How do I exchange my profits for my local currency (USD, GBP, EUR, ...)?
Payment in USDC:
Payments from primary sales are made in USDC. If you're not familiar with USDC, it's a stablecoin - a digital currency that maintains a stable value by pegging itself to a reserve, in this case, the US dollar. For every USDC, there's an equivalent of one US dollar held in reserve, making it redeemable at a 1:1 ratio. If you hold USDC, you can think of it as holding a digital dollar.
Payment for secondary sales:
On secondary sales, you will get 12.5% royalties. The royalty will be paid in the same currency that was used for the secondary sale. This means if the buyer used USDC, BTC, ETH, or any other currency for the purchase, that's the currency in which you'll receive your royalty. If the currency you receive is not your preferred currency, you can exchange it for your local currency or any other currency of your choice. Just like for primary sales, this process involves using a cryptocurrency exchange.
The stability and reliability of USDC have led to its vast adoption in the crypto market. In fact, billions of USDC are traded daily across various platforms, making it one of the most popular stablecoins in circulation.
Converting USDC to Local Currency:
If you prefer to convert your USDC into a local currency, such as the Euro (EUR), you have multiple options, recommended ones below:
Run a paypal or SEPA bank wire withdrawal directly via your https://metamask.io/ wallet.
You will have to connect your wallet to their website "https://portfolio.metamask.io/" and hit the "sell" button. More information here: https://metamask.io/news/latest/sell-cash-out-your-crypto-to-fiat/
You may use a cryptocurrency exchange. Some popular exchanges that support USDC include:
- Coinbase ( https://www.coinbase.com/ )
- Bitstamp ( https://www.bitstamp.net/ )
- Binance ( https://www.binance.com/ )
You could transfer your USDC to your exchange account where you can sell your tokens for FIAT (e.g.: EUR or USD or GBP or ...) and wire them to your bank account (e.g.: via SEPA)
For a more comprehensive list of exchanges that support USDC, visit CoinMarketCap's USDC page.
Learn More about USDC:
If you're intrigued by the technology behind USDC and wish to delve deeper, Circle offers an in-depth look into how it functions.
USDC can be transacted over various blockchain networks. In this context, the USDC you receive will be sent over the Ethereum network, aligning with the default settings of your MetaMask wallet. This means the USDC will conform to the ERC20 standard.