NFT Marketplace #3 - How to Cash Cryptocurrency

Today, we would like to learn how to cash in cryptocurrency.

Perhaps those who have made cryptocurrency wallets can guess to some extent.

 

As an example, let's look at how to cash in on the Open Sea Exchange.

For your information, most of the other marketplaces have similar contexts.

Most of the time, virtual currency is cashed in and withdrawn to your account.

 

For your information, there are two things to check before cashing.

First, you need to have an encrypted wallet set up, and second,

you need to make sure you have an exchange account.

• Encryption wallet connected to Open Sea (meta mask, coin-based wallet, rainbow, etc.)
• Cryptocurrency exchange accounts (e.g., Coinbase, Binance, FTX)

 

 

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Then, shall we take a look at how to cash in cryptocurrency in earnest?

 

 

 1. Cryptocurrency withdrawal from the exchange 

First, you have to withdraw cryptocurrency from the exchange.

If you withdraw the cryptocurrency for the first time from the cryptocurrency wallet,

I recommend you withdraw a small amount first so that you can learn how to send cryptocurrency

between the two wallets.

This is to avoid mistakes such as sending funds to other wallets.

Because transactions on the blockchain cannot be reversed, mis-transferred funds may be permanently lost.

 

Let's take a look at how to withdraw ETH from Meta Mask, the most popular wallet, to Coinbase.

Before moving to Coinbase's Ethereum wallet, you must be able to see the ETH address.

 

 

For example, since this address is linked to a Coinbase account, only Ethereum, the ERC-20 token should be used.

Please do not send NFT to this address!!

You can also view the address by pressing the Send/Receive button in the upper right corner and selecting Ethereum.

 

 

Once you have copied the ETH address from your Coinbase account, click Return to MetaMask and send it to me.

You can also enter the Coinbase ETH address as the recipient before you decide how much you want to transfer.

 

 

When you have decided how much you want to send, click Next.

You can check the estimated gas rate and the total amount and transfer the money.

By the way, the gas charge is an Ethereum transaction fee.

 

 

When the ETH is sent from MetaMask, the transaction appears in Coinbase

after being verified by the Ethereum network.

Depending on the network congestion, it may take a few minutes.

 

If the transaction takes too long, you should check for any problems.

 

 

 

 2. Selling Cryptocurrency in Local Currency 

After some time, you will see funds from your Coinbase account that can exchange ETH for another currency.

If you enter the amount, you can see the sales in advance as follows.

 

 

If you are satisfied with the sales details, just press the blue button that says Sell now.

Then you will receive the following confirmation message.

 3. Withdrawal of local currency 

 

If you want to withdraw your sales revenue, you can go to USD.

You can enter the amount to withdraw from In Cash out as shown in the image below.

 

 

 

You will be prompted to select the destination of the funds and review all fees applicable to this withdrawal.

The destination of the funds is usually a bank account, right?

 

That's all you need to do!

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It will be the same in any marketplace, but if you are withdrawing for the first time, I recommend you to test it with a small amount first.

Also, please note that there are many restrictions on withdrawals from marketplaces for the first time.

 

Well, the terminology is unfamiliar, but it's actually simple.

If you have experienced overseas remittance, you will understand quickly.

When you transfer money overseas,

you usually convert the currency of your country into a foreign currency and remit it.

Change the currency of virtual currency to the currency of the country where I live and withdraw money.

In this process, transaction fees such as gas charges are incurred.

 

There are many cases where you find these terms unfamiliar.

If you try it, it's not much different from the existing overseas remittance method, so I recommend you try it yourself.

 

 

 

 

Thank you for reading today's post. Next time, let's look at the same fee as the gas fee!

Please look forward to the next post! ^^