How do you actually WITHDRAW Steem?
Has anyone out there actually withdrawn their steem? And how do you do it?
I see my account value increasing like crazy! At some point, even if its years from now, how exactly do I actually get that 'value' into my real bank account as US dollars?
Do you transfer it to another cryptocurrency like bitcoin and then transfer that to USD? Through coinbase or something?
Thanks to @barriault for this FAQ link: https://steemit.com/faq.html#How_can_I_withdraw_my_STEEM_or_SBD_coins
Step 1: Power down
This will take 13 weeks to fully power down.
Step 2: Sell
Clicking this will take you to blocktrades. From there you'll need to get your BTC, ETH, or LTC address from Coinbase. If you don't have a Coinbase account you can click here. You'll have to link your bank information and upload documents proving who you are.
Thanks! Ok so while you are waiting this 13 weeks, that value is just like..locked into nowhere-land? Not gaining/losing value? And I can choose a 'portion' that I want to power down right? I dont have to withdraw it all ? Have you personally (or know someone) who's actually done this?
Some people that earn a lot of steem continuously power down because they are gaining it so quickly but you can power down for 1 week only if you like and you will lose 1/13th of your steem power. I have never fully powered down but I have done this process for 1 week. When you power down they will be in the Steem portion and not the Steem Power portion.
Why would you power down if youre not like..cashing it in?
There's not really a point to doing that. Steem can be sent instantly though where Steem Power is locked up. You may want to power down some just to keep steem to sell if it starts pumping.
Can you elaborate? As though you're talking to a "Dummie" please...;)
13 weeks!! This is why you don’t keep it all in Steem power. Even though steem power is vital when upvoting.
I keep mine powered up and the SBD I turn into Steem if I need to. I have no need to take it out while the price keeps going up.
Ok wait. I'm confused. What are you saying? Dont keep it all in steem power? What else do "you" do with it?
You can put it all in steem power of you would like. That is what increases your vote value. But when u get payouts it come in SBD so you can stock up on SBD and trade it for something else like BTC ETH OR LTC.
Basically you withdraw your SBD to your wallet and then you can exchange it a fiat like EUR , USD or any other currency through an exchange service like Coinbase.
Ok so is my wallet the 'active' key under the permissions tab?
There are a couple good links to how-to descriptions in the FAQ that can be found here:
https://steemit.com/faq.html#How_can_I_withdraw_my_STEEM_or_SBD_coins
I just went through the process of selling STEEM through blocktrades and having it deposited into my coinbase account as Bitcoin. Although after reading about the present Bitcoin delays and related fees it probably would have been a better idea to use Litecoin instead.
I think i made that same mistake when i bought steem. It was only $20 worth but instead of buying bitcoin and transferring that to steem i "should" have purchased ethereum. It was much cheaper than butcoin was.
Ty for the link man...😁 I added it to my post
well done julzee, once again!
Lol thanks. For what?...lol
Btw, do you have any idea if we have the ability to like.."pin" a post to the top of our blog? I invited youtubers to Steemit and I'd like them to be able to let me know they made it here and would love the first post they see to be this one https://steemit.com/steemit/@julzee/my-new-steemit-friends
I don't. You'll find steemit to be a bit lacking in UX