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comment by kleinbl00
kleinbl00  ·  2592 days ago  ·  link  ·    ·  parent  ·  post: Can someone walk me through converting my ETH into USD or CAD?

1) Establish an account at an exchange. I have accounts at Kraken, Coinbase and Gemini. I use Gemini. In no small part because it's the only one not so shady that it isn't allowed to do business in NY and WA state.

2) Link your exchange to your bank. My bank is tiny. I had to wire Gemini. It cost $40. Gemini spotted me $40.

3) Sell ETH for USD or CAD. If you sell on a thin day and you have more than a few thousand $, you will actually see the market dip. You can watch this happen.

4) Transfer money out of your exchange and into your bank.

5) Be prepared to accept that the IRS (should you need to deal with the IRS - you're a Canuckistani if I recall correctly) considers cryptocurrency to be an equity and subject to capital gains, which can run as high as 20%. Not sure about Canuckistan.

Sorry to hear about your rainy day.





coffeesp00ns  ·  2592 days ago  ·  link  ·  

thanks.

I got an account at coinbase, but they don't let me sell, because I'm in Canada. I'll have to investigate gemini.

I'll also keep a record, just in case the Canada Revenue Agency deals with cryptocurrency the same way. it's not much, so i doubt it will affect my tax return, really.