how to turn STEEM into BTC (bitcoin) then fiat (cash), which in th U.K. has been difficult until now.
You can use this same process for SBD (STEEM dollars)
To turn your STEEM DOLLARS into STEEM you can use the 'buy and sell' dropdown arrow next to your STEEM DOLLARS amount.or you can either trade your SBD on steemit.com for STEEM or you can send them to an exchange and change them for BTC (bitcoin)
step 1
Open an online account with a crypto-currency exchange.
Currently Bittrex and Poloniex are trading STEEM and SBD (steem dollars). You can exchange your STEEM or SBD (steem dollars) into Bitcoin or other crypto-currencies.
Go to https://bittrex.com/ or
https://poloniex.com/ and open an account.
Remember, your funds will be stored in a wallet on this site so please use a very secure password.
For extra security, set up 'two factor authentication' .
step 2
Find your wallet address on the exchange
On bittrex, go to 'wallets' , click on the + sign next to STEEM (if you can't see STEEM, type it into the search field.)
in the pop-up box you will see a memo code and registered account name. copy the memo code
on poloniex, click on 'balances' and on the dropdown menu select 'deposits & withdrawals'
Scroll down the page until you locate STEEM, on the very right hand side of STEEM click on Deposit, this will then show your memo code. copy this code.
Step 3
Transfer STEEM to your exchange
Click on your STEEM wallet, then click on the little drop down arrow to the right of your STEEM balance, select 'transfer'
in the 'to' box put the name of the exchange. i.e. bittrex or poloniex
enter the amount of STEEM you want to transfer.
In the 'memo' box put the memo code you copied from step 2.
click on 'transfer'
your STEEM is now on its way to your exchange (it will take a few minutes to show up in your account)
Step 4
Exchange your STEEM for BTC (bitcoin)
On Bittrex, click on the bittrex logo top left.
Click on BTC-STEEM
You should now see the trading chart.
Im not going to get into the complexities of trading in this explanation, as that is another entire tutorial.
So, ill just tell you how to exchange at the current rate at the time.
In the units box put the amount of STEEM you want to trade (you can select all of your STEEM by clicking 'STEEM available' above the box)
In the 'sell STEEM' box click on price, select 'Bid'
click on 'Sell STEEM'
On poloniex, find the BTC-STEEM market.
in the sell STEEM box click on highest bid
put the amount of STEEM you want to sell in the amount field.
click 'sell'
You should now have some BTC (bitcoin) which you can spend at many online retailers.
Step 5
Turn your bitcoin into spendable fiat (cash) with a virtual or plastic card
Go to e-coin and sign up for an account. if you use this referal link you will get 25% off your virtual or plastic card.
https://www.e-coin.io/?ref=35d53268ea8d4aaeb224b26d0119c776
I think its about $3 for the virtual card. you can use the virtual card anywhere that accepts debit/credit cards online.
If you get the plastic card you can use it at atm's to withdraw cash.
They also have a phone app which i believe is giving away a free virtual card if you download the app. (ios 8 tho, i cant get it on my iphone 4)
When you have set up your account and recieved your card (virtual is almost instant), click on account at the top of the page.
Next go to 'Bitcoin Account Balance' click on 'view address' and copy the BTC address generated.
Go to bittrex or poloniex and find your BTC (bitcoin) wallet. 'wallets' in bittrex.
in poloniex its 'balances' 'withdrawal & deposits'
click on withdraw and enter the address copied from e-coin. click on withdraw and follow any instructions.
you have now sent BTC (bitcoin) to your e-coin wallet.
Go back to e-coin and click on 'Load card'
then enter the amount of BTC you want to put on the card (min£10) this will transfer into your chosen fiat currency. for me its GBP.
You can now use your card just like any debit/credit card.
Excellent Article
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A comprehensive guide. Many thanks.
ur welcome. ive just done an updated tutorial. there are now other bitcoin card companies that give better rates and services than wirex/e-coin....
https://steemit.com/steemit-help/@pcste/updated-newbie-turorial-how-to-turn-your-steem-sbd-and-other-cryptocurrencies-into-cash-with-spectrocoin-most-countries-covered
Good points in this blog. Same mindset here. You read this stories about people selling their cars to buy cryptos and I think to myself: Don't invest money you don't have. I was researching a way to do better investment analysis on the current cryptos. I really advice people to take a look at: https://www.coincheckup.com I'm really happy with this site that gives complete coin analysis for every single crypto. Check: https://www.coincheckup.com/coins/Bitcoin#analysis To check Bitcoin Analysis.
Great tutorial and I just learned how to transfer it. Have you heard of Exodus wallet?
no ive not heard of it. il check it out.
ive done an updated post on crypto to fiat. they have better rates and services than e-coin now...
https://steemit.com/steemit-help/@pcste/updated-newbie-turorial-how-to-turn-your-steem-sbd-and-other-cryptocurrencies-into-cash-with-spectrocoin-most-countries-covered
Thank you! Just went through and trasfred 2 SDB as a test for my first go! This was very helpful! @bitstudio here is a good explanation on cashing out!
Great....
Nice work...
Thank you very much for the guide.
I find it to be super useful.
But, is there any marketplace that doesn't ask for ID?
I'm not 100% comfortable giving my ID just like that to anyone to store it and use it as they want. Too many scams start like that
Oh, so glad to find this. I'm a fan of the simple breakdown guides. Thanks
Thank you! This was indeed very helpful!
Ah ha! This might be exactly what I was looking for. Thank you!
Very helpful !!
I really appreciate this info. Thank you!
thanks!
This helps me process how Steems and Steem Dollars function. Thank you so much.
thanks
Nice work bro !
Thank you very much for this post
This is brilliant, thank you! I had no idea how to transfer Steem or Steem Dollars out to something useful, and following your instructions I now have a Bittrex account with BTC in it! Yay! Now I just have to follow the next step (I see you've posted an update, so I'll go check that out) and I should be good to go. You're a star :o) P.S. With a Bittrex account, is it possible to pay for things online using BTC rather than going to the next step i.e. the ewallet? Or does one still need to do that, even if the intention is to pay in BTC?
If you want to pay with USD, GBP or Euro; you will need the Wirex debit card.
Thank you 😊🙏
Fine post. Same mindset here. There's a lot of exchanges out there. I found that coinmarketcap.com gives quite a decent overview. I was wondering if anyone of you uses: https://www.coincheckup.com Since I use this site I make so much less basic investment mistakes.
very helpful
THANk you so much for this 😊👍🏾🙌🏾