Cash out from SpankChain
You will need three accounts total to cash out from SpankChain.
The first is your Spankchain account, obviously.
The second is your hot wallet, which is a digitally secured, encrypted wallet program. For ethereum, you can choose to use MetaMask, a chrome browser extension, or myetherwallet. I use MetaMask.
MetaMask wallets can also be opened in a phone app called Cipher.
ALWAYS write down the 12–24 words given to you in cryptocurrency ON PAPER. DO NOT store them digitally. Anything digital can be hacked, and your money stolen. It is very easy to steal photos from phones or apps.
Once you gain enough cryptocurrency, it is generally advised that you get a cold wallet, also known as hardware wallet. The Trezor and Ledger are generally accepted to be good. NEVER buy from a 3rd party seller like Amazon or eBay, only DIRECTLY from the manufacturer. ALWAYS reset/wipe the wallet before putting your money on it. You can learn more about how to reset a Ledger :)
The third account you will need is with the exchange of your choice, Coinbase or Gemini being the most popular. Gemini often requires you to certify your banking information with a wire transfer, and the $15 fee was prohibitive for me, so I chose to use Coinbase.
Let it be noted that Coinbase is NOT sex work friendly, but the only instances of shut down accounts I have seen was from people USING Coinbase to accept payment. Don’t do that. Use your MetaMask address for Cryptotitties and for outside Ethereum payments. Once you are a verified SpankChain performer, email models@spankchain.com to be added to Cryptoptitties. I also funnel my Ethereum from SpankChain through MetaMask, then to Coinbase as well.
Coinbase will usually take 1–3 days to verifiy your bank info with the $0.01 holds, after which you can add your debit card to instantly purchase crypto as well (or you could when I made mine, I’ve seen some rumors saying you can’t anymore).
After you have all 3 of these things, here is specifics
To move your money from SpankChain to MetaMask, you go to the top right circle on SpankChain, click “Send Ether” and input your MetaMask wallet address. This can be located by opening the MetaMask extension and clicking the 3 circles in the top right, then clicking “Copy address to clipboard”.
It is VITAL that your address is 100% correct. This is like an email address, only that it affects your money. If it is off by 1 letter, 1 capitalization, it will not go to the right place and there is no way of returning your money. (no bank to freeze your account and no bank to return a wire transfer either)
It will usually take anywhere from 1 to 60 minutes for a transaction to move from one to the other. The length of time it will take can be gauged by how high “gas” is. If gas is only 2–3gwei , it will be quick. If gas is 15–50gwei, sit tight and be patient. Gas fees are measured in Gwei, an even smaller denomination than FIN, with 2gwei being approximately US-$0.000002. You can not send 100% of your ETH to Coinbase, because you need to leave some in the wallet for gas fees. You should leave at least 0.001 in the wallet on MetaMask!
Once your money is in MetaMask, you do the same thing but with Coinbase. Go to Accounts on Coinbase, then click Receive for the Ether. There is an easy “copy” button designed to keep mistakes from happening. (This is desktop. On the mobile app, in accounts, there is a QR code button in the top right corner. That should give you your address.)
Once your money has reached Coinbase, go to the Buy/Sell tab. Input the amount you wish to sell, confirm the sale, and wait for the money to hit your account. If you do not get an email confirmation of sale within an hour, double check that you confirmed the sale. (I’ve done a sale on my phone once and not confirmed it so it timed out and my phone glitched, it was a mess. Do not want.)
Please note that Coinbase will not automatically send Dollars to your bank account. Just like any other bank transfer, you need to tell Coinbase -now acting as your bank, not as exchange- to pay the bill … with the upside of you being on the receiving end!