Selling Garlicoin (for Fiat)

From Garlicoin Wiki
Jump to navigation Jump to search

Selling Garlicoin on FreiExchange

It is possible to exchange your freshly baked or bought Garlicoin for Fiat. (Dollar's/Euro's) However at this time there is no way to directly buy or sell Garlicoin with Fiat. It is however possible to use a combination of Coinbase and FreiExchange to buy and sell your smelly baked coins!

  • Put some Garlicoin in your FreiExchange wallet.
Make an account on FreiExchange by clicking 'Register' on the top right of the FreiExchange homepage. Check your mailbox and confirm your e-mailaddress.
  • Deposit GRLC to FreiExchange
Log-in to FreiExchange and click the "Wallets"-button on the top. Scroll down to find your Grlc-wallet and click the green deposit button. The address found there is your FreiExchange GRLC wallet. You can send the GRLC you want to exchange to this address. It might take a while for your GRLC to appear in Frei.
DO NOT SEND OTHER CURRENCY TO YOUR FREI GRLC ADDRESS, IT WILL BE LOST FOR EVER.
  • Make a sell order
Now that your Frei GRLC-wallet is full of smelly goodness you can make a sell-order on Freiexchange. At the top bar click the Markets-button. Then click on the word GRLC/BTC. This will bring you to the current Garlicoin-Bitcoin Exchange. Scroll down to under the graph and you will find two boxes: Buy and Sell. We will need the Sell order box. Enter the amount of GRLC you want to sell at the "amount"-box, the price at the "price" box and a total net win will be displayed at the "total-box".
You can also click your GRLC at the "Your Balance"-box to select all the GRLC in your wallet.
When you are happy with the price in BTC press the big red SELL-button. Your sell-order will appear at the bottom of the page under Active Orders. When sold Frei will add the BTC to your BTC-wallet. Wait untill the GRLC is sold and you are all set to head on to CoinBase!
  • Frei to Coinbase
Open a new account on Coinbase by pressing the "Get Started"-button on the top right of the homepage. Enter your First- and lastname, e-mail and a password. Press create account and confirm by pressing the link in your inbox. Then sign in to Coinbase! You will land on the Dashboard. From there click the top right button "Send / Receive".
A new box will pop-up. Click "Receive" and be SURE to select Bitcoin under "Asset". Copy the address you get from this pop-up.
Back to FreiExchange! Send the Bitcoin you got from selling the GRLC by going to Wallets - Bitcoin - RED WITHDRAW-BUTTON. You can then enter the amount of BTC you want to exchange, enter the Coin-base address at the "To Adress"-box.
You will have to pay a small fee.
Then press the green Withdraw-button.
  • Coinbase to Fiat
After a while you should receive the BTC on your coinbase-account. You can verify the transfer by clicking on the small 'Portfolio-button' on the right bar of the Coinbase interface. Your portfolio should show the amount of BTC on your account under "Your Assets". At the top of the page you can now select "Buy/Sell". Then select the "Sell"-button and enter the amount of BTC to sell at the top. You can then sell the BTC for Dollar/Euro. Wait a while for the sale to get through.
  • Last step! Cliaming the $/€ and sending it to your bank-account
When selecting your portfolio you should now see some $/€ in your Coinbase-account. Click on the asset and on the right click Withdraw. Press continue, enter your bank-account-info or debit card info and you are done! Congrats!


Bounties

  • 5 GRLC - WhaleGoddess
  • 5 GRLC - Xlrion
  • 5 GRLC - Wcmiker
  • 5 GRLC - Jorgejorge
  • 10 GRLC - GarlicFarm (GarlicWatch.com)