Are you the proud owner of an Ethereum wallet which secretly stores all those Ether tokens that you have won through mining or exchange? Now that you have mined to your heart’s content, you may hope to encash them for some traditional green bucks. Well, no matter how popular cryptocurrencies may be in the digital market, these cannot be utilized for buying food or paying your bills. And that’s what brings you here…to get a fair idea as to how you can transfer Ethereum into dollars without much hassle.
The easiest way (and the cheapest as well!) to barter your Ether cash with dollars is through an ETH-USD pairing on Coinbase, Gemini or Kraken.
1. Coinbase: It is a simple platform where you can sell your Ether bucks. You may access it from your browser or opt for the mobile interface (for Android). You need to create an account on Coinbase, link your bank account by entering the details and then send your Ethereum earnings from your personal wallet to the Coinbase account. Once you accept the payment, you can convert your Ether to cash.
2. Gemini: This is yet another exchange platform where you can exchange your Ether for US dollars. This is a bit complicated as you can only open the site on your browser. The mobile application has not been launched yet. Create a profile first, link your bank account, deposit Ether from your e-wallet to the Gemini platform by clicking on the ‘funds transfer’ tab. After transferring your funds, you can convert your Ether to dollars. The transaction fee ranges from -0.1% to 0.25%. Once you have made the exchange, you can transfer your dollars to your bank account. There is no additional fee charged for this.
3. Kraken: With Kraken, you once again need to create a user profile and add your bank details. You may deposit your Ether savings to the deposit address provided by Kraken. If you create more than 5 Kraken addresses, the oldest one will expire in the next 7 days. Copy the deposit address to your wallet address, or use the scanner on your wallet to verify the QR code. The confirmation may take up to 30 minutes and your deposit address should have a minimum balance of 0.05 ETH (which will be deducted as transaction fee). Once the funds have been added, you can go ahead and exchange your Ether for dollars.