Wallet or exchange???

[tbird1997]

I'm sure this is a really stupid question, but for some reason I have a complete mental block, and slushpool and exchanges don't reply to support questions.

I have some BTC that is sitting in payout in slushpool. I'm looking to cash in and get the money to my bank account so I can pay my electric bill.
What's the process??

Thanks,

[SquirrelJulietGarden]

Slushpool have 2 options for you to receive your mining rewards:
- Set it up at start, and automatically receive it when your total mining rewards reach the min payout. Slushpool notes that miners are highly recommended to set up the address for payout first.
- Does not set it up at start, but can submit it later.

Their guide: https://help.slushpool.com/en/support/solutions/articles/77000422800

4. Register your payout address
To collect your reward you have to set up a payout address in the Settings > selected coin > Payouts menu. Once you reach the minimum threshold, your rewards will be sent there. You can start mining even without this address being registered, but it is highly recommended that you register it straight away.

If you do not have an address yet, you need to get a wallet first. We recommend the Trezor Hardware Wallet for maximum security. Other usable wallets are listed on Bitcoin.org.

To cash out to fiat, you can do it on centralized exchanges, like https://www.binance.com/. Binance has P2P marketplace too.
If  you are serious to use decentralized exchanges, go with https://bisq.network/ or https://hodlhodl.com/

[ranochigo]

I don't think Slushpool pays out from their Coinbase transaction like some other pools (judging from their blocks alone) but it would be a good practice to have it sent to a wallet that you have some control over. Electrum, Bitcoin Core or Wasabi Wallet would be a good choice. After the funds are sent to the account, you can send it to your exchange.

[tbird1997]

Thanks for the reply.
So, is this the process?
Send payout from slushpool to Wallet, then send it to an exchange, from there I can sell it and send the money to my bank.

Thanks,

[SquirrelJulietGarden]

So, is this the process?
Send payout from slushpool to Wallet, then send it to an exchange, from there I can sell it and send the money to my bank.

It is true that you have to send your bitcoin to exchange if you want to sell it on centralized exchanges. After that, you can cash your bitcoin out to fiat and directly to your bank account. It depend on the payment methods that exchange gives you and which on you choose to proceed it.

[mersal]

Thanks for the reply.
So, is this the process?
Send payout from slushpool to Wallet, then send it to an exchange, from there I can sell it and send the money to my bank.

Thanks,

Yes this is the exact process should involve not only for cash-out purpose but first you need to get control of your mining rewards which is possible only with the wallet.

Trading cryptos to fiat is another topic for that lot of options are available depends on your demand.

For example, if you want to get the best prices and no waiting time but willing to compromise your KYC documents then you can choose Localbitcoins or Paxful but you are concerned about your privacy then choose decentralized P2P which is already mentioned above.

[tbird1997]

Thank you, I was getting lost jumping through the process and I can't get Gemini to reply to why my account is still showing " Verification Pending".

[mersal]

Thank you, I was getting lost jumping through the process and I can't get Gemini to reply to why my account is still showing " Verification Pending".

It will take at least 2 to 5 working days for the verification process to get completed, so don't be in a rush.

If you have been waiting more than a week then it is good to contact their support and ask for the reasons why there is a delay in the verification status but before sending any support tickets make sure you did everything right with the verification process.

-When you are submitting documentation, make sure it is of clear quality, not cut off and not missing any information. The ID must be fully readable and unobstructed.

-Photo ID = driver’s license or state issued ID (US or Canada only) or passport.

-Make sure your ID is valid and not expired.

-For security reasons, we do not accept emails with photo ID attachments. Please submit all documents through http://exchange.gemini.com/upload.

-When asked for “proof of address,” we require a full-page scan of a utility, cable or cell phone bill, or a bank statement.

-Please make sure the document displays your full name, current residential address, and is dated no more than 90 days from the day you submit.

[kawetsriyanto]

~" Verification Pending".

You did KYC process there? Just wait for the approval, mate. It may take a few hours or days. Commonly, it takes a maximum of 1x24 hours to be checked by the team of an exchange. By the way, if you have a problem, it should be better if you contact the team. You can get them here: https://support.gemini.com/hc/en-us/articles/204732835-Contact-us

[Harlot]

Send payout from slushpool to Wallet, then send it to an exchange, from there I can sell it and send the money to my bank.

Thanks,

You also have the option to use a P2P exchange like localbitcoins which IMO would be better for you if you are trying to reduce your expenses. Putting it on a regular crypto exchange will just make you battle out with the current trading price and then commission charges as well as withdrawal fees, at least in a P2P exchange you won't go through that and have a fiat currency sent directly into your bank or Paypal account. Just take a look at it because sometimes P2P exchange gives better rate compared to regular cryptocurrency exchanges.

[Rowenta]

I'm sure this is a really stupid question, but for some reason I have a complete mental block, and slushpool and exchanges don't reply to support questions.

I have some BTC that is sitting in payout in slushpool. I'm looking to cash in and get the money to my bank account so I can pay my electric bill.
What's the process??

Thanks,

Do not withdraw from pool to exchange directly, it's safer to drop address that you are in posses of its private key, I've lost some coins in the past when I was still into mining some different types of coins, I had to use a exchange address back then but I never received my coins

[Gunday_07]

I'm sure this is a really stupid question, but for some reason I have a complete mental block, and slushpool and exchanges don't reply to support questions.

I have some BTC that is sitting in payout in slushpool. I'm looking to cash in and get the money to my bank account so I can pay my electric bill.
What's the process??

Thanks,

It's not a stupid question, you are been cautious is all, my advice is withdraw the bitcoin into your very own wallet first and send to platforms that accept crypto to fiat/bank deposits like LUNO Exchange or Binance exchange