If you did Ethereum mining or any other coin’s mining and would like to cash out, you mind be wondering which is best and safest way to cash out.
There are three ways to do it.
First way is sending to CEX.
In this, you send Ethereum or the mined cryptocurrency to a popular cryptocurrency exchange. Almost all popular exchanges require you to do KYC and have implemented AML to ensure cryptocurrency sent by you is legit. All of these exchanges offer banking services where they sent the converted funds to your country’s fiat currency. For instance, if you live in USA, the best way to cash out Ethereum would be sending it to Coinbase cryptocurrency exchange. Sell the Ethereum for USD and then send it to bank.
Second way is sending to cryptocurrency exchangers.
This is best option if you do not want to do KYC or, in other words, want to sell cryptocurrency anonymously. Most popular ones are Exolix, Sideshift.ai, SimpleSwap and so on. In this case, you change the Ethereum for stable coin like USDT or USDC. Then, you can use something like Paxful where sellers buy your USDC and send money to your bank account.
Third is buying gift cards using Ethereum. This is useful where you want to do not want to KYC and want to use mined cryptocurrency for buying stuff online. There are websites like bitrefill.com, cryptorefills.com and so on that let you buy gift cards using cryptocurrencies.