An idiots guide to pay out your SBD or Steem and convert to real money- for newbies

                               

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I have recruited many people to Steemit over the last ten months and now after settling in, many of these people come back to me and ask how to pay out their Steemit earnings. I decided to write a post about this which will make it easier for me just to share the link,should anyone actually need to do a payout.

There are many exchanges out there but the two that I find most trustworthy and obviously the easiest to use is Bittrex and Poloniex.  You can open accounts on both of these exchanges and then decide for yourself which one is easier to use. I am from South Africa so I also have a Luno wallet where I can convert my bitcoins to Rand.  

Here are links to both these exchanges :

 

Bittrex 

Poloniex  

Follow the instructions and open these accounts first.  

There has been many rumors around Poloniex, but I have always found this exchange the easiest to pay out my Steem or my SBD. Poloniex finished their site maintenance so I am glad to announce that you can now once again safely pay over your SBD or Steem to you Poloniex wallet.

It takes a lot of concentration to do this for the first time so please make sure that you follow the instructions very carefully NOT to make a mistake. I promise you, that it is NOT such a complicated process and if you did it once and you have this guide available, it should be easier the next time. 

There has been a lot of speculation about Poloniex but I have NEVER actually had a problem with them, and I am very glad that they are back online and that we can once again convert our SBD there. 

Over the last few weeks I have had a few questions from my friends about the Steemit wallet, so let me answer these questions first.  

1.  How does it work to convert cryptocurrency to REAL money?

You literally sell your SBD and buy Bitcoin. Once you have Bitcoin in your wallet, then you can move it over to an exchange like Luno, where you sell your Bitcoin for the currency of your choice. In my case it will be Rand. In other words, sell Steemdollars, buy Bitcoin, transfer to a wallet where you can convert to your own country's currency and then the money is paid into your bank account.  

2.  Do I have to pay over my SBD to my savings account on Steemit? 

This is entirely your choice.  If you pay it over to your savings account in your steemit wallet then you are definitely going to kick yourself if you urgently need money and you have to wait three days for it to be paid back into your wallet.  I usually just leave all my SBD there until I need to do a payout.  

2.  Is it better to do a 50 /50 payout or a 100 %  power up post?

If you do a 50/50 payout like me, you have the opportunity to save up your Steem and pay out your SBD.  Many people, including me, need the extra income, and I usually just save up my SBD and do a payout once a week or every fortnight. 

3.  Should I convert my SBD to Steem?

Yes. For the first six months I converted all my SBD to Steem. Steem is in my opinion worth more and I had a goal in mind to build up my Steempower.  I have NOT yet reached that goal, but I am working slowly towards this goal. This is not to say that you have to follow my example, but if you want more influence and if you want your voting power to increase, then you will need more Steempower.  If you want to convert you SBD to Steem, go to your wallet and choose the drop-down menu on your SBD.

 If by all means you still want to pay out your SBD (Steem based dollars) then you need to follow these instructions very carefully.  

Step 1

Open up your Steemit wallet.  Go to the drop-down menu and click on SBD.  

 You are now going to transfer the hard earned SBD over to your exchange.  

You will notice that you have to add a MEMO.  This memo should be the code that you get from your exchange.  You need the memo to ensure that your money is paid into YOUR wallet and not into the cyberspace and then lost forever.

Step 2 

Go to your choice of exchange either Bittrex or Poloniex and go get your code there. Log into Poloniex.  You will see a lot of things you might NOT understand but that doesn't matter.  This is about payout and not about learning how to trade.  

 Once the page is open, you need to hover your mouse over the BALANCES button and there you will see a drop-down menu.  Choose the DEPOSITS AND WITHDRAWALS BUTTON.

This is the next page that will open.  

Now in the little block on the right side you will see a search button.  

You now need to type in SBD and click search.

Once you clicked on deposit then your unique wallet number will appear.  Copy this number and go back to your steemwallet.  

Do not forget to add the memo or your money will be poof gone forever!!!!!!!!!!Also make sure to spell everything correctly.  

Once you have pasted your memo then you can click on submit.  Your wallet on Steemit will be empty now and your SBD is on its way to your exchange.  

Now you pray...LOL!  

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Once the SBD is in your wallet on your exchange you are now ready to sell it.  You can also now close your Steemit wallet and just focus on the Poloniex account. Once your SBD is in your wallet, you need to click on exchange in Poloniex and then scroll down. 

You will now see the following screen under the exchange.  Ignore the exchange and scroll down.  

 The SBD you have just sent over from Steemit will now appear on your exchange under your wallet. Go to the third column and then you need to fill in the amount you want to sell.  

You fill in the amount you want to sell and then you click on sell. Remember you are now selling your SBD for Bitcoins.  Once you have sold all your SBD, your SBD wallet will now be empty and display a zero balance.  

Now you have Bitcoin.  

Step 3 - How to withdraw your Bitcoin

Now you go back to the deposit and withdrawal page.  

You now want to withdraw your BTC so now you will need the number from your LUNO wallet.  

Log into your Luno wallet or the wallet that you want to use to sell your bitcoins.  Now you will click on your Bitcoin wallet and check for the address.  Once you located the address you copy that and then go back to Poloniex.  

Remember this is your unique address and it is important to transfer your BTC with the correct address otherwise once again your money will be lost somewhere in Cyber space.  

The above screen is where you now fill in the amount of BTC available to transfer and then you also need to fill in your unique code from Luno/Whichever account you want to use for selling your bitcoins.  

Once you have double checked everything, now you can click on WITHDRAW.  Once you have clicked then Poloniex sends you an email which needs to confirm the withdrawal.  Go to your email and then confirm the withdrawal.  

Once this is done you can now go to your Luno account. You can close all other wallets and now only focus on you Luno account.  

TAKE NOTE THAT IT CAN TAKE UP TO ONE HOUR FOR THE BTC TO REFLECT IN YOUR LUNO ACCOUNT. DO NOT PANIC!

Once all three confirmations have been received then you can sell the BTC in you LUNO wallet.  This is easy as there are excellent instructions on Luno and you should not have too much difficulty with this.  

You can link your bank account to Luno and once the BTC is sold, it will reflect in your ZAR account.  You should link your bank card to the account to have the money paid directly into your bank account.  

I really hope that this tutorial will help some of you, but if you are not sure, please ask.  I also suggest that you do this whole process with 1 SBD just to start.

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