you wanted.
To me it’s like the internet when it was just starting out . It was clunky , slow, expensive. But wait till it all speeds up and becomes smooth. And you have it integrated seamlessly into apps and payment platforms and memberships and games. That’s why I invest in layer 2s like Polygon. Ethereum 2.0 still won’t be able to do that but can act as the backbone reference chain for assets.
Unfortunately I am not fluent enough in English to elaborate clearly on this.
But I see your point and would like to try saying that the concept on which “crypto” (I think especially of BTC in all my discussions) is built does also have industrial (software) applications.
The key point is accepting the durability of “software” “things” in our lives from now on.
It works because it allows you to create banks from pure software…It allows you to create trust less borderless applications where somebody from a corrupt third worldwide country can leap outside their local fiefdoms and earn money or get a loan or whatever on an equal playing field…
You can participate in running an enterprise by using a DAO with few restrictions. It allows you to fund raise from millions of people around the world. You don’t need to be listed on Wall Street or the local stock market or foundation . These DAO enterprises are very interesting global entities and who knows where they will go… yes I have an idea in my head for my own global DAO.
As the world becomes increasingly META then you will see that crypto is just part of that universe.
Anybody who thinks that crypto doesn’t pose a challenge to shitty banking institutions such as in Taiwan has their head in the sand. That is why governments are desperately rushing out their own digital currencies.
That’s something I’ve always thought of as well, but unfortunately it’s just not possible. The computing power behind proof-of-work crypto isn’t spent on nothing, it is going to useful work, in a purely technical sense. It’s how the network functions. It’s like the gas in a car. Of course if you think the car is driving nowhere worthwhile then it’s wasted energy, but technically the gas is doing work.
(I actually hold some ethers too, but less than 10%). It could be though that it is because I am not familiar enough with other types of coins. I previously purchased alt coins against Bitcoin and made some profit in BTCs but eventually I stopped it because I spent too much time with it 
