“Show me the money!” If you have altcoins and want cash money, then you may be channeling your inner Jerry Maguire (if you don’t get the reference, then add it to your list of movies to watch). Remember, an altcoin is basically any cryptocurrency that isn’t Bitcoin. So, it could be Tether, Aave, Polygon, or Ether, to name a few. And, if you want to sell your altcoins and cash out for cold, hard moolah, then we are here to share how you can do it.
We’ll cover the methods, and the expected process for each, so you will know how to get your cash in your hands when you want it.
You can sell your altcoin on an exchange, whether that be a decentralized exchange (DEX) or a centralized exchange (CEX). DEXes generally don’t support fiat currencies, so you’ll likely have to convert the asset you want to sell into ETH and then transfer that Ether to a CEX for conversion to USD. CEXes are like online crypto banks, which means that there will be an approval process (just like you’d experience when opening a bank account).
Regardless of which platform(s) you use, you’re going to have to go through quite a few hoops and steps to get to the money. And it’s not exactly “cashing out” because even if you sell for USD, you have to take a trip to a regular ATM or bank branch to actually withdraw the cash.
First, you’ll need to find a fiat-friendly exchange. Along your journey, you’ll most commonly come across exchanges that will convert crypto to dollars (USD), pounds (GBP), and euros (EUR).
Then, you’ll have to do some more digging because the exchange will list which types of altcoins you can trade for fiat. After you choose the pairing, you’ll want to whip out your calculator (a.k.a. open the app on your iPhone because you threw away your TI-89 in middle school) to figure out fees.
If the CEX you’ve chosen doesn’t carry your altcoin, you’ll have to start at a DEX, like Uniswap, SushiSwap or 1inch. These don’t deal with fiat currencies, so you’ll either be trading one cryptocurrency for another, or selling your altcoin for Ether (ETH). The reason most DEXes use ETH as the base currency is because they’re mostly DeFi projects built on the Ethereum blockchain, where Ether is the native coin. Of course, any ETH transaction is going to include gas fees on top of any other fees.
Once you’ve swapped your altcoin for Ether, you can sell your ETH for USD (or whatever other fiat currency) at a CEX.
But first, you’ll have to set up your account on the desired centralized exchange, access your public key, and send coins from the decentralized exchange platform to this fiat-friendly exchange. Once you’ve gotten your Ether (or a compatible altcoin that you traded your first altcoin for) to the centralized exchange, you can finally place the order to sell your Ether or other altcoins.
We’re still not out of the woods with your cash though, because you’ll now have to wait for the fiat exchange to transfer your funds to your linked bank account. Only then, once the transactions have taken place, can you go find an ATM or visit your local bank to withdraw the cash.
Phew, tired yet?
We are. Let’s look at some other options.
Rather than using an exchange, you can trade with peers like you used to with your elementary school lunch. The P2P method comes with its own risks.
Essentially, you’re finding people who want to trade altcoins for cash. You could meet these people online (who knows, it could be as easy as swiping on Tinder), in a forum, or through mutual friends. That being said, if you’re meeting someone online to make a financial exchange, you can probably already count the ways in which the transaction could go wrong. Much like swiping and dating, the list of potential disasters is forever growing.
We probably don’t have to say much more. Instead of going deeper down the rabbit hole, let’s get to the best part because we saved the best for last.
ATM, huh? Okay, let’s get a bit more specific, or shall we say a bitcoin more specific, because these special ATMs are known as Bitcoin ATMs. But, about 80% of Bitcoin ATMs don’t actually let you cash out, so it’s not really that much like an ATM. They usually just work in one direction (no, not the band).
So, what are we saving for last?
A Coin Cloud Digital Currency Machine, or as we like to call it, a Coin Cloud DCM. Now, we’re cooking with fire!
A DCM is very much like an ATM in that you can sell your cryptocurrency and cash out, like literally, get cash out of the machine. We told ya, it’s the best for last. You can also buy altcoins using cash.
Coin Cloud machines offer over 40 altcoins and other digital assets that you can buy or sell with cash, so chances are you’re covered.
And, there’s still more upside to it. Since altcoins could take some time to process, you don’t want to have to stand around the machine waiting. Instead, you can initiate your transfer in advance and the machine nearest you will hold your funds for up to 48 hours.
The only tool you need to do this is a Coin Cloud Wallet crypto app. Use the app to find a machine, tap on “Sell Crypto for Cash,” and begin the sell transaction. The cash will be ready to withdraw when you arrive.
That means that whenever it’s most convenient for you to stop by the machine, the cash will definitely be there waiting for you if you arrive within the guaranteed time frame. So, keep watching Jerry Maguire until it’s over because your nearest Coin Cloud DCM is saving your cash for you.
Sure, we love crypto more than anything, for obvious reasons. But, we know that sometimes you need cash (that is, until valet starts accepting crypto). Until that day, consider these ways for transferring your altcoins to cash.
And, now that you know the easiest way to do so is to use a Coin Cloud DCM, you can check out this map to find the nearest DCM near you. It’s time to cash out!
Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.
Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.
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