Hi all. I really like Storj, but I want to get paid out in Fiat (preferably without touching any crypto). Any ideas on how I could go about achieving this? Is there a way to do this in the dashboard?
No, it’s not possible. Storj pays in crypto so as not to have to fight with all the laws of the various countries where the nodes are held.
Thank you for the reply. Do you know of any automated services? Perhaps I can chuck it into a crypto.com wallet and convert to fiat?
They advise against putting a wallet for which you don’t have the keys, but it’s not forbidden and it simplifies things a lot…
Right. Just to be clear, does it have to run on Ethereum? The fees kill it.
You can also use zkSync. I don’t think any fiat gateway supports zkSync at the moment so you could only covert it into another crypto currency without having to leave the zkSync ecosystem.
What is zkSync? Please let me know.
zkSync is a L2 solution on Ethereum
This thread will explain zkSync in the context of SNO payments
In case of Ethereum, you need to have either keys for your address or their wallet should support ERC20 tokens.
Please note - it’s their wallet, not yours if you do not have keys. So if you send something what they do not support - it would be probably lost. They could also change a deposit address every time without a previous notice, but your payouts will be sent to a previous one. The result will be the same - they likely would be lost.
If they decide to stop withdrawals for any reason (or even run with your money), the result would be the same.
Here the Process how i usually handle the Payouts:
I switched to zksync a few Months ago (less fees, 10% Bonus, yay!). When i get the payment (to an address which i hold within my Ledger) i swap is asap out to a Stablecoin (USDT in my case) via the zksync chain. With the 10% Bonus usually i get a bit more as i have earned and for sure enough to cover all fees, also i do not have to deal with the pricefluctuation anymore at this point. I still hodl a small percentage in storj tokens, so if the price rises, payment day
In my case have an ecommerce shop where cryptos are accepted and thus i reinvest the earnings for bigger Drives. Otherwise i would keep the USDT and once gathered enough i will trigger an Payout via Binance (as i have an verified account there).
I use a kraken wallet, they support ERC20 tokens.
Convert it into FIAT and then withdraw. For me this is 20cents for conversion and 1$ withdrawal fees.
So, from my understanding, I can get payouts on the zkSync chain. Then I can swap whatever crypto I am paid out in for something I can exchange in my Crypto.com wallet.