Cash withdrawal from the wallet

Bitcoin Questions and AnswersCategory: General questionsCash withdrawal from the wallet

Nad asked 1 year ago

I Have gathered 1000 Finneys (= 1 ETH), through one software mining program, and now I am ready to transfer it to a wallet.
My question is from three points:

  1. Is it legal, and am I able to take this amount is cash USD (for ex., today 1 ETH = Approx. USD 490)?
  2. Which wallet software program you may recommend, that enables me to do so?
  3. how to get this money?

Thank you before hands for your support.

1 Answers
Steven Hay answered 1 year ago

Hey Nad,

  1. Sure, cryptocurrency transfers are legal. The only point at which the law comes into plays (as far as I know), is when you’re exchange between crypto and fiat currency.
  2. Well, I’m not an expert on Ethereum but I use the MyEtherWallet site. It’s a webwallet so not great for security but the nice thing is that it works with a Trezor. This means the security aspect is covered by the Trezor while the webwallet does everything else you could need, like handle ERC-20 tokens and smart contracts.
  3. You should be able to withdraw the ethers / finneys from your mining pool. However, it’s possible that the amount is below their payout threshold. In which case, you’ll need to mine for longer until you meet their minimum payout limit. Ensure the correct address from MyEtherWallet (or other Ethereum wallet of your choice) is set as your payout address.

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