Explain like I'm five

I love Musicoin. It's so cool feeling like we're part of this elite club trying to better the lives of musicians around the globe. I have to admit, however, this whole thing is incredibly confusing.

A few months ago we had close to $300 USD in our wallet and in an attempt to withdraw that money I transferred to our wallet address. For the last 3 months or so we've been trying to take this blockchain and put it in our bank account but if I'm being honest I have absolutely no idea how to do this. It's our ignorance about the whole Cryptocurrency world for sure, but still, if there is someone out there willing to patiently hold my hand through this I'd really just like to get some groceries and fill up my car.

Many thanks

Taylor and Logan

TL;DR We don't know how to get into our "wallet" or even the first thing about crypto currency, but we made a decent amount of money and would like to pay bills. Please help.

@taylor-angus So your saying you had almost $300 worth of Musicoins and you transferred it into your wallet? Did you download the musicoin wallet app or do you have an online wallet? Whichever it is you have to use an exchange and convert the Musicoins into bitcoin than sell the bitcoin on the exchange for the money, than you should be able to transfer it to your bank account or debit card, whichever you have.

You can't send from Musicoin to an exchange yet, you have to send it to your wallet first, than send it from your wallet to an exchange.

last edited by Hydro Hellsing

@Hydro-Hellsing Thanks so much for the help!

Ok SO. I understand the exchange part, but there's about a billion different wallets. I've downloaded version 1.01 on my mac computer, with linus-x32.tar.xz

I may as well be looking at ancient greek, and the reddit forums are no help either.

Sorry about all the questions! Just a little frustrating.

Ambassadors

@breez @Taylor-Angus -- from my experience there is not major differences , the only difference that i know in practise is that you can send directly musicoins from your musicoin profile to your musicoin wallet in bittrex that you can not do in cryptopia, for cryptopia you have to transfer first the coins to the musicoin wallet and then to cryptopia ... always send a small amount first like 1 musicoin to see that everything works and then send the amount you want... also in bittrex the amount of musicoins on sell/buy is bigger than cryptopia... that for me it's not big difference... the most safe practise is to have your coins spread so if something happens to cryptopia like maintenance for example you have coins in bittrex and vice versa.. so is a good thing now that they are opened again for registration to have accounts both in cryptopia and bittrex just in case...
next step is to exchange the musicoins to bitcoins ... and after that there 2 option or you exchange the bitcoins to tether which is fixed to the american dollar or you send your bitcoins to coinbase (you have to open an account there too) in coinbase you can turn your bitcoins to euro ..and then send it to your bank account... seems like a lot of steps but actually is quite easy 🙂
im not an expert i just wrote basic things that i do and work... so the best thing to do is read watch tutorials on how markets work and ask questions ... its the only way to learn and have your own understanding eventually of how things work 🙂

last edited by Asterios Papastamatakis
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@taylor-angus even though im greek and i can read ancient greek i don't understand them....aaxaxxxaxax

last edited by Asterios Papastamatakis
Ambassadors

@asterios-papastamatakis and @Hydro-Hellsing Sooo many thanks for your explanation, Musiguys! 🙂 And thaaanks to @Taylor-Angus and @Breez for asking 😛

That converting procedure was one of the questions which arose during our first Musicoin Guatemala meeting.

Regarding the last step, sending the "fiat money" to our bank, do you know if all existing banks are accepted? Guatemala being a small Central American country, we faced a doubt about its inclusion among the admitted "banking territory". I guess I'll have to create a Coinbase account to elucidate this point...

Actually in my case the first step will be to create a bank account 😉 I've always resisted to do so - delivering personal data and money to legal scammers and robbers - but I guess for the sake of Musicoin's use it'll be a necessary move.

Btw, if we have access to a Bitcoin ATM, could we turn our Bitcoin-converted Musicoins directly into euros or dollars, without the need of a Bank(rupt company)? 😄

(as far as I know, the whole original cryptocurrency spirit aims to disintermediate and to disrupt traditional economy, and seeing the banks as compulsory "partners" to receive our Musicoin-generated retribution is a painful paradox ☹ )

last edited by Ijatz Guatemala
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@ijatz-guatemala before you register in coinbase google and read if you are in the list of accepted countries also after you register you can read it and find out there..... with bitcoins atm here in greece yes i can send to the bitcoin atm bitcoins from my wallet and next day i can withdraw the money ... here in greece you can withdraw 4000 euros a day so yes youre not forced to deal with a bank if you dont choose

last edited by Asterios Papastamatakis
Ambassadors

@ijatz-guatemala but some bitcoin atms are only for deposit and some are for deposit and withdraw so before you decide what you want to do investigate thoroughly to know what you can do and what cannot do

@breez I'm not sure, but Cryptopia's been having a lot of problems lately a lot of people are saying, I guess they can't transfer their cyrpto or something like that, I haven't seen anyone complain about Bittrex but that's basically because I haven't seen any users say anything, although I did look up an exchange list when I posted that earlier and Bittrex topped Cryptopia.

@taylor-angus I'd pretty much say read the exchange's recommendation, since Bittrex exchanges Musicoin I would imagine the Musicoin Wallet will work, if not than MyEtherWallet which is an online Wallet. Just make sure you send a small amount first to make sure the transfer goes through so you don't lose any large amount of coins.

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