Now you see why I went through the process of online wallets and currency exchanges for Joe (my previous example).
I’m not a speculator, but if you wanted to you could analyze the charts of all of the major altcoins and see which ones have the greatest potential for gain and then convert all of your DVC into that. Or you could put it all into something more popular like LTC or BTC. Or you could cash out to USD.
For purposes of this report, let’s assume that you want to cash out to USD (or your local currency if you’re in another country).
Once I get the DVC into my local wallet, I need to find an exchange that deals with Devcoin. Fortunately, the previously mentioned exchange – Cryptsy – will allow you to buy and sell DVC for either LTC or BTC.
But right now I just have all of my DVC in my local wallet, so I need to send that to my Cryptsy account. Here is a step-by-step breakdown of the process.
1. First, you need to login to Cryptsy, then click on the Balances icon at the top.
2. Scroll down until you see Devcoin, then hover your cursor over it to bring up a menu:
3. Click on “Deposit / Autosell DVC”. The deposit address will be blank, so just click on the button to generate a new address:
4. Copy that deposit address (Note: this is my deposit address! don't copy the address on the screenshot)
5. Now open my local DVC wallet and send coins to that deposit address.
6. After six confirmations, the deposit will go through and you will see your coins show up at Cryptsy.
7. Now that you have your DVC at Cryptsy, you need to convert them to BTC.
a. Why? Because Coinbase only deals with BTC. Once we have BTC at Coinbase, we can convert/cash out to USD.
8. Click on the Trade icon at the top of Cryptsy.
9. Scroll down until you see the DVC/BTC Market and click on that.
10. Here you’ll see a box where you can sell DVC for BTC.
11. In Amount DVC enter your total. For me it will be 1,013,670. It will calculate the total BTC you can buy, the transaction fee, and the net total BTC that you will receive. For the current prices as of this writing, here is what mine would look like:
(Since I don’t have any DVC in my account (yet) it shows that I have 0.0 DVC available. )
12. Once you submit the sell order, it will have to match your sell order with other people’s buy orders and then process the transaction. Right now I see a buy order for more than what I’m selling, so this should go through pretty quickly.
13. After the transaction goes through, I will have 0.67712142 BTC in my account at Cryptsy. Now I need to send that to my Coinbase account so I can cash it out.
14. Login to Coinbase. On the left side, click on Account Settings. Above where it has your name/email/etc on the page, you’ll see “Bitcoin Addresses”. Click on that.
15. Create a new address. I like to then go into Details and give it a label. For this transaction, I would enter “DVC from Cryptsy”:
16. Copy that new address from Coinbase and go back to Cryptsy.
17. Again, click on Balances and scroll down to BTC. You should now see your balance in BTC. In my example, it would be 0.67712142 BTC.
18. Hover over where it says Bitcoin and choose “Withdraw BTC”.
19. In the popup box, enter your exact amount of BTC, which is the number in #17 for my example. Copy and paste in the new address from Coinbase in the BTC Withdraw Address. Enter your password and captcha.
20. Cryptsy will assess a 0.0005 BTC transaction fee and show you the net:
21. Once I click on Process Withdraw, the money is sent to my Coinbase account.
22. Go to Coinbase to confirm the transfer. You’ll see the balance in your account once the transfer is complete.
23. In Coinbase, click on Buy/Sell on the left side. Then in the main area of that page, click on Sell Bitcoin and enter how much you want to sell. In this example, I’m cashing everything out and not leaving anything in any of my accounts at Cryptsy or Coinbase.
24. The “pay out method” that I blacked out is just my bank account info. Once I sell the Bitcoin, I will get $536.83 transferred to my bank account.
2. Scroll down until you see Devcoin, then hover your cursor over it to bring up a menu:
3. Click on “Deposit / Autosell DVC”. The deposit address will be blank, so just click on the button to generate a new address:
4. Copy that deposit address (Note: this is my deposit address! don't copy the address on the screenshot)
5. Now open my local DVC wallet and send coins to that deposit address.
6. After six confirmations, the deposit will go through and you will see your coins show up at Cryptsy.
7. Now that you have your DVC at Cryptsy, you need to convert them to BTC.
a. Why? Because Coinbase only deals with BTC. Once we have BTC at Coinbase, we can convert/cash out to USD.
8. Click on the Trade icon at the top of Cryptsy.
9. Scroll down until you see the DVC/BTC Market and click on that.
10. Here you’ll see a box where you can sell DVC for BTC.
11. In Amount DVC enter your total. For me it will be 1,013,670. It will calculate the total BTC you can buy, the transaction fee, and the net total BTC that you will receive. For the current prices as of this writing, here is what mine would look like:
(Since I don’t have any DVC in my account (yet) it shows that I have 0.0 DVC available. )
12. Once you submit the sell order, it will have to match your sell order with other people’s buy orders and then process the transaction. Right now I see a buy order for more than what I’m selling, so this should go through pretty quickly.
13. After the transaction goes through, I will have 0.67712142 BTC in my account at Cryptsy. Now I need to send that to my Coinbase account so I can cash it out.
14. Login to Coinbase. On the left side, click on Account Settings. Above where it has your name/email/etc on the page, you’ll see “Bitcoin Addresses”. Click on that.
15. Create a new address. I like to then go into Details and give it a label. For this transaction, I would enter “DVC from Cryptsy”:
16. Copy that new address from Coinbase and go back to Cryptsy.
17. Again, click on Balances and scroll down to BTC. You should now see your balance in BTC. In my example, it would be 0.67712142 BTC.
18. Hover over where it says Bitcoin and choose “Withdraw BTC”.
19. In the popup box, enter your exact amount of BTC, which is the number in #17 for my example. Copy and paste in the new address from Coinbase in the BTC Withdraw Address. Enter your password and captcha.
20. Cryptsy will assess a 0.0005 BTC transaction fee and show you the net:
22. Go to Coinbase to confirm the transfer. You’ll see the balance in your account once the transfer is complete.
23. In Coinbase, click on Buy/Sell on the left side. Then in the main area of that page, click on Sell Bitcoin and enter how much you want to sell. In this example, I’m cashing everything out and not leaving anything in any of my accounts at Cryptsy or Coinbase.
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