I’ve been running a node for some time now and am at the point where I’d like to convert the storj credit to money I can use, what’s the current best practice to do this?
I know nothing about crypto, all I know is the ‘View on Etherscan’ link on the dashboard says I have storj, and I have a 12 word phrase that I punch into metamask that then somehow links to a wallet somewhere that shows the same number of storj.
I’m lost in the sea of lingo (Changelly, Atomic Wallet, MEW wallet, zkSync)
All I know is I cant find a place to put my 12 words into eToro or coinbase. I’m asking for a ELI5 crash course for how to do this [probably] simple task without losing 50% value in fees.
Don’t worry. It seem a lot to learn at first but if you can run a node, you can learn this no problem
First: never enter your 12 word phrase into any website. This is your “secret code” to access your wallet. Anyone or any system with those 12 words in the correct order can access your Metamask wallet. So please use best practices to secure this information.
After that start with these links that take it from the beginning so you understand the token you are moving and exchanging . Your sea of lingo comment indicates you probably already read this but I’m putting it here just in case.
To move the Storj token out of a self custody wallet (Metamask or others) to an exchange you will need to have some Ethereum in the wallet to pay the transaction fee for moving the Storj token on the blockchain from your Storj token wallet address to the to the point of exchange Storj token wallet address.
If you are going to exchange Storj tokens to your local currency you can use a centralized exchange that services your region. If you choose to use one of these exchanges, follow their instruction for converting to fiat currency and withdrawing
Some people choose to convert directly to gift cards from Storj tokens to avoid certain fees
Changelly is a swap service; think of it like a regular currency exchange company but instead of USD to Euros its Storj to Bitcoin for example
Atomic Wallet is an example of the many self custody wallets.
Some self custody wallets like Exodus have swap service integrated in the UX through third party partners. I don’t know what wallet you are using (not asking to respect your privacy and security) but you may have access to a swap service in the wallet you are currently using.
Metamask has swaps but I have not used them recently so its best to read their latest instructions
MEW wallet is one of the oldest wallets with a good reputation, you access this wallet through their website
zkSync is a Layer 2 solution built on Ethereum ( the Layer 1). The purpose is scaling and fee reduction, but this may be too far in the weeds for your initial purposes. It’s better to first understand wallets and what is required to move and swap the Storj tokens on the Layer 1 Ethereum. Then learn about zkSync.
I hope this helps get you started. Please feel free to ask a lot of questions.
Working with tokens may seem unfamiliar and like a sea of lingo now but you will get used to it