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From Wallet to Fiat: How to Cash Out Your USDC
Wondering how to change your gains from crypto into your local currency? Here's how.
In this article...
- If you have USDC sitting in your digital wallet, you can cash out into your bank account
- The good news is, it's easier than you might think.
- Here is the explainer as to cashing out your USDC using CoinJar.
Wondering how to change your gains from crypto into your local currency? If you've got sitting in your digital wallet, you can cash out into your bank account. The good news is, it's easier than you might think.
So here is the explainer as to cashing out your USDC using CoinJar.
Steps to cash out your USDC
Create a CoinJar Account
If you don't already have one, for an account. You'll need to provide some basic personal information and complete a verification process.
Transfer your USDC to CoinJar
Once your account is set up, you'll need to transfer your USDC from your external wallet to your CoinJar wallet.
To do this, you'll need to find the 'Deposit' section on CoinJar and select USDC. You'll then be given a unique wallet address to send your USDC to.
Sell your USDC for your local currency
Once your USDC arrives in your CoinJar wallet, it's time to sell it for Australian dollars or your local fiat currency.
Navigate to the 'Trade' or 'Sell' section on CoinJar, select USDC, and enter the amount you want to sell.
Withdraw your fiat currency to your bank account
The final step is to withdraw your money to your bank account. Go to the 'Withdraw' section on CoinJar, select 'Bank Transfer', enter the amount you want to withdraw and your bank details.
There may be fees associated with transferring your USDC to CoinJar, selling your USDC, and withdrawing your fiat, depending on what country you are in and what your local currency is. Be sure to check if in doubt.
And that's it! You've successfully turned your digital USDC into real-world cash.
Frequently asked questions
How long does it take to cash out USDC on CoinJar?
The entire process, from transferring your USDC to CoinJar to receiving AUD in your bank account, can take anywhere from a few hours to a few business days.
The exact time frame depends on factors such as network congestion and your bank's processing times.
Are there any fees associated with cashing out USDC on CoinJar?
CoinJar charges fees for certain actions, you can check the here.
Can I cash out other cryptocurrencies besides USDC on CoinJar?
Yes, CoinJar supports a variety of cryptocurrencies. You can cash out other popular cryptocurrencies in a similar way to USDC.
What if I have trouble cashing out my USDC?
If you encounter any difficulties during the process, contact CoinJar's .
Do I need to pay taxes on my cashed-out USDC?
In many countries, converting cryptocurrency to fiat currency is considered a taxable event. It's essential to keep records of your crypto transactions and consult a tax professional for guidance on how to report your crypto gains or losses.
There are also multiple tools available to help you keep on top of your transactions.
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