Hi, Im new here and have some questions.
I bought into ingnition with a CC for $300 and now have $1900 so I am able to cash out. I figured out how to forfeit the Casino Bonus to make funds available for withdraw.
My question is is bitcoin the best way to withdraw? I have no knowledge of cryptos or the steps necessary to withdraw, convert to cash etc. Can someone give me a detailed step by step? Or should I request a check and just wait a few weeks or month (what i expect) to get paid?
Thank you
I use
ignition and always use the withdraw
Bitcoin option. Why? No fees and you receive the bitcoin in under 24 hours. From there you sell the bitcoin on the market for $USD.
Then you withdraw the $USD from a wallet that has your eft info (to electronically transfer funds directly to your checking account.
Since you are new to Bitcoin, you will need to research how the process works. I will try and explain here. Before you withdraw your winnings, you will need to set up an on-line wallet account that receives bitcoin.
There are many steps but with repetition, it’s a very easy process. If you want to arrange the process so that it happens directly on your cell phone (if you have an
iphone), I recommend you download an ap called BRD (Bread Wallet). You should be able to set up this wallet in a matter of minutes.
Once set up:
A. Click the Bitcoin section
B. Click receive bitcoin
C. You should see a QVC box, below that click the share box, then click “copy.”
This copies your wallets’ address so that when you withdraw at Ignition, you paste this long string of coding which
tells Ignition where to send you your win Bitcoin (BTC).
Indicate how much you want to withdraw and hit process. Don’t panic if you make a mistake. Ignition will give you about 6 hours to cancel the withdrawal if god forbid, you input the wrong Bitcoin wallet address and some random untraceable person wound up with your winnings!
Assuming that you made no mistakes. Wait about 6 hours. If this is your first withdrawal, it will take up to 10 days (at least that is what happened the first time I made a withdrawal).
After about 6-12 hours, you will receive a message from Ignition tell you your BTC withdrawal was processed. Wait around 15 minutes and then check your BRD wallet.
You should see activity in your BTC wallet that indicates your are receiving BTC. I always get excited when this happens!
About an hour later your wallet will indicate that the transaction was posted. And now, you own BTC.
So now what? You still need to sell Bitcoin. How do you do that? You need to sell the BTC on the open market. What’s challenging about this part is if your withdrew $1,900 from Ignition, that value you received in BTC one hour ago may have been when BTC was priced at $10,120/BTC.
But an hour later, the price of BTC could be
$10,759 or it could tank to $9,350. Usually the range over 3 hours is +\- 1.5% the value of a BTC when you received it.
What this means is that you will notice that the cash value of the BTC in your BRD wallet will fluctuate both up and down. Keep that in mind. This means you need to be savvy as to how BTC pricing has been recently. You can Google the Bitcoin price and find out how favorable the market is before you decide to sell your BTC.
Ok, assuming you want your cash as soon as possible to be received in your checking account. You need to move your funds from your BRD wallet to a separate wallet that allows you to sell the BTC. One popular and easy (though expensive) such place is Coinbase. Like BRD, you will need to set up a Coinbase account. Do this As SoonAs Possible as the verification process takes around 5 business days. This is because you will need to link your checking account to your Coinbase account so that you can with draw the BTC you sell.
Assuming you have that done, once your BRD wallet receives BTC from Ignition, you can send the BTC from your BRD wallet to your Coinbase wallet. Once received, you can immediately sell your BTC.
Final step is withdraw and a day or two later you will see the funds in your checking account.
How much does this cost???
Let’s say you sold $1,900 worth of BTC. The charge is 1.5%. So you would really be winning $1,900 less a 1.5% BTC transaction fee (around $28.50) so you wind up with $1,871.50.
What’s worse is, if the value of BTC drops, you will also lose money that way too. Though, the price could appreciate so much that even after paying a 1.5% commission, you may end up with >$1,900.
So expect a $1,900 to turn into between $1,925 and $1,925 in your checking account.
One last option, if you want to profit on your sale of BTC, you can sell it on the market on your own for more than the market value. This is risky because E/con artists could trick you. One site for selling your BTC for things like Amazon cards, etc is a site called Paxful. They are very secure but it’s a headache to do but is the most optimal.
Beginners use Coinbase and pay the 1.5% commission.
Once u get sick of paying so much, you may want to use Kraken. They only charge a 0.26% commission. I am using Kraken today and will report to you later on it’s effectiveness.
