Blockchain.com / App / My USD Digital Wallet / Conversion to Bank Acct.

[CarterMcFair]

Hello,

I have what I feel should be a very basic question but I've had issues getting a straight answer.  I should have come here first.  Here's my situation.  I used the Blockchain.com app of off the app store.  I purchased bitcoin, which was my first transaction.  Once I purchased, my account was on hold because it was my first transaction.  Stupidly, I sold the bitcoin and purchased USD Digital.  My total balance is USD Digital, which I can't convert back to my bank account. From my understanding, I need to purchase ETH, as a transaction fee to swap the USD to another currency.

Is anyone familiar with Blockchain.com and what the ETH fee is for the conversion to another crypto?  I assume it based on the amount of the transaction?  Also, what should I swap, buy in order to convert it to funds I can deposit to my account.

Please help me!

CarterMcFair

[JeromeTash]

That "USD Digital" you bought is probably an ERC20 token (a token created on Ethereum blockchain) therefore in order to transfer or swap it, you will need to pay the transaction fees and those fees are charged in Ether (ETH) that's why they need you to first buy some ETH and make it available in your address for the transaction or swap to be possible.

[Upgrade00]

Is anyone familiar with Blockchain.com and what the ETH fee is for the conversion to another crypto?  I assume it based on the amount of the transaction?

There are two types of fees; transaction fees and exchange fees. The former is taken by miners to confirm the transaction and the latter is charged by the exchange.
Transaction fees does not depend on the amount but the size of the transaction, it's the exchange fee that is a percentage of the total amount. Here's a list of fees for different transaction amounts on blockchain exchange - https://exchange.blockchain.com/fees

Also, what should I swap, buy in order to convert it to funds I can deposit to my account.

You only need a currency which is a tradeable pair against Fiat currencies like BTC/USD, ETH/EUR.

"USD Digital (USD-D) is a stablecoin, which means that its price is tied to the price of USD: 1 USD-D = 1 USD in value, and this value ratio never changes. Despite this, it is an ERC20 token, and not a fiat currency issued by a government. For this reason, there is no way to transfer USD Digital directly to a bank account.

However, users in regions supported for buying and selling crypto via bank transfer can sell USD-D and transfer the cash to their bank accounts."
Source - https://support.blockchain.com/hc/en-us/articles/360027492572-How-do-I-get-USD-Digital-previously-USD-PAX-into-my-bank-account-

[Maus0728]

The custodial option of blockchain.com application that you are using does not support a cryptocurrency to fiat exchange that is why there is no way you can deposit your money back to your bank account. What you can do is to transfer an ample amount of Ethereum that is enough to make the swap from USD Digital to your preferred choice of another crypto like bitcoin possible.

After which, you can now transfer your traded cryptocurrency from your blockchain app to an exchange that supports crypto to fiat exchange such as Binance P2P or Coinbase and eventually withdraw them back to your bank account. Take note that the fiat withdrawal depends on what country you are living so it would be better to verify first what are the available fiat options before depositing your bitcoin to an exchange. The downside is, moving and swapping your crypto will cost you a few bucks due to ongoing high transaction fees.

[1] https://www.binance.com/en/support/announcement/360038038972
[2] https://www.coinbase.com/

[CarterMcFair]

The custodial option of blockchain.com application that you are using does not support a cryptocurrency to fiat exchange that is why there is no way you can deposit your money back to your bank account. What you can do is to transfer an ample amount of Ethereum that is enough to make the swap from USD Digital to your preferred choice of another crypto like bitcoin possible.

After which, you can now transfer your traded cryptocurrency from your blockchain app to an exchange that supports crypto to fiat exchange such as Binance P2P or Coinbase and eventually withdraw them back to your bank account. Take note that the fiat withdrawal depends on what country you are living so it would be better to verify first what are the available fiat options before depositing your bitcoin to an exchange. The downside is, moving and swapping your crypto will cost you a few bucks due to ongoing high transaction fees.

[1] https://www.binance.com/en/support/announcement/360038038972
[2] https://www.coinbase.com/

Thank you so much for your feedback.  It's appreciated.  I'm still not sure I'm doing this correctly.  I apolagize in advance for being ignorant regarding the process.  I'm concerned i'm going to do something that's going to prevent me from getting my funds back.

 I've purchased the necessary  ETH to trade, swap or sell my USD Digital balance.  When I go to the sell prompt, I get MY GBP Wallet, My EUR Wallet and My USD Wallet.   The transfer option only gives me My Exchange USD D Address and USD Digital Trading Wallet, but it has a lock icon below, so I'm assuming this isn't an option.  The swap option doesn't offer a USD Digital to another form of Crypto.

When I go to settings and addresses, I have a My Bitcoin Cash Wallet and a My Bitcoin Wallet.  It appears the only option I have is selling the USD Digital and sending it to one of the three GBP wallet, EUR wallet or MY USD wallet.  Do any of those give me the option of transferring it to my bank acct.

I fear I didn't set up a wallet correctly.

Can you please provide direction?

[JeromeTash]

Thank you so much for your feedback.  It's appreciated.  I'm still not sure I'm doing this correctly.  I apolagize in advance for being ignorant regarding the process.  I'm concerned i'm going to do something that's going to prevent me from getting my funds back.

 I've purchased the necessary  ETH to trade, swap or sell my USD Digital balance.  When I go to the sell prompt, I get MY GBP Wallet, My EUR Wallet and My USD Wallet.   The transfer option only gives me My Exchange USD D Address and USD Digital Trading Wallet, but it has a lock icon below, so I'm assuming this isn't an option.  The swap option doesn't offer a USD Digital to another form of Crypto.

When I go to settings and addresses, I have a My Bitcoin Cash Wallet and a My Bitcoin Wallet.  It appears the only option I have is selling the USD Digital and sending it to one of the three GBP wallet, EUR wallet or MY USD wallet.  Do any of those give me the option of transferring it to my bank acct.

I fear I didn't set up a wallet correctly.

Can you please provide direction?

1. Can you please provide a screenshot of how the page looks like when you go to the sell prompt? You can of course blur off your privacy-sensitive details.
2. Is your wallet already connected to your bank account?
If yes then it won't be so hard.

Just sell the USD Digital for one of the fiats listed depending on which country you come from and what type of fiat currency your bank allows. Once you are done selling and either the GBP, EUR or USD appears in the respective wallets. Head over to one of those wallets and hit withdraw. You will see a pop-up of withdrawal options including your bank details.