Hello again, if you've seen some of my posts you would already know that I am into NFTs as well particularly in NBA Topshot Moments. This post will guide you on how you can cash out your earnings and convert from USDC to Fiat.
Disclaimer - While i did get a lot of profits from Topshot, please note that I am not a financial adviser and this post is not intended for financial gains. This is merely a guide on how to cash out. It's also my way of taking down notes as i will use this for future reference next time i perform a cash out.
Start on your Dapper Wallet
- Here you would see how much available balance you have and determine how much you would want to withdraw.
- Note that the minimum amount to withdraw is 30USD
- There is also a $5 processing fee which will be deducted from your total amount withdrawn
- Select USDC as your method of payment. Wire Transfer only works for banks in the USA.
- I plan to withdraw 410 USDC in total, notice below that i will only get $405 worth because of the $5 Service fee.
- Next you place in your Wallet Address
Binance - Get your CORRECT Wallet Address
If you do this wrong you could lose your assets permanently!
On you binance - wallet Select USDC Deposit
Be sure to select Etherum ERC 20 Network
Incorrect Network can lead to loss of your coins
Once you've selected ERC20 - for your USDC wallet deposit address. Copy the entire address.
Go back to your dapper wallet and paste the binance address.
You should get confirmation prompt, as well as email confirmation from dapper that your withdrawal request is being processed and it might take up to 7 business days for your profits to reflect on Binance.
Checking back my balance it's down to 30USDC down from 440. Which is just the correct amount.
- Email notice from dapper about my pending Withdrawal request
Wait to be credited (can be up to 7 Business days)
Once you received approval for your withdrawal, your account in Binance should be credited almost instantaneously. Mine took more than 24 hours which is actually very fast compared to their disclaimer of 7 days.
Approval from Dapper
And Confirmation from Binance
Trading Time
Now that I have my USDC transferred from dapper wallet to my binance wallet. Next thing to do is to convert USDC to USDT then USDT to PHP (via Gcash)
Go to trade USDC / USDT
I'm selling all 405 USDC at market price and is expected to get 404 USDT
Once order is completed, USDT amount will then reflect on your Spot Wallet. Next thing to do is transfer USDT from spot to funding wallet. We do this so that we can have p2p trading funds.
I received 404 USDT but i also have 2USDT remaining on my balances that's why below it shows as 406. Transferring Max amount from USDT from Spot wallet to Funding wallet.
P2P Trading on Binance
- Pretty easy from this point, just select a trader that meets your criteria. In my case i want gcash payment. So i'm filtering only those that has Gcash accounts.
- Check the profile, minimum amount to be exchanged, and trade completion and average payout time.
- Selected this peer as they are a verified merchant and has 100% completion last 30 days. 100% positive feedback and very fast release time.
Double check details one more time. Making sure my payment method is gcash, and cashing out all my USDT balance hehe.
Waiting for mechant to transfer me the gcash.
Once you get your notification of payment from gcash, then just acknowledge and click on payment recieved. Spend a moment to leave a positive feedback and support this merchants.
