Is it possible to convert altcoins into bitcoin and withdraw?

cryp24x

sr. member

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Yes it is, but if you're gonna convert it into Bitcoin I think that is not a good idea for now.
Why not try to convert your altcoins into another alts where the fee is cheap when you do transactions
in withdrawal. But still of course, you can follow your desire.

inanilujimi

sr. member

Activity: 1876

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Of course this is easy to do if the altcoin you are holding is traded on the exchange with btc.
the problem now is what is your current altcoin value, if not more than the transaction fee for bitcoin why withdraw it?

cabron

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Quote from: hacxx on June 15, 2021, 06:33:14 AM

Here is the fees for the trade in coinbase (not pro)

MKR: 1.99 eur fee
BCH: 1.99 eur fee
COMP: 1.49 eur fee
XLM: 1.49 eur fee
CGLD: 0.99 eur fee
GRT: 0.99 eur fee
NU: 0.99 eur fee
UMA: 0.99 eur fee
AMP: 0.99 eur fee
NMR: 0.99 eur fee
BAND: 0.99 eur fee
MATIC: 0.99 eur fee
SKL: 0.99 eur fee
FORTH: 0.99 eur fee
------------------------------------
Total: 16.86 eur

It's only $17 + withdrawal fee so probably double this amount. Worth it for all your altcoins to convert and withdraw as long as you plan to hold. Good to know their rates seem high to me.

If you have a huge amount of BTC, you best have to withdraw them from an exchange going to your own wallet. If you have a small amount, save the fees.

shoreno

full member

Activity: 1750

Merit: 118

idk how coinbase earn work but after reading your reply below , it was possible to trade your alts to btc but your total fee is kinda big . you already total it and by there , you will know if its worth it or not .

if im in your situation i will collect more alts not only that the fees will look smaller but it wouldnt tire me for trading them but if you badly need money and dont want to use a paypal for cashing out , go ahead .

Ararbermas

sr. member

Activity: 2016

Merit: 283

Quote from: hacxx on June 13, 2021, 12:44:07 PM

Hi,

For some time now i have been collecting altcoins from coinbase.com/earn program for the purpose to cashout by PayPal.

Is it possible to convert all the altcoins that i have collected into bitcoin for example and cashout?
Is it worth this method a try or is it the earnings wasted in fees?

Thanks

for me in my opinion its actually worth it to convert into bitcoin, but it also depends on what amount you have with those alts, because if you don't have a big amount for sure it will be wasted in fees especially when transferring to another wallet such paypal, in fact mostly have a large amount when it comes fees so you better think about it, wherein if i were you if you can't afford just don't rush let it grow more..

xmonkeyx

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CRYPTO WEB3 NEOBANK

you should try it, and you will try again next time. because it's not in vain. now you don't have to worry about shipping costs will not make you lose because currently blockchain is getting more sophisticated and makes everything easier.

justdimin

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Quote from: hacxx on June 13, 2021, 12:44:07 PM

Is it possible to convert all the altcoins that i have collected into bitcoin for example and cashout?
Is it worth this method a try or is it the earnings wasted in fees?

In my early days of crypto space, I tried the same things in yobit exchange (by then they were legit and actively running a signature campaign here) but most of the coins I got for free were useless but some coins which were worth more than 10k satoshi, converted into dogecoin and I withdrew them (10k satoshi is the minimum requirement to trade in yobit).

Quote from: dezoel on June 13, 2021, 02:04:54 PM

I rather suggest holding coins that you have in smaller quantities and sell the ones you can in centralized exchanges because you don't have to pay much fees there, although you might be asked for verification.

This may not be a case for all the coins. I would prefer exchanging within coinbase itself so that I could save some of withdrawing fees. Moreover, coins which airdropped cannot be found on most other exchanges hence just keeping within coinbase itself will be a better option in my opyion.

semobo

full member

Activity: 1498

Merit: 146

If the coins you collected have any market value then surely you can convert them on exchanges possibly even in the coinbase itself. But you need to be specific about how you made those coins and better if the name of coins.

If it does have value then certainly you can convert them into bitcoin and the into fiat.

hacxx

newbie

Activity: 8

Merit: 1

Here is the fees for the trade in coinbase (not pro)

MKR: 1.99 eur fee
BCH: 1.99 eur fee
COMP: 1.49 eur fee
XLM: 1.49 eur fee
CGLD: 0.99 eur fee
GRT: 0.99 eur fee
NU: 0.99 eur fee
UMA: 0.99 eur fee
AMP: 0.99 eur fee
NMR: 0.99 eur fee
BAND: 0.99 eur fee
MATIC: 0.99 eur fee
SKL: 0.99 eur fee
FORTH: 0.99 eur fee
------------------------------------
Total: 16.86 eur

globalpain

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Quote from: crwth on June 15, 2021, 12:21:40 AM

Quote from: DarkDays on June 14, 2021, 04:57:55 PM

If getting out your profit using altcoins then why not try use the ones with the lowest transaction fees. If you look on Coinbase you can see that the fees vary for different alts as well as daily limits so best to pick out the best option for you.

The exchange approach is one of the best ways to be safe when transacting as long as it's a reputable exchange. But this is one of the downsides if you have more than one alt and you have to transfer everything. It will require multiple fees just to transfer in the first place. It's always better to be safe than sorry.

By using an exchange with a good reputation of course it is much safer and it also minimizes the risk,
and I think there are quite a lot of reputable exchanges so nothing to worry about,
Yes, like it or not, we have to spend quite a lot of money and maybe I think it's worth it

crwth

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https://linktr.ee/crwthopia

Quote from: DarkDays on June 14, 2021, 04:57:55 PM

If getting out your profit using altcoins then why not try use the ones with the lowest transaction fees. If you look on Coinbase you can see that the fees vary for different alts as well as daily limits so best to pick out the best option for you.

The exchange approach is one of the best ways to be safe when transacting as long as it's a reputable exchange. But this is one of the downsides if you have more than one alt and you have to transfer everything. It will require multiple fees just to transfer in the first place. It's always better to be safe than sorry.

sumant

copper member

Activity: 770

Merit: 1

Yes definitely anyone can covert altocoins into bitcoin. On any exchange you can do this. Anytime you can convert altocoins into stable coin and when bitcoin prices go down which is likely to happen then you can covert usdt in bitcoins. It is very necessary to know what is next move of btc.

maxreish

sr. member

Activity: 1330

Merit: 326

Of course you can definitely convert all your own altcoins into bitcoin. As long as you are profit on that matter, but I suggest you wait for another dip as bitcoin currently goes up recently. Or, you can just convert it all into usdt and convert it into btc later on.

And I agree with the others here that it might cause you a high fees of conversion. Sell it off into usdt pair and then buy some bitcoin.

Cherylstar86

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Quote from: hacxx on June 13, 2021, 12:44:07 PM

Hi,

For some time now i have been collecting altcoins from coinbase.com/earn program for the purpose to cashout by PayPal.

Is it possible to convert all the altcoins that i have collected into bitcoin for example and cashout?
Is it worth this method a try or is it the earnings wasted in fees?

Thanks

That's always possible as long as you move on after dumping those alts that you have stored in your wallet. Bitcoin as long term holdings is a great way to deal with your future. No other else can beat the effectiveness of this asset because it has been doing well since 2009 until present. Don't you trust those new coins, they have less potential compared with bitcoin.

DarkDays

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Quote from: crwth on June 14, 2021, 11:18:41 AM

The best and easiest way that I could think of when converting your coins into cash in PayPal is thru P2P transactions. Like, find someone willing to buy those coins and then make sure that he has the funds and is ready to trade for you. Make sure to have an escrow when transacting with low-level members here.

Most of the fees would depend on how much you will transact and if the coin you use high tx fees like BTC.

If getting out your profit using altcoins then why not try use the ones with the lowest transaction fees. If you look on Coinbase you can see that the fees vary for different alts as well as daily limits so best to pick out the best option for you. Or you could just sell get your USDT/C and then get BTC though that'd be an extra fee and Coinbase isn't the cheapest, but it's another option.

CryptocurencyKing

hero member

Activity: 1288

Merit: 504

That's the purpose why we have some of this variant coins in existence. Though, its not all altcoins that can be converted and vice versa. It must be a coin that has some value and have been listed. Different platforms offers or has different patterns towards conversion and actually getting the value of the coins in what ever form you please with regards to withdrawal.

Mind you, bitcoin for some time now have not been a preferable withdrawal option due to the long line of wait with mempool congestion though, it is much free now but, always put that into consideration when attempting a withdrawal. It would save you time and worry.

Bitcoin_Arena

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฿itcoin for all, All for ฿itcoin.

Quote from: hacxx on June 14, 2021, 06:41:58 AM

Thanks for all the help

Here is my counts: (coinbase.com/trade)

Altcoins Total: 126 EUR (Before trading)
Altcoins Fees: 16.86 EUR (Total, counting each trade)
Altcoins Total: 109 EUR (Available for cash out)

If you aren't convinced by now then give this method a try...
coinbase.com/earn

You used coinbase.com instead of coinbase pro... right?

The fee you spent for the swaps is still too high vs the total value of your coin. Had you used coinbase pro, you would have spent way less.

They charge only 0.5% in fees per executed trade so that would be around 0.63 EUR, total trading fees

crwth

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Activity: 2940

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https://linktr.ee/crwthopia

The best and easiest way that I could think of when converting your coins into cash in PayPal is thru P2P transactions. Like, find someone willing to buy those coins and then make sure that he has the funds and is ready to trade for you. Make sure to have an escrow when transacting with low-level members here.

Most of the fees would depend on how much you will transact and if the coin you use high tx fees like BTC.

TheGreatPython

sr. member

Activity: 2660

Merit: 339

Quote from: hacxx on June 13, 2021, 12:44:07 PM

For some time now i have been collecting altcoins from coinbase.com/earn program for the purpose to cashout by PayPal.

Is it possible to convert all the altcoins that i have collected into bitcoin for example and cashout?
Is it worth this method a try or is it the earnings wasted in fees?

Alright you said it's on Coinbase, so why not just convert those altcoins straight up to cash and then withdraw them through any available options on Coinbase? I don't think converting those coins to bitcoin will be worth it, because you have to consider the fees you're going to pay to convert all of them to bitcoin, because I am very sure that since they are all different altcoins, you're going to have to pay fees for each one of them you convert to bitcoin, and by the time you are done with doing that you're going to be left with something way less than what you have now. But if you still want to try, well then, yes it's very possible to do that.

leea-1334

hero member

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Temporary forum vacation

Why not just sell them all to coinbase itself? I mean, even if it was $5,,, I am sure the spread is not more than 5% on Coinbase. So you get back $4.75 in USD.

Assuming it works on Coinbase like on Binance with the Coinmarketcap EARN program, you can sell any listed tokens to USD (fiat balance).

Topic: Is it possible to convert altcoins into bitcoin and withdraw? (Read 333 times)