Last updated on January 16th, 2018 at 01:02 pm
Proper newbie question, so I apologise: new to BC, so got a wallet at Blockchain.info (most popular, allegedly) and found nothing but minimum sell amounts, exorbitant fees (25-40%) and massive delays. Anyway, I exchanged my BC to Ether, which has since spiked, so I’ve turned a small profit. However, Blockchain.info won’t let me sell the Ether, while exchanging to BC, then selling said BC will slash another 70%-odd from the value.
Is it possible to sell the Ether elsewhere, or am I stuck using my Blockchain.info wallet (thus, Blockchain.info) for this investment? I think I dreamed of a day-trading arrangement, where I could just buy and sell at the touch of a button, making a margin from the volatility – I should have known better!
Thanks for any help,
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Yes, Blockchain.info allows swapping between BTC and ETH now via the Shapeshift.io exchange (really need to invent a new term to distinguish Shapeshift from regular exchanges). Shapeshift’s rates aren’t the greatest but that’s the price of convenience.
Anyway, you can easily withdraw your ETH to a different exchange, and from there convert it to fiat which you can pull back to your bank account. I assume that you’re looking to take profits in fiat here. I would suggest using BitStamp.com or Kraken.com (which is currently down for maintenance) for this purpose. They’ll work for you if you’re in the US or Europe anyway.
Basically, what you’ll need to do is sign up with another exchange which offers a fiat market in Ethereum, complete the verification process (which can take quite some time, be warned) and then withdraw the ETH from bc.i to your ETH deposit address on the other exchange. Once the ETH is there, you can swap it for “paper money.” This can then be withdrawn to your bank account via SWIFT or SEPA or however, and the fees on that should be a little less than the current fees on the Bitcoin network (sad to say… these fee problems will be solved but it takes time).
Hope this helps!