Moving Crypto Profits Into Bank (Off-Ramping)

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Create A Foolproof Exit Strategy In 90 Minutes - lewis-site-9af0.thinkific.com...
Disclaimer: The content provided in this video is for informational purposes only and should not be considered as financial advice. The views, information, or opinions expressed during this video are solely those of the individual presenting them and do not necessarily represent those of Lewis Jackson. I make no representation as to the completeness, accuracy, or timeliness of any information discussed in this video. I am not a financial advisor, and any financial actions you undertake should be based on your own research and consultation with a professional financial advisor. I will not be held responsible for any financial losses or gains you may incur as a result of the content provided in this video.
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Video Edited by @TheCreatorHub1
Disclaimer: The content provided in this video is for informational purposes only and should not be considered as financial advice. The views, information, or opinions expressed during this video are solely those of the individual presenting them and do not necessarily represent those of Lewis Jackson. I make no representation as to the completeness, accuracy, or timeliness of any information discussed in this video. I am not a financial advisor, and any financial actions you undertake should be based on your own research and consultation with a professional financial advisor. I will not be held responsible for any financial losses or gains you may incur as a result of the content provided in this video.
0:00 - Introduction: Portfolio Appreciation
0:23 - Disclaimer on Off-Ramping Concept
0:43 - The Shift in Perception of Cryptocurrency
1:42 - Rethinking Off-Ramping in the Crypto Age
2:20 - Personal Strategy on Not Selling XRP
2:50 - Introduction to 1% Mastermind
3:08 - How to Off-ramp Crypto Assets
3:22 - Spending Crypto with Uphold Card
3:44 - Real-life Example: Spending Crypto in New York
4:16 - Alternative Methods to Spend Crypto
4:27 - Direct Transactions Using Crypto
5:07 - Online Marketplaces Accepting Crypto
5:10 - Tax Implications and Mastermind Mention
5:39 - Upcoming Video Teaser
5:58 - Available Cards for Crypto Spending
6:24 - Exchange to Bank Transfers and Tax Events
6:58 - Collateralizing Crypto: Benefits and Risks
7:56 - Converting Assets on Uphold
8:04 - Gifting or Donating Crypto Assets
9:00 - The Zum App: Features and Off-Ramping
9:52 - Personal Strategy with XRP and Asset Management
11:54 - Encouragement to Think Outside the Box
12:31 - Conclusion and Invitation for Comments
12:48 - Video End

Опубликовано:

4 авг 2024

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Комментарии : 306

@PlushSoul9 7 месяцев назад

You didn't mention one of the biggest problem retail investors fave when off ramping to a bank, most banks will freeze your account if they detect it's crypto related.

@hermanmittt 9 месяцев назад

There are a group of us in Herefordshire, UK, aiming to pool our XRP and use it to set up a community bank which will be the financial hub of a new community trust. We would be looking at off-ramping and converting profits directly into assets like land and property to expand, secure and run our local community, ultimately, as a micro-nation. Exciting times... Thanks for sharing your knowledge, enthusiasm and energy. 🙂

@daz7834 9 месяцев назад

Very interesting 👌 XRP 🎉

@philmurphy3549 9 месяцев назад

I agree with Justin , having a battle plan to keep our XRP here in the uk without having to bleed wealth to any government let’s be honest, is so important, theirs paying tax and theirs being stripped of your efforts to better yourself and family, so all the help is gratefully appreciated dear boy 🙏🇬🇧

@johnnymac6178 9 месяцев назад

I love how Lewis keeps this channel professional and informative. Not all hype nonsense and clips of useless conversations and dog and pony show political hearings. Thanks Lewis! Can’t wait to earn passive income off my bags.

@Matt-oz2jb 6 месяцев назад

You're wrong my friend - moving £ into a UK £ bank account is not a taxable event, it's just a transfer. HMRC are clear that EVERY swap from one token to different token or FIAT is a taxable event and must be used to calculate capital gains. Further more using assets to earn a yield is subject to income tax. The major problem now is being de-banked when attempting to actually pay the tax that's due

@cidcid3892 9 месяцев назад

You provide unbelievably useful videos which are much needed! Thank you!

@Kingismyname7 9 месяцев назад

I really appreciate how u give all the necessary information explaining the intricate parts of how to maneuver the space is awesome. Thank you

@diannemckendrick 9 месяцев назад

Thanks Lewis for your continued search for understanding of how we can each get the best out of our XRP. It is so far from what we have known in the past, so your clear and easy to listen to videos are so valuable. Thank you! 😊

@KO1967 9 месяцев назад

Keep in mind that the Uphold card is not available in the U.S. Also, until merchants and people start commonly taking crypto as a form of payment (which is likely a good distance in the future) there is a need to convert crypto to fiat in order to use it in society and to take off risk just as you might due with a stock/equity.

@sheikdaoud7909 9 месяцев назад

Thanks for researching this topic and helping us all out. Respect. 👊🏼

@RobertFrank77 9 месяцев назад

Your looking dapper today my friend. Great video, great advice!

@kendalvanantwerpen5689 9 месяцев назад

Thank you so much Lewis. Been looking for UK relevant information on this side of things, as we are all going to need it - hopefully soon. Looking forward to the trust set up information too.

@Richy.p 9 месяцев назад

Always love your videos as they are just straight to the point and useful info. I’m trying to figure out how best to use my crypto as like u say converting it into fiat seems old fashioned now and I’m looking at ways to maximize my profits and growing assets.

@davidcanez1990 9 месяцев назад

I don't know how I just saw this and you for the 2st time, but awesome video, now I gotta go find the the video where you talk about the trust cause I have lots of xrp. Tha k you so much.

@chris1609 9 месяцев назад

Thanks Lewis. Just another point regarding the tax. Swapping XRP for BTC for example, would also cause a taxable event. It would trigger a CGT liability if the amount you swapped had appreciated in value since you bought it.

@stevolanddownunder3549 9 месяцев назад

Great info Lewis thanks , Something that I found out a month ago is that some Gold Bullion dealers will accept crypto for payment of gold and silver . I am quite excited about it, will be a solid place to shift alt coin profits in bullrun season. They had on their office wall Btc Eth Ltc Xem and one other crypto I can't remember which one. Cheers Steve.

@GiancarloBianco 9 месяцев назад

Great insights Lewis! I am as we speak selling a plot of land and taking crypto as payment. Instant, no middleman, amazing. I’ll probably either stake for a fixed term at high interest and live off of that.

@glennglenn2821 9 месяцев назад

TY!

@jamesfrancis5039 9 месяцев назад

Thx for covering this

@sherrytrogi9213 9 месяцев назад

Thank you for your knowledge from Canada

@Raziel0Reaver 9 месяцев назад

Not sure how it works in every other country but in Australia every time you dispose of your crypto, sell it, convert it to another crypto, use it to buy products or services, gift it to someone else, it creates a taxable event. So it's a real pain to use it for everyday things right now.

@cristobaltorres7203 9 месяцев назад

Great info thank you

@aliedge29 9 месяцев назад

Hey Lewis, as always....Great information shared and definitely something I need to look into further, the idea to just sell your crypto when your happy with value and turn it into Fiat, was the only option I thought was out there!! This needs to be looked into further. Already signed up to your 1% club and looking forward to learning more and and making to the most out of my digital assets through your knowledge and thoughts. Cheers again Lewis 👍

@mysticalrelaxationmusic6978 9 месяцев назад

Hi Lewis, much appreciated thank you!

@Barbosa888 9 месяцев назад

Hi Lewis! Thanks for all your amazing vids!! I share your vids with a lot of Senior people because they all understand your perfect and easy explanation of all topics you discuss. I am really interested in the trust option and off-ramping without converting in fiat money. Let’s go brother!!! Thanks again!

@chris1609 9 месяцев назад

Thanks so much for this Lewis, i was having this exact debate with a colleague today

@gailflett8386 9 месяцев назад

Always listening and trying to absorb your hard earned wisdom and knowledge. ❤

@ryguy6921 9 месяцев назад

Thanks Lewis, appreciate all the vids.

@tuco5876 9 месяцев назад

It's about time a crypto influencer address is this subject. I don't think crypto influencers know how many people need guidance in this area. Especially with all the instability with regulations and such thank you for addressing it

@LewisJacksonTeachesCrypto 9 месяцев назад

Well, I hope to be the one doing that for everyone!

@Bigdej 9 месяцев назад

exactly. they try to make a profit off of holding the information. thank god for lewis. i have to give you a gift when xrp hits!

@Jake-rk7nf 9 месяцев назад

This is my first time watching you and I have to say your one of the better people for info along with moon lambo! Xrp is my favourite and largest crypto holding 😎

@eddieunutoa592 9 месяцев назад

I appreciate the information. I did not know about the XUMM wallet cost and the application it can do. Great info...thanks 👍

@sizigi6374 9 месяцев назад

Thanks Lewis! Please come out with a part 3. 5. 8. On this topic. I know it's a sticky topic but thanks for doing it.

@margaretburnham5683 9 месяцев назад

We appreciate you so much

@leehurst70 9 месяцев назад

Cheers Lewis, appreciate all the content you put out and the amount of research you do! I also agree that it doesn’t make sense to take an (Apex Asset) crypto into an inflating and failing asset (Fiat) however, having said that. I have a question. If you were 50’ish and there was no guarantee that utility would be here until much later- let’s say 2030. Maybe it’s a good idea to take some profits into Fiat to make things more comfortable in the short to mid term, pay some taxes/not etc…? Then at a later date the prices would probably be very different and the amount of crypto assets left would be worth so much more…thus, you win the game!? What am I missing here?

@M1ntedUK 9 месяцев назад

I have my first meeting with my financial wealth manager tomorrow morning and looking forward to your video tomorrow evening. I sincerely appreciate your invaluable guidance, and I look forward to participating in the mastermind in the near future. Big day tomorrow and thank you Lewis 🇬🇧

@LewisJacksonTeachesCrypto 9 месяцев назад

Oh please let me know how it goes! Thats a big day! If it goes well, please let me know who it is, so I can provide them a platform to reach more UK people!

@nasarhussain6783 9 месяцев назад

Hi Lewis love your videos keep up the good work. Just wanted to add how about transferring profits into stable coins for example on the ledger nano x you have the swap option. Do you think this is a good way of taking profits?

@josephescobedo9989 9 месяцев назад

We still waiting for the Ledger CL card here in the states. That is what I’m going to be using to spend my crypto.

@peterlowry7191 9 месяцев назад

Brilliant as usual.Many thanks.

@Ace.of.Spades.Crypto 9 месяцев назад

Thank you. I’ve been wondering if I should off-ramp after a bull market

@HovingtonInstruments 9 месяцев назад

Thanks for the video

@erinsteward6594 9 месяцев назад

U r correct….. a bit to the bank for specific uses, and the majority left in our fabulous crypto assets.🇨🇦

@gouthamab8008 9 месяцев назад

Good one Lewis Eagerly waiting for the next video 😊

@seancurran8108 8 месяцев назад

Moving fiat from exchange to bank is not the taxable event its exchanging the crypto to fiat on the exchange. It does notify the tax authorities in your region that they need to look out for your tax return however.

@jupitereye4322 9 месяцев назад

Here is the problem with a house purchase with XRP, if the value of XRP skyrockets; government (at least here in Canada) will look at that as liquidation of digital assets, which means they will ask for capital gains which can be very high, which then means you'll have to use part of those digital assets to pay that tax by selling it on the exchange. This is the main problem with massive appreciation, you have to pay tax. You can't avoid it, as far as I know. But you could maybe use it to borrow more money, and that may be worth exploring.

@contsonis2756 9 месяцев назад

Thanks Lewis - always great content - Cheers, all the way from Australia 🇦🇺

@mari-leefiducia8640 9 месяцев назад

Wonderful Video !! Of the many subjects of videos that I watch your videos are among the most " Rewatched " Love your content ...

@redddo1 9 месяцев назад

Offramping to Fiat is required currently if you want to fastrack mortgage payments. At least for now until other options become available with banks.

@jamesjohn5710 9 месяцев назад

Thank you for doing this. How about Glint Gold card assets, would you consider this?

@drb1963able 9 месяцев назад

Well said Lewis. I won't be moving anything until the US Treasury Note is announced and in circulation. Might sell some but it will stay on the exchange until taxes are a thing of the past and the bonafide currency is established. Why trade gold for a turd?

@calumleggett8292 9 месяцев назад

I remember in the early days you spoke about this and my partner and i still have it as ours. Your the man lew

@Crizzy4141 9 месяцев назад

Hello Lewie Lulu😊. Filtering crypto profit taking into a trust sounds like a good idea. Please share more for this ordinary Joe. Also the Uphold card is very cool sounding...Plus when will AMM start up? Mickey b. Fresh on RU-vid seems to be leading the pack on education regarding AMM...how was New York? I live on the northwest coast US. Cheers🎉!

@donvenezia5438 9 месяцев назад

I can't wait. The other side is looking good. GOD BLESS THE WORD

@Halflionhalffox 9 месяцев назад

Lew, Vale, Zac and T are the best (a few others are really good)more info / value and less hype. Hope you guys are in the movie 10 years from now

@georgeibrahim7945 9 месяцев назад

Great content, thanks

@LewisJacksonTeachesCrypto 9 месяцев назад

Glad you liked it!

@johnedwards1341 9 месяцев назад

Lewis! Have u looked into Glint pay rather than go through a bank, gains again when gold is revalued, just a thought 😎👊

@charleshicks3140 9 месяцев назад

This is an awesome video. Before I spend anything I will educate myself first

@mariomalmanza 9 месяцев назад

The uphold card isn't available in the states

@davemiley7076 9 месяцев назад

Fantastic content 👌 i always tune in .

@LewisJacksonTeachesCrypto 9 месяцев назад

Thanks Dave!

@e4unow421 9 месяцев назад

Agent Lewis Jackson!

@kendplumber4615 9 месяцев назад

So if we buy an income providing asset, how do we purchase this asset without converting XRP to fiat currency ?? I’ve been waiting for options eg: staking, custodian investments or leasing my XRP…

@nickhemmesch6427 9 месяцев назад

You alway come with common sense Lewis. 👍👍👍

@boootros 9 месяцев назад

i've been wondering, as i have been buying and swapping, changing platforms on a whim for a few years, what value would be set for the buy price to work out cgt when off ramping.

@demoller42 9 месяцев назад

Am looking forward to tomorrow, though I have to say it's hard to stay interested in these times. also the none you explain it all, you explain it all nicely but its still hard to believe in xrp in these times

@LewisJacksonTeachesCrypto 9 месяцев назад

Hold strong

@angelchicago007 9 месяцев назад

just found your channel...!! i really enjoyed it. very informative

@jusspmajola 9 месяцев назад

Like the shift in conversation.

@xrpwatts2116 9 месяцев назад

Will you be taxed twice if you decide to cash a coin out into a stable coin like usdc. Then into cash as you need it? Would that be considered two taxable events?

@mcc5901 9 месяцев назад

Hi Lewis, congrats on the channel and your well-earned independence! Do you know when the all-important regulations that the institutions are waiting for will be approved? This is after all the flip-the-switch moment, which the institutions and, by extension, we the investors are all desperately awaiting. Could you do a video on what is arguably the most important event of all and the final piece of the XRP puzzle? Thanks

@lesliecain4115 9 месяцев назад

What if I've moved all assets off an exchange. How do you deal with that in terms of spending, taxes, etc for other nonXRP coins. I fully plan to stake my XRP.

@danking8230 9 месяцев назад

I was anxiously awaiting the roll out of uphold vault in September but when I queried uphold they responded they had no official word on the roll out. I got no other helpful information on where they are in the project or when I could expect to here something on the vault custody option?

@2dogscaged 9 месяцев назад

I’ve been watching you for a while now back in the day with the Fibonacci gotta say you come along way keep up the good work

@LewisJacksonTeachesCrypto 9 месяцев назад

Oh thats awesome! Thanks for sticking with me!

@cijojoseph5854 9 месяцев назад

Canada

@KingofcryptoMrKOC 9 месяцев назад

thanks

@LewisJacksonTeachesCrypto 9 месяцев назад

You're welcome!

@charlesmaou6375 9 месяцев назад

Question Please: When and if Ripple sets up their Bank, surely they would have visa cards, would I be correct that this would also work, ie keep your XRP in Ripple bank, and use your Visa card to buy whatever or withdraw Fiat from ATM.

@736peraa 9 месяцев назад

Plan will be to cash out some of my profits to purchase income generating assets which include real estate and adding to my dividend stock portfolio with profitable companies. Aiming for 7-10 % annual return. I'm aiming to achieve financial independence here . The rest of my cryptos will be kept until institutions can provide a secure platform for staking, to further boost my annual returns from my assets which i hope will give absolute financial freedom. I will also use my crypto sales to buy more gold and silver which has been my way of saving real money. Plan to keep my xrp. There are other cryptos in my portfolio that I can sell

@XRP_DigiGold 9 месяцев назад

Good video, my thought process is the same. Don't touch the Capital of the Asset, use the staking/lending XRP to pay off loans. XRP will only get more valuable over time

@johno11111 9 месяцев назад

Great video been waiting for this ,,I've got a uphold card a NEXO card a CL card a Xumm account and a Caleb & Brown account all bases covered ,, just hope it's all worth it in the long run 😉

@LewisJacksonTeachesCrypto 9 месяцев назад

Very nice!

@Aquifer007Alpha 9 месяцев назад

This is such important stuff, good for covering. Seems lots of exchanges in UK making it harder cuz of thr new marketing regs too!

@shadyc7250 9 месяцев назад

FYI, in the UK, when you dispose[sell, convert into another asset, buy with it, gift it]your crypto you will most likely be taxable. You might need to pay Capital Gains Tax when you: sell your tokens exchange your tokens for a different type of cryptoasset use your tokens to pay for goods or services give away your tokens to another person (unless it’s a gift to your spouse or civil partner)

@user-fc6cz2qo3z 9 месяцев назад

Exactly, every scenario mentioned in the video is a taxable event. The government is not going to allow investors to benefit from the profit of their investments without paying taxes.

@davidcurry4485 9 месяцев назад

Hi Lewis, great work BTW. Just 1 question. After the Ripple IPO lock in period is over which brokerage firm are you using to store your shares, or are you selling them immediately on linqto. I'm having trouble with this issue

@margaretburnham5683 9 месяцев назад

I think we all want to know that. I think it’s important to store on several different places. We want places that don’t force you to use digital ID

@LewisJacksonTeachesCrypto 9 месяцев назад

I'll be holding majority

@davidcurry4485 9 месяцев назад

@lewisjackso which brokerage do you recommend or is that in a future video

@maurobraghiroli4376 9 месяцев назад

Thanks, very interesting discussion! I thought the only way to use XRP was either finding someone accepting them as form of payment or bringing them back converted in € on my bank account and pay 26% taxes. Do you have any contact expert on Italian jurisdiction? Thanks again

@pixelpintura 7 месяцев назад

What are the trusty exchanges or institutions that you've found that can collateralize your XRP (or crypto in general) for fiat?

@andrewbestmann5260 9 месяцев назад

Yes Lewis I still have to remind myself to leave the dollar mentality behind although we just need to make it through this transition time

@jamestomlinson870 9 месяцев назад

If you spend your crypto to make a purchase, you have realized a gain and must pay taxes on that. So if you bought a car or a house, you would have to pay the capital gains tax on that amount. There is no avoiding the taxes. Which means you have to come up with the dollars to pay that tax. Taxes must be paid in dollars

@erinsteward6594 9 месяцев назад

I had a Xumm wallet 2yrs ago, could u make a video on the process of getting and using the decentralized wallet. Thx

@LewisJacksonTeachesCrypto 9 месяцев назад

I'll consider it!

@narenkumar6473 9 месяцев назад

Hi, this master mind link in this video is not opening it says it might be a typo

@shanshansenlightment4985 9 месяцев назад

Good info

@raymondseow4755 9 месяцев назад

@lynnryan4167 9 месяцев назад

I plan to exchange my XRP for gold or silver on uphold. Wondering if this is a tax event?

@EPICGAMER-kp8tc 9 месяцев назад

Part of a very important coin been talked about in the BCL

@petecrouch8277 9 месяцев назад

Hi Lewis, I currently have almost all my XRP stored with Caleb and Brown. Can I connect my C&B account with a Xumm account, and if so what would be the benefits? Oh and by the way your new 'Smart' look is good the shopping advice you got in NewYork paid off!

@jessemartinez9561 9 месяцев назад

Question, If xrp is now not classified as a security, if it goes up in value. Why would you still have to claim it on taxes? If i buy a silver coin, and the value of silver goes up, i dont have to pay taxes on it.? If my Nolyn Ryan baseball that has his autograph, goes up by 100$ the day he passes away, i dont have to pay taxes on it. Where is this fine line? When it comes to xrp?

@user-hf5ww6zt7t 9 месяцев назад

Listening from Cuenca, Ecuador. I'd like to be in on the next podcast but didn't find the link to sign up. Help!!!😂

@miguelgonzalez6213 9 месяцев назад

Lewis, the answer to "What do I do with my profits?" is so easy---you send them all to ME!! 😁

@SnapDragon313 9 месяцев назад

Uphold card is not available in the US

@fraserbrown479 9 месяцев назад

nice one, i cut my teeth doing what your talking about with ethereum until i worked it out, sold the nodes and sold all erc20 staking coins and now looking to create income streams using the ISO assets, great your putting this content out because financial literacy goes hand in hand with self custody!

@tobyburton843 9 месяцев назад

Lewis, superb short video! Looking forward to tomorrow's session, keep up the superb content and great you made it back over the pond in one peace!

@LewisJacksonTeachesCrypto 9 месяцев назад

Yep, made it back and I'm back with a mission!

@joebudi5136 9 месяцев назад

I got shht to do. I will be cashing out xrp for dollars as needed to buy things. What's the point of just holding it and looking at it? Staking failed. Amm hasn't began and we don't know if that will just bring pennies.

@livsnjutaresverige3802 9 месяцев назад

12:15 theres no interest or anything when you take that loan? I mean Whats in it for them. The idea is smart. Definitely making the money work you. I have ideas like this but with crypto or sell for fiat to buy cash flowing assets I don’t know. It’s a very complicated subject