Okay. I've summarized, how I usually convert $MUSIC to the currency that I want. Be warned, these are only, my way of converting $MUSIC to INR(Indian Rupee). So, use this method at your own risk.
- Transfer $MUSIC to Bittrex.
- Sell $MUSIC for BTC in Bittrex.
- Transfer BTC to localbitcoins
- Sell BTC for desired currency.
- Create a bittrex account.
- Login to your account.
- In bittrex, you can sell $MUSIC for BTC. You need 2 address in bittrex to hold $MUSIC & BTC amount.
- $MUSIC address, used to receive $MUSIC from personal account & to sell $MUSIC for BTC.
- BTC address, used to receive BTC from the buyer of $MUSIC.
- First lets create $MUSIC address by clicking on
Walletin the Bittrex main menu(top).
- Search for
MUSICin search box. Only Musicoin will be listed in the table below. See below screenshot.
- Click on
+icon in the beginning of the row.
- A dialog box will be show. See below screenshot & follow the instructions in there.
- Generated address will be show in the text box, as show in the below screenshot.
- Repeat steps from 5 to 8 to generate BTC address(Note: Search for BTC instead MUSIC).
- Copy generated $MUSIC address & head over to https://musicoin.org/nav/profile, to transfer
$MUSICto Bittrex & click on
Show optionslink in
- Enter copied address in the
Recipientfield & amount in
Amountfield. Hit send!
- Usually it takes about 10 minutes to see the funds in bittrex account. May take more or less time.
- Once you see the transferred amount in
AVAILABLE BALANCEcolumn, goto trading window, by clicking on the
Sell Musicoinsection looks like below. Follow the steps in the below screenshot to make a sell order.
- Sell order dialog looks like below.
- Enter the generated BTC address in the next dialog, when asked.
- Wait till the sell order to complete. It will take variable amount of time depending on the amount you specify.
- While you wait for the sell order to complete, goto https://localbitcoins.com/ & create an account.
- Login to https://localbitcoins.com
- Click on
Walletlink from the top menu.
- Click on
Receive bitcoinstab or goto https://localbitcoins.com/accounts/wallet_receive/ & copy bitcoin address as mentioned in the screenshot.
- Get back to bittrex
Walletsection to withdraw funds to localbitcoins.com.
- Withdraw dialog looks like below. Follow the instructions in there.
- Finally, find a buyer who can give your desired currency for your bitcoins, make a trade, provide the buyer with your bank account details, once you see the money in your bank account, release bitcoins to the buyer.
This is how, I am converting $MUSIC to INR. I hope this helps!
@restless-natives Currently, one can purchase musicoin from bittrex exchange. I am not sure about other exchanges. With bittrex, an user can purchase $MUSIC using BTC or ETH & transfer that to Musicoin web wallet. Then, that coins can be used to tip artists.
I agree that for an user or listener, this is a lot of work to just to tip the artist. But, I am sure that, in near future, we will have some setup in place to buy musicoins easily with just few clicks.