How to convert your Ethereum

To solve the problem of converting your Ethereum, here are the detailed steps:

First, understand that converting Ethereum ETH usually means exchanging it for another cryptocurrency, stablecoin, or fiat currency.

This process is generally done through a cryptocurrency exchange. Here’s a quick rundown:

1. Choose a Reputable Exchange: Platforms like Coinbase, Binance, Kraken, or KuCoin are popular choices. Ensure the exchange is available in your region and supports the currency you want to convert to.
2. Create and Verify Your Account: Sign up and complete the Know Your Customer KYC verification process. This typically involves providing ID and proof of address.
3. Deposit Ethereum: Transfer your ETH from your personal wallet e.g., MetaMask, Ledger to your chosen exchange’s Ethereum deposit address. Double-check the address!
4. Place a Sell Order: Navigate to the trading section e.g., “Trade,” “Convert,” “Sell”. Select ETH as the asset you want to sell and choose the asset you want to receive e.g., USD, USDT, BTC. You can opt for a “Market Order” sells immediately at the current price or a “Limit Order” sells when ETH reaches a specific price you set.
5. Confirm Transaction: Review the details, including fees, and confirm your order. Your ETH will then be converted.
6. Withdraw Funds Optional: If you converted to fiat, you can withdraw to your linked bank account. If to another crypto, you can transfer it to a personal wallet.

Remember, while the world of cryptocurrency offers fascinating technological advancements, it’s crucial to approach it with a discerning eye. The core principles of responsible financial engagement in Islam emphasize avoiding riba interest, gharar excessive uncertainty or speculation, and engaging in halal permissible transactions. Much of the crypto market, particularly with its speculative nature, high volatility, and often interest-bearing elements in certain decentralized finance DeFi protocols, can easily stray into areas that are not aligned with Islamic financial ethics. Therefore, extreme caution and deep research are paramount before engaging in any such activities. We always advise seeking guidance from qualified Islamic scholars regarding the permissibility of specific crypto dealings.

Understanding Ethereum and Its Role in the Digital Economy

Ethereum is more than just a cryptocurrency. it’s a decentralized, open-source blockchain with smart contract functionality. While Bitcoin is often seen as “digital gold,” Ethereum aims to be a global, decentralized platform for applications. Think of it as a world computer where anyone can deploy permanent and immutable applications. Its native cryptocurrency, Ether ETH, powers the network by paying for transaction fees and computational services. As of early 2024, Ethereum boasts a market capitalization often exceeding $200 billion, making it the second-largest cryptocurrency by market cap, trailing only Bitcoin. Its blockchain processes over 1 million transactions daily, supporting a vast ecosystem of decentralized applications dApps, non-fungible tokens NFTs, and decentralized finance DeFi protocols. This broad utility is why many individuals consider converting their ETH for various purposes.

What is Ethereum ETH?

Ethereum is a blockchain platform that enables developers to build and deploy decentralized applications.

Unlike traditional applications that run on a centralized server, dApps run on a peer-to-peer network, making them resistant to censorship and downtime.

ETH is the fuel of this network, essential for performing any operation on the Ethereum blockchain, from sending tokens to interacting with smart contracts.

• Smart Contracts: These are self-executing contracts with the terms of the agreement directly written into code. They run on the Ethereum blockchain, automatically executing actions when specific conditions are met.
• Decentralized Applications dApps: Applications built on the Ethereum blockchain that operate without a central authority. Examples include decentralized exchanges, lending platforms, and gaming applications.
• Proof-of-Stake PoS: Ethereum transitioned from Proof-of-Work PoW to PoS with “The Merge” in September 2022. This change significantly reduced Ethereum’s energy consumption by an estimated 99.95% and improved its scalability prospects by allowing stakers to validate transactions rather than miners.

Why Convert Ethereum? Common Use Cases

People convert Ethereum for various reasons, often driven by financial goals or the need to use funds for different purposes.

• Profit Taking: Many investors convert ETH to fiat currency like USD or EUR after its value has increased, aiming to realize gains.
• Diversification: Converting ETH into other cryptocurrencies like Bitcoin BTC or stablecoins USDT, USDC is a common strategy to diversify a crypto portfolio and manage risk.
• Spending: While direct ETH payments are growing, many merchants still prefer fiat. Converting ETH to fiat allows individuals to use the funds for everyday expenses, pay bills, or make traditional purchases.
• Accessing Other Ecosystems: Sometimes, converting ETH to another specific altcoin is necessary to participate in a different blockchain ecosystem or specific DeFi protocol.
• Risk Management: During periods of high volatility, converting ETH to a stablecoin can act as a temporary hedge, preserving value without fully exiting the crypto market.

Islamic Perspective on Cryptocurrency and Speculation

From an Islamic finance perspective, the permissibility of engaging with cryptocurrencies like Ethereum is a complex and highly debated topic among scholars. While some argue that cryptocurrencies can be seen as a form of digital asset, the prevalent concerns revolve around their speculative nature, volatility, and the potential for involvement in riba interest through lending or staking protocols. The sheer uncertainty gharar in valuation and the lack of underlying tangible assets are significant points of contention.

• Avoidance of Riba: Many DeFi applications on Ethereum involve lending and borrowing, which can include interest-based mechanisms. Muslims are enjoined to avoid riba in all financial dealings.
• Gharar Excessive Uncertainty: The extreme price volatility of cryptocurrencies introduces a high degree of gharar, which is generally prohibited in Islamic transactions where clarity and certainty are preferred.
• Speculation vs. Productive Investment: Islamic finance encourages investments in real economic activities that benefit society, rather than pure speculation where wealth is generated without tangible output or productive work.
• Lawful Transactions: It is crucial that the underlying activities facilitated by a cryptocurrency are halal. If ETH is used to facilitate gambling, immoral content, or other forbidden activities, engaging with it would be problematic.

Given these concerns, Muslims are strongly advised to exercise extreme caution and seek guidance from knowledgeable Islamic finance scholars. While the technology itself may be neutral, its application and the prevailing market dynamics often present significant challenges to adherence to Islamic financial principles. Alternative, halal investment vehicles that focus on real assets, ethical businesses, and avoid riba and excessive gharar are generally encouraged for wealth accumulation and preservation.

Choosing the Right Platform: Exchanges vs. Decentralized Options

When it comes to converting your Ethereum, you have two primary avenues: centralized cryptocurrency exchanges CEXs and decentralized exchanges DEXs. Each has its own set of advantages, disadvantages, and implications, especially when considering the principles of Islamic finance. As of early 2024, centralized exchanges still dominate the trading volume, accounting for over 90% of all cryptocurrency transactions, largely due to their user-friendliness and liquidity. However, DEXs have seen explosive growth, with their combined daily trading volume sometimes exceeding $5 billion, driven by a desire for greater privacy and self-custody.

Centralized Exchanges CEXs: The Traditional Route

Centralized exchanges act as intermediaries, similar to traditional stock exchanges.

They hold your funds in custody and facilitate trades between buyers and sellers. How to convert Ethereum to naira on binance

Examples include Coinbase, Binance, Kraken, and KuCoin.

• Pros:
  • Ease of Use: Generally user-friendly interfaces, making them accessible for beginners.
  • High Liquidity: Large trading volumes mean you can usually buy or sell ETH quickly at competitive prices.
  • Fiat On/Off-Ramps: Most CEXs allow you to directly deposit and withdraw fiat currencies USD, EUR, etc. to and from your bank account.
  • Security Features: Many CEXs implement robust security measures, including two-factor authentication 2FA, cold storage for funds, and insurance policies though these vary.
  • Customer Support: Provide dedicated customer service channels.
• Cons:
  • Custodial Risk: You don’t directly control your private keys. the exchange holds your funds. This introduces counterparty risk – if the exchange is hacked or goes bankrupt, your funds could be at risk.
  • KYC/AML Requirements: Strict Know Your Customer KYC and Anti-Money Laundering AML regulations require you to provide personal identification, compromising privacy.
  • Centralization: Subject to government regulations, potential censorship, and single points of failure.
  • Fees: Typically charge trading fees, withdrawal fees, and sometimes deposit fees. Average spot trading fees on major CEXs can range from 0.1% to 0.5% per trade.

Decentralized Exchanges DEXs: The Self-Custody Approach

DEXs allow peer-to-peer cryptocurrency transactions to occur directly on the blockchain without an intermediary.

Users retain control of their private keys and funds throughout the process.

Popular DEXs on Ethereum include Uniswap, SushiSwap, and PancakeSwap on Binance Smart Chain, but concept is similar.

*   Non-Custodial: You always maintain control of your private keys and funds. No counterparty risk.
*   Privacy: Often no KYC/AML requirements, offering a higher degree of privacy.
*   Censorship Resistance: Not subject to single points of failure or government censorship in the same way CEXs are.
*   Wider Token Selection: Often list newer, smaller tokens that may not be available on CEXs.
*   Complexity: Can be more challenging for beginners, requiring familiarity with web3 wallets e.g., MetaMask and blockchain transactions.
*   Liquidity Issues: While major DEXs like Uniswap have significant liquidity sometimes exceeding $3 billion in daily volume, smaller trading pairs might have less liquidity, leading to higher slippage.
*   Higher Fees: Transaction fees gas fees on the Ethereum blockchain can be very high, especially during network congestion. A single swap can cost anywhere from $5 to $50 or more in gas fees, dwarfing the trading fees of CEXs.
*   No Fiat On/Off-Ramps: You cannot directly convert crypto to fiat on a DEX. you'll need a CEX or another service for that.
*   Security Risks: While non-custodial, smart contract vulnerabilities or user errors e.g., losing private keys can still lead to fund loss.

Islamic Considerations for Exchange Selection

When choosing a platform, a Muslim investor should consider the implications of centralization, custody, and the types of services offered.

• Custody and Trust: The non-custodial nature of DEXs aligns better with the Islamic principle of retaining ownership and control over one’s assets, reducing reliance on external parties. However, the complexity and high gas fees can be a barrier.
• Avoiding Riba and Gharar: While the exchanges themselves might not directly engage in riba or gharar, the products and services offered on them certainly can. Many CEXs offer interest-bearing savings accounts or margin trading, which are problematic. DEXs, particularly those involved in lending/borrowing protocols DeFi, also commonly involve riba. Muslims must actively avoid these specific features, regardless of the platform.
• Transparency and Ethical Use: DEXs, by their nature, offer greater transparency in transaction data, which aligns with Islamic principles of clear dealings. However, the anonymity can also be misused for illicit activities, underscoring the user’s responsibility.

Ultimately, while DEXs might appear more aligned with principles of self-sovereignty, the practical challenges and the pervasive presence of riba-laden DeFi protocols on Ethereum mean that even with DEXs, extreme caution and strict adherence to halal investment principles are necessary. For converting to fiat, CEXs are often unavoidable due to their fiat gateways, but users must strictly limit their activities to simple spot trading, avoiding all interest-bearing products, margin trading, or any other speculative or riba-based features. Always consult with a knowledgeable Islamic scholar to ensure compliance.

Step-by-Step Guide to Converting Ethereum on a Centralized Exchange

Converting Ethereum on a centralized exchange is the most common and often easiest method for many users, especially when converting to fiat currency. This guide will walk you through the process using a typical exchange interface. It’s crucial to remember that while the steps are straightforward, the underlying volatility and speculative nature of cryptocurrency necessitate extreme caution, aligning with Islamic finance principles that discourage gharar excessive uncertainty. Data from CoinMarketCap indicates that the average daily trading volume across the top 10 centralized exchanges often surpasses $50 billion, reflecting their significant role in crypto conversion.

1. Account Creation and KYC Verification

Before you can trade, you need an account.

This process is standard across most major exchanges. How to convert ETH to eth in binance

• Sign Up: Visit the exchange’s website e.g., Coinbase.com, Binance.com, Kraken.com. Click on “Sign Up” or “Register.” You’ll typically need to provide:
  • Your email address
  • A strong, unique password use a password manager!
  • Your phone number for 2FA Two-Factor Authentication
• Email and Phone Verification: You’ll receive a confirmation email and a verification code via SMS. Enter these to verify your contact information.
• Know Your Customer KYC Verification: This is a mandatory step for compliance with Anti-Money Laundering AML regulations and to combat financial fraud, including riba-based schemes and other illicit activities. Exchanges typically require:
  • Personal Information: Full legal name, date of birth, address.
  • Identity Document: A government-issued ID like a passport, national ID card, or driver’s license. You’ll often need to upload high-quality scans or photos.
  • Proof of Address: A utility bill, bank statement, or similar document usually within the last 3 months.
  • Liveness Check: Some exchanges require a selfie or a short video to confirm you are the person on the ID.
• Verification Time: KYC can take anywhere from a few minutes to several days, depending on the exchange and the clarity of your submitted documents. Until verified, your deposit and withdrawal limits might be restricted.

2. Depositing Ethereum to Your Exchange Wallet

Once your account is verified, you need to transfer your ETH from your personal wallet e.g., MetaMask, Ledger, Trezor to your exchange wallet.

• Locate Your ETH Deposit Address:

  1. Log in to your exchange account.

  2. Navigate to the “Wallets,” “Funds,” “Deposit,” or “Assets” section.

  3. Search for “Ethereum” ETH.

  4. Click on “Deposit ETH.” The exchange will display a unique Ethereum deposit address a long string of alphanumeric characters, usually starting with 0x and often a QR code.

  • Crucial Tip: Always ensure you are selecting the Ethereum ETH network for your deposit. Depositing ETH via a different network e.g., Binance Smart Chain’s BEP-20 ETH to an Ethereum Mainnet address can lead to permanent loss of funds. Double-check the address multiple times. Studies show that user error in sending to the wrong address accounts for a significant portion of crypto losses, estimated to be in the tens of millions of dollars annually.

• Initiate Transfer from Your External Wallet:

  1. Open your personal wallet or hardware wallet interface.

  2. Select “Send” or “Transfer.” How to convert eth to ETH on robinhood

  3. Paste the Ethereum deposit address copied from the exchange into the recipient field.

  4. Enter the amount of ETH you wish to deposit.

  5. Review the transaction details carefully, including the address, amount, and network fee gas fee.

  6. Confirm the transaction.

• Confirmation Time: Ethereum transactions can take anywhere from a few minutes to an hour or longer during network congestion to be confirmed on the blockchain and credited to your exchange account. Exchanges typically require a certain number of network confirmations e.g., 12 to 30 before making the funds available. You can track the transaction progress using an Ethereum block explorer like Etherscan.io by pasting your transaction ID TxID.

3. Placing a Sell Order Converting ETH

Once your ETH is in your exchange wallet, you can proceed to convert it.

You’ll typically convert ETH to another cryptocurrency like USDT, BTC or directly to fiat currency USD, EUR.

• Navigate to the Trading Interface:

  1. On the exchange, find the “Trade,” “Convert,” “Markets,” or “Spot Trading” section.
  2. You’ll need to select a trading pair.

If you want to convert ETH to USD, select the ETH/USD pair. If to USDT, select ETH/USDT.

• Choose Order Type:
  • Market Order: This is the simplest option. You instruct the exchange to sell your ETH immediately at the current market price. This is good for speed but doesn’t guarantee a specific price.

    1. Select “Market” order. How to convert Ethereum to nzd

    2. Enter the amount of ETH you want to sell e.g., “1 ETH” or “50% of my ETH”.

    3. Click “Sell ETH.” The order will be executed instantly, selling your ETH for the best available price at that moment.

  • Limit Order: This allows you to set a specific price at which you want to sell your ETH. Your order will only execute if the market price reaches your specified limit price. This is better for precise control but might take time to fill, or may not fill at all if the price doesn’t reach your target.

    1. Select “Limit” order.

    2. Enter the amount of ETH you want to sell.

    3. Enter your desired sell price per ETH.

    4. Click “Sell ETH.” Your order will be placed in the order book and will remain open until it’s filled or you cancel it.

• Review and Confirm: Before finalizing, the exchange will show you a summary: the amount of ETH you’re selling, the expected amount of the currency you’ll receive, and the trading fees. Always review this summary carefully. Trading fees on CEXs typically range from 0.1% to 0.5% of the transaction value.

4. Withdrawing Your Converted Funds

After converting your ETH, the funds will be available in your exchange account.

You can then withdraw them to your bank account if converted to fiat or to another cryptocurrency wallet.

• Withdrawing Fiat Currency:

  1. Navigate to the “Wallets,” “Funds,” or “Withdraw” section. How to convert Ethereum to naira on trust wallet

  2. Select the fiat currency you wish to withdraw e.g., USD, EUR.

  3. Choose your withdrawal method. Common methods include:
     * Bank Transfer ACH/SEPA/Wire: This is the most common. You’ll need to link your bank account if you haven’t already requires bank name, account number, routing number/SWIFT code.
     * Debit Card less common for large withdrawals.

  4. Enter the amount you want to withdraw.

  5. Confirm the transaction. Exchanges typically charge a withdrawal fee e.g., $0.25 to $25 for bank transfers, varying by region and amount and may have minimum/maximum withdrawal limits. Bank transfers can take 1-5 business days to clear.

• Withdrawing Cryptocurrency:

  2. Select the cryptocurrency you wish to withdraw e.g., USDT, BTC, or another altcoin.

  3. Enter the recipient’s wallet address. Again, double-check this address meticulously. Sending crypto to the wrong address is irreversible.

  4. Select the correct network for the withdrawal e.g., ERC-20 for USDT on Ethereum, TRC-20 for USDT on Tron. Incorrect network selection is a common cause of lost funds.

  5. Enter the amount.

Exchanges charge a small withdrawal fee for crypto, covering the network transaction cost. How to convert ETH to euro in binance

Crypto withdrawals are usually much faster than fiat, often completing within minutes, depending on network congestion.

Important Note on Islamic Finance: While these steps outline the technical process, the very act of trading highly volatile assets like Ethereum for speculative gain can be problematic from an Islamic perspective due to gharar excessive uncertainty. Muslims are advised to avoid engaging in speculative trading and instead focus on productive, asset-backed investments. The act of “converting” ETH should ideally be viewed within a need-based context e.g., for permissible expenditures rather than as a primary means of wealth generation through short-term price fluctuations. Always seek scholarly advice on the permissibility of specific crypto assets and trading strategies.

Understanding Fees and Network Congestion

Navigating the world of cryptocurrency conversions isn’t just about the steps. it’s also about understanding the associated costs and potential delays. Fees and network congestion are two significant factors that can impact the efficiency and cost-effectiveness of converting your Ethereum. It’s estimated that transaction fees on the Ethereum network alone can collectively reach hundreds of millions of dollars monthly during periods of high demand, directly impacting conversion costs, especially on decentralized platforms.

Types of Fees Involved in Ethereum Conversion

When you convert Ethereum, you’ll encounter several types of fees, depending on the platform and method you choose.

• Trading Fees: These are charged by centralized exchanges CEXs for facilitating the buying and selling of cryptocurrencies.
  • Maker/Taker Fees: Most exchanges use a maker-taker fee model. A “maker” order adds liquidity to the order book e.g., a limit order that isn’t immediately filled, while a “taker” order removes liquidity e.g., a market order that executes instantly. Taker fees are often slightly higher than maker fees.
  • Percentage-Based: Trading fees are typically a percentage of the transaction volume. For major exchanges like Binance or Coinbase Pro, these can range from 0.05% to 0.5% per trade, with lower fees for higher trading volumes or for users holding the exchange’s native token. For example, a $1,000 ETH trade might incur a $1 to $5 fee.
• Network Fees Gas Fees: These are the fees paid to the miners now validators, post-Merge on the Ethereum blockchain to process and confirm your transaction.
  • Applicable for On-Chain Transfers: You pay gas fees when you:
    • Deposit ETH from your private wallet to an exchange.
    • Withdraw ETH or any ERC-20 token from an exchange to your private wallet.
    • Perform a swap on a Decentralized Exchange DEX like Uniswap.
    • Interact with any smart contract on the Ethereum network.
  • Volatility: Gas fees are highly volatile and depend on network demand. During peak times, simple ETH transfers can cost $5-$15, while complex DEX swaps or NFT minting can cost $50-$200 or more. You can check current gas prices on sites like Etherscan’s Gas Tracker.
  • Denominated in Gwei: Gas fees are paid in Gwei, a tiny fraction of ETH 1 ETH = 1,000,000,000 Gwei.
• Withdrawal Fees: These are fees charged by exchanges when you move your assets off their platform.
  • Fiat Withdrawal Fees: When withdrawing to a bank account, exchanges charge a fee, which can be a flat fee e.g., $0.25 for ACH, $25 for wire transfer or a percentage. These vary significantly by currency, region, and withdrawal method.
  • Crypto Withdrawal Fees: Exchanges charge a fee to cover the network’s gas fee for sending crypto off their platform. This fee is usually a flat amount of the crypto being withdrawn e.g., 0.0005 BTC, 0.005 ETH. While this is technically to cover gas, some exchanges might add a small premium.

Impact of Network Congestion on Conversion Costs

Network congestion occurs when there’s high demand for block space on the Ethereum blockchain, meaning many users are trying to make transactions simultaneously. This directly impacts gas fees.

• Higher Gas Prices: When the network is congested, users “bid” higher gas prices to get their transactions included in the next block faster. This drives up the cost of every on-chain transaction. This is particularly relevant for DEX conversions, where every swap is an on-chain transaction. For example, during the NFT boom of 2021-2022, average gas prices frequently exceeded 100 Gwei, making small transactions prohibitively expensive.
• Slower Confirmations: If you set a low gas price during congestion, your transaction might take a very long time to confirm, or it might fail altogether though you still pay a small fee for the failed attempt.
• Exchange Delays: While CEXs handle the network fees for internal transfers and might absorb some of the volatility, severe network congestion can still lead to delays in deposits and withdrawals to/from external wallets.

Minimizing Fees and Delays

• Time Your Transactions: If you’re performing on-chain transactions depositing/withdrawing to/from a private wallet, using a DEX, try to do so during off-peak hours when network activity is lower. This typically means weekends or late nights/early mornings UTC. Gas prices can be 50% or even 80% lower during these times.
• Choose Efficient Exchanges: Compare trading fees and withdrawal fees across different CEXs. Some exchanges might offer lower fees for certain trading pairs or have promotional rates.
• Consider Stablecoins for Transfers: If you’re moving value between exchanges and ETH gas fees are high, consider converting your ETH to a stablecoin like USDT or USDC and then sending the stablecoin via a cheaper network if supported by both exchanges e.g., Tron’s TRC-20 network for USDT, which often has fixed fees of $1-$2 regardless of amount. However, this adds an extra conversion step and another layer of complexity.
• Batch Withdrawals: If you plan to withdraw multiple times from an exchange, consider accumulating your funds and making a single larger withdrawal to save on fixed withdrawal fees.
• Understand Order Types: Use limit orders on CEXs to potentially pay lower “maker” fees compared to “taker” fees from market orders.

From an Islamic perspective, while minimizing fees is part of sound financial management, the larger concern remains the overall engagement with highly speculative assets and interest-based products. High transaction costs, especially those driven by network congestion, can exacerbate the gharar uncertainty in profitability for small transactions, further highlighting the precarious nature of such dealings for those striving for halal income.

Security Best Practices During Conversion

When converting your Ethereum, security is paramount. The digital nature of cryptocurrencies means that once funds are sent to the wrong address or compromised by a hack, they are often irreversible and irrecoverable. In 2023, the cryptocurrency industry lost an estimated $1.7 billion to hacks and scams, a significant portion of which was due to smart contract exploits and phishing attacks. Adhering to robust security practices is not just good advice. it’s essential for protecting your assets and maintaining financial integrity.

Protecting Your Wallet and Funds

Your wallet is your gateway to your crypto assets. Protecting it is the first line of defense.

• Use Strong, Unique Passwords: Never reuse passwords across different platforms. Use a combination of uppercase and lowercase letters, numbers, and symbols. Aim for at least 12-16 characters. A password manager e.g., LastPass, 1Password, Bitwarden is highly recommended for generating and storing complex passwords securely.
• Enable Two-Factor Authentication 2FA: This adds an extra layer of security beyond just a password.
  • Authenticator Apps: Use apps like Google Authenticator or Authy. These generate time-sensitive codes. This is generally more secure than SMS 2FA, which can be vulnerable to SIM swap attacks.
  • Hardware Security Keys e.g., YubiKey: The most secure form of 2FA. These require physical possession to log in.
  • Always enable 2FA on your exchange account, email, and any personal crypto wallets.
• Be Wary of Phishing Scams:
  • Verify URLs: Always double-check that you are on the official website of the exchange or wallet service. Phishing sites often mimic legitimate ones with slight spelling variations e.g., coiinbase.com instead of coinbase.com. Bookmark official URLs and use them.
  • Don’t Click Suspicious Links: Be extremely cautious of links in emails, SMS, or social media messages, even if they appear to be from a legitimate source.
  • Never Share Seed Phrases/Private Keys: Legitimate exchanges or wallet providers will never ask for your seed phrase recovery phrase or private keys. These are the master keys to your funds. Anyone asking for them is a scammer. Keep your seed phrase offline, in a secure, fireproof location, away from your devices.
• Use Hardware Wallets for Large Holdings: For significant amounts of Ethereum, a hardware wallet e.g., Ledger, Trezor offers the highest level of security. Your private keys are stored offline and are never exposed to your internet-connected device. Transactions must be physically confirmed on the device.
• Regularly Update Software: Keep your operating system, web browser, antivirus software, and crypto wallet applications updated to patch known vulnerabilities.

Verifying Addresses and Transaction Details

A single error in an address or transaction detail can lead to permanent loss. How to convert Ethereum to rupees

• Double-Check All Addresses: When sending ETH or any crypto, meticulously compare the recipient’s address displayed in your wallet or on the exchange with the address you intended to send to. Copy-pasting errors are common. Many recommend comparing the first 4-5 characters and the last 4-5 characters.
• Use “Send Max” with Caution: If you intend to send all your funds, ensure you account for gas fees especially with tokens. Sometimes, “send max” features might not leave enough for the transaction fee, causing the transaction to fail.
• Perform a Small Test Transaction: For large amounts, consider sending a very small test amount first to the new address to confirm it arrives correctly before sending the main amount. This small fee is a worthwhile investment for peace of mind.
• Verify Network Selection: When depositing or withdrawing, ensure you select the correct blockchain network e.g., Ethereum Mainnet, Arbitrum, Polygon, etc.. Sending ETH on the wrong network e.g., sending ERC-20 ETH to a BEP-20 address is one of the most common causes of permanent fund loss.

Protecting Against Malware and Exploits

Malware can steal your sensitive information or tamper with your transactions.

• Use Reputable Antivirus/Anti-Malware Software: Keep it updated and run regular scans on your devices.
• Be Cautious of Public Wi-Fi: Avoid accessing your crypto accounts or performing transactions on unsecured public Wi-Fi networks, which can be vulnerable to eavesdropping. Use a Virtual Private Network VPN if you must use public Wi-Fi.
• Inspect Smart Contracts for DEX users: If interacting with DEXs or dApps, exercise extreme caution. Ensure the smart contract you are interacting with is legitimate and audited. Unaudited or malicious smart contracts can drain your wallet. Use reputable dApps and verify their addresses.

From an Islamic perspective, protecting one’s wealth mal is a fundamental principle.

Carelessness in financial dealings, especially in an environment fraught with scams and vulnerabilities, is discouraged.

Practicing due diligence and implementing these security measures aligns with the broader Islamic emphasis on preserving one’s legitimate earnings and avoiding waste.

Just as one would secure physical assets, digital assets require even greater vigilance due to their intangible and irreversible nature.

Alternative Conversion Methods: DEXs, P2P, and OTC

While centralized exchanges are the most common route for converting Ethereum, several alternative methods offer different trade-offs in terms of privacy, control, and fees. These include Decentralized Exchanges DEXs, Peer-to-Peer P2P platforms, and Over-the-Counter OTC desks. Each method presents its own set of technical and ethical considerations, especially when viewed through the lens of Islamic finance. As of Q1 2024, the total locked value TVL in DeFi protocols, largely powered by DEXs, often exceeds $50 billion, indicating their growing significance, while OTC desks handle substantial institutional and high-net-worth individual transactions, sometimes exceeding $100 million for a single large trade.

Decentralized Exchanges DEXs for Crypto-to-Crypto Swaps

DEXs allow users to swap one cryptocurrency for another directly from their non-custodial wallets, without the need for an intermediary.

Ethereum-based DEXs like Uniswap and SushiSwap are prime examples.

• How it Works:
  1. Connect Wallet: You connect your Web3 wallet e.g., MetaMask to the DEX interface.
  2. Select Pair: Choose the tokens you want to swap e.g., ETH for USDT, or ETH for a specific ERC-20 token.
  3. Approve Token First Time: If you’re swapping an ERC-20 token not ETH itself, you might need to approve the DEX smart contract to spend your tokens from your wallet. This is a one-time transaction.
  4. Confirm Swap: Enter the amount and confirm the swap. The DEX’s smart contract will execute the trade using liquidity pools.
  5. Pay Gas Fees: Every step connecting, approving, swapping involves an on-chain transaction and incurs Ethereum gas fees.
  • Non-Custodial: You retain control of your private keys and funds at all times. This aligns with Islamic principles of self-sovereignty and avoiding reliance on external custodians.
  • Privacy: Generally no KYC requirements.
  • Censorship Resistant: Less susceptible to government intervention or platform shutdowns.
  • Wider Token Selection: Access to new and niche tokens not yet listed on CEXs.
  • Higher Gas Fees: Ethereum gas fees can be substantial, especially for smaller swaps or during network congestion, potentially making small conversions uneconomical. A typical swap on Uniswap might cost $20-$50 in gas alone.
  • Complexity: Can be intimidating for beginners.
  • Slippage: For large trades or illiquid pairs, your actual execution price might differ from the quoted price due to “slippage,” especially if gas fees cause delays.
  • No Fiat On/Off-Ramps: You cannot directly convert crypto to fiat on a DEX. You’ll still need a CEX or P2P service for that.

Peer-to-Peer P2P Platforms for Crypto-to-Fiat

P2P platforms directly connect buyers and sellers, allowing them to trade cryptocurrencies for fiat or other crypto assets without an exchange as an intermediary custodian.

Funds are typically held in escrow by the platform until the trade is confirmed. How to convert Ethereum to money on cash app

Examples include Binance P2P, LocalBitcoins though primarily BTC, and Paxful.

1.  Find a Counterparty: Users post "ads" indicating their desire to buy or sell ETH and their preferred payment methods e.g., bank transfer, PayPal, cash.
2.  Initiate Trade: You initiate a trade with a suitable counterparty.
3.  Escrow: Your ETH is locked in the platform's escrow service.
4.  Fiat Transfer: The buyer sends the fiat currency directly to your bank account or chosen method.
5.  Release Crypto: Once you confirm receipt of fiat, the platform releases the ETH from escrow to the buyer.
*   Flexibility in Payment Methods: Wide range of fiat payment options.
*   Potential for Better Rates: You can negotiate prices with individual counterparties.
*   Privacy Varies: Some platforms require less KYC than CEXs, though major ones are increasingly implementing KYC.
*   Avoids Bank Blockages: For some regions, P2P offers a way to bypass banking restrictions on crypto.
*   Risk of Scams: While escrow helps, there's always a risk of fraud or chargebacks. Selecting reputable traders with high ratings is crucial.
*   Slower Transactions: Fiat transfers can take time, and disputes can delay the process significantly.
*   Less Liquidity: May not be suitable for very large trades compared to CEXs or OTC.
*   Varying Fees: Platform fees can apply, and some payment methods might have higher fees.

Over-the-Counter OTC Desks for Large Conversions

OTC desks are specialized services designed for large-volume cryptocurrency trades, typically for high-net-worth individuals, institutions, or corporations. They offer personalized service and often execute trades off-exchange to avoid impacting market prices. OTC deals can range from $50,000 to tens of millions of dollars.

1.  Contact OTC Desk: You contact an OTC provider e.g., Genesis Trading, Cumberland DRW, Coinbase Prime.
2.  Negotiate Price: You negotiate a price directly with a trader.
3.  Settlement: Funds are transferred via bank wire for fiat and crypto is sent to your wallet.
*   Deep Liquidity: Can execute very large orders without affecting market prices.
*   Personalized Service: Dedicated account managers and tailored solutions.
*   Reduced Slippage: Guarantees the agreed-upon price.
*   Enhanced Privacy from public market: Trades are not visible on public order books.
*   Higher Minimums: Typically require very large transaction sizes.
*   Higher Fees: OTC desks charge a premium for their service, though this is often built into the price spread rather than explicit fees.
*   KYC/AML: Strict regulatory compliance, requiring extensive KYC.
*   Centralization Risk: You're dealing with a centralized entity, though often highly regulated ones.

Islamic Considerations for Alternative Methods

Each alternative method carries its own set of Islamic finance considerations:

• DEXs and DeFi: While DEXs offer non-custodial control, a major concern arises from the pervasive nature of riba interest in many DeFi protocols built on Ethereum. Lending, borrowing, and staking on DEXs often involve interest-bearing mechanisms, which are strictly prohibited. Users must be extremely cautious and only engage in simple spot swaps, diligently avoiding any interest-generating features. The high gharar uncertainty due to gas fee volatility and slippage also remains a concern.
• P2P Platforms: P2P trading can be permissible if it facilitates direct, clear exchange of assets without riba or gharar. However, the risk of fraud and the reliance on trust with unknown counterparties can introduce elements of uncertainty. Ensuring the legitimacy of the counterparty and the nature of the transaction is vital.
• OTC Desks: For large-volume transactions, OTC desks can be seen as an efficient means of exchange. The primary Islamic concern would be ensuring that the underlying assets being exchanged are halal and that the transaction itself is free from riba or other prohibited elements. The fees charged should also be transparent and reflect a service charge, not hidden interest.

In all cases, the overarching principle is to ensure the transaction is halal permissible, free from riba, gharar, and any speculative activities that contradict Islamic teachings. Given the inherent complexities and risks, seeking counsel from a qualified Islamic scholar familiar with contemporary finance is strongly advised before engaging in any of these alternative conversion methods. Ultimately, while technology offers new ways to exchange value, the foundational ethical principles must remain steadfast.

Tax Implications of Converting Ethereum

Understanding the tax implications of converting your Ethereum is crucial, as crypto transactions are generally considered taxable events in many jurisdictions. Ignoring these obligations can lead to significant penalties. While this section provides general information, tax laws are complex and vary greatly by country and individual circumstances. It’s reported that less than 0.5% of crypto owners in the US accurately report their crypto gains, leading to increased scrutiny from tax authorities like the IRS.

Capital Gains Tax on Crypto Conversions

In many countries, including the United States, Canada, the UK, Australia, and most of Europe, cryptocurrencies are treated as property, not currency, for tax purposes. This means that converting ETH from one crypto to another e.g., ETH to BTC or ETH to USDT or selling ETH for fiat currency e.g., ETH to USD is generally considered a taxable event.

• Taxable Event Definition: A taxable event occurs when you “dispose” of your cryptocurrency. This includes:
  • Selling ETH for fiat currency e.g., USD, EUR.
  • Exchanging ETH for another cryptocurrency e.g., ETH for Bitcoin, ETH for USDT.
  • Using ETH to purchase goods or services.
  • Gifting crypto though rules vary.
• Capital Gains/Losses: When you convert ETH, you realize a capital gain if the value of your ETH at the time of conversion is higher than your original cost basis what you paid for it, plus any fees. You realize a capital loss if the value is lower.
  • Short-Term Capital Gains: If you held the ETH for one year or less before converting, any gains are typically taxed at your ordinary income tax rates, which can be as high as 37% in the US for top earners.
  • Long-Term Capital Gains: If you held the ETH for more than one year before converting, the gains are usually subject to lower long-term capital gains tax rates e.g., 0%, 15%, or 20% in the US, depending on your income bracket.
• Cost Basis Tracking: Accurate record-keeping of your purchase price, date, and any associated fees for every ETH acquisition is critical for calculating your cost basis. This can become complex with multiple trades.
  • FIFO First-In, First-Out: This is the default method in many jurisdictions. It assumes the first ETH you acquired is the first ETH you sell.
  • LIFO Last-In, First-Out: Assumes the last ETH you acquired is the first ETH you sell.
  • Specific Identification: Allows you to choose which specific “lot” of ETH to sell, potentially optimizing your tax outcome by selecting assets that result in lower gains or higher losses.

Important Considerations by Jurisdiction

• United States IRS: The IRS has been increasingly aggressive in crypto enforcement. Every crypto-to-crypto trade is a taxable event. Form 8949 and Schedule D are used for reporting capital gains/losses. Staking rewards and airdrops are also generally considered taxable income.
• United Kingdom HMRC: Crypto is generally treated as property. Gains are subject to Capital Gains Tax CGT. Small gains may fall within an annual exempt allowance e.g., £6,000 for 2023/24.
• Canada CRA: Crypto is treated as a commodity. Disposing of crypto results in a capital gain or loss, with 50% of the gain being taxable.
• Australia ATO: Crypto is considered an asset. Capital gains tax applies when you dispose of it. Holding crypto for over 12 months provides a 50% discount on capital gains.
• Germany: A notable exception, if you hold crypto for more than one year, profits from selling are generally tax-free. Short-term gains are taxable.
• Other Jurisdictions: Some countries e.g., El Salvador, Central African Republic have adopted Bitcoin as legal tender, potentially changing tax implications for BTC, but ETH usually remains under capital gains rules. Other countries have varying stances, from outright bans to very liberal tax policies.

Record-Keeping and Tax Software

Given the complexity, meticulous record-keeping is non-negotiable.

• Detailed Records: Keep a record of:
  • Date of acquisition and disposal.
  • Cost basis of ETH purchase price + fees.
  • Fair market value of ETH at the time of disposal.
  • Proceeds from the sale.
  • All transaction IDs and wallet addresses.
• Crypto Tax Software: Using specialized crypto tax software e.g., Koinly, CoinTracker, CryptoTaxCalculator can greatly simplify the process. These tools integrate with exchanges and wallets, import your transaction history, calculate your gains/losses, and generate tax reports compliant with your local regulations. Over 70% of crypto users in a recent survey stated they find crypto tax reporting confusing, highlighting the need for such tools.

Islamic Perspective on Taxes and Wealth

From an Islamic perspective, paying taxes is generally considered a civic duty and a form of social contribution, especially if the government is legitimate and uses funds for public good. Islamic law also has its own form of wealth redistribution, Zakat, which is a mandatory charity on accumulated wealth. While tax payments are distinct from Zakat, they fulfill a similar communal obligation.

However, the speculative nature of crypto trading and the subsequent capital gains tax can be problematic. Engaging in short-term trading solely to generate quick profits, which are then subject to taxation, can be seen as participating in gharar excessive uncertainty and potentially riba if interest-bearing protocols are involved, even indirectly through market dynamics. Muslims are encouraged to earn wealth through halal means, which typically involve productive investments in real assets or ethical businesses, rather than purely speculative ventures. The tax implications simply add another layer of complexity to an asset class that is already viewed with caution due to its inherent volatility and often non-productive nature. Always consult with a qualified Islamic financial advisor for specific guidance on Zakat and tax obligations related to digital assets. How to convert ETH to gbp crypto com

The Future of Ethereum Conversion: Layer 2s and Beyond

The Ethereum blockchain, while groundbreaking, faces challenges related to scalability and high transaction fees, especially during peak demand. This has led to the development of “Layer 2” solutions, which are designed to process transactions off the main Ethereum blockchain Layer 1 and then settle them back onto Layer 1 in a more efficient manner. These advancements significantly impact the future of Ethereum conversion, particularly for smaller transactions, by making them faster and dramatically cheaper. Currently, Layer 2 networks like Arbitrum and Optimism cumulatively hold over $10 billion in total value locked TVL and process millions of transactions daily, often at a fraction of the cost of mainnet Ethereum.

Layer 2 Solutions: Making Transactions Faster and Cheaper

Layer 2 scaling solutions operate on top of the main Ethereum blockchain, inheriting its security while drastically increasing transaction throughput and reducing gas fees.

• Optimistic Rollups e.g., Arbitrum, Optimism:
  • How they work: Transactions are batched and processed off-chain. A “proof” is then submitted to the Ethereum mainnet. They are called “optimistic” because they assume transactions are valid by default but allow a challenge period typically 7 days for anyone to dispute an invalid transaction by providing a “fraud proof.”
  • Conversion Impact: Significantly reduce gas fees for swapping ETH or ERC-20 tokens within the Layer 2 ecosystem. A swap on Arbitrum might cost $0.50-$2, compared to $20-$50+ on mainnet Ethereum. This makes frequent small conversions more viable.
  • Withdrawal Delay: The 7-day challenge period means withdrawing funds from an optimistic rollup back to Ethereum mainnet can take a week, unless you use a “fast withdrawal” service which charges a premium.
• ZK-Rollups e.g., zkSync, StarkNet, Polygon zkEVM:
  • How they work: These use complex cryptographic proofs Zero-Knowledge proofs to instantly verify the validity of transactions off-chain. A “validity proof” is then submitted to the Ethereum mainnet. Because validity is proven immediately, there is no challenge period.
  • Conversion Impact: Offer even faster finality and potentially lower fees than optimistic rollups for in-network swaps. Withdrawal to mainnet is much quicker minutes.
  • Complexity: More complex to implement, but increasingly becoming user-friendly.
• Sidechains e.g., Polygon Matic:
  • How they work: Independent blockchains that run parallel to Ethereum and are connected via a two-way bridge. They have their own consensus mechanisms and sometimes their own native tokens for fees.
  • Conversion Impact: Extremely low transaction fees often less than $0.01 and very fast transaction times for operations within the sidechain. However, bridging ETH to and from a sidechain still incurs mainnet Ethereum gas fees.
  • Decentralization Trade-offs: May have different security assumptions and levels of decentralization compared to Layer 1 Ethereum.

Bridging Between Networks for Conversion

With the rise of Layer 2s and other compatible chains, “bridging” assets between networks has become a common step before conversion.

• What is Bridging?: Bridging involves moving assets from one blockchain network to another e.g., from Ethereum mainnet to Arbitrum, or from Ethereum to Polygon. This is done through a “bridge” smart contract.
• How it Affects Conversion: If your ETH is on Ethereum mainnet, but you want to perform a low-cost swap on an Arbitrum-based DEX, you would first need to bridge your ETH to Arbitrum.
  1. Send ETH to Bridge: You send your ETH to the bridge contract on Ethereum mainnet incurs mainnet gas fee.
  2. Receive Wrapped ETH on L2: The bridge then mints an equivalent “wrapped” version of your ETH e.g., wETH or simply ETH on the Layer 2 network.
  3. Perform Swap on L2: You then use a DEX on the Layer 2 to convert your ETH to another token at very low fees.
  4. Bridge Back Optional: If you need your funds back on mainnet, you bridge them back incurs L2 fees + potentially L1 fees for final settlement or a delay.
• Bridge Risks: Bridges have been targets of major hacks. In 2022, bridge hacks accounted for over $2 billion in stolen crypto assets. Always use official, audited, and well-established bridges.

Future Outlook and Islamic Perspective

The ongoing development of Ethereum 2.0 now “Consensus Layer” and “Execution Layer” updates and Layer 2 solutions aims to make Ethereum more scalable and cost-effective. This could lead to:

• More Efficient Conversions: Lower fees and faster transaction times will make converting ETH or engaging with DeFi protocols more accessible.
• Increased Utility: As dApps become cheaper to use, more everyday applications might emerge.
• Interoperability: Improved bridges and cross-chain solutions will make it easier to move assets between different blockchain ecosystems.

From an Islamic perspective, while the technological advancements in Layer 2s address efficiency and cost, the underlying permissibility of engaging with Ethereum and its ecosystem remains subject to the same strict scrutiny.

• Efficiency vs. Permissibility: Reduced gas fees and faster transactions do not inherently make an otherwise haram forbidden activity halal permissible. If the primary activity on a Layer 2 involves riba interest-based lending/borrowing, gambling, or other prohibited elements, participating remains problematic, regardless of how cheap or fast it becomes.
• Gharar and Speculation: While L2s improve transaction certainty, they do not remove the inherent gharar excessive uncertainty associated with highly volatile asset values or speculative trading.
• Focus on Real Utility: The hope is that as Ethereum evolves, it will facilitate more productive, real-world applications that align with Islamic ethical principles, rather than solely fueling speculative trading or interest-based finance. Until then, Muslim users must exercise extreme caution, understand the specific protocols they interact with, and prioritize halal investments that involve tangible assets or ethical businesses, rather than purely digital speculation. Seeking continuous guidance from Islamic scholars is paramount as the technology evolves.

Frequently Asked Questions

How do I convert Ethereum to cash?

You convert Ethereum to cash by selling it on a centralized cryptocurrency exchange like Coinbase, Binance, Kraken for fiat currency e.g., USD, EUR and then withdrawing the fiat to your linked bank account.

What is the easiest way to convert Ethereum to USD?

The easiest way to convert Ethereum to USD is typically through a reputable centralized exchange by initiating a “sell” order for your ETH against the USD trading pair, and then withdrawing the USD to your bank account via ACH or wire transfer.

Can I convert Ethereum to Bitcoin?

Yes, you can easily convert Ethereum to Bitcoin on almost any cryptocurrency exchange, both centralized CEXs and decentralized DEXs, by placing a trade order for the ETH/BTC pair.

Are there fees to convert Ethereum?

Yes, there are fees involved. How to convert ETH to usdt in bitget

These include trading fees charged by exchanges typically 0.1% to 0.5% of transaction volume, network gas fees for on-chain transfers like depositing/withdrawing to/from external wallets, and withdrawal fees for fiat or crypto withdrawals.

How long does it take to convert Ethereum to cash?

Converting Ethereum to cash can take anywhere from a few minutes for the trade itself to 1-5 business days for the fiat withdrawal to clear and appear in your bank account, depending on the exchange and banking method.

Is converting Ethereum a taxable event?

Yes, in most jurisdictions, including the United States, converting Ethereum to another cryptocurrency or selling it for fiat currency is considered a taxable event that can trigger capital gains or losses.

Can I convert Ethereum directly in my MetaMask wallet?

You can swap Ethereum or other tokens directly within your MetaMask wallet using its integrated “Swap” feature, which utilizes decentralized exchange aggregators.

However, this only converts crypto-to-crypto and incurs Ethereum gas fees.

What is the difference between a market order and a limit order for converting ETH?

A market order sells your ETH immediately at the best available current market price, prioritizing speed. A limit order allows you to set a specific price at which you want to sell your ETH. it will only execute if the market reaches that price, giving you more control.

How can I avoid high gas fees when converting Ethereum?

To avoid high gas fees, you can:

1. Time your transactions during off-peak network hours weekends, late nights UTC.

2. Utilize Layer 2 solutions e.g., Arbitrum, Optimism for cheaper swaps once your ETH is bridged to them.

3. Convert on a centralized exchange where you only pay exchange fees for internal trades. How to convert from ETH to usdt on bybit

What is a peer-to-peer P2P conversion for Ethereum?

A P2P conversion involves directly exchanging your Ethereum with another individual on a P2P platform, often for fiat currency, with the platform typically acting as an escrow service to secure the trade.

Is it safer to convert ETH on a centralized or decentralized exchange?

Centralized exchanges CEXs offer more user-friendliness and customer support but involve custodial risk.

Decentralized exchanges DEXs offer self-custody and privacy but require more technical knowledge and can have higher on-chain fees and smart contract risks. Each has different security profiles.

What is a “slippage” in a decentralized exchange conversion?

Slippage refers to the difference between the expected price of a trade and the actual execution price, which can occur on DEXs, especially with large orders or volatile assets, due to insufficient liquidity or rapidly changing prices during transaction processing.

What records should I keep for tax purposes after converting Ethereum?

You should keep records of the date and time of conversion, the amount of ETH converted, the fair market value of ETH at conversion, the cost basis of your ETH, and any fees paid, to accurately calculate capital gains or losses.

Can I convert wrapped Ethereum wETH?

Yes, wrapped Ethereum wETH can be converted just like regular ETH on most exchanges and DEXs.

WETH is an ERC-20 token representing ETH, making it compatible with more smart contracts. You can also “unwrap” it back to native ETH.

Are there limits on how much Ethereum I can convert?

Yes, centralized exchanges often have daily or monthly limits on deposits, withdrawals, and trading volume, especially for unverified or partially verified accounts due to regulatory requirements.

OTC desks cater to much larger transactions with higher limits.

What happens if I send my Ethereum to the wrong address?

If you send your Ethereum to the wrong address, the transaction is irreversible, and your funds will most likely be permanently lost. How to convert ETH to cash

Always double-check the recipient address multiple times before confirming any transaction.

Can I convert Ethereum instantly?

Converting Ethereum to another crypto on a centralized exchange can be near-instantaneous with a market order.

Converting to fiat and having it land in your bank account will take longer due to traditional banking settlement times.

What is a “bridge” in the context of Ethereum conversion?

A bridge is a protocol that allows you to transfer assets, like Ethereum, between different blockchain networks e.g., from Ethereum mainnet to a Layer 2 network like Arbitrum or Optimism, enabling conversions or interactions on those networks.

Do I need to report small Ethereum conversions for tax?

Yes, typically all conversions that result in a gain or loss are taxable events and should be reported, regardless of the amount.

The definition of a “small” amount that might be exempt varies by jurisdiction, but it’s best practice to track all transactions.

How do I ensure I’m using a legitimate exchange or platform for conversion?

Always verify the URL of the website, look for trusted security indicators like the padlock icon, read reviews, check regulatory compliance, and use official links.

Be highly suspicious of unsolicited messages or links, and never share your private keys or seed phrase.

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