The suspense is over. That final trial mortgage payment has been posted. Our home is saved. A sigh of relief has been breathed. This time relief came not from my cryptoworld activities, but from my day job.
This morning I checked my fiat bank account and found that once again the ACH transfer from Camp BX had still not cleared my account. I learned later that their Alpharetta, Georgia office had been closed for two days due to inclement weather, which may very well have impacted the transit time. But regardless of the reason, it was not going to work for me to miss the deadline on that payment. The other bills piling up right behind it only added to the stress.
As is often the case when there are children in the house I couldn’t give this problem my full attention right away. While attending to some of the family’s needs it slowly dawned on me that there was a solution. It is the end of the month, time for me to get the paycheck from my day job. All I needed to do was ask the payroll manager to please hold my check rather than put it in the mail. She had it processed and signed within a few hours and I drove down to pick it up.
I then stopped by a local Wells Fargo branch and opened up a checking account, using my paycheck for the initial funding. Why? Because Wells Fargo is one of the banks that Coin RNR deals with. Coin RNR is a new company which buys and sells Bitcoins. The part that most interests me is the quick cash deposit feature. When you sell some Bitcoin you can choose a same day wire transfer, a next business day transfer or a three day transfer. You will pay more for expediency but not nearly as much as you will for a bounced check. I decided the best thing I can do beyond dealing with the financial emergency is be prepared with the right bank account for the next time I simply can’t afford to wait an entire week to receive funds from trading Bitcoins.
Once the Wells Fargo account got set up, I drove home and called the mortgage company to make a phone payment as soon as I could. The paycheck I’d just picked up barely covered the amount. It’s a part time job. But at least I could make that payment. In a couple weeks our loan modification should be complete and I’ll be able to make online payments like everyone else. And I won’t have to be quite so worried about getting the payment in exactly on the deadline–I’ll have the same five day grace period that every mortgage holder gets.
Then I decided it was time to give Coin RNR a test drive. I gathered as many Devcoins together as I could, traded them for Bitcoin, then put in an order. If all goes well I will receive a small amount of cash to cover a few more immediate expenses sometime tomorrow morning. I plan to put in another order tomorrow–now that I’m in round 31 the Devcoin flow to my wallet should be much more abundant–and perhaps a third one on Monday, until either my Camp BX transfer clears or I’ve got enough funds to pay some bills that simply won’t wait, that simply don’t care that it snowed in Georgia.
In the midst of this the implications of having the ability to trade Devcoins for Bitcoins on Cryptsy hit me. The exchange rate is the same as it is on Vircurex. The major difference lies in the cost to withdraw Bitcoins from my account. On Vircurex, every Bitcoin withdrawal costs 0.002 BTC. It only costs 0.0005 BTC to make a withdrawal from Cryptsy–one fourth the price of Vircurex. While I don’t consider Vircurex’ fee to be unreasonable, I certainly prefer the cheaper fee. These fees do add up, especially if you’re making frequent small withdrawals. I may be moving my Devcoin/Bitcoin trading over to Cryptsy, ditching Vircurex yet again.
I also gained some first hand experience on the great value of saving for a rainy day. Although I didn’t have much, it was nice to be able to cash out some Bitcoin and Devcoin I’d been hoarding to cover this little emergency. Once I get through it I want to start saving up again, and hopefully there won’t be too many rainy days.
This time it wasn’t Bitcoin which saved my financial hide. The moral of the story: don’t quit the day job yet. Actually I love my day job and have no plans to quit no matter how well I do with cryptos. But today, that day job turned out to be pretty darned important for making the house payment.