Mining brought you some coins in different “currencies”, stored into your wallet(s).
You can now just use the coins to purchase some goods or services online, or give as gift to your friends.
Sometimes you may want to get FIAT currency, like US$, Euro, or similar.
This posts explain how to do that!
The content of your wallets
In part 1 we discussed how to mine, how to get some coins into your wallet(s).
A few confirmations and the coin is at the receiver’s wallet.
Better use an exchange to convert your altcoins to another coin, e.g., Bitcoins. Which can be used then on your phone/tablet’s MyCelium Wallet, to make purchases or trade locally in person.
Exchanges offer also the ability to send FIAT money directly to your bank account. Note, that these services are more strict than just exchanging Crypto currencies. They require most certainly some identifications (KYC – Know your customer law) and restrict the daily amount (AML – Anti Money Laundry law).
On our web site we will add a list of Exchanges (Cryptsy, Poloniex, Mintpal, Bittrex, …) and Bank services (coins.ph, coins.th, maicoin.com, …).
Before you send your currency to an exchange check which exchange will give you more BTC (Bitcoins). Note that each transaction cost a small fee. It might be cheaper or at least more convenient to send different coins to one exchange and from there all as BTC to your wallet.
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