Hi, I’m a new node operator, and I have no idea how to make a crpyto payment/withdraw. Although I’m familiar with the ideas behind crpyto and how it works overall, because of a lack of interest I don’t have any experience actually using it.
I would like help to setup the required accounts as I have no idea what I’m doing. I’ve used the wallet address from my satalite account in my node setup. As far as I understand, if I do it like that I’ll not be able to withdraw it into actual money and my usage will be restricted to storj related things.
What steps do I need to do if all I want to do is withdraw my earnings into real dolars?
Create an acount on the exchange of your choice (Coinbase, Binance, etc).
Create STORJ deposit address on Etherium mainnet tied to your account (Click somethign like Depost Tokens, pick STORJ, and copy the address; dismiss the dialog)
Configure that deposit address in your node config file/docker parameter/etc
Every time you get an email that storj deposited tokens – login and swap them to the currency of your choice. It will cost you ~1%. Then withdraw that currency of your choice to your bank (usually free).
Bonus: configure transaction classification so that payments are properly classified for your tax preparation later.
Please do not use an exchange’s address due to many factors, but if you are in EU, then you have no choice, except use only and only your wallet address due to this EU mandatory regulations requirement: Getting payed to Kraken address with MiCA. You must not use an exchange’s deposit, otherwise your funds will be lost.
I’m not in the EU, nor I’m an EU citizen. My jurisdiction is Brazil.
Based on the suggestions that people made, I think the correct path is to find a crypto exchange that works with zkSync such that I can create a hot wallet there and immedietly withdraw into real money (BRL in this case).
My only question is if I can just copy and paste the etherium address of my hot wallet directly into the node “wallet” env var? Is that how it works?
Another thing to mention are deposit limits and how the exchange handles amounts below such a limit.
Some stack up deposits below these limits until the accumulated number reaches the limit, other simply discard such deposits, which means complete loss of the payout.
Don’t use zkSync. Tiny bonus is not worth the risk. I’m not aware of any exchange that accepts storj via zkSync anyway, but if one exists — you will lose a lot money on spread when selling — there is very low liquidity. Because nobody uses it. Because it’s pointless: Rollup solutions like zkSync only make sense if you stay entirely within the solution, and have high rate of transactions. Monthly storj payouts that you want to immediately transfer to cash are the opposite.
It made sense for storj to save on transaction costs sending payouts. But today those transaction costs are very low anyway.
No. Deposit addresses for specific tokens might be different. Use the approach from my comment above.
Ah this is because of the transition of ETH from proof-of-work to proof-of-stake, right? Ok, I’ll take your sugestion and use ETH, as it seems a simpler setup and more appropriate for my use case.
Ok. I’m in the process of setting up a Binance account. I’ll let you know if I face any issues. Thanks for the help so far.
Alright, I think I did everything right. Are there any security risks if I leave my server’s 14002 port exposed? I don’t mind people knowing my wallet address. It seems that all the information there is read-only anyway.
In my case, the server is rented and I don’t have physical access to it. I don’t want to go through the hassle of configuring a VPN for it… So is it safe to expose port 14002 to the public?
