The Easiest Way To Convert STEEM To US Dollars
STEP 1: Create an account on Steemit.com
STEP 2: Sign up for a BitPay Visa Debit card
This process takes around 10 days because you’re ordering a physical card in the mail. My card took about 2 weeks to arrive. (If you can’t get a BitPay card because you’re not a US Citizen, then you can use Wall of Coins. I personally know the owner of Wall of Coins, so I know it’s safe to use.)
STEP 3: Create an account on Bittrex.com
Here’s a video that shows you how to create a Bittrex account:
After you have made some Steem and Steem Dollars and want to convert it to Bitcoin then to US Dollars, you need to follow these instructions:
Steem is different from Steem Dollars. On Bittrex, please be careful because each is considered a separate currency. Before you transfer anything to the bittrex account on Steemit, you must be aware if you’re transferring STEEM:
or STEEM DOLLARS (SBD):
Here’s a tutorial of how to send Steem Dollars (SBD) to Bittrex, then convert to Bitcoin. The same method would apply if sending STEEM, but you’d have a different memo # and of course, you need to find STEEM currency in order to get the right memo #.
Once you have converted your STEEM or STEEM DOLLARS (SBD) into Bitcoin, you can send it to your BitPay wallet.
If you don’t know how to send Bitcoin to an address, watch this video for the basics. Always do a test when sending your first Bitcoin, so send a very very small amount. Bitcoin is undergoing a huge influx of users, and nowadays, there are large fees and long wait times for confirmations. Some transactions have taken many hours. This is a new development as more people are beginning to use Bitcoin. The other coins like Dash and Steem do not have these long confirmation times.
Your BitPay wallet is best used as app on a smartphone, and it’s part of the BitPay card, but it has a separate function. They work together though. It’s used to hold your Bitcoin because it is a wallet, then after it has Bitcoin in it, you top up your BitPay card with those Bitcoins.
Here are the basics of the BitPay wallet and card:
If you want to go the Coinbase route, you can. However, the fees are a lot higher with Coinbase, so that’s why I avoid it now. But it’s a decent service especially for newbies and one of the few US-based options.
If you’re a newbie and I left out any important details, please let me know. I have used Bittrex for a year without any issues. I also have used BitPay without any problems.
Leah Stephens is a writer, entrepreneur and artist who earns money from the Dash and Steem blockchains. Follow her on Steemit:
https://steemit.com/@holl.boll
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great content!