This is a beginner’s guide
on how to turn your STEEM in to cold hard CASH. Everyone talks about how you can earn money on STEEMIT but no one ever tells you how you can touch it. I had the steepest learning curve when I started on steemit, I didn't even have a bitcoin wallet. I had heard of cryptocurrency, but had no experience with it at all. I still associated cryptocurrency with the silk road and government scrutiny (thanks media). I kept blogging on steemit because I enjoyed the community and I saw my account value increase. As I preached the steemit gospel to others, they always asked if I've ever taken any money out. The answer was no. That put me on a mission. So, I read several how-to and tutorials on turning steem to cash, but they all assumed some level of experience and I was not successful. One time when trying to convert, I conveniently sent my 1387 of steem directly to @openledger.
After 11 days of back and forth I was able to get my money back and try again. I even went so far as to pull money out of steem to PAY MY RENT. This time I compiled my series of steps and decided to share it with you.
Create a Bitcoin Wallet
- Go to BITPAY and create a bitcoin wallet. You have the option of choosing Windows, Mac, Linux, Android, or iOS.
- You are given an auto generated back up password that you MUST SAVE prior to proceeding. The concept is very similar to saving your 1st steemit password.
- You can create more than one wallet. It's like having multiple accounts.
Create a Blocktrades Account
- go to BLOCKTRADES.US and choose the sign up option at the top right.
Send Bitcoin From Steem to Blocktrades
- Log in to your STEEMIT account and open your wallet.
- You must have either STEEM or SDB available in order to transfer. I suggest that you send $25 for this tutorial
- Log into your BLOCKTRADES account.
- On the "SEND" side you will need to choose either STEEM or STEEM DOLLAR(sbd).
- On the "SEND" side make sure you put in enough STEEM or STEEM DOLLARS to cover $25 usd.
- On the "RECEIVE" side you will need to choose Bitcoin.
- Log in to your BITPAY wallet.
- In your BITPAY wallet choose receive.
- You will be given a Bitcoin receive address that you need to copy to your clipboard.
- Go back to BLOCKTRADES and paste the bitcoin receive address in the "RECEIVE ADDRESS" field.
- Now press the "GET DEPOSIT ADDRESS" option and you will get an auto-generated memo key.
- Copy the auto-generated memo key and then open your STEEMIT WALLET
- Click either STEEM or SBD and choose"TRANSFER" on the drop down menu.
- Transfer to "BLOCKTRADES" - "$25 sbd" - paste the auto-generated memo key in the memo field and click submit.
The waiting game
Within a minute or so you should receive a notification from bitpay that you received an incoming payment. You will see the transaction pending. Bitcoins are notorious for taking a while to confirm. My very first successful, confirmed transfer took 3 hours. After you receive confirmation that your bitcoin transaction has confirmed, lets continue.
Order Bitpay Visa
- Open your Bitpay application and go to the home screen.
- Under "Next Steps" choose "Add Bitpay Visa" and then "Order the Bitpay Card"
- You will be sent to a browser to create a log in. *it's important to note that your wallet is separate from your Bitpay Visa.
- Follow through with the sign up process.
- You will be given an invoice for $9.95 to purchase your pre-paid card. This must be paid in bitcoin. You can pay directly from your wallet because you have already transferred $25 sbd from steem via blocktrades.
- After payment, You should get an immediate notification that your card is on the way. If you have any doubts or questions, you can email [email protected]. They were pretty quick to answer me. Their response time was 15 minutes.
- Your card will arrive in 7 to 10 business days if you are in the US. Mine arrived in 5 days.
- After your card arrives you have to add it to your bitpay wallet to activate it. Your ATM pin will be enclosed with the card. There is not an option to change your pin.
- As long as you have bitcoin in your bitpay wallet, you can easily transfer to your Visa by pressing "+add funds."
There are many different options when dealing with cryptocurrency. I still have a @bitshares and @openledger account that I use for other purposes. I have found using @Blocktrades with Bitpay to be the easiest way for me to turn my crypto into fiat.
Having trouble? Reach out to me on Discordapp.com @xtrodinarypilot Google Hangouts @XtrodinaryPilot and I will see if I can help or point you in the correct direction. STEEM ON!
PROOF OF CONCEPT
There's Adventure in all of Us
I took you inside our 3rd homebirth experience
I took you gator wrasslin' in Texas
I took you on a day as Urkle
I took you to @ned scott's funeral (RIP)
I took you to #STEEMITGUNCLUB
STEEM ON & I WILL TAKE YOU PLACES
...mostly in Texas LOL Animation graciously donated to @xtrodinarypilot by @xtrodinarypilot
Totally awesome tutorial. 100% upvoted. I am saving it to my favorites to use as a reference for all newbies who need some guidance. I've been playing with my BitPay card and I LOVE IT!
@timcliff - have you seen this? It might be a great link for helpful tips.
Thanks @merej99 DOn't you just love the card? I've been telling anyone who would listen. I hope @timcliff can resteem or use it as a helpful link.
The first time I used it was at the post office. I was all nervous and had another card waiting in case this one failed. OMG - YES I love this card!
Haha I did the same thing. I had cash and a good excuse ready. I hate to be that guy who's card doesn't work
Awesome tutorial. Very detailed. This took work.
Very good guide, must have taken you plenty of time. Upvote!
It did lol. Hopefully users can find some long term value in it
nice post. useful info.
glad I could be helpful
Thank you for great info !
absolutely
Nice one Thank You
Thank you so much was thinking about the best way to have a atm card.
upvoting you good advice to convert steem to $
You are quite welcomed
Thanks for this info, it was very much needed!!
Blessings to you!!!
Resteemed!!
Appreciate that. Hope it serves you well.
This was all very good until the price that they ask for the visa card.
The idea of this whole cryptocurrency is to save money on transaction costs?
Good post but there must be another way for the 2 billion unbanked around the world?
Just like when Europe switched to the Euro. It took years before that currency prevailed. There will alwaye be an overlap during an economic transition. Have you paid your rent or carnote with bitcoin? How about grocery shopping? There is a logic to employ until cryptocurrency overtakes fiat.
Fair to say that as yet. I haven't personally paid for anything with Bitcoin but that's because I'm holding them. More outlets are taking it for payment here. Bitcoins are being used in a number of shops and are quite common on the high street. Starbucks etc take Bitcoins.
The reason that Bitcoin is being used more often, is because there are no transaction fees, or if there are they are a fraction of a penny.
People using credit or debit cards are charged every time they use them or more often the business is. Some business will not accept credit or credit cards now unless the purchase is over a certain level.
Still doesn't change the fact that bitcoin isnt the dominant currency and won't be for some time. It took almost 30 years before credit cards were widely accepted. Its one thing to believe in crypto, its another to blindly ignore historical economics.
That is true on both counts. I'm actually quite sceptical about cryptocurrencies and often see people freaking out about when they crash. All markets rise and fall. That's the nature of a market. But I'd rather have some than not just on the off chance that they do become accepted more widely. When I got my Bitcoins they cost £3 ($3.75) and at that price people thought they were wildly expensive.
Im jealous. I didnt believe in it. I missed that train. But imearning now and hoping to catch the tail end
It still fluctuates quite wildly some days but always returns to that upward track. It's one to keep an eye on and if it drops a couple 100 bucks?
You're in the right place to make up for missing the last boat. Steemit is pretty amazing and who knows where it could go?
Good luck and it was a great post.
For the record, my business accepts bitcoin.
Kaching! there you go. Once one coin is accepted, it won't be long before the other are. Exchanges exist already and I can see in the very near future, an app that converts whatever coins you have will be able to be used on the fly.
I'm glad you met my friend @xtrodinarypilot. He is a good guy. He is from Texas but you cant hold that against him LOL!!! Yeah @molometer is my YouTube friend from England that FINALLY joined up! You guys should definitely follow each other!!! After all like his banner says, @xtrodinarypilot will take you places, but mainly in Texas lol.
We had a good chat about cryptocurrency and bank charges. It was very interesting and enlightening. I'll give him a follow too.
meep
Upvote for HEB!!! Great tutorial man. Very helpful. Its hard trying to talk to someone thats not into crypto the process involved in exchanging it to fiat.
Heres a thumbs up from Phil.
HEB.... love it. Greetings New Braunfels.
Hi @xtrodinarypilot - I just added this article to the front page of WelcomeToSteemit.com. Thanks for the great post! :)
Thanks @trevorlyman I will be following you and the WelcometoSTeemit.com project. looks like an amazing idea.
Thanks, I'm glad you like it! I hope it can help.
How do I find it? Sorry, Noob life
Sorry about that, I forgot to hit SAVE! :) You should see it now, under "Making Money".
this is cool..can it be applicable to someone here in Nigeria.
thannks @xtrodinarypilot
@arizonawise
Yes that is true there are a few options for the Lagos market
okay sir,will definitely try it out when my posts will make enough payout.
thanks
Nice one, thanks for the knowledge @xtrodinarypilot
It was my pleasure. Hope it helps and don't forget to resteem.
Very helpful post sir.. i will share this post with my all friends.. i also had a big problem How to turn STEEM in to CASH... now i get the answer.. thank you so much sir.. keep writing..
This tutorial is amazing for a beginners
This is a very descriptive post and very useful, Thank for sharing.
very useful post,thanks
Great article, now i'm following you and upvoted, do same thanks if you like
I really needed this, thank you!
hope it helps. If you need to, contact me directly
That's very kind of you.