I Bought BTC with my SBD through Bittrex

Here is a basic overview of how I turned my Steem Dollars into BitCoin in order to trade on Bittrex

As I decided to start Dipping My Toe Into Cryptotrading I picked Bittrex as the exchange I would use to convert my Steem into something I could actually trade.

If you live outside of the USA, you probably could get by with Basic Verification, which is giving your name and addresses for them to make sure you exist. If not, you will have to use Enhanced Verification, which requires you to take a selfie and a picture of your legal photo ID. The process is web based and was actually very straight forward and easy. Once you are done with that, you can upload your existing coins to a Bittrex wallet to begin trading.

To start, you just click on the Wallets tab and find the coin you want to transfer. There is a search function to make things easier. Once you are in that coin's Wallet, you click on the button to create a New Address or New Memo and it fills in the needed information for transferring the coins.

For STEEM and Steem Dollars, you are given a Memo and an Account to transfer the information to. The account is bittrex and the memo matches the wallet on Bittrex.

Just remember, you have to transfer SDB and STEEM to different wallets. Don't get the memos mixed up or you will lose your coins.

Once you have that information, you go to your STEEMit Wallet and transfer the coins. Both Steem Dollars and STEEM have a droplist menu with the "Tranfer" option. When you click on that, you will get a window for putting in the transfer to account, the memo and the amount you want to transfer. After you put in your security information, your wallet should show the transfer information.

At this point, you have moved your STEEM or Steem Dollars (SDB) to Bittrex. It should be there within less than a minute. There would have been no charges or fees, just an increase in your Bittrex wallet shown in BTC and USD value.

When you are ready to convert the STEEM or Steem Dollars(SDB) to BitCoin (BTC), you go to the Trading section of that coin's wallet. You enter in the amount that you want to trade and the price. You can get the Last, Bid, or Offer prices as a starting point. Obviously, you want to get more BTC for your coin, so adjust accordingly.

Bittrex charges a 0.25% fee for every transaction. This amount is added to the final value or more accurately, subtracted from the final amount of BTC you will get for selling your coin.

And that is it. You now have BTC to buy other coins and build your portfolio. Unlike a stock market transaction, having a fee based on a percentage means that smaller trades cost less than larger trades. And, I hear that there are other coins out there trying to make exchanges with little to no fee, so there is hope in the future that competition will bring down the cost even more for the trader.

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More Power to the Minnows!!