Auto-exchange strategies | Bitcointalksearch.org

Vann

hero member

Activity: 1036

Merit: 606

Quote from: malthrax on February 18, 2018, 01:04:28 PM

Quote from: Vann on February 17, 2018, 11:09:11 PM

If you want to mine ETH to cash out in to fiat and are in the US, you can use a GDAX (owned by Coinbase) ETH wallet address, trade the ETH to BTC, transfer the BTC to Coinbase for free and then sell the BTC for USD and transfer it to your bank account for a fee or get a Shift debit Visa card connected to your Coinbase wallet to spend the BTC with no fees.

GDAX has an ETH->USD exchange - why not just use that and skip the BTC middleman?

That works if you want to transfer the USD to your bank account for a fee or don't want to risk BTC going down in value before you cash out. I have a Shift card connected to my Coinbase BTC wallet, so I can transfer BTC there if I want to cash out or buy something using BTC with no fees.

https://support.coinbase.com/customer/en/portal/articles/2228646-the-shift-card

malthrax

newbie

Activity: 182

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Quote from: Vann on February 17, 2018, 11:09:11 PM

If you want to mine ETH to cash out in to fiat and are in the US, you can use a GDAX (owned by Coinbase) ETH wallet address, trade the ETH to BTC, transfer the BTC to Coinbase for free and then sell the BTC for USD and transfer it to your bank account for a fee or get a Shift debit Visa card connected to your Coinbase wallet to spend the BTC with no fees.

GDAX has an ETH->USD exchange - why not just use that and skip the BTC middleman?

ViperGuyMike

jr. member

Activity: 126

Merit: 2

I am completely guessing here, but I figured that the transaction fees would be minimized using Mining Pool Hub, Zpool, etc since they had so much volume tranfering back and forth to the exchanges using their auto-exchange features? I also thought that the pools usually payed the tx fees when paying out? Would it really be worth it to do all of the exchanging yourself with solo transactions?

Vann

hero member

Activity: 1036

Merit: 606

If you want to mine ETH to cash out in to fiat and are in the US, you can use a GDAX (owned by Coinbase) ETH wallet address, trade the ETH to BTC, transfer the BTC to Coinbase for free and then sell the BTC for USD and transfer it to your bank account for a fee or get a Shift debit Visa card connected to your Coinbase wallet to spend the BTC with no fees.

The minimum deposit amount is 0.01 ETH and GDAX only charges 0.30% fee on the taker of the trade. Transfers from a GDAX wallet to a Coinbase wallet are free and instant. Cash back transactions with the Shift card and purchases are also free or you can do an ATM cash withdrawl for a $2 fee + the ATM fee.

You can also do the same with other coins if you exchange them to ETH/LTC/BCH and transfer them to GDAX. Different exchanges have different withdrawl fees, so you need to figure out which is the best pair to use when cashing out if you want to mininmize withdrawl fees.

revbones

newbie

Activity: 38

Merit: 0

I think I reached the point where I'd like to limit my transaction fees and stop auto-exchanging most coins to BTC but I'm looking to see what strategies other people are using.

For instance, I read in another thread that someone auto-exchanges to Litecoin so they can pay less in transaction fees. For coins you're not planning on holding what strategies do you use to cash out in fiat?

Topic: Auto-exchange strategies (Read 199 times)