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Ok, this is how to cash out your XRP via the XUMM wallet: for dummies edition. You will need a Bitstamp account for this method to work. I assume Gatehub also works, but for the purposes of this guide I will be using Bitstamp as the example because it's the one I have experience with and have tested to work. You will also need a Phone. Special thanks to @RobertHarpool for presenting the idea and pointing me in the general direction in the first place. This is assuming you either don't want to use Uphold or can't for whatever reason. I finally went through the trouble a few nights ago but never came back here to update the post and write the guide. The "cashing out" will be done using the XRPL's built in DEX. Sounds complicated but it's very, very simple and I will lay down the instructions step by step so you can do it. 1. Download the app " Xumm - your xrp wallet". This can be done in your phone whether you are on iOS or Android. Use your respective operating system's app store to download it. This guide will be assuming you're on your phone, because it's convenient and u take it with u everywhere. 2. Follow the instructions and read thoroughly everything that the XUMM app takes you through. I suggest making a new account as opposed to importing one, for simplicity's sake. It also adds a layer of redundancy/safety since you will have an extra stash for your assets. 3. The last step on the XUMM setup when creating a new account is to write down your "secret numbers". This will be displayed on the app for you to write down (offline!) and keep it stored safely. The secret numbers are 8 rows labeled A through H and contain 6 digits each. I highly encourage you to write it down in more than once paper and hide the different copies in different locations, two should be enough. You could type it out and print it instead if you're afraid of the ink either getting wet for some reason or smudging and becoming illegible. If you do so, I'd recommend you do so in an offline machine that never goes online and also use a printer that never goes online. You never know. Once you write them down, you will be asked to enter them to confirm you copied them correctly. 4. After you write down the secret keys I believe you get to create and name your account, do that and go to the next step. 5. You will now be able to fund your account. If the screen is not already there, tap on "Home". Since your account isn't funded, there should be a message that says ur acc is empty and you can tap on it to get the public address so you can send your funds to that address. You can simply tap on the "copy" function and then E-mail it to yourself if you access the exchanges through a computer. If you access the exchanges through your phone, then voila, you already have the public address copied and ready to be pasted. 6. Ok now that you have your recipient public address copied, go to wherever it is you have XRP stored (Wallet, exchange, etc) I will use Coinbase as an example. Login to Coinbase, click on Portfolio and then click on your XRP. On the right hand side you will see the option to send or receive, and send should be pre-selected. If it's not, click on send. Where it says "To", click on that and then paste the public address you copied from your XUMM account. You will leave the XRP tag empty because it's not necessary. The minimum amount you can send is 20 XRP because that's what's needed to activate your wallet. Of course you can send less for testing purposes, and if you feel unsure then by all means, send less. Once you confirm you did it correctlly and receive the XRP and it's reflected on your XUMM app (it should take seconds), then you can go ahead and send the remainder to activate the wallet and some extra to do a test sell with. 7. Ok, your XUMM wallet is now funded with some XRP, now what? How do I get USD for this? Well, in your home page, under the XRP balance that has the Send and Request buttons under it, under THAT you should see something that says "Other tokens" and a little further right of that there's a button that says "+ Add". Tap on it and you should see two columns. The one on the left says Exchanges and the one on the right says Tokens. You're interested on the one on the left. Tap on Bitstamp and it will now appear on your homepage under the "Other tokens" section as "US Dollar, Bitstamp USD" These are Bitstamp USD IOU's which is what you will be trading your XRP for. 8. Ok, now tap on the "US Dollar Bitstamp USD" and a window will pop up with two buttons: Send and Exchange. Tap on Exchange, enter the amount of XRP you wish to sell and then tap on Exchange in the bottom. Voila! You will now have a balance on the right side next to the Bitstamp USD showing how much you have. 9. Ok now it's time for the juicy part. Log in to your Bitstamp account, click on deposit, and on the left click on "IOU (BTC,USD" and you will get a screen with a QR code to scan and You'll also see the public address and destination tag in case you have to enter it manually. 10. On your XUMM app, tap once again on the "US Dollar Bitstamp USD" and then tap on Send. A screen will pop up where you enter the amount and then tap on "Next". This is where you tap on the square looking thing which is for scanning QR codes and scan the QR code on ur bitstamp acc. You should now see a box under "Search results" that says Bitstamp (and Bithomp to the right of it in smaller text) and your Bitstamp public address should be typed in automatically. Tap on "Next" and the next screen will say "This address requires a Destination Tag". Scan the QR code or enter it manually if the scanner doesn't work for whatever reason (It doesn't work when I try it, so I assume the destination tag just isn't there). You might have to write it down in your notes and then copy it. MAKE SURE YOU WRITE DOWN THE DESTINATION TAG PROPERLY. Once done hit Next until you're done. 11. Congrats! You have successfully cashed in XRP for USD through the XRPL! Give it a few moments to transact and then click on "Account" on Bitstamp and you should now see the USD from the transaction be reflected in your balance. If you have any further doubts or need help, don't hesitate to post in this thread and I will do my best to help (and maybe other members might even chime in before me). This forum is full of very knowledgeable and nice people
Sorry, but can someone help me. I am from the EU and want to buy XRP/Ripple asap. But i never bought crypto. I did try Kraken a hour ago, but Kraken is bugged.
As demand for cryptocurrencies is increasing day by day so is the concern of crypto regulators. Every country has its own views regarding cryptocurrency and therefore has set up its own set of rules for its regulation. https://viraldocks.com/guide-cryptocurrency-regulations/
If I'm correct this isn't mentioned on xrpchat yet. You can download the pdf file by filling out the form https://ripple.com/bankers-guide-to-blockchain/ It's about 10 pages so I don't want to quote too much, just read it yourself