Hey guys and girls Welcome back to the Bitcoin series. Where I try to find a way to make a passive
income through digital currency mining. My name is Jake Owens, this is Millionaire
Mindset Hub. Excuse the ah.. very cluttered screen XD I ah.. really need to tidy my desktop A lot of you guys have been asking me how
to withdraw money from MinerGate. You know, get that into a wallet or simply
get that as cash into your hand. In this video I’m going to show you guys how
to take your money and put it into an exchange and then from there take it out into cash. So.. Let’s get into it! Hey guy, I’d love to hear your opinion on
that new intro. The new music track, I got that from Icy One
which is a YouTube channel who you know.. Simply commented on one of my videos saying
that I can use his royalty free music and you can too, so check out his YouTube channel
if you’re interested in the description below. And ah.. yeah, let’s get into doing this. It’s really important to know how an exchange
actually works and why it works that way. So let’s head over to the animation and let’s
learn what an exchange is, why it’s important and how it works. A currency exchange is simply a centralised
place where people buy and sell currencies. They usually do this with either the intention
to make a profit by buying one currency for a low value and then seeing it when it’s worth
more. Or.. because they’re moving to or visiting
another country and need to exchange their currency for the foreign countries legal tender. A currency exchange is important because if
there was no centralised exchange, it would be very difficult to purchase other currencies
and determine their value. Remember, goods and services are worth what
people are willing to pay for them taking into consideration supply and demand. However, without a centralized exchange there
would be no way to accurately determine what the value of your currency and the currency
you’re purchasing is which can be unfortunate if your perception of the currencies value
is not what it’s true value is and you pay too high a price. Currency exchanges worth by using the laws
of supply and demand. When people are in demand of a currency the
value increases. When the demand decreases, so does the currencies
value. The other thing to remember, is that for you
to be able to sell your currency someone else must be willing to purchase it at the rate
you’re proposing to sell it for. This is why when you’re wanting to convert
a less popular cryptocurrency, such as Bytecoin into a traditional currency you first need
to convert it into Bitcoin and then from there convert Bitcoin into a traditional currency. The reason for this is, is because there isn’t
enough demand of people purchasing these smaller currencies with traditional money. So.. if you were to go straight from a smaller
currency to traditional cash you’d be waiting a long time before a transaction would go
through because there is little demand for it. Because of this reason, you must exchange
your smaller cryptocurrency for Bitcoin which has a much higher demand of people purchasing
with cash where you’d then be able to very quickly sell it for a traditional legal tender. In summary, a currency exchange is where people
buy and sell currencies which their value is based on the laws of supply and demand. It’s important because it gives people and
easy and efficient way to exchange legal tender at it’s proper value. And it works by people buying and selling
the currencies off of each other managed by the global centralized currency exchange. So firstly, I’m going to open MinerGate. So I’m already logged in but if you’re not
already, go ahead and do that and then go ahead to your Dashboard. So I’ve got about $1.40 USD in my account. So, I’m going to be getting out Bytecoin. So the first thing I’m going to do is go to
a currency exchange. So the one we’re going to be using is HitBTC. It’s the Bitcoin exchange. Register. So, I’m going to add my details. And let’s create a password. No I’m not a robot. Register.. So go ahead and do that, just follow along
if you’re inclined to do so. I’m going to save that password because I
can never remember.. Haha I can never remember passwords I use. Alright so.. *reading* Alright so, I’m going to do this and I’ll
meet you guys right back where I land on when I hit that confirm button. Welcome back! This is where I’ve landed on when I clicked
on the confirm button in my email. So go ahead and do that and then you’ll land
on this page. So this is also an exchange, so you can actually
buy, sell Bitcoin and other currencies as well so this isn’t just an exchange but it
also does have a wallet in it. Let’s go into our account. In your account, you can.. You’ve got your main account, which shows
you that amount of coins that you have in your main account, in your trading account
and on orders. Alright, so let’s find Bytecoin. BCN, there we go. So what you want to do, is click this little
button which is fund and then you want to get a wallet address. You want to click what it said here, which
was generate new wallet or something like that. And then you want.. Yeah so it’s create new, then you want to
copy the wallet address. Then what you want to do is go ahead back
to MinerGate and you want to click on withdraw. So, we want to send.. I’m going to send everything. So, 249.28579477. Alright.. Wallet address.. So that is my Bytecoin wallet and.. let’s
withdraw. Withdraw successfully created . Great! And then lets refresh.. And you see that we have no Bytecoin. And it should appear in my account.. Ahh.. shortly. So, I’m going to pause the video here. And then come back and show you guys that
it is actually in my wallet now. Welcome back! Even though the time says that it’s a lot
different, I was actually on a call so that’s why I’ve delayed creating this next part of
the video. But, it only took about 10 minutes for this
transaction to actually be completed from MinerGate to get into the HitBTC wallet. Which is actually really good! Much faster than any bank. So that’s very impressive. Now, in terms of actually getting those coins
into your hand as cash what you’ll need to do when transferring coins to traditional
currency, is click on this button. This is the withdraw button. So you click on this, you’ll put in your address. So that would be your bank account, your payment
ID and how much you’ll receive minus the fee that HitBTC takes out. What you need to do is scroll to the bottom
and let’s go to the FAQ section as you can probably tell, this is a frequently asked
question how to do this. Let’s just wait for it to load. Okay. So what you’re going to need to do is go to
the fiat operations. How do I add a bank account. So what you need to do is email [email protected]
and provide your bank account name, your SWIFT/BIC code, your IBAN account number, and you will
also need to include some supporting documents such as a bank account statement and an original
letter from the bank. This is just for security purposes to make
sure that you are the person you say you are or transferring money into an actual bank
account. And I’m actually quite surprised that they
don’t require more information such as your passport. So that’s quite surprising to be fair. But, anyway, that’s how you take coins from
MinerGate, put them into a wallet and then from the wallet put it into your bank account
for you to spend. So I hope that helped, I hope it answered
all of your questions. This is the same procedure for any digital
currency, and as you can see, HitBTC offers many, many different currencies and you can
also have an exchange where you can buy and sell just like the FOR EX market. If you have any problems whatsoever please
let me know in the comment section below, we can see if we can work that out together. Otherwise good luck, and I’ll see you guys
in the next episode. Cheers! 🙂 Hey guys and girls Thanks for watching! 😀 If this video provided you with any value
and you feel that way inclined, please hit that subscribe button and like the video. Icy One’s YouTube channel’s link is also in
the description below if you wanted to check that out and get some royalty free music. I’ve also added a link to HitBTC and MinerGate
if you haven’t signed up to those already. Thanks for watching the video, I hope to see
you guys in the next episode. Remember, if you’ve got any questions at all
or you just want to reach out please comment below. Cheers!