Pardon me for being a total noob and ignorant but I would like some more info or user's docs for the software. Being a noob it is quite complcated to me. Tnx in advance. If there is a better place to find this stuff out or ask questions please let me know. :-)
I'd have to agree. I feel like I'm a fairly quick study (been a sysadmin for 18 years) but all of the documentation that I've been able to find makes the assumption that you already have a basic understanding of things.
I can't even find info on how I'm supposed to turn these coins in to actual money in my bank account.
You are right. Magi will work on easy guides & welcome in our friendly Magi community!😉
My basic understanding is that Magi is available to trade on 2 exchanges that have any real volume. I very well may not know other possible ways if someone else wants to add to this. Exchanges listed in order by volume of XMG:
1. Bittrex
2. Cryptopia
Bitrex is closed to new users right now leaving Cryptopia unless you already have a Bittrex account.
Basically, you send your XMG to your account to one of those 2 exchanges. Trade it there for BTC, BCH, LTC or ETH. Send the results of the trade to your GDAX account. Sell it on GDAX for USD. Withdraw the USD to your linked bank account. Takes about 7 days to hit your bank.
I do not know of any way to cash out AltCoins other than trading them for coins on an exchange that GDAX or Coinbase will let you sell for USD.
I have seen bitcoin ATMs around and found that they misrepresent the current price of the coins. For example, I went to one in Raleigh NC when the current price was around $14,000 for BTC. To buy from the ATM with USD the ATM was claiming the current price was almost $17,000. Supposedly, the ATM would also let you get cash for your BTC... which I am sure they were playing games with the pricing as well for that.
Here is a link to an ATM map.
https://coinatmradar.com/When I sell XMG, I sell it on Bittrex in exchange for BTC.
Then I transfer the BTC to Gemini and sell it for USD.
Next I send USD to my bank account from Gemini.
I’ve also used Coinbase in the past for selling BTC, but they jacked up their fees a while back so I went to Gemini. I’ve had nothing but good experiences so far with Gemini. The selling fee is much, much lower on Gemini than it is with Coinbase. Transactions that were costing me $2.99 on Coinbase, cost me only $0.20 at Gemini. Withdrawals of USD to my bank account have also been showing up in 1 day quite often lately. They state that it takes 2-3 business days, but the last 5 or 6 withdrawals have shown up in my bank account the next day.
