How I Convert STEEM to US Dollars

[nphacker]

This is my process to convert STEEM to US Dollars:

• If you do not have any STEEM or STEEM dollars but have STEEM Power, power down by clicking on the arrow next to your STEEM Power in your wallet. Note powering down any STEEM at all will take around 7 days, and getting all of it out will take 2 years.
  
• Once you have STEEM dollars you can either choose to Convert to STEEM by clicking on the arrow next to your STEEM Dollar balance or Buy STEEM with your STEEM Dollars.
  
• Once you have a pure STEEM balance you can now transfer the STEEM to a cryptocurrency exchange such as Bittrex to exchange it for Bitcoin which you will then exchange for US Dollar. Click on the transfer option after clicking on the arrow next to your STEEM balance in your wallet. In the memo section put the unique memo code you got from your exchange's wallet and in the account section put the account name you got from your exchange in my case it was "bittrex."

Click on the "+" in Bittrex in the STEEM row in the Balance section to get the Memo and Account name

Now navigate back to steemit and put in the information in the transfer dialog

• Now you can sell the transferred STEEM on Bittrex for Bitcoin!
  

• After you have your converted Bitcoin you can now transfer it to a wallet on Coinbase or Circle to convert it to US Dollar!

Note: Each step is not instantaneous so be patient, and always test out transfers with negligible amounts of crypto to make sure they work before transferring out a larger sum. Also always double check account names/numbers!

Comments

[rbc421]

It just scares me how long it takes, but oh well, this shit is fun!! Lol have fun brother

[moonjelly]

I can only imagine the perplexed faces of non-crypto people!

[thespacebetween]

You should see my face trying to learn about all this. lol. I'll get it someday...maybe.

[knircky]

Powering down takes 104 times a week, so overall 2 years

[nphacker]

Thanks for the clarification!

[nphacker]

Updated accordingly

[knircky]

You can also trade spd directly on bittrex and poloniex, so you do not need to convert them to steem first

[overtheline]

Thank you

[lichtblick]

Thank you :-)
Do you know how I can transfer Steem from Bittrex to Steemit?

[nphacker]

You can deposit STEEM as STEEM Power from a separate wallet, its a similar process to transferring out. Just click on the arrow next to your STEEM Power, and select Deposit.

[lichtblick]

Thank you. I wil try that :-)

[ace108]

Thanks for telling.

[bushyrblx]

Can you use PayPal?