Is it possible to convert altcoins into bitcoin and withdraw?

cryp24x

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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

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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

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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

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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

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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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

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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

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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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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

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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

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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

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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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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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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

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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

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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).

hacxx

newbie

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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

hacxx

newbie

Activity: 8

Merit: 1

Quote from: Potato Chips on June 14, 2021, 05:07:09 AM

Quote from: hacxx on June 13, 2021, 03:34:44 PM

This is a very specific question based on which altcoins you have.

I have MKR, COMP, XLM, CGLD, GRT, BAND, NU, UMA, NMR, FORTH, SKL, MATIC and AMP.

Check my table: (All the free giveway)
https://nitro.download/view/675B07FA18E0B2F/Hacxx_Underground_-_Cryptocurrency_Table_3.rar

For security most users avoid download links, maybe you could upload screenshots of it to a free image host site instead?

Quote from: hacxx on June 13, 2021, 03:34:44 PM

This is all coins given for free to verified coinbase users. The reason why i ask is if anyone has tried to move small altcoins to vault and cashout with PayPal.

Any reason for using coinbase vault? cause if you're storing funds, that's bad news. Never use a custodial wallet to store funds, see https://notyourkeys.org/. For withdrawing thru paypal, I believe @Bitcoin_Arena has summed it up for you, just remember to check the trading fees, minimum trading amount and paypal fee first before jumping.

Thanks

https://i.ibb.co/xGJvptN/print.jpg

hacxx

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Quote from: bitbollo on June 13, 2021, 06:12:02 PM

I am curious, how much have you gained with coinbase earn? Not to make your affairs but just to understand the real impact. This new type of distribution is gaining more success, a kind of selective airdrop.

I have profit of more than 100 EUR.

Quote

I have tried just one time with BAND but not able to complete the test and get the reward Sad

The test is quite simple for all coins, you view the tutorial and answer some questions about it.
I really don't know why you didn't get rewarded. Did you submit the required account verification documentation?

Check my table: (And follow the links Free/Giveway)
https://nitro.download/view/675B07FA18E0B2F/Hacxx_Underground_-_Cryptocurrency_Table_3.rar

hacxx

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Quote from: Bitcoin_Arena on June 13, 2021, 05:06:56 PM

Don't use coinbase.com to convert your token or you are going to pay a heavy price via fees. Use coinbase pro instead. Setting it up shouldn't be hard if you are already registered on coinbase.

Quote from: hacxx on June 13, 2021, 03:34:44 PM

I have MKR, COMP, XLM, CGLD, GRT, BAND, NU, UMA, NMR, FORTH, SKL, MATIC and AMP.

Coinbase pro has all the USD trading pairs of all those coins mentioned - https://pro.coinbase.com/markets.

Once you set up your coinbase pro account. Just transfer the coins there (No transfer fee paid), trade them off your USD and then withdraw the USD into your linked paypal account.

https://help.coinbase.com/en/coinbase/getting-started/add-a-payment-method/paypal-faq

Thanks, i will see how much i will be going to waste in fees and if it's to much i will follow your advice.

Potato Chips

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yesssir! 🫡

Quote from: hacxx on June 13, 2021, 03:34:44 PM

This is a very specific question based on which altcoins you have.

I have MKR, COMP, XLM, CGLD, GRT, BAND, NU, UMA, NMR, FORTH, SKL, MATIC and AMP.

Check my table: (All the free giveway)
https://nitro.download/view/675B07FA18E0B2F/Hacxx_Underground_-_Cryptocurrency_Table_3.rar

For security most users avoid download links, maybe you could upload screenshots of it to a free image host site instead?

Quote from: hacxx on June 13, 2021, 03:34:44 PM

This is all coins given for free to verified coinbase users. The reason why i ask is if anyone has tried to move small altcoins to vault and cashout with PayPal.

Any reason for using coinbase vault? cause if you're storing funds, that's bad news. Never use a custodial wallet to store funds, see https://notyourkeys.org/. For withdrawing thru paypal, I believe @Bitcoin_Arena has summed it up for you, just remember to check the trading fees, minimum trading amount and paypal fee first before jumping.

Kong Hey Pakboy

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Yes it is possible but given how you will probably have a lot of exchanges to deal with, I am pretty sure that it's not worth the effort to do so because you will probably have to pay a lot for doing the switches.

bittraffic

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It's worth converting to BTC no matter how small your altcoin's worth. The transaction fees are just small anyway, it's the withdrawal fee that bit higher which is probably worth $15-20. Many bounty hunters convert their altcoins to BTC, they do it all the time. The draw is that they are stacking sats and BTC after all is worth owning than having thousands of worthless coins.

abel1337

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It's possible if it has a BTC pair but beware of the fees as you said. I didn't have tried coinbase earn program but check if there are other fees aside from the buy and sell spread of each pair. If the cost of converting is acceptable, Go try it but if it isn't I think it's better to accumulate more before converting. I also suggest converting it to a stable coin rather than BTC if you don't want the volatility to hit you since you are going to withdraw your altcoins.

Luqman

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Yes of course you can convert your altcoins to BTC. But you must pay attention to these:
- Ensure that in the exchange, there is the altcoin that you have
- Ensure that there is pairing with BTC in the exchange, if not, you can convert to other pairings and then convert to BTC
About the fees, I think that every exchange will charge the fee transaction of trading and also withdrawal, however, the amount of the fees will be different.
And if it is worthy or not, I think that it will depend on what will you do after converting to BTC, you need to wait for the BTC price to rise if you want to sell that BTC, not selling at this time when down.

TimeTeller

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Quote from: Hypnosis00 on June 13, 2021, 06:08:17 PM

If all of them are already tradeable for BTC pair, it was pretty quick to covert. But if not, well, Of course, it can still be traded to BTC but it takes time like you need to trade for it to ETH or USDT first before it traded finally to BTC. It wasn't a problem if you know how to do it.

Anyway, it all just free coins, you don't buy them and I think, it was not a big deal if you pay huge fees.

yeah, as it mentioned above reply, USD is the best option when you want to send it to your PayPal account.

If he can't find the btc pair for his alt, he can always check other pairs like ETH or USDT.
However, I don't know much if coinbase has minimum requirement before you can execute a trade.
Because like for example in Binance, there are some alts that you can only trade if you will meet the min 10 USD equivalent of your trade.
Otherwise, you can convert it first to other alts readily available in coinbase.

bitbollo

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I am curious, how much have you gained with coinbase earn? Not to make your affairs but just to understand the real impact. This new type of distribution is gaining more success, a kind of selective airdrop.
I have tried just one time with BAND but not able to complete the test and get the reward Sad

Hypnosis00

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If all of them are already tradeable for BTC pair, it was pretty quick to covert. But if not, well, Of course, it can still be traded to BTC but it takes time like you need to trade for it to ETH or USDT first before it traded finally to BTC. It wasn't a problem if you know how to do it.

Anyway, it all just free coins, you don't buy them and I think, it was not a big deal if you pay huge fees.

yeah, as it mentioned above reply, USD is the best option when you want to send it to your PayPal account.

Bitcoin_Arena

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฿itcoin for all, All for ฿itcoin.

Don't use coinbase.com to convert your token or you are going to pay a heavy price via fees. Use coinbase pro instead. Setting it up shouldn't be hard if you are already registered on coinbase.

Quote from: hacxx on June 13, 2021, 03:34:44 PM

I have MKR, COMP, XLM, CGLD, GRT, BAND, NU, UMA, NMR, FORTH, SKL, MATIC and AMP.

Coinbase pro has all the USD trading pairs of all those coins mentioned - https://pro.coinbase.com/markets.

Once you set up your coinbase pro account. Just transfer the coins there (No transfer fee paid), trade them off your USD and then withdraw the USD into your linked paypal account.

https://help.coinbase.com/en/coinbase/getting-started/add-a-payment-method/paypal-faq

Ryker1

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Quote from: hacxx on June 13, 2021, 03:34:44 PM

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

This is a very specific question based on which altcoins you have.

I have MKR, COMP, XLM, CGLD, GRT, BAND, NU, UMA, NMR, FORTH, SKL, MATIC and AMP.

Check my table: (All the free giveway)
https://nitro.download/view/675B07FA18E0B2F/Hacxx_Underground_-_Cryptocurrency_Table_3.rar

Quote

Secondly, Is it worth this method a try or is it the earnings wasted in fees? Maybe if you have a small amount of coins and trade them on various decentralized exchanges, chances are you might end up losing most of the amount in fees.

This is all coins given for free to verified coinbase users. The reason why i ask is if anyone has tried to move small altcoins to vault and cashout with PayPal.

Well, if you care about the fee you can divert all these altcoins you have to that altcoin that has a low fee upon transferring into other wallets.
But not all the time market has a high fee, just like now, it only cost $1 for the medium speed of transaction or in the current value of 19 sats/vB. Look at this mempool space if you want to have information when the bitcoin fee becomes low. ^{[ https://mempool.emzy.de/ ]}. If that is above $10 of bitcoin and you will pay the fee of $1 still fine for me, still bitcoin as your choice coin to transfer in PayPal still the best option.

hacxx

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Quote from: The Cryptovator on June 13, 2021, 02:29:33 PM

If you are holding dust then it's not worth moving due to transaction fees. If it'd traded in coinbase, then you might exchange with Bitcoin. I am not sure the coinbase account is linked with the coinbase pro. Otherwise, you have to spend fees to transfer there if listed your coin in coinbase pro. You should take a look at where your coins are listed. Check-in CMC, then you have to move your holdings on the exchange where it's been trading. Then calculate the transaction and withdrawal fees. As long as your holding trading somewhere means you can simply exchange.

Can't i do that inside coinbase or am i missing something? What i was thinking was sell the altcoins inside coinbase to one wallet and withdraw. I don't want to be an accountant but i will check transactions fees for each coin and amount.

hacxx

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

This is a very specific question based on which altcoins you have.

I have MKR, COMP, XLM, CGLD, GRT, BAND, NU, UMA, NMR, FORTH, SKL, MATIC and AMP.

Check my table: (All the free giveway)
https://nitro.download/view/675B07FA18E0B2F/Hacxx_Underground_-_Cryptocurrency_Table_3.rar

Quote

Secondly, Is it worth this method a try or is it the earnings wasted in fees? Maybe if you have a small amount of coins and trade them on various decentralized exchanges, chances are you might end up losing most of the amount in fees.

This is all coins given for free to verified coinbase users. The reason why i ask is if anyone has tried to move small altcoins to vault and cashout with PayPal.

passwordnow

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If you're worried about the fees, you can always check the fee for free at any time. And as for the fees of bitcoin for sending, it isn't that much lately so basically you don't have to worry about the fees. As said, we can always trade altcoins for bitcoin at any moment because bitcoin has the most pairs in the market, and usually most of the coins in the centralized exchanges like Coinbase, you can see a lot of pairs there. You'll have no problem cashing it out as long as the exchange where you're going to withdraw is supporting some withdrawal methods on your country.

The Cryptovator

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If you are holding dust then it's not worth moving due to transaction fees. If it'd traded in coinbase, then you might exchange with Bitcoin. I am not sure the coinbase account is linked with the coinbase pro. Otherwise, you have to spend fees to transfer there if listed your coin in coinbase pro. You should take a look at where your coins are listed. Check-in CMC, then you have to move your holdings on the exchange where it's been trading. Then calculate the transaction and withdrawal fees. As long as your holding trading somewhere means you can simply exchange.

dezoel

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This is a very specific question based on which altcoins you have.

First of all, is it possible to convert altcoins to BTC? Yes it is, as long as the coins you have are being traded actively in the market.

Secondly, Is it worth this method a try or is it the earnings wasted in fees? Maybe if you have a small amount of coins and trade them on various decentralized exchanges, chances are you might end up losing most of the amount in fees.

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.

hacxx

newbie

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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

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