Have a question for our Crypto experts. My buyer wants to pay me using Ethereum, how do I go about doing this? He wants to use an Escrow service and will send the Cryptocurrency payment there.
We started mining a bit of Ethereum a few months ago. Depending on the exchange rate, it should take us a year or less to make back what we paid for the equipment (those graphics cards have gotten pricey!). We’re mostly exchanging it back to $, but my husband wants to hold some and We started mining a bit of Ethereum a few months ago. Depending on the exchange rate, it should take us a year or less to make back what we paid for the equipment (those graphics cards have gotten pricey!). We’re mostly exchanging it back to $, but my husband wants to hold some and play with it.
I’ve never heard of a crypto escrow service, but to receive Ether, you need a wallet address. I think the quickest way is probably via My Ether Wallet. However, it may be a bit complicated and, if your buyer can wait a bit, I’d open an account with a US-based exchange like Gemini, where you’ll be given a wallet address to receive the ETH.
Once you have the ETH on Gemini (or Coinbase or another exchange), you can transfer it, keep it, or sell it for US dollars.
If it’s a large amount of money, you might want to send a small “test transaction” first to make sure everything goes well. ETH transfers are generally irreversible, and there may be no way to recover a transfer sent to the wrong address. If you have the send and receive addresses, you can track transfers here.
Hope this helps,
Thank you for your time to reply to my inquiry. This is a first time for me as well. The buyer is Japanese, and he will make the payment to an Escrow account, and it will then be released to me. Apparently, the Escrow service accepts Crypto payments. I do have a Coinbase account that was opened a few months back but have never funded it. Is there any way to do “test transaction” on Coinbase?
I don’t use Coinbase, but, if possible, I’d ask your buyer to make a small transfer first. Then, when it goes through, have the buyer make the larger transfer. This would just be to ensure that the buyer has your correct receiving address.
If your account is active and has an active receiving address, there should be no issues. I’ve sent and received ETH many times, without any problems.
The only problem would be if the ETH is sent to the wrong address. In that case, the only way to get it back would be to have the owner of that address return it, which would be an almost impossible task (since it would be almost impossible to figure out who owns the address in the first place).
Never heard of it. I personally use Gemini.