As an Indian newbie here, what confused me most was how to convert Steem Dollars to Indian Rupees. Recently, with the help of some posts here, I managed to transact 12 Steem Dollars to my bank account as Indian Rupees.
There are many Indian newbies here, so I created this post just to help them and to clear confusions regarding currency transactions.
Before starting please note that the method I am going to explain here is tested myself. There could have other alternative ways too. And the screenshots used here are captured from my phone and not from PC.
Let's look into the requirements.
First of all, you must have a Bitcoin address to receive money as bitcoins. To obtain Bitcoin address, I used ZebPay mobile app. ZebPay is basically a bitcoin exchange to buy and sell Bitcoins in India. Go to http://zebpay.com for more details.
In ZebPay app, create a new account with your details. To get Bitcoin address, you need to submit your Pan card details as well as bank account details.
Verification of the details submitted would be completed within 2-3 working days. You will get the Bitcoin address, once your account is verified.
Secondly, you need an account in any exchanges out there to convert SBD to Bitcoin. I used http://blocktrades.us, there are other alternatives too. Creating an account in Blocktrades is simple and hassle free.
In fact, an account is not mandatory to exchange Steem Dollars to INR. But having an account can help us to track our transaction history easily.
Now, follow the steps below to convert SBD to INR.
1.. Copy your Bitcoin address from ZebPay app.
2.. Go to http://blocktrades.us and sign into your account.
3.. Under send, choose Steem Dollar and select bitcoin under Receive. Paste your Bitcoin address in the Your Receive Address box.
4.. Clicking on Get Deposit Address generate a memo. Copy that memo to your clipboard.
5.. Now go to http://steemit.com and open your wallet. Click on Steem Dollars dropdown and choose transfer option.
6.. In the to field, type blocktrades. In the Amount field, choose your amount of SBD to be transferred. Also, paste the copied memo to the corresponding field.
7.. Click on Submit and you may need to log in with password again for security purposes. And your SBD will get transferred successfully.
8.. Now go back to http://blocktrades.us and you can see transaction details there. You can also look into the bitcoin transaction from there. You may see 'unconfirmed transaction' message but no need to worry, bitcoin will be credited within few hours.
9.. You will get notification from ZebPay app once you receive your Bitcoins. Open the app, sell the received bitcoin to get it converted to INR.
10.. Go to account section of ZebPay app and withdraw the converted money to your bank account. It would take one working day to get money into your bank account.
That's it. This way you can easily get Steem Dollars to your bank account as Indian Rupees.
very good informative post...luking forward to your next posts :)
Thank you😊
Thank You Very Nice Information.
good post!
the new comers to the Indian crypto community are lucky to have you
Thank you:)
India is embracing blockchain in a very admirable manner. Hope most nations follow suite. Followed you back, hope you can as well. Thanks
Thanks, followed you too☺️
i also follow u follow me bt i am new i think u ll not do:(
Great stuff here. Hope this helps get more people on steemit
Thank you☺️
nice information,
Thank you☺️
Very well information bro..
Thanks a lot @rashidckk , the post was indeed very useful as the steem platform is quite new and we Indians are still figuring out to make the best and most optimal use of this platform. Your post was very informative and will help many Indians like us. Cheers!
Great post...Thanks for the info..:)
one of the awesome post loved it
Your post is so nice and amazing. I really helped me. Thanks for sharing. For that i upvote.
Informative. It's really helpfull. @rashidckk
Very helpful! This could have been a little confusing otherwise but you have made it very easy for me to cashout when I become a millionaire in here :)
Excellent post Rashid thank you! would moving you Steem straight to a poloniex account be possible ,could it be another option?
Hello, excellent post, lots of help
Detailed post with screenshots. Appreciate the time and effort.
Thanks for this mate. What is the least amount of Steem dollers that can be transferred through blocktrades?
Any alternative of block trade which has lowest fees.
Today transcated 6 sbd what I got is .
0.00005256 bitcoin which is equivalent to 16 Rs and if I transcat them into account 10 rs will be charged by zebpay. Finally what I will get is only 6 Rs.
6 SBD=6INR
Thanks for this post . i am also an indian and it helped me :)
Thanks
@rashidckk, very nice information for newcomers like me. Followed and upvoted. Please follow me and look into my posts as well. Thanks.
thanku sooooooooooooooooooo much bro love this post hope when i will earn steem dollars then this way i can withdraw money again thanku :)
Thanks for greatest helpful post.
I would be using the same method.
Just great! God bless you mate! :) Thank you
can we make direct withdrawl without making account ??
Great source of information. Thank you!
Hey really great post...
Great post Rashid! Very helpful and detailed post. Thank you so much!
Thanks for this post!
thanks for the info. I'm new to cryptocurrencies and still trying to figure out everything.
thanks for sharing such awesome information about steem dollar to INR transactions for Indian users via zebpay.
thanks for the post. you cleared my doubt
Nice 1
Great information for us because you show step by step .