Exchanging your Steem Dollars (SBD) for Venezuelan Bolivares (Bs) or any other currency.

in cryptocurrency •  2 years ago 

Hello everybody, Vancry here and if you're reading this, you're probably in a situation where you need the money you have on your steemit account and don't know how to get it out.

First of all, do you really need the money you have on your wallet?

Cryptocurrency's value is in constant change. From a moment to another, any cryptocurrency can diminish or increase it's value without any notifications. Those who make money exchanging currencies are expert on this subject. But basically and essentially you need an account on both Bittrex and LocalBitcoins.


The idea is to transfer your SBD in Steemit to an external wallet where you can exchange it for Bitcoins. Enter, Bittrex.

Bittrex is a platform that gives you an extense variety of wallets to store any cryptocurrency you want. It also works as a store so you can buy and sell your currency for another. Like Bitcoin!

But of course you need something to start. If you want to transfer your SBD to Bittrex, all you need to do, appart from creating an account, you need to enter in the "Wallets" section and put in "SBD" on the search box.

You will be presented with a little tile with how much SBD you have, how much is that worth, etc. What we care about right now is the plus (+) button on the left of the "Steem Dollars" text. This will provide us with a memo and a steemit account called "bittrex". In the memo presented to you should be some sort of code. What you have to do is copy that memo, go to your steemit wallet, and transfer your SBD to Bittrex with the same memo you were provided. Wait a few minutes and voila, you got youself something to start up in Bittrex.

Next up, you need to make your first online sell. Time to get some bitcoins babe!

You can sell your SBD for any currency you want, but I recommend selling it for bitcoins. It's the easiest currency to exchange later for the offline world.

You access this market through the B Markets button. You enter SBD in the search box, again, and click the only option you get. You will be redirected to another page with some charts that illustrate the fluctuation on that particular currency's value on the market. You can sell and buy SBD through BTC.

Once you sold your SBD, go to LocalBitcoin and put a sell order with the amount of BTC you have, and wait. Eventually someone will contact you to buy your bitcoins for the ammount of the currency you want. In this case, bolivares. Make sure he pays first though... be careful and be smart with your exchanges.

See? Easy!


Upvote, resteem and comment if you liked this post.

~Vancry

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Sure!

~Vancry

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I have also been giving a thought on cashing out atleast 10 sbd as a test to see if I can convert it to fiat and send it to my country (Mauritius).

The whole process looks complex and I have to give it a try to see whether it will be possible to send to Mauritius.

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Well it is kind of complex, but once you get the hang of it it becomes pretty simple. If you have the availability I highly recommend it.

~Vancry

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I will need to check the LocalBitcoins service as I have never heard of it.

I was planning to find a service where I have a bitcoin wallet there and they send me a credit card for use. In this way, I don't need to worry too much about third party.

What are your thoughts on this?

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Excuse my lateness(?), but is that even a thing? I've never heard of a cryptocurrency credit card... to me, it makes no sense at the moment. If anything your phone or pc should be enough, download a bitcoin wallet and that's it.

But I like the card idea... I hope we get to that eventually if it doesn't exist already... I have to do some research.

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I have bookmarked the link on my laptop. I will share it with you later today. Am messaging you from the Esteem app right now

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Here is the link to crypto to credit card directly.

https://steemit.com/steemit/@daniel82/crypto-to-cash-no-exchange-needed

Hope it's something worthwhile for you.

Cheers!

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