Thank you for the explaination. This does help! It is a pretty in depth topic. How does the bitcoins or Steem power turn in to currency or paper dollars? Sorry I just keep asking more questions!
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Thank you for the explaination. This does help! It is a pretty in depth topic. How does the bitcoins or Steem power turn in to currency or paper dollars? Sorry I just keep asking more questions!
That's actually the easiest part. On an exchange of your choice (like Poloniex or Bittrex) you can take your Steem, convert it to bitcoin and then covert that to whatever fiat currency that you want.
There are aslo credit card companies (like mastercard) that you can load your Steem or choice of cryptocoin onto. @thearcanebear posted this a few days ago: https://steemit.com/steemtofiat/@thearcanebear/how-to-spend-your-steem-although-we-dont-recommend-it
Then. when you are in a store, you just use your credit card.
Alternatively, there are companies that sell gift cards for bitcoin. In Canada, If you wanted to buy a giftcard for Costco, for example, you can buy a $1000 Costco card from https://coincards.ca/. They charge 5% per amount on the gift card as their handling fee. In this example, you'd pay a $50 fee and the $1000 card would costs you $1050.