Fun tokens have taken over the crypto world. The craze of meme coins is growing. There are many meme coins such as Dogecoin, Shiba Inu, Pepe, Official Trump, Bonk, Dogwifhat, Pudgy Penguins, Spx6900, Act, Mog Coin, Peanut the squirrel, Cats in a Dog’s World, Popcat, and Gigachad. Many people have also made profits from them. But ultimately, the real fun is getting the money in the bank account. So it is important to understand how to convert these tokens into dollars. You may have sold PEPE a few times and learned how important it is to take the right steps. In this article, I will tell you in simple language how this process is completed.
Process of converting MM coins to USD
The journey of crypto transactions is completed in several steps. First, the tokens are sent. Then the trade takes place. After that, the funds come to your bank account by a withdrawal. This sequence is simple to understand, but caution is necessary. Minor changes in each step can affect the cost and time.
Secure wallet selection
Your tokens can be kept in any digital wallet. You used a mobile wallet in the beginning. Then learned that a hardware wallet is more secure. The wallet is chosen keeping in mind security and convenience. Two-factor authentication should be enabled as far as possible.
Sending tokens to an exchange
The coins need to be transferred from the wallet to the exchange’s deposit address. Remember to copy the address correctly. You accidentally missed a letter, and it was impossible to return the tokens. So, small transfers are done first to check the balance. After this, the full balance can be sent.
Converting tokens to stablecoins
Usually, PEPE or other meme coins are first traded for stablecoins like USDT or USDC. This is done so that fiat currency is readily available on the exchange. The trading process can last from a few seconds to minutes. You have noticed that the price changes quickly, so do not delay placing the order.
Preparing for withdrawals in USD
The option of fiat withdrawals is chosen after stablecoins. Many platforms have a bank transfer or PayPal option. One should pay attention to the minimum withdrawal limit set by the platform. More information is asked for in the first withdrawal. You had uploaded your bank documents beforehand, which saved time. If you are dealing with meme coins like PEPE, this is the stage where PEPE to USD conversion becomes real,
Funds received in the bank account
The funds can be credited to your bank account within 24 to 72 hours after the withdrawal request. Sometimes there is a delay due to external inspection. You once waited for four days. Then the exchange’s customer service helped. When the process is complete, you get notified via email or message.
Fees and slippage to watch out for
There are fees attached to every step. Transfers from wallets incur gas fees. Trading incurs slippage. Withdrawals incur bank fees. You noticed that the percentage of fees increases when sending in small batches. So, splitting a large transfer gradually is a good idea to avoid.
KYC and identity verification
Identity verification is mandatory on the exchange. Passport, Aadhaar card, address proof, etc., are required. You had completed this step beforehand so that there could be an instant withdrawal if needed. The process may also involve photo verification and video verification.
Using P2P Options
Some people sell directly to another person using P2P platforms. The credibility of both parties matters. You once did a P2P trade. The deal went well, but you had trouble managing time. This option should be chosen when the exchange option is not available or the fees are too high.
DEX and Bridging
Trucking can be done directly on a decentralized exchange (DEX) like Uniswap. Then, stablecoins can be sent to another blockchain using a bridge. This process seems complicated. But once you get comfortable with it, it becomes a straightforward path. You saw it and learned how important it is to be cautious.
Risk and Caution
Sometimes, even a minimum amount can be lost. You once suffered a loss due to a small price drop. So, one should take steps with a plan. Also, keep a payment app or cash option ready for emergencies.
Lessons learned from experience
You were a little nervous about your first trade. But you were happy when the money came into the bank. That day, you learned how important regulation, identity verification, and risk management are. That is what formed your future strategy.
Bottom line,
This is how mm coins can be converted to USD. It is important to choose the right platform, verify your identity, and know the fees. Small preparations prevent big problems. Move forward with understanding and patience. Your experience says that the fun is in the learning process. Gradually, you will master this process.
