ResearchCoin (RSC) and How to Convert it to Cash (USD)

Converting your ResearchCoin (RSC) to cash (USD) is a straightforward process that allows you to monetize your contributions to the scientific community on ResearchHub.

What is ResearchCoin?

RSC is a digital token for research built on the Ethereum blockchain, easily tradable to cash. However, its true power lies in our platform: ResearchHub. RSC isn’t just another token; it’s a catalyst for scientific progress. Here's what you can do with it:

• Open Bounties: Researchers carry out scientific tasks for RSC.
• Fund Research: Directly support groundbreaking projects.
• Paid Peer Review: Enhance the quality and speed of peer reviews.
• Governance: You can vote on decisions that shape ResearchHub’s direction 

ResearchHub functions as a marketplace for research. Researchers describe entire research projects and hire collaborators using RSC. Users are raising funds with ResearchHub crowdfunding and then opening bounties for scientific coding or data analysis, getting tasks quickly completed by other users on the platform. Companies are actively decentralizing their Research and Development (R&D) by leveraging ResearchHub's bounty system.

ResearchCoin isn't just a currency; it's the foundation of a dynamic, decentralized research ecosystem. 

Now that you understand the value and versatility of ResearchCoin (RSC), let's walk through the steps to convert it into cash (USD).

Follow these 4 steps to ensure a smooth conversion.

Step 0: Coinbase Exchange & Coinbase Wallet

Before we start, you need to download both the Coinbase and Coinbase Wallet applications. The Coinbase main app allows you to trade cryptocurrencies for cash while the Coinbase Wallet allows you to hold your own coins in self-custody and convert to other tokens.

[You can also use other self-custody wallets (e.g. MetaMask) and exchanges to convert your RSC into cash, but this guide focuses on Coinbase as the primary example.]

Step 1: Transfer Your RSC to a Personal (Self-Custody) Wallet

To begin the conversion process, you must transfer your RSC tokens to a self-custody wallet. Using the popular Coinbase Wallet follow the steps below:

1. Download and install the Coinbase Wallet app on your mobile device or browser extension. [mobile app recommended]
2. Create a new wallet or import an existing one by following the on-screen instructions.
3. On ResearchHub, click the ResearchCoin emblem and initiate the transfer to your Coinbase Wallet address.

Important Note: Don't lose your tokens. You must transfer your RSC to your self-custody wallet (Coinbase Wallet, Metamask), NOT to an exchange (Coinbase, Binance, Kraken).  Since RSC is not listed on any centralized exchanges, these tokens will not be handled properly.

Step 2: Convert Your RSC into Ethereum (ETH)

Once your RSC tokens are securely stored in your self-custody wallet, the next step is to convert them into Ethereum (ETH). This can be done on Uniswap.

Important Note: You will need some ETH in your wallet to process the transaction.

1. Open your Coinbase Wallet and simply click the “swap” button."
2. Select RSC as the token you wish to trade and ETH as the token you wish to receive.
3. Enter the amount of RSC you want to convert and review the transaction details.
4. Confirm the swap and wait for the transaction to be processed on the blockchain.
5. The equivalent value in ETH will now show in your Coinbase Wallet.

Step 3: Send Your ETH to a Centralized Exchange

With your RSC now converted into ETH in your Coinbase Wallet, the next step is to transfer your ETH to a centralized exchange where you can convert it into cash (i.e. USD). In this example, we use Coinbase.

Sending to Coinbase:

1. Log in to your Coinbase account and navigate to the "Receive" section.
2. Copy your unique ETH wallet address.
3. Open your self-custody wallet (Coinbase Wallet) and select the option to send ETH.
4. Paste your Coinbase ETH wallet address and specify the amount of ETH you want to transfer.
5. Confirm the transaction and wait for the transfer to complete.

Step 4: Sell ETH into Cash (USD)

Once your ETH has arrived in your centralized exchange account, you can proceed to sell it for cash (USD).

On Coinbase:

1. Navigate to the "Trade" section and select the ETH/USD trading pair.
2. Enter the amount of ETH you wish to sell and review the transaction details.
3. Confirm the sale and the USD will be credited to your Coinbase account.

Conclusion

By following these steps, you can effectively convert your RSC tokens into cash (i.e. USD), allowing you to monetize your contributions to the scientific community on ResearchHub. This process not only rewards you for your efforts but also supports the continued growth and innovation within the scientific community. The conversion process is designed to be user-friendly and efficient.

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