Update 7-22-2020: Mainly for the TLDR: The fastest and most cost-efficient way to convert AWC to USD or another currency is by exchanging your AWC to BNB on Binance DEX, and then using ChangeNOW to exchange your BNB into whatever token/coin you want (170+ of the top 200).
From there you can send the token or coin of your choice to your exchange like Coinbase/Binance/etc and cash out.
At this time it is recommended by myself and another to use Stellar Lumens (XLM) if you want the fastest and cheapest transaction (better for the environment, too) from your BNB at ChangeNOW to your confirmed assets on an exchange like Coinbase.
This is advice for people who want to cash out immediately, otherwise, other tokens are completely viable. Nano would be the best token for this in my opinion, but it isn't supported by Coinbase yet.
Trust wallet also offers in-wallet exchanges for AWC, I was told. But, if you're like me and prefer Atomic Wallet or another without that function, I recommend you use the method above. The reasoning is described at length below and is discussed in the comments.
I ran into a financial situation that needed immediate attention yesterday and I was forced to cash out a portion of my Atomic Wallet Coins (AWC-986) from the recent airdrop that is now on pause via Atomic Wallet.
Long story short, people and pets needed food, and I couldn't touch the other assets in my wallet without disqualifying myself from membership on August 1st. In fact, I had to move more Tezos (XTZ) into Atomic Wallet afterward to make sure I was over $50 in top-200 assets due to a recent drop.
What I didn't anticipate were the processes I would have to go through and the associated fees. It's important to note if I'd cashed out the "slow way" through Binance *OR* did it the ways I discovered are best: THE ONES AT THE TOP OF THIS ARTICLE!!!, the fees would have been significantly reduced. I did not have time for that, clearly...
I'd never done this before, but a Google search quickly led me to find out that just to exchange AWC between ERC-20 and BEP2, there is a 50 AWC minimum transaction via ChangeNOW & most decentralized exchanges did not yet support AWC.
Luckily my AWC came after the burning of ERC-20 tokens and were already BEP2; but the question remained: how do I sell them?
I only had and needed 35 AWC cashed out as to remain above 10 AWC for August 1st to obtain membership by proving I have all the requirements of an active wallet; this allows you to keep staking AWC which so far is superior to Tezos (XTZ) in profits, by far.
So, I'd already told everyone I came up with some money as I unstaked the AWC (AWC becomes frozen while being staked, unlike Tezos) and I had a problem to solve: crypto to FIAT.
Here's what ended up happening; I was in a rush, so forgive me for the lack of snapshots; I didn't have the time, but I remember the process.
If you have any questions, I am happy to answer them in the comments.
The first step was figuring out that Binance's DEX is the place to do this. The second thing to figure out was this was going to cost me around $8 USD in fees between Binance.us and Coinbase to cash out. I won't be using Binance US again as this was definitely the wrong way to do it.
The reasoning it was so costly: I use Coinbase for instant PayPal withdrawals, which Binance does not have. But, to get the money to Coinbase, it had to go from my Atomic Wallet to the Binance Decentralized Exchange (DEX via Binance.org) and then to Coinbase via BTC or etc. All it took to use the DEX was creating a wallet and saving the private key to disk, making a passphrase, and saving a recovery word list. You log back in using your private key and passphrase. Easy enough.
I should have used ChangeNOW for this, but I did not think you could yet; I could not find AWC in their token/coin listings at all - outside a page devoted solely to AWC-ERC20 to AWC-BEP2 exchanges with a 50 AWC minimum for people to update their tokens after the ERC-20 burn.
I was not aware I could simply exchange the AWC for BNB on the Binance DEX (Decentralized Exchange), which can be converted readily to any asset via ChangeNOW and sent directly to an exchange wallet.
This is another area that needs clarity in regard to AWC and is basically the consensus of this article.
On the Binance DEX I found my way to the AWC-BNB option for currency trading in the upper land hand of the navigation tab after a moment of sitting there slightly confused pondering for a moment as to find the best way to do this:
At this point, I figured out that the BNB address listed on the Binance DEX's new wallet was cross-compatible with my Atomic Wallet's AWC-986 by sending a single AWC to it to test it. I then proceeded to further test it by selling a single AWC for some BNB in a quick limit order. I now knew the process was safe and repeated it with the other 34 AWC remaining.
Here's where things became a bit muddy, and a note to everyone: If you do this, I recommend you don't do it in Bitcoin if you are in any semblance of a hurry - use Stellar Lumens (XLM).
***Also, the only reason this became muddy is that I sent the money to Binance instead of using ChangeNOW to exchange the BNB for whatever I wanted. I was not aware of their minimum fee being $5 and it ended up being a $5+ lesson.***
I came up with the cash within a few minutes of when I needed it by due to LONG confirmation times with Bitcoin - 1.5 hours for three confirmations, which simply shouldn't happen and reminded me of why I love Nano so much. Despite my first choice being Nano, Coinbase doesn't accept it, so I was back to going with what was familiar - Bitcoin (BTC). I was expecting roughly 10-minute confirmations, so the wait was a big yikes.
Luckily, once you have Binance Coin (BNB) things get more relaxed, I moved the money in BNB to my Binance.us account, which wasn't a hassle as the DEX transactions were instant, and then exchanged it for Bitcoin. I was charged a small number of fees for exchanging the BNB to BTC and sending the BTC to my Coinbase wallet for cashout, but the real kicker was that withdrawing the Bitcoin from Binance at this point has a minimum transaction fee of $5 USD. I was then hit with a Coinbase "seller" fee of around $3 USD to convert the money to USD. **** me.
I should have never sent the money to Binance US; it was a completely unnecessary step. Outside the Binance DEX, unless Binance is your primary exchange (I hope not - bad fees), the smart thing to do would be to exchange the BNB directly from the Binance DEX to your exchange (in my case Coinbase) in the token or coin of your choice. From there it can be cashed out instantly to USD/FIAT. Whoops!
The cashout process was definitely a learning experience, and one I do not plan on repeating in haste as I plan to buy back all the AWC I lost and then some, and I refuse to pay those fees in anything but an urgent situation.
Luckily, the PayPal withdrawals are instant and free at Coinbase... the fees were getting ridiculous quickly. I was hit with the worst of both worlds from Binance and Coinbase in a single swing.
Out of about $58 and change, I ended up with a little over $50 of it, but this was due to time convenience and lack of familiarity with Binance's DEX and ChangeNOW's BNB support. I think AWC is so new most places don't support it yet, though I suspect ChangeNOW will be among the first of them to do it effectively - for now, they support BNB, though.
Well, the good thing about Bitcoin - it may be as slow as a sloth, but it's reliable. After a late three-peat of confirmations, the money did finally show, and I was able to cash it out instantly, resulting in four people, a dog, and countless Tilapia to be able to keep eating. I raise fish, in case you were wondering; it's a highly sustainable food source and it's quite a fun project for a STEM student to have an indoor fish farm.
I felt sharing this experience may illustrate the importance of hanging on to your AWC, and if nothing else - it shows you methods for converting airdrop money into cash. I'll note if I weren't on such a schedule, the fees would have been dramatically reduced by cashing out through my checking account on Binance.us *or* having the time to realize using ChangeNOW is a far better option than bouncing the BNB off Binance US - but when I need money, I need it now. Who the hell wants to wait days for their money in 2020?!!
I believe we are reaching a tipping point where people no longer want to use Bitcoin as a primary currency anymore; it's too slow if nothing else. I was just reading another article going off about how altcoins are on the rise while Bitcoin stays the same on Coinbase, although that is far from news to me - Bitcoin is outdated and harmful for the environment - Facts.
I love Bitcoin for spawning cryptocurrencies and was faithful to it for over a decade, but as an environmental science student, I have to call a spade a spade.
I've decided to push for support with Nano while exploring other tokens. I am deeply considering creating a Nano faucet with a DEX to put alongside my blog, which will make life a lot easier. Now, how to get Coinbase to support Nano... that is a mystery solved only by time.
As always, I am happy to answer any questions in the comments - I am far more familiar with the withdrawal process now, so let me know if you are confused about anything; if something goes wrong in a DEX your money is likely gone forever.
If people require a pictorial for the DEX, I found one. Some parts can be confusing the first time around, but I found this walkthrough online.
Thank you to those who contributed to the article in the comments!
Stay safe out there.
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