Hi, how do I send my Cardano ADA from my Yoroi wallett to my fiat bank account?? I presume I need to send it to an exchange. I use Binance Exchange and I also have a binance chain wallett. Any help would be much appreictated.
If you have binance you just need to trade you ADA for EURO - pair ADA/EUR.
IMO Trade Classic is the best option for spot trading, can’t get easier.
Altough you might find preferable the Trade Convert option.
Both options are in the Trade tab. After you trade the ADA for EUR, just withdraw it to your bank account.
EDIT: So you go to binance deposit, generate an ADA address, copy/paste it to yoroi SEND tab, press send, insert the spending password and ammount, in 5/6 mins you have you ADA in binance. Follow after the steps above mentioned.
thanks for this. Do I use copy address for BEP2 (binance chain) or BEP20 (Binance Smart Chain)
Hi jpsrrv, Yoroi is not acceting the copy address for both BEP2 and BEP20. Is it possible I can call you on whats app?
all sorted now thanks
@jpsrrv instructions are correct.
Now, I would suggest to anyone taking profits or cashing out: consider why would you sell your ADA when you can borrow against it and keep your ADA (or any digital asset) for long term? I believe many platforms already provide that service with a decent (not great) interest rate (BlockFi, Nexo, etc). Meld project (in the Cardano chain) claims the debt will pay itself over time!
If you believe that projects like Cardano will be able to compete and provide more services than currently successful blockchains (read Ethereum), imagine what the price of your assets will be in 3, 5, 10 or 20 years.
BTW: This is not financial advise, just sharing what I have learned from others!
Last week I did try the first borrowing of BUSD with ADA.
To be honest I found it quite straight forward and simple.
Altough the collateral binance asks is HUGE, ammounts in my case to ~2x the borrow ammount, paying 5/6 BUSD of compound along 3 months is really nothing IMHO. Take in consideration my collateral coin and the next trimester market growth.
Bottom line, instead of instantly liquidating X ammount of ADA, I will only liquidate a Y fraction in the short-term.
I haven’t watch the clip yet but I will.
I only get parts of the transcript.