How to convert STEEM to BITCOIN on bitshares | save $6 withdrawal FEES by using BITSHARES exchange instead of bittrex Exchange

in #bitshares7 years ago (edited)

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image source

Ever since I read about bitshares and watched videos about how it works and it's importance, I haven't stopped using it.

Currently my top 3 cryptocurrency exchanges are bitshares, binance and bittrex. I've already written about binance on my blog and how to make money from it, but right now I want to teach how to convert steem to btc using bitshares and save $6.

Currently I use bitshares for converting steem and sbd to bitcoin because of

  1. It's decentralized nature
  2. I get 80% of all your transaction fees back
  3. It can also be used as a wallet.
  4. 50% referall bonus.

how to convert STEEM to BITCOIN on BITSHARES

1. Create your bitshares account and backup your account

Creating a bitshares account is easy, just click here

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2. Click account by the top left corner

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3. Click deposit beside open.steem

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4. Copy username and memo

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5. Go to your steemit wallet and send steem to the username and paste memo copied into memo on steemit

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Deposit should take about 30 seconds to reflect

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6. Click btc and click open.steem

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7. click your steem balance under sell open.steem and then click sell

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8. steem sold shows at the top right corner

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9. Click account to view your bitcoin and click withdraw

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10. Paste your bitcoin address and input the amount you want to withdraw minus fees

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11. click confirm (cheap fees)

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withdrawal on bittrex currently is 0.001 BTC = $7

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Using bitshares saves you more than $6 Because withdrawal fees on bitshares is currently 0.00001.. BTC = $0.09

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Losing $5 or $6 to transaction fees might look like a small money but if you need $1000 in your savings account, you'll need be saving $5 for 200 times.

Click here to register on bitshares

Thanks for reading

samstickkz.jpg


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This is very very helpful... I wonder how long it took you to put this down for us.. Thanks a lot!

I just have to resteem for others to see!

I'll have to transfer my coins there!

Mehn it took me hours oh,but I had to do it to help answer those that have been asking me how I avoid paying $6 withdrawal FEES on bittrex

pretty impressive! I guess the only difference is the speed...I don't know ...how much time it takes to transfer? Is it the bigger the amount the slower the transfer?

I think Bitshares has the smallest fee ...don't know about Binance..

I know it takes hours ...sometimes days ..lol
good karma to you!

I meant it took me hours to put the post together

haha yes I understood you at first ! sometimes it takes me hours to post 1 picture hahaha.. sorry for not being clear ;)

So Bitshares transactions are fast?
I never tried but probably will after the fork if the steem price goes up..

OK no problem

Right on point bro. Thanks for the insight. Upvoted and resteemed.

Thanks for helping me resteem. I'm grateful @fessikay

Thanks bro @samstickkz for thiis information, though i'm not ready to do any transactions yet, but i can save it in my bookmark for future purpose.
Tomorrow is my birthday, remember to bless your boy.

Wow happy birthday in advance bro

Resteemit good info

Excellent work there @samstickkz .Thanks for sharing. I would be needing this info soon, resteeming right away✌

Thanks for resteeming dear. How's your day going

well detailed post bro, I just followed, Upvoted, and resteemed this

Thanks for the resteem bro

Resteemed by @resteembot! Good Luck!
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I started to use bitshares , I’m learning but is a very good platform

Yes it is, and you can make money with it watch the video below


Video source :fesu desu

Excellent man!!! Thanks for sharing it!!!

You're welcome @humoalex

WOW!!!! This is the best post I've read today..... Sincerely.... It's quite helpful.... Recently... I started having problem with transaction charges on bittrex..... Thanks for sharing this. I'm happy right now

You're welcome brother, please saving those $6 withdrawal FEES. Thanks for stopping by.

Thank you for tje information @samstickkz

Here you hit dear. Really I don't know much about bittrex, but now with this post i can be able to work with it. Thank for sharing

You're welcome sir

What about blocktrades? I never tried it myself, but I think it is the easiest way to convert SBDs to bitcoins or altcoins. Could be more expensive though.

I hardly use blocktrades for conversion

I think where I was stuck yesterday was that after my balance showed 149 BTS, it still showed insufficient fund on the reading page. Or was I supposed to wait for a confirmation or sort before I could exchange? I will try the whole process again.

OK do, if it doesn't work, I'll do a video specially for you

I saw what I got wrong. I was attempting to trade BTS to BTC since my balance was displaying in BTS. The assumption was that the conversion occured automatically at deposit (which would have been crap).

Oh now I get it, but have you done it now?

Yeah. I set a sell limit.

I was having the same issue you had. How were you able to fix it?

I would have loved to book mark this.
Last time I was stocked and I needed cash. I tried converting from my steem wallet to bitcoin and I was stopped by the transaction fee. It was damn high.

Oh were you using bitrex?

It was block trade ooo... Over 10

Great tutorial @samstickkz. I was upset with high fees of bittrex

OK don't get upset anymore, use bitshares

This wonderful post has received a bellyrub 5.71 % upvote from @bellyrub. Please make sure to vote for my pops as a witness @zeartul,Here

This is a good job and a welcomed idea.
Thanks for the information.

You're welcome @masterwriter

Thanks for sharing this. Going to bitshares now.

Alright oh, no follow on #bitshares

Thanks i've been thinking a lot about quiting bittrex, but what about the exit fees?

Do they have exit fees?

if i need to move my money to localbitcoins.com for example

Nice info brov, resteemed and upvoted.

Thanks for resteeming my post, I've sent you a tip

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Can't do much but I've resteemed.. Thanks for sharing bro..

Thanks @mr-aaron I've sent you a tip

Appreciated! Thank you

though complicated cos i dont do much of exchange but its still very insightful and well explained

Don't worry I'll teach you

This post has been resteemed by @msp-africa courtesy of @ejemai from the Minnow Support Project ( @minnowsupport ). Join us in Discord.

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Thanks much for this info. It will be helpful

Great exposee. I will definitely use it soon.

OK, if you face any problem, just let me know

I deposit some ETH on the bitshares now. I want to withdraw it, but the transaction fees is more than the amount. It not allowing me to progress. Is there a limit you can withdraw there?

Click withdraw, then see the real fees, come back and edit

Or let's talk on steemit.chat or discord

Click confirm then you'll see the actual fee, then manually subtract fees from your balance