I'm currently running off endorphins from a 3 mile run annnddd, my first time converting SBD to USD! Hey, look my route looks kinda like a smiling pacman.
Alright, let's get down to the brass tacks. Today, I used the guide posted at the bottom of this post to convert SBD to my countries currency of USD. I did so with extreme trepidation. And, I followed the main STEEMIT faq which advises on your first withdrawal don't try a large amount because if you eff up you could royally screw yourself. I can not emphasize that enough. For it held true for me. I accidentally put 2 SBD up for bid rather than straight conversion to BTC. Then I tried again with 1 SBD (which isn't enough to actually exchange for BTC, I quickly learned). However, it was in the right place and that's all that mattered. So I went on ahead with the larger amount. The conversion to BTC was quick and painless.
I then proceeded to put said btc into my Kraken account for the final process to convert to USD. That was probably most nerve-wracking part to me for it took nearly 45 minutes to get to krakken.
From there selling the BTC for USD wasn't difficult. A few points of interest:
- I don't advise poloneix...it has always been a pain to navigate in the first place. And as of a few hours ago STEEM and SBD transactions were "temporarily disabled"
- Bittrex is what I used instead and it is a lot more user friendly in my opinion
- Today i received notification that my tier 2 verification was confirmed on krakken. Turns out you gotta have tier three to withdraw to bank account in the US. I didn't know that.
"In order to deposit fiat in the US, Canada, Germany, Japan, and other countries depending on what currency you intend to deposit, Tier 3 verification is required"
Tier 2 does allow withdrawal but not for me. So I await tier 3 verification at this point.
https://steemit.com/tutorial/@beanz/how-to-get-my-usdteemit-money-into-my-bank-account
The above is the guide by @beanz that I speak of. Very good guide. But it doesn't point out some of the extreme newbie /minnow stuff that I outlined above.
I thought I'd post this as perhaps some inspiration to my fellow beginner steemians that YES this is REAL! When I saw that sweet USD conversion on krakken i was so elated. Now to patiently await tier three.
I have hope that i can pay off my credit card debt incurred in college quickly now. And then just let my STEEM sit and simmer. Hurray!
Photo 1&3: Google images
Photo 2: my image
That's awesome! I haven't tried to convert it to USD yet so that was helpful :)
Sure thing. I am glad it helped you.
What amount did you invest? I have no idea how to begin.
I would seriously read through the ENTIRE STEEMIT faq. The guides on how to withdraw can be found in the economics section of the FAQ. that and reading other steemians tactics plus asking questions is the best. It really has to make sense to YOU. You could read all the guides in the world but if it doesn't resonate with you you need to keep digging. Best of luck
Thanks for the info.
No problem!
congrats. Lets hope the coin keeps rolling in.
Thank you.