Ethereum (ETH) to US Dollar (USD) Converter
Cryptocurrencies have become great investment alternatives to traditional stocks. Among them is Ethereum, one of the most popular digital tokens. Although it’s a rewarding cryptocurrency, you cannot use Ethereum to complete all types of transactions. You will find yourself in situations where you need to convert it to U.S. dollars to enjoy its value. If you’ve been trying to convert Ethereum to U.S. dollars to make payments or complete a transaction, here’s what you need to know.What Is Ethereum?
What Is Ethereum?
Ethereum is one of the most popular cryptocurrencies, ranking second after Bitcoin. It uses a decentralized, distributed public ledger known as blockchain to work. Currently, it has a growth potential of about 45%. With Ethereum 2.0 already out, the future of ETH in the digital market is bright.
What Is the ETH to USD Exchange Rate?
Before you commit to selling your Ether, you must be aware of the conversion rate. While it might seem to be straightforward, the exchange rate of ETH is highly volatile. At the moment, one Ether trades at about $1,800 USD. You can use a currency converter or calculator to determine how much you will get for your Ether when you decide to sell it. You can proceed with the sale if you are comfortable with the rate.
How Do I Sell Ethereum for USD?
It doesn’t matter how you received or earned your Ethereum; when the need arises, you may have to cash out some of it to U.S. dollars for a business investment or to pay bills. However, since Ethereum is different from fiat currency, you won't be able to trade it directly into cash. The easiest way to sell this cryptocurrency is by using an exchange that has an ETH/USD pairing. When you get one, everything else will be very straightforward. Here’re the steps you need to make to complete that transaction.
Select an Exchange Platform
The first thing you need to do is determine the best exchange platform for you. A cryptocurrency exchange platform is a form of digital market space where you can buy and sell crypto. This is the only way to sell your Ethereum in exchange for cash. To sell your Ether, there are several platforms you can use. Among the most popular exchanges are Kraken, Coinbase and Gemini. Exchange platforms have different exchange charges. Therefore, you should choose the platform that best meets your needs. Some exchanges have crypto wallets and easy-to-use mobile applications, and others, like Gemini, are entirely online.
Create an Exchange Account
Once you have decided on the exchange platform to use, you must create an account if you don't have one. You will have to verify your information before your account is set up. Next, link a public address of your choice. This can either be a bank or a Paypal account. Again, you must confirm your credentials to verify that you own both accounts. During this setup process, you will be required to complete an email verification process and a scan of your national identification.
Trade Your Ether
Now that you have an account set, transfer your Ethereum cryptocurrency to your account. It is easy to move crypto between wallets as long as they support each other. Select trade options and choose to sell your Ether. You can either select the default exchange rate or set your limit. Make sure you ensure that you request USD in return for the Ether. If you decide to cap a buying price, ensure that the limit is reasonable; otherwise, you will fail to secure a buyer.
Receive Your Currency
If you successfully get a buyer for the price you requested, you will be able to complete the transaction. You will get the cash sent to your bank account or Paypal. You can then go ahead and use your money as you had planned.
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