Publish0x Tutorials- Withdraw BAT, DAI- Swap it to ETH and trade ETH for a vast list of fiat across the globe with country-specific fiat options.

By milaan | scribe | 17 Feb 2020


When you publish a post in Publish0x, you are tipped with ERC20 tokens like BAT, DAI, HYDRO, etc. Then you request for withdrawal of these tokens, which are processed and transferred by Publish0x to your ETH wallet on every Monday.

There are many types of users in the Publish0x ecosystem. While some of the users keep it as a "store of value" & when the price of these tokens appreciate to a reasonable level as per their anticipation they sell it. Some of them use these tokens to convert it into a different crypto asset which they believe as more valuable than these tokens. Some of them take it as their salary and convert it immediately into fiat currency.

So in all these cases exchanging crypto-assets like BAT, DAI, HYDRO, etc into another crypto asset like ETH and to convert it into fiat currency is a general use-case. So this article is a tutorial on how to get your crypto earnings from Publish0x, how to exchange it into ETH and to a vast list of fiat currencies like USD, EUR, GBP, and many other local currencies.

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So we categorize it into three phases:-

  • Phase-I: How to withdraw the crypto earnings from Publish0x to your ETH wallet
  • Phase-II: How to convert BAT, DAI to ETH in a cost-effective way
  • Phase-III: How to sell your ETH to a variety of fiat currencies across the globe.

 

Wallet(recommended): Metamask or MEW (for ETH & ERC20 tokens)

Exchanges: Uniswap & Localcryptos

Here both Uniswap and Localcryptos are recommended as both support micro trading & cost-effective too. Uniswap is to be used for the exchange of ERC20 tokens to ETH and Localcryptos is to be used for selling ETH to a variety of fiat currency options across the globe.

 

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Phase-I: How to withdraw the crypto earnings from Publish0x to your ETH wallet

  • If you keep the cursor on your username of publish0x(assuming that you are already logged in), you can see the drop-down menu, click on "settings", then go to "Wallet".
  • Add your Etherum address and then click on "Save".
  • Now go to your "Dashboard" and then click on "Payments".
  • You can notice the withdraw link against each of the tokens(BAT, DAI, HYDRO, etc). The "withdraw" link is activated/enabled when the balance of crypto tokens worth a minimum of 0.5 USD, otherwise, it will remain disabled, you need to keep earning more tokens to make it at least 0.5 USD(for each individual token) before being able to withdraw. Now click on the "Withdraw" button.
  • Confirm your withdrawal by clicking on "Confirm Withdrawal". Make sure the ETH address is the correct one. If not, you can edit the address and update the correct one.
  • The Payment History is updated every time you make a withdrawal request (or when approved or when the cryptos are sent) & show you the amount & time of withdrawal request. Wait till Monday when Publish0x will check it and confirm it once approved. You will receive an email when you request it and also receive an email when they approve it.
  • Publish0x sends the payment in batches. So once approved, be assured that you will receive the requested tokens in your ETH wallet and you can also view the transaction details whose link is available in the payment history as well as in your email(from Publish0x).

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Phase-II: How to convert BAT, DAI to ETH in a cost-effective way

  • Go to: https://uniswap.exchange/swap
  • Connect your Metamask wallet.
  • Then input the amount of BAT or DAI and in the output select ETH.
  • Click on the "Swap", the output ETH will be deposited to your Metamask wallet.

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NB- Please note that you can use your MEW wallet in Metamask.

Phase-III: How to sell your ETH to a variety of fiat currencies across the globe.

In this phase, you can sell your crypto for fiat currency. Before that, you need to register and login to Localcryptos. You can either create a fresh account using your email id or you can log in directly with your ETH wallet like Ledger, Walletconnect, Fortmatric, Portis, etc.

I am not going into the registration detail of Localcryptos. For that, you can go through this link: https://localcryptos.com/signup and signup with your Email ID.

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In case you have created an account using your email ID, the next step is to know your ETH wallet address and export your private key or back up your wallet. Click on "Wallet", then "Etherum".

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You can now see the ETH address. Below that, you can notice the symbol ⤓, click on that to export the private key and save the key in a safe place offline, so that if the Localcryptos site goes down, you can still be able to recover & access your wallet. You can also back up your wallet by visiting your Account section.

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Now either you can use the private key of the ETH wallet and access your wallet in Metamask or you can send the ETH(as converted in Phase II) to this wallet so that you can further sell your ETH for fiat money in Localcryptos.

The exchange process in Localcryptos is better as you can set your own rate(as a maker), you can respond to an existing rate and the number of available fiat options is more than any other exchange. The end to end chat encryption & message secrecy is simply best & unique in Localcryptos.

Here you can swap your ETH for various fiat options which include domestic as well as international options:

Domestic
Bank transfer, Cash (in person), Cash deposit, WeChat Pay, etc.

International
PayPal, Western Union, SEPA transfer, Skrill, Alipay, MoneyGram, International wire, TransferWise, PAYEER, Mercado Pago, Venmo, etc.

Country Wise specific options
M-PESA (Kenya), UPI (India), Paytm (India), IMPS (India), Alfa cash-in (Russia), QIWI (Russia), Interac e-Transfer(Canada), Yandex.Money (Russia), WebMoney (Russia), AdvCash (Russia), Efecty (Colombia), Cardless cash (Australia), Swish (Sweden), PayNow (Singapore), Pingit (United Kingdom).

If you want to create your own offer to sell your ETH, then follow these steps:

  • Go to "offers" of Localcryptos(assuming that you are already logged in).
  • Click on "Create a new offer".
  • Fill in the form details: "Sell" "Etherum", Choose your "Location"- Click "Next"
  • Choose which payment method you want to accept: e.g. Bank Transfer, Cash Deposit, Internation Wire, Western Union, Cash(in person), or any other method as per your suitability etc.
  • Choose your currency: for example USD, EUR, GBP, INR, etc but that has to be relevant with the payment method you have chosen. Click "Next".
  • Set your rate: Dynamic market price is easy and better as it takes the reference price of an exchange that you would choose. So select that one. Click "Next".
  • Choose the market of reference & set your margin "above" or "below" that reference: e.g. I have chosen Binance exchange and set the margin as 1.5% above. Click "Review price" followed by "Confirm price".
  • Set your limit of "Maximum trade size" & "Minimum trade size". You can also skip this. Click on "Next" if you have set your limits.
  • Choose your Headline. Click "Next".
  • Outline the terms of the trade such as place, time restrictions, payment window, etc. Click "Next". You can also skip it.
  • You can choose to trade either with "Anybody" or with "Verified users only".
  • Finally click on "Confirm Details". Anytime you can modify, pause or delete your offer.
  • It will now display under "My offers".

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When a buyer responds. you will be notified both in your email as well as in the notification bell of Localcryptos, then have a chat with the buyer, once mutually agreed, fund the escrow and share your bank details so that the buyer can send the payment, once the payment is sent, check your bank account, confirm it & release the escrow to the buyer.
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If you want to respond to an already existing offer to sell your ETH, then follow these steps:

  • Go to Localcryptos and click on "Browse".
  • Fill the details: Buy or Sell, Crypto, Payment method, Location.
  • Then it will display the list of offers based on your input.
  • Click on an offer you are interested in and then fill up trade amount you want to and type your message under "send a message" and then click on "Open trade".

The exchange of message with your counterpart  is end to end encrypted, so it is secure. 

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The maker fee is 0.25% and the taker fee is 0.75% in Localcryptos. The fees may be somewhat higher in the case of market-taker. But what I am trying to emphasize is not fees but the vast number of fiat options across the globe. So a user will be able to trade not just with a domestic counterpart but also with the international counterpart depending upon a payment method. So while you can trade your ETH domestically in your local currency, you equally have the options to trade your ETH for fiat money like USD, EUR, GBP internationally.

So this is the most flexible option to convert your BAT, DAI to ETH and then ultimately to USD, EUR, GBP, or any other local currency of your country.The route of converting BAT, DAI to fiat money is not just cost effective, but also flexible and most importantly a user can trade micro amounts too.


The infogrphics are my original works. I have taken the logos of Publish0x, Localcryptos, Metamask, Uniswap, etc from the respective official sites. The GIF & the screenshots are taken during the user experience with the exchanges like Locacryptos, Uniswap, etc & wallet like Metamask. 

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milaan
milaan

A Blockchain enthusiast, pro-crypto, learning the skills of writing and analyzing blockchain projects


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