By Wendy’s Whitepaper Contributor: Dragonwolftech
User Level: Beginner
In this article, we will look at how to exchange bitcoin for fiat using Trust Wallet and Coinbase. Be sure to check out our article"How to store Bitcoin and Cryptocurrency."
So you've purchase bitcoin or an altcoin, and you're wondering how to take profit from your investment. The simplest way to do this is with a centralized exchange that converts from crypto to fiat (in the case of this article, USD).
There are a growing number of exchanges and apps that allow you to buy, send, and sell cryptocurrency and turn that crypto back into fiat. Exchange crypto for fiat will require you to go through the KYC (know your customer), which you should have already completed before purchasing bitcoin on a regulated and centralized exchange.
In this article (in answer to a question on TikTok), we will send bitcoin (BTC) from Trust Wallet to Coinbase.
Step One: In Trust Wallet, select your BTC wallet and select send.
Step Two: Log into Coinbase (or open the Coinbase app), and copy your BTC wallet address; paste the wallet address in the Trust Wallet field, "Recipient Address."
Step Three: Enter the amount of BTC you want to send from your Trust Wallet to Coinbase; if you're going to send the total balance, select "Max" after confirming the address and amount you want to send; select next.
Step Four: Trust Wallet will again confirm the amount you want to send, the wallet you are sending from, and the address you are sending to, as well as the Network fee for doing the transaction. If you agree with the "Max Total" provided, select send.
Step Five: Go back to Coinbase (desktop or mobile app), confirm you received the BTC. The amount of time it takes for the BTC to be received varies depending on network congestion.
Step Six: After the BTC is received, go into your Coinbase BTC wallet and select trade. If you are on the desktop version, select "Buy/Sell" at the top right of the Coinbase website and select the "Sell" tab.
Step Seven: Enter the amount of BTC you want to sell or select "Sell all" for the total amount. The option "Deposit to Cash (USD)" should be set by default. Review the order window and when ready, select sell now. Coinbase will alert you that the order was submitted. You will receive an email when the order status updates. Select "Done," and you will be back on your Bitcoin (BTC) portfolio page.
The sell transaction will appear as the most recent transaction in your bitcoin portfolio, and Coinbase will adjust your BTC balance.
Step Eight: Return to your portfolio, and you will see your fiat (USD) balance has been adjusted based on the amount of BTC you sold. Go into your USD wallet, and you will see your current balance and the option to Deposit/Withdraw.
Step Nine: On the "Withdraw" tab, enter the amount of USD you wish to withdraw from Coinbase; if withdrawing the entire amount, select "Withdraw all." Select continue.
Step Ten: Select your withdrawal destination; debit card withdrawals are instant on Coinbase, while standard withdrawals to a bank account can take between 1 - 3 business days.
Step Eleven: The withdrawal preview window will show the destination of the USD, the date the funds will arrive (unless you set up instant withdrawal), the withdrawal amount, any fees, and the total. Select "Withdraw now" to complete the process. Coinbase will notify you that the withdrawal request has been sent and the request completed.
Step Twelve: Select Done. Your USD wallet will automatically adjust based on the amount of USD you withdrew.
And that's it. Twelve steps may seem like a lot, but once you have the hang of sending BTC or any crypto from wallet to wallet, it will become second nature, and you will see how easy the process to “cash out” and sending from a wallet to exchange like Coinbase is.
Wendy’s Whitepaper Disclaimer: Please be advised that I own a diverse portfolio of cryptocurrency assets, and anything is written or discussed in connection to cryptocurrencies– regardless of the subject matter’s content– may represent a potential conflict of interest. I wish to remain transparent and impartial to the cryptocurrency community at all times, and therefore, the content of my media is intended FOR GENERAL INFORMATION PURPOSES ONLY. Nothing that I write or discuss should be construed, or relied upon, as an investment, financial, legal, regulatory, accounting, tax, or similar advice. Nothing should be interpreted as a solicitation to invest in any cryptocurrency, and nothing herein should be construed as a recommendation to engage in any investment strategy or transaction. Please be advised that is in your own best interests to consult with investment, legal, tax, or similar professionals regarding any specific situations and any prospective transaction decisions.