How to Cash Cryptoсurrency: Four Proven Methods

The Coin Shark compiled the most effective ways to withdraw earned cryptocurrency.

#1: Getting via exchange

With this method, it’s easiest to cash such known currencies as Bitcoin or Ethereum, because almost everyone works with them. But there are also sites that work with a lesser known currency.

Initially, you need to find an exchange that supports the required currency pair (ETC / USD, etc.). The easiest way to do this is to find the right pair in the top exchanges. This option requires more time, but it’s more reliable. On little-known exchanges, there is a risk of coming across scammers.

Algorithm of actions

  1. After registering on the selected exchange, you need to replenish your wallet or account by crediting it with the appropriate cryptocurrency from the crypto-wallet.
  2. After that, the owner of the cryptocurrency has to put it on the exchange at the rate he considers profitable. If the average price for the demanded currency is set, the buyer is found and the transaction is accomplished. Instead of the crypto currency, dollars (or another currency) appear on the account.
  3. You can direct them, for example, to a Visa or MasterCard. Some exchanges support WebMoney and other payment systems. Options are usually available in the “Funds withdrawal” section, where you can choose the most convenient one.

# 2: Cashing Cryptocurrency through the exchanger

Exchange services – the first thing that search engines offer to those who want to withdraw cryptocurrency. In terms of functioning, they are very diverse. They differ in everything, namely : courses, commission, speed of work, banks and payment systems, where you can withdraw funds. Based on the above listed criteria, you can choose the right one.

There are so many exchangers that it is impossible to manually study the currency rate on each one. Therefore, there are special monitoring sites for currency rate in different currency exchangers.

Do not rush to exchange the currency in the exchanger with the best rate. It is necessary to look at the commission, which is charged for withdrawal of funds. It often happens that on exchangers with good rate the commission is so high that it is much more rational to use services of a site with worse rate, but smaller commission. For example, some charge 10% of the withdrawal amount, and some – 3%.

When withdrawing funds to an international bank card, it makes sense to check sites in other languages: there you can find a more favorable rate and conditions. The good point of exchangers is that if necessary to withdraw funds to a card with less common currency (Ukrainian hryvnia, Uzbek soums, etc.), you can almost always find a suitable service. On the other hand, the withdrawal of money to such card without conversion from international currency significantly limits the list of suitable services, which means that, most likely, you will have to pay at best the average commission, and at worst – very high. The speed of work and the quality of support can be also lower compared to the sites exchanging cryptocurrency for dollars or euros.

Algorithm of actions

Technically, the withdrawal of funds through the exchanger is simple:

  1.  It is required to enter the purse number and card number or account for crediting money.
  2. The speed of withdrawal of funds may take from a few minutes to 24 hours, although sometimes it can be 2-3 days.

# 3: Cashing crypto currency with WebMoney

WebMoney works with Bitcoin, and this currency can be directly transferred to the electronic purse WM. It will be necessary to have at least a formal certificate (in the account there must be passport proved by the scans, etc., personal data). If you have it, you can create a wallet for bitcoins – WMX.

Algorithm of actions

Further actions are all standard:

  1.  The address for transferring bitcoins is put down, crediting takes place
  2. Then they can be converted into another currency or withdrawn to a bank card.

For both actions, a commission is charged – less than on exchange sites, but more than on many exchanges. It may vary depending on the speed of the operation. So, operations with bitcoins via WebMoney, lasting more than a day, are cheaper than “urgent” operations. For the latter you will have to pay 0,8% of the amount.

# 4: Withdrawal crypto currency with the help of individuals

The most risky way of cashing cryptocurrency.

On the websites and forums dedicated to crypto-currencies, currency traders can be often found. If they want to cash crypto-coins, they offer fiat money at a favorable rate and vice versa.

There are usually no guarantees: with equal probability, traders can turn out to be honest people and scammers. But, if you deal with an honest buyer, you can sell the crypto currency at a favorable rate.

Algorithm of actions

With this method, you can negotiate the transfer of money through a convenient bank or payment system, i.e., the final payment for cashing of funds will be minimal.

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The U.S.-China Trading War Influences Cryptocurrency World, Bitmain Suffers Most

Not long ago, we discussed that Bitcoin was in danger, since Chinese authority was able to attack it any time. The US decided to keep up with opponents and stroke the crypto world of China, namely crypto asset industry.

These two countries are currently in a state of trading conflict, introducing tariffs on goods traded with each other. In June the USA changed the classification of ASIC miner, called Antminer S9, in a way that Chinese miners can be at a loss. That month the “electrical machinery apparatus”, the given category to the ASICs, had a 2.6% tariff.

Later in August, the tariff raised by 25 per cent. At the moment, Chinese mining producers deal with the fee of 27.6 per cent on their US shipments.This action has a colossal impact on Bitmain, the company based in Beijing and being the biggest Chinese mining hardware maker.

Bitmain tried to cope with the pressure by filing for a Hong Kong IPO. It could reportedly rise $3 billion. The company’s filing also mentioned the fact that about 62.8% revenue came from overseas in first half of 2018, though there was no comment on how many sales had come from the US.

The crisis came to Bitmain at a very bad time. IPO filing showed the company’s turnover dropped in second quarter of 2018 drastically, losing about $400 million in compare to $1.1 billion net profit in the first quarter.

One of the analysts, Mark Li, reckons the US tariffs aim at making Chinese hardware less competitive than opponent ones produced in other countries. He also added that Bitmain’s boardship is more aware of technology arms race, where the company is falling behind

The cold trading war between China and States can last for a long time, yet no one is sure how much loss or profit it can bring, we are only able to watch and wait. Now we want to remind you

Mining Complexity: What It Is and Where It Will Get

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Cryptocurrency Prices Today, October 18: The Coins Are on the Border of the Red and Green Zones

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coin360 online platform, Bitcoin (BTC) lost 0.38% over the past 24 hours. The price at the time of writing is $6541 per coin.

Cryptocurrencies demonstrate both negative and positive dynamics:

Bitcoin Cash lost 0.83% over the past 24 hours and costs $450 per coin;

Ripple fell by 1.52% and is $0.46 in value;

EOS dropped by 0.08%, and its price is $ 5.41;

Litecoin decreased by 0.30%, and its cost is $53;

Cardano added 0.98%, and its value is $0.076;

Stellar grew by 4.05% and costs $0.24;

IOTA gained 2.18%, and its rate is $0.51;

Dash lost 1.76%, and its price is $159;

Monero added 0.76% and costs $106.

Over the past 24 hours, Ethereum lost 0.90%. The cost of the coin is $207.

The total market capitalization is $210 billion. Bitcoin accounts for 53.7% of the total. In monetary terms, this is $113 billion.

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BTCC Opens Its HQ in South Korea

BTCC Opens Its HQ in South Korea (alien, space)

Crypto exchange BTCC decided to expand its services worldwide, launching its business in South Korea. The platform will set a beta-version on October 31 this year, and the debut appointed in November.

The exchange stated that it will provide not only the trading, buying/selling services, but also a possibility to create own a wallet, a mining pool and a consumer payments service. There is still no information about the coins listed on exchange.

A person, called Lee Jae-beom, will be a head of BTCC’s operations in Korea. He claimed that BTCC Korea planed to demonstrate a new vision of cryptocurrencies.

BTCC is a Chinese cryptocurrency exchange which was formerly expelled from mainland China due to inconsistency with the rules. Then it was moved to Hong Kong, where it support trading of five cryptocurrencies. We remind you

Bitcoin Is in Danger: Chinese Hegemony Over the Industry

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Dollar-Pegged Stablecoins Exceeded the Price Point of $1

Stablecoins (cosmonaut)

Although the main feature of stablecoins should be their unchanged price (namely, 1 unit of the currency they are backed up by), it seems like cryptocurrency is just not meant to stay stable.

Here is the chart of how much the major US-tied stablecoins are currently worth:


Source: CoinDesk

As we can see, all of the stablecoins went up the actual 1-dollar price limit, only Tether dropped a little bit.

Given the fact, that stablecoins are influenced by many factors, including volume in circulation, it seems like they will never be able to be fixed at one particular price. Thus, Roger Ver was right in his assumptions.  

We remind you:

Roger Ver: Stablecoins Aren’t Stable

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Cryptocurrency Prices Today, October 17: Cryptocurrencies Are Relatively Stable

Cryptocurrency Prices Today (pumpkin)

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coin360 online platform, Bitcoin (BTC) lost 0.71% over the past 24 hours. The price at the time of writing is $6580 per coin.

Cryptocurrencies stay both in the red and green zones:

Bitcoin Cash lost 1.59% over the past 24 hours and costs $455 per coin;

Ripple added 3.68% and is $0.47 in price;

EOS lost 0.54%, and its cost is $5.43;

Litecoin dropped by 2.43%, and its price is $53;

Cardano added 0.83%, and its value is $0.076;

Stellar grew by 2.93% and costs $0.23;

IOTA lost 0.48%, and its cost is $0.50;

Dash fell by 0.84%, and its price is $163;

Monero decreased by 1% and costs $106.

Over the past 24 hours, Ethereum lost 0.57%. The cost of the coin is $209.

The total market capitalization is $212 billion. Bitcoin accounts for 53.7% of the total. In monetary terms, it is $114 billion.

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BitPay Has Added Two Stablecoins to the Listing

The service, which provides payment processing services for Bitcoin and Bitcoin Cash, BitPay reported on its official Twitter that it now supports USDBin Coin (USDC), which was created by the blockchain-based startup company Circle and Gemini Dollar (GUSD) launched by the Winklevoss brothers.

The value of each of these coins is pegged to the value of the US dollar at a 1:1 ratio, so there’s no risk of value change or price volatility for holders. Holders can redeem these “stable coins” directly for US dollars via Gemini (for GUSD) or Circle (for USDC) exchange accounts,” said BitPay representatives in their blog.

We remind you that on September 15, OKEx added four stablecoin to its listing: TrueUSD (TUSD), Gemini Dollar (GUSD), USD Coin (USDC) and Paxos Standard Token (PAX).

OKEx Adds 4 Stablebcoins To Its Listing

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