It was about a year ago while overseas in Iraq that I learned about the Bitcoin and its possible (most likely) impact on the world. It took me all but 10 minutes to scan my drivers license and link a bank account to Coinbase, and I was ready to rock and roll. I bought about 4 Bitcoins at first ($600 a piece roughly), and 7 days later they were mine. After finally convincing my friends and family that I am not insane, and Bitcoin/crypto currency is the immanent future and natural evolution of money, they are now ready to create an account and start buying. Its not as easy as it used to be. Wait times are growing due to this mass influx of people trying to get some skin in the game. Apps are literally not working for fairly long periods of time for the same reason. This is happening when less than 1% of the population has even heard about Bitcoin, but that is quickly changing by the day. This is why its important for any crypto investor to have multiple exchange accounts.
Imagine not being able to sell into fiat to take profit due to traffic. Same with buying a large dip, as this has happened to me frequently. It is so critical to not limit yourself to one exchange, or just one way to sell and procure crypto currencies. I recommend having three separate exchange accounts at a minimum(I recommend Poloneix,Kraken,Bittrex). Also DO NOT WAIT TO APPLY FOR THE HIGHEST TIER LEVEL, just because you don't believe you will ever reach those large withdraw limits.You'll be kicking yourself in the rear when your 5 Bitcoins are worth $30,000+ a piece, yet you can only withdraw a daily max of $2,000 a day. So then you apply for a higher level at the same time the rest of the human population is doing the exact same thing. You will be waiting for a while, cut off from your money.
Bottom line is BE PROACTIVE now while there is relatively low traffic, and leave yourself multiple avenues for both the ability to sell and acquire crypto currencies. I believe that in the future, you will be able to make money JUST FOR HAVING ACCESS TO THESE EXCHANGES because they will be so bogged down from everyone rushing in to gain access at once. Imagine millionaires flocking to you and paying you cash plus a premium just to buy as much Bitcoin as humanly possible. Remember, there is a $1.4 quadrillion fiat money market out there that will be desperately stampeding towards Bitcoin in the near future. You will definitely want to have the keys (access to multiple exchanges at the highest tiers possible) to such a sought after currency. Just my opinion. Thanks. Please upvote and resteem if you believe this adds value.
It's definitely a good idea to have accounts on multiple exchanges,but DO NOT hold your coins on them! You want nobody to be in between you and your wealth!
This is a very good point.
I found Bitcoin in 2013 and bought at the peak at the time. Took ages to get registered and buy them in Canada.
Then again recently, I wanted to buy more but through a different exchange and verification took weeks.
Good to have something set up preemptively, as you've said.
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