Worldcoin
Crypto Trends & NewsGuide & Tutorials

How to Withdraw Worldcoin – Simplifying Your Digital Transactions

What is Worldcoin?

Worldcoin is a cryptocurrency project that was launched in 2021 to distribute free crypto tokens to people globally. The project uses iris scanning technology to sign up new users. This involves mapping the unique patterns of a person’s irises to verify identity and distribute free crypto.

Users who sign up undergo an iris scan using the Orb device, which scans both eyes. This anonymously maps the iris patterns but does not capture images or video. In exchange for this verification, the user receives a free airdrop of Worldcoin tokens directly to a crypto wallet.

The aggregated iris scan data is encrypted and used by Worldcoin to advance artificial intelligence research. The project has attracted major investments from Silicon Valley venture capital firms, although adoption remains limited in its early stages.

Withdrawing Free Airdrops

After receiving the free Worldcoin airdrop for signing up with iris scans, users will want to withdraw the tokens to their secure crypto wallet. Leaving funds on an exchange carries the risk of hacks or loss of access. Self-custody in an external wallet is safest.

Here are the step-by-step basics to withdraw the free Worldcoin:

  • First, download a software or hardware crypto wallet. Recommended options include Exodus, MetaMask, or Ledger hardware wallets.
  • Install the wallet on your smartphone or laptop. Create a strong password and record the recovery seed phrase securely. This will allow for restoring access if needed.
  • Locate and copy your Worldcoin wallet address within the app interface. This is a long string of letters and numbers.
  • Return to the Worldcoin app or platform where your free tokens were distributed. Find the withdrawal page.
  • Paste your wallet address into the recipient field and enter the amount of Worldcoin to withdraw. Double and triple-check that the address matches the wallet app.
  • Submit the withdrawal request and pay any small network transaction fee.

Within a few minutes, the withdrawn Worldcoin amount will show up in the balance of your crypto wallet app.

Buying More Worldcoin

In addition to the free tokens, some users may want to purchase more Worldcoin through a cryptocurrency exchange. The process is similar:

  • Fund your account on the exchange by depositing local currency via bank transfer or other methods.
  • Use the funds to buy Worldcoin on the exchange market. Move quickly on price dips.
  • Withdraw the purchased Worldcoin from the exchange to your private wallet using the same process described above. Never leave coins on an exchange long-term due to hacking risks.

Recommended Wallets

For securing Worldcoin, self-custody software, and hardware wallets are recommended over keeping funds on custodial exchanges long term. Consider using:

  • Exodus – A user-friendly software wallet for desktop and mobile. Holds multiple crypto assets.
  • MetaMask – Leading Ethereum-based wallet also fully supports Worldcoin. Available as a browser extension and mobile app.
  • Ledger – A top hardware wallet manufacturer. Provides offline cold storage for optimum security.

Always follow the best practices, such as enabling two-factor authentication on the wallet and keeping recovery phrases stored securely offline. Never share wallet keys or passwords.

Withdrawing to Bank Account

When ready to cash out instead of just self-custody, users can:

  • Transfer Worldcoin back to a supporting crypto exchange.
  • Sell for local currency, like INR.
  • Withdraw the fiat funds out to a connected bank account.

Note the tax obligations on capital gains when selling crypto. Consult a tax professional for guidance.

Leave a Reply

Your email address will not be published. Required fields are marked *