A publisher earns BAT, DAI, HYDRO (all are ERC-20 tokens) in Publish0x by publishing posts. Most of the earnings in Publish0x is in BAT tokens. The publishers then withdraw it to their ETH wallet and subsequently convert into local currency using suitable exchanges.
The Asian countries are highly bullish on crypto. The crypto-based social media are shaping up a new era of social media as it offers an opportunity to earn crypto.
Publish0x is a crypto-agnostic platform. So a lot of users from Asian countries like India also use this platform to earn crypto. But as there is no clarity on regulation of crypto, the crypto exchanges are facing difficulties; so the general crypto community in India is also facing difficulties in exchanging their crypto-asset into local currency. However P2P exchanges are an alternative to it and hence becoming more popular in countries like India. But liquidity is still an issue, so again some sort of friction a user might face in getting a cost-effective value for an exchange.
This article is indented as a guide for the cost-effective exchange of BAT tokens(earned in Publish0x) into fiat money like INR(Indian Rupees).
If you are a Publish0X user and earning BAT tokens then you must have an ETH wallet to withdraw ERC-20 token like BAT. Conversion of BAT to a fiat currency like INR involves a 2 to 3-fold exchange before realizing it in local currency like INR.
Wallet(recommended): Metamask (for ETH & ERC20 tokens)
Uniswap to be used for "BAT to ETH" conversion and WazirX to be used for the exchange of "BAT to USDT and then to INR" or "ETH to USDT and then to INR".
Why am I recommending Uniswap?
Because Uniswap works well in the illiquid market also. The exchange rate & value are also very competitive. But the most important thing is that you can also do a micro exchange with Uniswap(which is very difficult or impossible with other exchanges). Moreover, it is decentralized, no need to copy-paste an ETH address as the ETH or ERC-20 tokens are directly deposited to Metamask wallet.
There are two ways I will demonstrate:-
(1) First one is directly sending BAT to WazirX exchange where you can convert your BAT for USDT and then subsequently sell USDT for INR.
(2) The second one is to exchange BAT for ETH via Uniswap exchange and then send ETH to WazirX exchange where you can convert your ETH for USDT and then subsequently sell USDT for INR.
Depending upon how a market(liquid or illiquid market) is, you can use either method and in this demonstration, you can find that the exchange fees will be very less(hardly 10 to 25 cents overall). Normally ETH/USDT market is highly liquid in wazirX whereas the BAT/USDT market is relatively less liquid. But during the bull cycle, the liquidity is good enough. That is why I will demonstrate both the methods here.
Publish0x generally processes withdrawal on every Monday. So once you get BAT in your ETH wallet(Metamask), you can transfer that directly to WazirX or exchange it in Uniswap for ETH and then send it to WazirX.
Exchange BAT to ETH in Uniswap
- Go to: https://uniswap.exchange/swap
- Connect your Metamask wallet.
- Then input the amount of BAT and in the output select ETH
- Click on the "Swap", the output ETH will be deposited to your Metamask wallet.
Send ETH (or BAT) to WazirX
- Find the ETH address (or BAT address) in WazirX by clicking on "Funds", then you can see the list of crypto assets, Click on "Deposit" to know the ETH address (or BAT address). Copy the ETH address (or BAT address).
- Open your Metamask wallet.
- Select ETH(or BAT), click on "Send". Paste the ETH(or BAT) address, input the amount, then click on "Next".
- Finally "confirm" the transaction.
Exchange ETH(or BAT) to USDT in WazirX
- Go to: https://wazirx.com/exchange (Assuming that you are already logged in WazirX)
- Select ETH/USDT (or BAT/USDT) market.
- Check the order book, either fill an order or create a sell order for your ETH(or BAT) by clicking on "Place Sell Order".
- Once the order is filled, you have USDT in WazirX.
Exchange USDT for INR in WazirX
- Go to: https://wazirx.com/p2p/USDT-INR (Assuming that you are already logged in WazirX)
- Check the order book of USDT/INR.
- Either fill an order or create a sell order for your USDT by clicking on "Place Sell Order". Match History will give you a clue of the average price.
- Once it is matched the INR will be sent by your counterpart of the particular trade and as it is P2P (WazirX won't send INR to you), so it will take some time(5 mins to 1 hrs on an average).
Final Words
I am regularly using WazirX, it is really easy for me to exchange my BAT for INR in wazirX and I prefer wazirX because it has really good volume in the P2P market as compared to any other P2p exchange in India, so you can quickly match your order and get your payment in local currency like INR.
The infogrphics is my original work. I have taken the logos of Publish0x, WazirX, Metamask, Uniswap, etc from the respective official sites. The GIF & the screenshots are taken during my own experience with the exchanges like WazirX, Uniswap, etc & wallet like Metamask.
