@Read.Cash
edited
How to withdraw from read.cash to Bitcoin (BTC) or a local currency (like USD or Naira) One of the questions we still get often is "How to withdraw from read.cash to a local currency, like Euro or US Dollars or to Bitcoin (BTC)" **It is possible to do**, however there is some misunderstanding here. There is no "withdraw" function on read.cash, because we never hold your money. **read.cash is a wallet.** **Your balance is controlled by** ***your*** **browser only**. We can't move it, we can't touch it. Therefore you can't "withdraw", but you can only "send your money". (We oversimplify here, because your balance, of course, exists on the blockchain, but it is controlled by your browser only. See @Telesfor's comment below the article) Whenever someone sends you a tip - they send from their browser directly to your browser, read.cash never touches the money in the process. Whenever read.cash fund sends money - it's actually some donors's browser sends money to your browser. read.cash again never touches the money. Convert to Bitcoin (BTC) The cryptocurrency that read.cash uses is Bitcoin Cash (BCH) and not Bitcoin (BTC) is due to the fact that **it is very expensive to move money around in Bitcoin (BTC).** So, in that regard Bitcoin (BTC) is vastly inferior to Bitcoin Cash (BCH). That's why we chose Bitcoin Cash. Currently (26 April 2019), it costs **$0.49** to move your money on BTC blockchain. Imagine that everytime somebody wants to tip somebody on read.cash they would have to pay $0.50! read.cash fund would have been impossible. It pays out as little as $0.003 to people and it would have costed $0.50 just to pay $0.003 (so you pay 166 times more just for money transfer). It costs **$0.001** to move your money on BCH blockchain. https://bitcoinfees.cash/ You can convert your Bitcoin Cash to Bitcoin using one of third parties, like sideshift.ai, however the minimum amount to convert is probably around $1. https://sideshift.ai/ To do the conversion via sideshift.ai, just click "Send your money", then "Other cryptocurrencies", then "Bitcoin (BTC)":
Please note that this is a service provided by sideshift.ai, so if anything goes wrong you will need to contact them with your conversion ID. Convert to local currency (like US Dollar, Euro, etc...) The easiest way that doesn't require your passport is to use local.bitcoin.com, go to Trade BCH, select "I want to sell BCH" and find a seller that suits you. Be careful though, some of the offers might be scams. http://local.bitcoin.com/ https://local.bitcoin.com/offers You can try googling "convert bitcoin cash to (your currency)" to find some other ways. If you know some reputable ways to convert your money to local currency - please suggest them in comments.
18 comments
It's a good thing you wrote it so it would be clearer to new users. The wording: >Your balance exists in your browser only is a simplification and in my opinion not quite correct. My balance exist in the blockchain not in my browser. My browser contains the private key, which allows me to make transactions and send Bitcoin Cash. I can view my balance in any explorer.
Good point! We oversimplify, of course, because this is an article addressed to people who haven't yet understood the concept of the blockchain fully, for them their balance is inside the browser. Those who understand the blockchain concept easily grasp the simplification (like you did :) ). But I've added your remark to the article. Thanks!
Thanks. Not everyone who uses a crypto currency needs to know how it works, just like not everyone who uses a car needs to understand how the engine works. But i think knowing that helps build trust in the currency. That's why i always try to educate people.
Yeah, I'm all for people learning too, but my whole experience tells me that it needs to be gradual - that's why I'm usually trying to oversimplify. We need to bring people in, to get them using the stuff and eventually they'll understand the deeper concepts.
I don't have any problem moving my Cryptocurrencies whether it is BCH, BTC and others directly to my bank account or PayPal. In the end it becomes fiat in the same location. 😂 😁 👍
Around 2013 I bought a vacuum cleaner for about 3 BTC (~$300). It was a good buy, since the price of BTC nearly doubled, so for me it was like half price ($150 that I invested just a few months earlier). At today's prices my vacuum cleaner costed me about $22,000. So, I wouldn't advise anyone getting rid of all of cryptocurrencies for fiat (if you can afford to), especially now that we're heading for the economic collapse. You might own some very-very expensive items in some future.
This is good. Pretty nice info.
This is already really good, i've didn't noticed until I see this post, sideshift is really good service to exchange some crypto, I've stoped using changelly in the past month.
Read.cash you're to sweet. Read and understood
Very straight to understand. Nice one
how to embed tweet in an article
There is no way to embed a Tweet. There is a technical reason for it - Twitter embeds are pretty unusual and so for us they are really hard to implement. (They require a <script> tag instead of an <iframe> tag), so currently there is no way to embed a Tweet.
err: Bitcoin Cash (BCH) addresses should start with bitcoincash: Make sure that you're not sending to Bitcoin (BTC) wallet, you might lose your money. bitcoin cash addresses start with 1. the cashaddress format is not standard, its being translated back and forth by a converter code.
Yes, it is converted internally, but it is a necessity. Some people lost money trying to send to exchange's Bitcoin (BTC) addresses.
I suggest a way to do it aniway, maybe with some red warning saying: are you sure? if you send this balance into a bitcoin address, you will lose your money, or something like that.
You know how people usually don't even look at the checkbox, assuming it's "I agree to 232 pages of terms and conditions that I surely read just now"? :) They'll check it anyway and then they'll complain that they've lost money. Again, we had to do it, because people are actually sending it to BTC addresses on exchanges and this money is lost forever, because exchanges won't care with recovering private keys for BCH. CashAddr is mostly the standard now. I don't even know any exchange/site that uses legacy addresses for BCH. It's in their own interest to make sure that people don't mix BTC and BCH.
hmm, then maybe a checkbox in your profile settings, to allow legacy addresses.
@Read.Cash Thanks for sharing valuable information, I love read.cash