How to convert your SteemDollars (SBD) To Cash (USD) + transfer it into your Bank Account!

10 months ago
66 in how-to

A Step by Step guide to getting your hard earned SteemDollars converted into USD and transferred into your personal bank account.

Inorder to use this guide you will need an additional 2 accounts to your steemit account

  1. CoinBase Account
  2. Poloniex Account

Both of these account do require a verification process. To connect your bank account CoinBase takes roughly 3-4 Days. Poloniex takes about a hour or less

Step 1 - Converting SteemDollar (SBD) to Steem


Steem is much more heavily traded on Poloniex so we should always convert here on the Steem Market first

  • Go to your Wallet on Steemit
  • Find your total SteemDollars and click on it
  • Select Buy / Sell

  • You will be redirected to the Steem Market

  • Next you will want to Buy Steem with your current SBD
  • First take a look at the current market for Steem. Depending on how quickly you want to convert will determine what you will be bidding.
    For an example I decided to place a BUY order right above that of the current highest bidder hoping to catch a seller willing to bend a little with the price

  • Once you hit BUY STEEM you will need Confirm

  • And then to sign in again to authenticate

  • Once the Buy Order goes through you will officially own STEEM

Step 2 - Transfer Steem To Poloniex


If you don't have an account goto http://Poloniex.com and sign up!

  • After you have created your account go to Deposits & Withdrawals page
  • Search for STEEM or select it from the list
  • Then select Deposit and this window will open up

  • Make sure to copy 'Your STEEM Memo' this is very important without it you will lose your transfer!
  • Once you have an account & have copied your transfer address & Memo go back to steemit wallet and click on your newly converted STEEM
  • Select Transfer

  • Put poloniex in the account TO field
  • Paste 'Your STEEM Memo' into the memo field
  • Select the amount you want to transfer
  • Then hit Transfer!

  • Once you have re authenticated your account once more you can now leave steemit and head over to Poloniex.
  • Here you can navigate to Balances > History
  • You will see your pending transfer awaiting confirmations from the STEEM Blockchain

  • Once complete it will be highlighted in green (This process can take up to 20 Minutes)

Step 3 - Sell Steem for Bitcoins (BTC) on Poloniex


It's best to convert to BTC over anything other cryptocurrency due to stability & for CoinBase later

  • First navigate to Exchange
  • On the upper right you will see the box pictured below
  • From there you will select BTC first then select STEEM from the list

  • Now you will see all the current market trends just like we did on the STEEM marketplace
  • Again deciding what price to sell at is all dependent on how long you want to wait and where you think the market is headed.
    For this example I just went for asking price in order to sell right away!

  • After you submit your SELL Order, all you have to do is wait for it to fill.
  • Once Filled you will have to wait again for confirmation from the BTC blockchain (depending on the size and activity level of the BTC blockchain this may take some time)

Step 4 - Transfer BTC from Poloniex to CoinBase


If you don't have a CoinBase Account Sign Up Here

  • After signing up you will receive a bitcoin wallet address (Here's Mine)

  • To see your wallet address click the gray 'wallet address' link on the right of the page.
  • Then copy the wallet address
  • Go back to Poloniex
  • Navigate back to the Balances & Withdrawals page form earlier.
  • Search for BTC (You will see your available balance)
  • Click withdraw and you will see this window pictured below

  • Fill in your new BTC wallet address from CoinBase
  • Enter the amount you want to withdraw
  • Hit Enter
  • You will then get this notification

  • To check on the status of your withdrawal click on the 'Deposits & Withdrawals History' link

  • You will see your withdrawal pending

  • Once completed it will be highlighted in green!

  • You will also see your pending deposit into CoinBase on the main page under transactions

  • Once complete it will look like this

  • Now you can close Poloniex and continue on with CoinBase for the last steps.

Step 5 - Convert & Transfer BTC from CoinBase to Your Bank Account


You will need to verify your bank account which can take up to 5 days!

  • Once you do that it is very straight forward.

  • Go To Trade tab

  • Select Sell

  • Enter the amount of BTC you want to sell for USD

  • Select your bank from the drop down

  • CoinBase will sell the BTC for you at market value

  • After that you will get a Sell Confirmation
  • This will include the date your funds will arrive in your bank account!

That's It! You've done it!

Any questions please comment below
Also this is not the only method to accomplish this It's just how I've done it
If you want more control on the last step you can always use another exchange but transferring cash isn't as easy as BTC

Blue

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61
  ·  10 months ago

Great post for new users:) If you are in the U.S you can also link your Paypal account to your coinbase account. Also if you are in the U.S you can get a Shift debit card
I made a short video showing the process here

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66
  ·  10 months ago

When it comes to adding another party to the mix I'd avoid PayPal. I've heard of them blocking these types of transactions! Also they are messy when it comes time to reporting to the government. I was double reported one year... that was a pain!

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61
  ·  10 months ago

oh i agree and the fact they charge 3.7%. I am only making people aware of the options. Sometimes a user may be desperate to pay a bill etc and may need to resort to using that method.

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66
  ·  10 months ago

Oh defiantly, Thanks for the share!

60
  ·  7 hours ago

Out of curiosity, has this process changed at all or is it still the go to when it comes to converting steem to $$$?

45
  ·  10 months ago

Nice tutorial...

11
  ·  10 months ago

So easy. Thx

51
  ·  10 months ago

Great information! Is there anyway someone could block accounts like poloinex from transacting? Lets say you short steem then start a rumor Steem is insolvent and block all of the exchange accounts some how.

46
  ·  10 months ago

Great Post.. It is really helpful but sadly country like our (Nepal) doesn't have connection with bank and bitcoin and neither Coinbase supports Nepal for currency exchange. It's due to stupid government and unreliable banking sector in our country..

But still its nicely documented information and really helpful..

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66
  ·  10 months ago

Maybe I will look into the process for countries with more restrictions

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46
  ·  10 months ago

Sure thing.. :)

68
  ·  10 months ago

Very helpful for me as I'm a newbie I haven't got what to do, will hopefully one day be able to do this when and if I make something on here. Thank you

62
  ·  10 months ago

Nice rundown of the process!!!

51
  ·  10 months ago

In other words...someone needs to invent Steambase, so we can:
Step 1, buy Steem,
Step 2, Transfer Steem to Steambase,
Step 3, Sell Steem on Steambase,
Step 4, Transfer to bank or PayPal.

One less step, but also one less account/exchange to worry about.

55
  ·  10 months ago

Thank you! I will use this post when I try it for the first time. I will try a small amount as a test first so I don't screw something up and lose all my Steem Dollars.

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66
  ·  10 months ago

you should be fine, just make sure to double check all of your memos and wallet addresses!