Update: I had to choose between a regulated crypto exchange and a P2P platform for moving my savings.

I went with the P2P option because I refuse to let a bank decide what I can do with my own money. It took about 48 hours to complete the transaction, but now my funds are in a wallet only I control. Has anyone else made a similar switch recently and had issues with transaction limits?

4 comments

4 Comments

angelaw782mo ago

Only I control" is the scary part for most normal people. You're one typo or one bad phone drop away from losing everything with no way to get it back. That safety net from a real company is worth a little hassle sometimes.

park.miles2mo agoTop Commenter

Only I control" sounds great until you forget your own wallet password. I made that mistake once and it was a whole thing. Limits are annoying but at least you can call someone when it goes wrong.

gibson.morgan2mo ago

Honestly, the control argument is what pulled me to P2P as well. I read a forum thread last week where several people hit sudden, unexplained transaction limits on regulated exchanges right when they needed to move larger amounts. That kind of surprise is what I want to avoid. The trade-off is definitely the lack of a help desk, so I keep my recovery phrase in a fireproof box. It took me a bit longer than you, almost three full days, for my last big transfer.

pat_stone1mo ago

That reminds me of a buddy who kept his seed phrase in a safety deposit box at his bank. Told his wife about it, showed her exactly where. Turns out, the bank had a small flood in that vault area and the box got water damaged. He had to jump through a million hoops with the bank just to get the box opened and check if his paper was still legible. It was fine, but the whole process took like three weeks of waiting. So even being careful doesn't always mean smooth sailing.