If you’re like me and have been using POSWallet to hit faucets and stake altcoins, you were likely dismayed by the news that they are delisting almost all of their coins. You may be asking yourself what you can do with all these fractional altcoins you’ve accumulated. I’ve found 3 options, outlined below.
Option 1 - Use the POSWallet Exchange to turn them into POSW
POSWallet is delisting coins to focus more heavily on its own coin: POSW. If you believe in the future of POSW, you can turn your other altcoins into POSW (minus a transaction fee, of course).
- You first have to transfer your coins from your staking wallet to your exchange wallet. To do this, click on the Wallet link on the left hand side. The middle box will be the Staking -> Exchange Transfer.
- Select the coin you want to Transfer, then enter the amount you wish to transfer. I’ve not found any good way to autofill the max amount, so I believe you just have to type in the amount manually.
- Now that the coin has been transferred to your Exchange wallet, click on the Exchange link on the left hand side. You will then see all the POSW pairs offered on the exchange, and can select the coin you wish to sell.
- At this point, the exchange works much like any other crypto exchange: you enter the amount you wish to sell and the price you wish to receive. To save yourself some typing, you can click on the top buy order to prefill the information for the highest offered price. You can then click on your balance in the upper right of the Sell box to sell all your available balance.
- Repeat these steps for each coin you wish to turn into POSW.
Option 2 - Transfer coins to BTCPOP to continue staking them
If you aren’t a believer in POSW, or if you’re just salty because they delisted your favorite altcoin, or if you want to continue staking your altcoins in an online wallet, you can transfer some of your coins to BTCPOP. BTCPOP doesn’t have all of the coins listed that POSWallet did, but some of them. BTCPOP doesn’t really advertise their staking feature very much, but they do offer it. You simply have to put the coins in your account and they will start staking.
- Go to btcpop.co and sign up for an account. They will send you an email to verify your account, after which you will be asked to sign in with the credentials you just created.
- Now to add some coins. In BTCPOP, click on Account, then Add/Withdraw Coins.
- Find a coin you want to add in the list of available coins, and click the plus (+) sign next to it.
- This will open up a window telling you that you don’t have a wallet address for the selected coin. Click the button on the bottom right to Generate an Address.
- The popup will disappear, navigate back to the appropriate coin, and click the plus sign again. Your wallet address will be displayed. Highlight the wallet address and copy it.
- Go to POSWallet and click on the Wallet link on the left side. The first box on this page is for withdrawals.
- Pick the coin you want to withdraw, click the Max link next to the amount to prefill all of the selected coin, and copy your wallet address from BTCPOP into the Address box.
- Click Next, verify that the information is correct, noting the withdrawal transaction fee, and click Next again. Then click the Withdraw button.
- You will receive an email asking you to confirm the withdrawal, click the link in the email, and you should see the coins withdrawn from POSWallet. Within an hour or so, they should appear in BTCPOP.
**Side Note - In the time it took me to write up these steps, I received stakes in the coin I had transferred, so I can say for sure that the staking in BTCPOP is legit. You can see this information in your altcoin statement, by clicking Account -> Alt-Statement.
Option 3 - Transfer your coins to an exchange
Most of the smaller coins that were delisted by POSWallet are not traded on very many exchanges. The 2 that I’ve found that have the most pairs of the coins that were delisted by POSWallet are YObit.net and BITTREX. There are lots of tutorials online about how to use these exchanges, so I won’t go into details here, but the deposit works much like the BTCPOP process outlined above. Once you have your coins in the exchange, you can trade the coins for other altcoins, or simply leave them in your account and wait for them to rise in value. Trading one altcoin for another works much like the Exchange on POSWallet outlined above.
In Summary
POSWallet delisting most of their coins has left many people scrambling for options. Hopefully the information I’ve compiled here was helpful to you. If so, please use the links above (which do contain my referrals codes; it doesn’t cost you anything, just helps me) to go through these steps and hopefully minimize your losses due to the POSWallet mass delisting. It’s also important to keep in mind that POSWallet is not delisting every coin. If a coin does not have a delisting date in the Dashboard on POSWallet, you do not need to withdraw it and can continue to earn stakes as you have been. This is what I plan to do with the coins that POSWallet is keeping.