Transaction FAQs
How to add crypto to your Gridlock Wallet
Buy Directly in Gridlock: You can buy crypto directly in the Gridlock app using one of our trusted onramp partners. Click "Buy" in the app and complete your crypto purchase in less than five minutes!
Buy through a Centralized Exchange: Centralized exchanges offer a variety of cryptocurrencies to buy and often allow bank transfers, which can be have lower fees than debit card purchases. After purchasing on a centralized exchange, transfer the crypto to your Gridlock wallet for the safest storage possible.
Buy with a crypto ATM: Crypto ATMs provide a physical venue to buy cryptocurrencies with cash. Select the cryptocurrency you want to purchase and use the ATM to send it directly to your Gridlock wallet address.
Buy from a friend (P2P): Peer-to-peer transactions are ones where a friend or someone you trust sends cryptocurrency directly to your Gridlock wallet. This method often has lower fees than other methods and is a cost-efficient way to get started with crypto.
How do I convert from crypto to cash
Convert to a stablecoin: You can always use centralized or decentralized exchanges to convert crypto to a stablecoin like USDC, USDT, or DAI. This is the crypto equivalent of cash and each stablecoin is designed to closely match the value of the US dollar.
Crypto Exchange: A common method is to use centralized crypto exchanges when converting large amounts of crypto to fiat currencies like USD, EUR, GBP, and more.
Crypto Debit Card: Spending your crypto balance for daily use is easy with crypto debit cards. This method allows you to spend crypto anywhere that you would use a debit card.
Peer-to-Peer (P2P) Trading: Selling directly to another individual using a P2P crypto exchange generally has the lowest fees but it requires slightly more effort to work through the sale process.
Crypto-Friendly Businesses: Directly spend your crypto at businesses accepting crypto payments, a method that doesn't convert to fiat but allows you to use crypto like cash.
Gridlock: Gridlock plans to add offramp support directly to the app in a future release.
Are there any fees associated with converting crypto to a different coin or cash?
Like any other currency conversion service, converting crypto to cash or other coins involves fees. Exchanges and debit cards charge fees based on transaction size or type. P2P exchanges might have lower fees but require more effort and are generally not used for small-to-medium-sized conversions.
What should I consider before converting my crypto?
Consider tax implications, as selling crypto at a profit may be taxable. Also, review the transaction fees, which vary by service and can impact the amount of fiat you receive.
Does Gridlock offer a direct offramp option to convert crypto to fiat in the future?
Gridlock plans to add an offramp feature in the future, providing users with a direct and convenient way to convert their cryptocurrency holdings into fiat currency.
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