The Most Important Steemit Cash out Tip for Newbies + My 3rd cash out

So you've earned enough Steem Dollars (SBD) and want to cash out/withdraw right now, what should you do? You can read my process on how to cash out or check other people's post about it. Before withdrawing though, I have an important tip for you to read.

(Source)

I recently did my 3rd cash out of 40 SBD and boy did I make a mistake again. Seriously I am still such a noob with cryptocurrency and trading that I somehow lose money because of this. I don't want anyone to lose money so here I will share with you an important tip.

Always watch/monitor the cryptocurrency you will use to convert your Steem Dollars to before converting it.

For example, my cashout process as I stated in my first cash out post is like this:

Currency/cryptocurrency:
SBD ➡ Doge ➡ BTC ➡ PHP

Why do I do this process? To save on transfer/conversion fees. There are many ways to cash out and this is one of them.

Here's where I made a mistake in my 3rd cash out.

Doge ➡ BTC

I forgot to convert my Dogecoin to Bitcoin immediately upon converting SBD to Doge. It took me hours before I remembered to do it. The result? Well Dogecoin was crashing last night and when I realized that, it was too late. I panicked! I did not HODL. So I got a lower BTC than I should have gotten if I converted it immediately. Just now Doge is back up from several hours ago. Ugh.

Instead of getting around P10,000+ worth of BTC, it will only be around P9,000+ if I had transferred it to my PHP wallet in Coinsph. Sad

But as a consolation to myself, I transferred it as BTC to my wallet and so I guess I will still earn a bit more because BTC is going up up up. I did not do BTC ➡ PHP yet because of what happened.

Anyway, am reading on other ways to cash out too so we'll see what I will do on my next Steem withdrawal.

Have fun Steeming and learn from my mistake!

XOXO,
@artgirl

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Written by @artgirl for Steemit.
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For my other articles still within the 7 day period since posting this, do check below:

♥ 5 Things I Learned on Steemit That Can Help Fellow Newbies

♣ Spotlight on 2 Amazing Body Painters

♦ 10 Things A Non-Buffy the Vampire Slayer Fan Should Know (Spoiler alert!) - Part I

☺ 10 Things A Non-Buffy the Vampire Slayer Fan Should Know (Spoiler alert!) - Part II

For my art and other posts, feel free to check my blog page.

Enjoy!