The title says it all. I'm new to mining and I just got enough to payout to my JAXX wallet. Woo-hoo! Now I need to transfer the ZEC to USD and put it on my PayPal. How can I do this?
Sign up with an exchange, go through the KYC processes, provide them with your bank details, send your coins to the exchange, sell them for USD, and then withdraw the USD. Many of the exchanges only support wire transfers and not ACH (Kraken for e.g.).
I've resorted to exchanging my ZEC for BTC (on Bitfinex), purchasing ETH, transferring ETH to my Coinbase account, and then selling the ETH (which sells for USD and automatically deposits into my bank via ACH). A bit complicated, but avoids BTC and wire transfer delays and transaction fees.
BTW, the Jaxx team advise against mining to their wallet.
Why do they advise against it
Please google for the article on the Jaxx support website.
because unless you have a LOT of hashpower, mining payouts generate lots of little tiny UTXO's (Unspent Transaction Outputs), and it takes a long time to verify transactions with a lot of tiny inputs, and you can only have around 100 or so inputs to a tx before verification takes too long.
So they really can't afford to have tons of tiny notes clogging up their wallets that have lots of funds in them for lots of people. Its a technical limitation there is no easy way around (for all bitcoin-family currencies).
I myself sometimes sell ZEC for BTC with shapeshift and have it sent to my wallet on localbitcoins.com, where I then sell for dollars into my paypal. But then you have to deal with all the stuff that comes with localbitcoins (you need to learn the ins and outs of their reputation system, etc).
Alternatively I also have a bitpay card, which is what I use most of the time now. You can deposit BTC to it and boom! its on a Visa debit card. https://bitpay.com/card/
The account also has an ACH routing and account number, so it's pretty much like a checking account you can send bitcoin to. Very recommended!
Completely off topic, I'm sorry, but how safe is it to sell BTC for PayPal on Localbitcoins? I've wanted to, but I know PayPal is a very reversible transaction, also have heard of closed accounts because of getting random movements in the account
rule number one is to NEVER mention bitcoin or cryptocurrency in any way to palpay support if they ever need to get involved. Aside from that look for people with accounts on lbc older than a year who have high volume (100+ btc) and perfect reputations (100% positive). Do that and it should all be fine.
oh and one more gotcha about localbitcoins, when it shows a traders online status, always click through to their profile to make sure it really is green, sometimes the listing pages have stale status for people, and if you initiate a trade with someone who isn't online you have to wait for escrow to expire and then find another trader.
Thanks a lot, radix. One last question and I'll drop it (promise), do you pay the fees when they PayPal transfer you, or do you find people who sends as Friends/Family to avoid them?
buyers on localbitcoins will say in their listings Terms if they do friends and family or just goods and services, or if they let you choose and who pays any fees out of the amount sent. If they DON'T talk about that in their Trade Terms in the listing, you probably don't wanna do business with them.
Would you trust this trade? I was thinking of selling like $3k https://localbitcoins.com/ad/497872/cash-out-your-bitcoins-paypal
yeah, you can't fake 100+ verifications easily on there
but don't come to me if it goes wrong!
Lol, not at all, man.
Thanks for the friendly advice, I enjoy asking and learning from people with experience.
I always need quick ways to sell BTC, and paypal always seems the easiest.
i mostly just load btc onto my bitpay card now, it is so easy
How are fees? I'll look into it
pretty good I think, I don't recall them off the top of my head