We're all about the crypto life. The hodlers life. The digital currency life.
But let's face it: Some of us need some extra income. Whether it's money for a drink every night or to add some money to the money you already have to pay your rent. We all need(or at least want) extra money.
Now you won't earn much from Publish0x, except you're a big writer with a ton of views and tips on your posts. But then again, even little fishes like us can still convert our BAT and DAI into dollars.(I didn't include Hydro yet because there's no way to skip fees on that one's conversion. Very few exchanges support it right now, and it's just not worth trying)
So here's the complete guide!
The first thing you'd need is a place to withdraw your tokens to.
I'm a sucker for the Trust wallet, so I'll definitely recommend you use that.
In fact, for my entry to the Publish0x tutorials contest, I wrote a 2500 word article on exactly how to send your tokens to the trust wallet. See it here, and leave a comment to show that you read it!
That guide contains everything you'd need to know about setting up the trust wallet, and withdrawing your tokens there step by step, so make sure you read it before continuing here.
Ok. I assume you've read that post, and you now know how to withdraw.
What you'd have to do next is to send your tokens to a fiat enabled exchange.
Now, why didn't we just send our tokens straight to an exchange and forget about it?
If you notice, BAT, DAI and HYDRO each have their own separate exchange addresses. But in the trust wallet, you only have 1 address that covers ALL the tokens. Since Publish0x only allows that you input one address, this is the only way to work around, especially if you're withdrawing more than one token at once. I hope that made sense.
Ok, now your tokens are at an exchange. Now what?
You could apply to sell your BAT for USD instantly, but I found out a trick that works, especially on Bitfinex(which is the exchange I suggest you use for this post. You can still use Coinbase or any fiat exchange of your choice, but I recommend Bitfinex because that's where this trick works. Mind you though that you'd need to do KYC for any fiat enabled exchange.)
The trick is very simple. But we missed a step.
Using the DEX platform in the trust wallet, we could easily convert our DAI or BAT to ETH, almost free. I say almost because you still have to pay gas fees.
Sending ETH is generally cheaper than sendjng any other ERC-20 tokens. It's also quite faster and USUALLY requires less confirmations.
So you convert your tokens to ETH using the Dex.
Send your ETH tokens to your Bitfinex wallet. You'd still pay Gas fees, but at this point, they're basically pennies.
Once your ETH is in your wallet, you'd have to trade the ETH/USD pair. Here's where it gets interesting.
I suggest that you wait until the value of ETH increases before you sell off your stash. You could know this by using some popular trading strategies in BabyPips, like the Inside Bar Momentum strategy. These will tell you the maximum price to be reached for the day.
Once you get that price, you have basically covered all your fees that you have paid so far, plus the tiny costs of withdrawal from Bitfinex.
Then you proceed to withdraw to your account, and voilà! You've earned your first paycheck from Publish0x!
Thanks for reading!