Friendly reminder to test your on-ramp and off-ramp processes
Yo if stuff goes sideways tomorrow or something absolutely moons, do you know your on and off-ramp processes and do they work? How easy is it to get your fiat converted to/from ALGO? When's the last time you sent some fiat from your CEX to your bank account, just to make sure it still works?
Pera has a feature where you can add contacts, I just linked that to my CEX today which seems pretty nice and will save some time and possibly some fat-finger errors and annoyance. Do you know where your seed phrase is located? What if there's a fire? I have mine inside a sealed plastic bag inside a fire-proof vault, and I have it elsewhere as well in case that doesn't even work.
This doesn't even apply to just ALGO, I recently wracked my brain about how to close all my positions in different coins on a CEX before realizing, "Oh shit why don't I just convert everything to ALGO and then send it to my wallet? Easy way to transfer CEXs. Why would I use any other chain besides Algorand? I sent some ADA to a CEX recently and it took over 10min to get there, it was terrible. A lot can happen in 10min. Tried it with ALGO and guess what? 5 seconds.
I write this out b/c of the drama I watched with MOONs. Literally still people are like "UUUhhh how do I get my MOONs out of my vault...what's Arbitrum Nova is that the same as Arbitrum" and so on. These folks had real $$ and they had no idea what chain it was on, what was happening on reddit or any clue how to actually send their MOONs anywhere.
The time to test these things is now, not when there is a crisis or a YOLO opportunity or you have six figures in ALGO or some other coin.
Posted Dec 2, 2023, 11:52 PM UTC