How to Transfer Steem Backed Dollars to Your Bittrex Account and Sell Them on The Open Market
Converting your hard earned Steem Backed Dollars into Bitcoin using Bittrex.com is a pretty simple task. These instructions assume you've already signed up for a free account with Bittrex and have a Steemit.com account with a positive SBD balance that you wish to convert into Bitcoin on the open market.
Login to bittrex.com with your existing account click on the 'Wallets' link in top navigation bar towards the right side. Type 'SBD' into the search box on the right side to show only your SBD wallet. Your screen should look something like this:
Click on the plus sign next to the left of the 'SBD' account name. A pop-up dialog will appear. Click on the button to generate a new address. It should generate a memo, you need to copy the memo to your clipboard (ctrl+c or cmd+c).
In a different tab open up your Steemit.com wallet page. Click on the arrow next to the amount of SBD listed to bring up the dialog menu. Click on 'Transfer'.
A new dialog box will pop up with a form for the transfer information. Use 'bittrex' as the account you are sending to and make sure to paste the memo you copied to your clipboard in to the memo box. That memo value that you copied and pasted is how Bittrex will know to you credit your account. If you were to use the memo in the picture below I would receive credit for the transfer to my bittrex account, so feel free to use that as a tester ;)
You'll need to put in your username and password to authorize the transfer
After a few minutes you should see the funds arrive in your bittrex account. Now click on the 'SDB' link in the wallet name to go to the BTC-SDB market to sell your Steem Backed Dollars for Bitcoins.
Look on the right side where it says 'SELL STEEMDOLLARS' this is the order form you want to fill out. If you are just looking to quickly convert it at the highest market bid rate click on the price button and select 'Bid'. Click on the 'Max' button to sell all your SDB and then click the 'Sell SteemDollars' button to finalize the order. Since you are using the highest bid the order should be filled right away and you'll have BTC credited to your Bittrex exchange wallet.
If you are wondering why I'm selling SDB it was so I could buy some Monero coins to experiment with. Have no fear I'm still on board the Steem train and am staying powered up!
I assume it works the same way with steem?
Yup, you should have a different memo code for Steem deposits to Poloniex. If you happen to mix them up though Poloniex should credit you the proper currency anyways but it's best to get it right ;)
Yeah of course, I'll be careful with the different memos.
Thanks for sharing!
Cool - thanks a lot.
Akward question: And where do I find the bitcoins then and how can I send them from there to my standard wallet?
Sorry, completely new to this business ...
Well after you sell them for BTC you should have a balance in your BTC wallet on the exchange. Just go to your deposit/withdrawals section find your BTC balance and click withdraw.
Follow their instructions from there.
THANK YOU. I tried it, it works - big new world to me stupid little newbie, but it worked. I've just received it in my xapo-wallet. I cannot believe it ... It's a pity I cannot vote for or resteem your article any more, but I will follow and upvote you whenever I can!
Not stupid , you just had to learn. Im betting this is all too easy now. ;-).
What happens to your SBD if you close the transaction with no note to the account?
If you didn't put a memo code you might be shit out of luck. Reach out to their support. Maybe you will get lucky and they will refund you.
Thanks CJ, I think they got it figured out.
This is one of the clearest tutorials i've read do far :-).