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Difficulty downloading separate wallets — Everyday mining difficulty and profit factor changes for every altcoin. Miners tend to switch between coins based on its profitability at that time. It can get quite annoying to download and setup a separate wallet for each and every alt coin. For this reason instead of creating a separate wallet for each coin type users are mining altcoins directly to an exchange. The exchange will provide you with a deposit address. You can use that exchange deposit address on your miner and it works the same way as your wallet address.
This will send your mining profits directly from the mining pool to your exchange account. From there you can either convert those coins or hold it. Its up to you. But this method of sending mined coins directly to some exchange is highly not recommended. Here are 5 reasons why you should not mine directly to your exchange deposit address. Bittrex and few others exchanges specifically mentioned not to mine directly to them for the following reasons. Some exchanges require minimum deposits for certain coins.
Before you use the exchange address for mining payout take note on the minimum deposit amount. If your mining payout falls below the minimum requirements then the coins will not be credited to your account. Solution: Use a mining pool that allows you to set a minimum payout threshold.
Or use services like NiceHash which acts like a wallet and that allows you to directly withdraw to an exchange. For example this applies to Monero XMR. Few exchanges require Monero payment ID for deposits. The option to enter payment ID is only available on Monero wallets. So if you are sending your Monero XMR mining payouts directly to exchange from mining pool then your coins will be lost.
Solution: Use a personal Monero wallet for receiving mining payouts. Then from wallet send it to your exchange account. Exchanges often go through periodic maintenance to scale up their systems. It can be a regular system maintenance or a major server upgrade. During temporary system maintenance exchanges will often suspend both deposits and withdrawals.
If your mining payout is being sent while the exchange is undergoing system maintenance then those coins will be lost. Solution: Use a multi-currency wallets like Trust wallet , Jaxx , Coinomi or Exodus for temporarily receiving mining payouts. This is until the exchange comes back online and allows deposits again. There are few exchanges which will generate a unique deposit address each time when you make a deposit.
You can still use the same old address. But just make sure the exchange is accepting multiple deposits to the same address. Also there are certain circumstances. For example when the exchange updates its deposit processing system they will provide you with a new deposit address. Your old address might have expired and it could be no longer in use. Solution: If you are mining directly to exchange then check your deposit address once in a while to ensure you are mining to the correct address.
This is a rare scenario. The exchange where you are mining to can get hacked and all your coins will be lost forever. For this reason, many investors buy Bitcoin or Ethereum , transfer their Bitcoin or Ethereum to Binance, and then exchange it for Ripple. Head on over to Coinbase. Create your Coinbase account by filling in the blanks. Add your first name, last name, and email address. A verification email will be sent to the email address you entered on the form.
Coinbase will then send an SMS text message with a 7-digit code to your mobile phone. This code is used to verify your phone number. The next step is to verify your identity. Select an ID type. Choose an upload method: Webcam or Mobile Camera. If you have a webcam, select Webcam.
Note: Sometimes, due to the glare from the computer screen, this method may fail. If it fails, you can retake the photo. If it fails consistently, you will need to upload your Photo ID using your mobile phone see below. Select the Mobile Phone option. A link will be sent to your mobile phone.
Click the link that was sent to your mobile phone, and upload the photos to that address the photos you just took. This is usually the easiest way to upload the photos. Repeat this step when requested to submit other forms of ID.
For example, if they ask for a utility bill electric bill, gas bill, etc. The utility bill photo should include your name, address, and at least some identifying information about the utility company their name and logo on the bill, etc.
Note: You need to verify your identity as explained in the previous step before you can add a payment method.
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For example, if they ask for a utility bill electric bill, gas bill, etc. The utility bill photo should include your name, address, and at least some identifying information about the utility company their name and logo on the bill, etc. Note: You need to verify your identity as explained in the previous step before you can add a payment method.
Select your payment method. You can choose to buy digital currency using a bank account, debit card, or credit card. Bank account: If you use a bank account, it may take 4 to 5 days, and possibly even longer, to verify your account. However, once it has been verified, a bank account will allow you a higher buying limit, meaning you can buy more cryptocurrencies than with a credit or debit card.
If you want to buy a cryptocurrency right away, you can add a bank account, and then while waiting for the bank account to be verified you can use a debit or credit card for your initial purchase. Debit or Credit Card: If you want to buy digital currencies immediately, you can use a debit or credit card.
But if you only want to invest a small amount of money, adding a bank account is not necessary. The next step is to buy cryptocurrency in your Coinbase account. Wallets are where your cryptocurrencies are stored. Your wallets are listed in the left column and any completed transactions will be listed in the right column. You now own Ethereum or Bitcoin, etc. And that exchange is Binance.
Step 1. Sign Up for an Account on Coinbase. Verify Your Identity. Take a photo of both the front and back of your Photo ID with your mobile phone. Select a Payment Method. Step 2. Go to Top. You can go to gdax. You can then withdrawal the ETH back into your Coinbase account. The simplest method would be to set up a local currency wallet on Coinbase , and sell your BTC to that wallet. Then, you can use the funds from that wallet to purchase ETH.
You can use ShapeShift , but the fees might be higher than using a fiat wallet as arseniy suggested. Sign up to join this community. The best answers are voted up and rise to the top. Stack Overflow for Teams — Collaborate and share knowledge with a private group.
Create a free Team What is Teams? Learn more. How to switch bitcoin to ether in coinbase [closed] Ask Question. Asked 4 years, 7 months ago. Active 4 years ago. Viewed 95k times. Improve this question. Thomas Jay Rush 9, 3 3 gold badges 24 24 silver badges 65 65 bronze badges. Diana Diana 1 1 gold badge 1 1 silver badge 7 7 bronze badges. Add a comment. Active Oldest Votes. Improve this answer. Is it required to do KYC via bank account verification in gdax?