📌 The Fastest and Easiest Way to Withdraw Your Steem Dollars

11 months ago
70 in steem-help


Now that you know what can be done with your new Steem Dollars, you might be wondering how to withdraw them from the Steemit website. This quick demo will walk you through that step in under a minute.

Before you can withdraw your Steem Dollars from Steemit, you need to have set up a bitcoin wallet or an account on a bitcoin exchange. I didn't include this preliminary step in the video because different people will choose different exchanges, depending on which currency they ultimately wish to trade for. For example, if you want US Dollars, you might open an account on CoinBase, if you want Canadian Dollars, you might use QuadrigaCX, or if you're in Chile like me, you might use SurBTC to trade for pesos. Once you have an account, it will provide you with a wallet address. Copy this address to your clipboard and have it ready to paste as we begin the video...

For this video, we're only using two websites: BlockTrades and, of course, Steemit

BONUS: As you might have noticed, BlockTrades can also be used to exchange your steem dollars for BitShares... but that's another topic for another day. ;)


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69
  ·  11 months ago

Hey, @piedpiper - what's going on, man! Your videos are incredibly informative, and honestly I think they should be the standard for anyone looking to get into Steemit.

In the meantime, I wanted to say that since I follow you on here, I see you've been editing this post a handful of times according to steemstats.com, and I just recently ran into an issue where I only received about 15% of my payout because I evidently got penalized for violating new Hard Fork rules, which state we can post 4 posts daily before getting our earnings shortened. This is their attempt at fighting spamming.
When you look at the activity on your profile on steemd.com, it shows edits as having "authored" a post.
I edited the HELL out of my post today which had earnings of about $1250, only to be paid out $143. I only posted 2-3 other things today, so the only other culprit available would be the edits.

Just wanted to give you a heads up so you don't shoot yourself in the foot!

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70
  ·  11 months ago

Interesting. I hadn't heard about that. Thanks for the tip :)

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69
  ·  11 months ago

Anytime! I learned the hard way so you don't have to. ;-)

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70
  ·  11 months ago

That's pretty weird, when you think about it. Editing is a basically self-curation. We should be encouraged to clean up our posts, not penalized for it.

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69
  ·  11 months ago

I agree, actually. However, the comparison I made with another user here was when writing a book. That book is polished as finely as the author and his editors+proofreaders can get it before it's published. I think that's the route I'd rather take anyway just as a matter of principal, honestly.

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69
  ·  11 months ago

In fact, I believe the reason for it might involve the fact that an edited post is bumped to the top of the Active page, making it more visible, and therefore potentially advantageous to spammers.

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70
  ·  11 months ago

@winstonwolfe That's good to know. Thanks a million. I see I edited today's post 9 times after posting. gulp I guess I'll take a bit of a hit for the last three... oh well. You probably saved me from some future losses with the tip so I'll be sure to thank you in tomorrow's video! :)

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66
  ·  11 months ago

@piedpiper
Please let us know what the expected vs. actual payout on this post ends up being.

Muchos Gracias.

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70
  ·  11 months ago

@winstonwolf @faddat I was asleep for the last couple hours before payout so I'm not sure what I should've been expecting... if it dropped, it wasn't enough for me get freaked-out by.

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69
  ·  11 months ago

Very sorry about this. Turns out I was dead wrong about all of this. You'll not see me make assumptions like this again.

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66
  ·  11 months ago

You are right, @winstonwolfe. I recently had some inexplicably low payouts, oo. I edit the everlovin hell out of every post after posting including to reflect what commenters advise. I guess gotta record edits as edits after the next hard fork .

Thank You

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67
  ·  11 months ago

If this is true then it should be fixed. Edit shouldn't count as the different post. Or root level comments as it is said in the hard-fork announcement.

Did anybody ask the powers above about it?

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51
  ·  11 months ago

good to know!

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65
  ·  11 months ago

Damn, that is good advice. Glad I saw this!

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37
  ·  4 days ago

well i have a confusion the address of bitcoin you give at the start? can i use coinbase for that?

42
  ·  11 months ago

So let's say I am a brand-new user living in the USA... What site do others use?

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57
  ·  11 months ago

I'm currently using Coinbase and it's been working out okay for me so far.

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55
  ·  11 months ago

IMO, USA = Coinbase and Circle for most folks. I use Circle for bitcoin buys because it is faster & cheaper than Coinbase for me. However, I do like Coinbase for holding some funds because you can link your bitcoin balance to a Visa debit card and spend your cryptomoney anywhere! When BTC price is actively moving up, I buy stuff with bitcoins for an instant discount. If it is flat or trending down, I use my regular inflationary dollars which are always losing value--although so slowly that only those paying attention notice. Most of us frogs don't notice the water is slowly boiling.

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25
  ·  11 months ago

I agree with you mostly, however it doesn't always go up haha.

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55
  ·  11 months ago

Yup, those are stacking times. BTC has been the number currency for 5 of 6 last years, so unless you bought your bitcoins at the ATH during the Goxxing, you are probably looking pretty good wallet wise, amirite?

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55
  ·  11 months ago

Remember, people can use Local Bitcoins or the local trader feature in the very excellent Mycelium Bitcoin wallet, and buy BTC directly for cash from locals in your area. This is done worldwide all of the time. Also some ATM style machines are around that take cash for BTC but fees are significant. Why would you go through the trouble of paying a high transaction fee or a possibly creepy face to face trade? For those wonderful anonymous bitcoins! Your spending will be tracked if you buy them on a regulated exchange. Sooner or later.... count on it.

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70
  ·  11 months ago

I'm not gonna try to talk a newbie through all of that. This video was for people that are brand new to all of this and just showed-up on Steemit because of all the buzz about it being "that new social media site that pays its posters."

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55
  ·  11 months ago

Going from fiat to crypto and back is not very easy. Totally agree. Learning curve is rather YUGE. Much work needs to be done.

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70
  ·  11 months ago

Lots of options out there. Coinbase, Kraken, BTC-e, and Bitstamp, are probably the most popular.

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51
  ·  11 months ago

Use Mycelium Wallet, you have full control of your private keys, coinbase not.
Mycelium runs on a robust block-chain of their own and both Trezor wallet and Ledger wallet products works on mycelium. Coinbase not. Coinbase can take funds from your account at any time they feel free to do so. Mycelium not.
Ledger and Trezor are cold storage solutions for keeping your bitcoins stored offline

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55
  ·  11 months ago

Mycellium has some backside server to store your encrypted data, much like my other favorite Bitcoin wallet Airbitz does ... I think that is how they keep your memo notes and sync between devices. They don't run their own blockchain... they use the Bitcoin blockchain. The one chain to rule them all!

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71
  ·  11 months ago

Check out gemini.com.
Its owned by the Winklevoss twins.

67
  ·  11 months ago

In my opinion, Coinbase is straight up dark side these days. Readers are welcome to decide whether they do or do not want to support a company that bites the hand that feeds. I personally do not, but of course I wouldn't presume to tell others how to respond. :) This is purely an FYI

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51
  ·  11 months ago

Not sure why you hate CoinBase, but I think they've made a pretty good platform that regular joes can use. Anything that puts cryptocurrency in the hands of a regular joe is great for the technology. I'd upvote CoinBase!

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70
  ·  11 months ago

Yeah, they seem to be the "establishment" option. I've never used them personally but my girlfriend does. Seems to be reliable and whatever but I would definitely advise shopping around for the option that best suits your needs and preferences.

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51
  ·  11 months ago

I just don't like any online wallet without private keys

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49
  ·  11 months ago

Why is that exactly? What have they done wrong?

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70
  ·  11 months ago

They helped the government to shut down Kick Ass Torrents

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52
  ·  11 months ago

While this is true, I would also mention that pirating content is strictly illegal in the US and many other countries, and a company like Coinbase could be charged with "harboring pirates" simply by not disclosing information about an investigated person.

If you're meddling in illegal activities, you're exposing yourself to the wrath of the law. I'm not saying that Coinbase didn't go beyond their duty to help, this could have been very much the case, but Coinbase has its own politics to protect.

So if anything, I would say Coinbase is a little questionable in terms of privacy, but their concern is to continue running their business, even if it means helping the government. I'm sure there's some quid pro quo at some level for Coinbase having helped the investigation.

Unfortunately, while Coinbase may have crossed some boundaries with their assistance in the investigation, Coinbase has also opened the door for many more people to have access to BTC in the US, and that's at least a win for cryptocurrency.

Having said that, I am carefully keeping an eye on Coinbase because they are very much tied to banking, which many of us in the cryptocurrency community have quite a bit to say about.

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67
  ·  11 months ago

I could point out that KAT did not pirate content, but it means little. The government didn't like them, so eventually they got disappeared in the night. What the law says is entirely irrelevant.

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70
  ·  11 months ago

I understand your point and I'm not hating on them. Even though they might leave a sour taste in my mouth at times, I appreciate the important role they have been playing and don't mean to discourage anyone from using them. They do provide a good option for Americans that wish to connect their bitcoin wallet to their bank account.

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39
  ·  11 months ago

you re right

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66
  ·  11 months ago

@zerohero
I'm hating on them, though. Hating on them hard, because if it weren't for all the people who question copyright for years and years, and implemented solutions like the GPL license, well then almost certainly-- coinbase would not exist, because innovation would not have taken place, because copyrights and patents encourage a stagnant, hierarchical society.

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50
  ·  11 months ago

Coinbase will track and report how you spend you bitcoin. Worth looking into

63
  ·  11 months ago

Nice video @piedpiper!

I would like to complement it by adding some information that I find relevant; the following are posts that I wrote last week:

#1 - Be mindful right now when converting SteemUSD to BTC, the exchange rate is not what you would expect.

READ THE ABOVE IF YOU ARE CONSIDERING EXCHANGING SteemUSD TO BTC! IT IS STILL RELEVANT!

#2 - An alternative to cashing out to fiat, which does not need a centralized exchange (your help needed to make this one viable, read the whole thing!). We should aim to avoid using centralized exchanges whenever possible, I go into the why in the article linked in this paragraph.

#3 - A compelling argument for why you should actually consider leaving some of your earnings in SteemUSD.

Happy steeming! Very profits!

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70
  ·  11 months ago

This isn't very relevant to a newbie that just got here and doesn't even know how to get their SBD off of Steemit yet.

58
  ·  11 months ago

Another great video tutorial..thank you

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70
  ·  11 months ago

Thanks. A pleasure, as always :)

67
  ·  11 months ago

Your post moved me into doing a little experiment on my own.

I bought a bit of Steem Power with Ethereum which was sitting in my MyEtherWallet.

I did it directly:

  1. generated a receiving address on SteemIt Transfers page
  2. executed the transaction on MyEtherWallet
  3. waited a bit :)

The transaction came through without a hick with ether gas deducted automatically.

Thanks again for a gentle kick in my butt which your post provided :)

59
  ·  11 months ago

Thanks for the help. Steemit is bringing many people like me to cryptocurrencies, that never used them before. Steemit makes wit Steem a cryptocurrency mainstream.

41
  ·  11 months ago

thanks for the video, I try to understand the platform but I must say that I'm not that tech savy (I don't even own bitcoins to be quite honest)

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70
  ·  11 months ago

Then you're exactly who my videos are aimed at. If you have any topic suggestions for future episodes, please chime-in. :)

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41
  ·  11 months ago

There is so many things to explain, at least for someone who is not in the world of bitcoin.
Someone post this https://steemit.com/steemit/@donkeypong/still-confused-by-steem-steem-dollars-and-steem-power-the-power-plant-analogy on my post. That is quite complicated. I have to take time later to understand it well.

TBH I have seen that you can earn money by posting content, so I wanted to try, to see if this is a joke or not, but I'm quite confused by the system as a whole.

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70
  ·  11 months ago

Well, it's definitely not a joke... but anything worth learning takes some time and effort.

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73
  ·  11 months ago

Well in a way...now you do :)

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41
  ·  11 months ago

How so? I understand that I've earn $7 with my first post, that is quite nice actually... :)

54
  ·  11 months ago

They finally added back the STEEM and STEEMdollar option! It got fixed!

55
  ·  11 months ago

I use poloniex i have withdrawn in just 2o minutes to my Bitcoin from Steemit to poloniex and then Bitcoin.

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71
  ·  11 months ago

yes, Poloniex is another decent option. especially if you want to get the SBD onto an exchange that can be traded for other cryptocurrencies besides BTC.

25
  ·  11 months ago

Thanks for the information

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70
  ·  11 months ago

My pleasure.

48
  ·  11 months ago

Simple and easy, thanks

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70
  ·  11 months ago

Thanks :)

33
  ·  11 months ago

Short and sweet video. Very helpful for people new to Steemit.

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70
  ·  11 months ago

Thanks.

48
  ·  11 months ago

thank for the video. very educative

56
  ·  11 months ago

Don't promote the place that has the largest spread :)

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70
  ·  11 months ago

This video is about speed and ease for newbies. I usually use Bittrex myself but if I just wanted to quickly and easily get my steam dollars off of Steemit, BlockTrades works great for that.

69
  ·  11 months ago

Since, I'm from Philippines and I think there's no way I can use those wallet to convert steem dollars to real cash, instead I used coinsph. The process is transferring the SBD first to Bittrex and convert it to bitcoin and transferred it to my wallet.

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70
  ·  11 months ago

Right. There are at least three exchanges in the Philippines that I'm aware of. A Google search will probably find more.

50
  ·  11 months ago

I like coinbase because it can be synced to your bank account. I dont like to use their android wallet for various reasons. I prefer jaxx

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55
  ·  11 months ago

Buying BTC on Coinbase with linked bank account results in 1% fee but takes several days. Not bad at all if you aren't in a hurry. Using a debit card with Coinbase however is like 3%--although it is instant. Circle OTOH, does let me buy BTC fast with my debit card for 1% as I recall, but they don't offer that cool Shift Visa bitcoins debit card.

55
  ·  11 months ago

Thanks for sharing.

25
  ·  11 months ago

Or instead of converting on an exchange you can buy anything on Amazon using purse.io and your bitcoin directly (and get a discount)!

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70
  ·  11 months ago

Absolutely. There are tons of places to spend bitcoin online. :)

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55
  ·  11 months ago

Oh yeah, Purse is a great way to use your Steemerized bitcoins. I use it all the time. Just got some new bass strings 25% off and order filled overnight. Love it. I have done many orders over 30% off.

36
  ·  7 days ago

is block chain working or not?

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70
  ·  7 days ago

of course it is. The fact that you were able to post that question here means that it's working.

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36
  ·  7 days ago

can you please tell me the minimum limit of withdrawl?

41
  ·  11 months ago

Thanks for informing me how to convert Steemit Dollars to Canadian dollars

45
  ·  11 months ago

👍nice post..

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70
  ·  11 months ago

Thanks :)

68
  ·  11 months ago

All I need now is a load of Steem dollars

42
  ·  11 months ago

everything which helpes ppl is worth upvoting! - thx

25
  ·  11 months ago

Thanks for the info. Very helpful.

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70
  ·  11 months ago

You're very welcome.

71
  ·  11 months ago

It looks easy. Remained to earn SD...

60
  ·  11 months ago

good job :)

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70
  ·  11 months ago

thanks :)

60
  ·  11 months ago

@piedpiper, how to transfer steem power in steem.
but how to power done, a video ??!!

25
  ·  11 months ago

Thank you for this post. I am new to Steemit, I only became a member half an hour ago haha! So I am still learning, but this helped incredibly.

45
  ·  11 months ago

As always your posts and videos are most informative. Thank you for the effort and keeping us all up to date with much needed information.

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70
  ·  11 months ago

You're very welcome. Glad you're finding it useful.

38
  ·  11 months ago

nice effort and easy to understand

64
  ·  11 months ago

Went to Blocktrades: Exchange rate 1 BTC - 839 SBD. NO!!!

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69
  ·  11 months ago

Just a quick data point, currently we're offering at 825 SBD, bittrex is at 793, so while price is better there, it's not incredibly so. In general, price of 1 SBD is trailing the dollar after liquidity reward subsidies were removed from internal market.

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70
  ·  11 months ago

Thanks for the tip :)

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47
  ·  11 months ago

@blocktrades Hi today first time i used your exchange ! Transaction was instant. I will use your site again :) thx!!

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73
  ·  11 months ago

sounds to me they should be reinstated...

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69
  ·  11 months ago

I don't think so, the cost was much higher than the benefit, in my opinion (and just about every other witness, including the ones who profited from it). There's much simpler/better ways to get a closer peg I think.

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70
  ·  11 months ago

Right. The value of SBD is low right now... and you pay a premium for convinience on BlockTrades. If you want the best price, you'll have to set up a Bittrex account.

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51
  ·  11 months ago

Maybe a Bittrex tutorial in the near future?

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70
  ·  11 months ago

Sure thing!

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51
  ·  11 months ago

I am in the financial capitol of the world, NY. Here they implemented something they like to call a bit-licence if you would like to be a crypto business. The likes of Bitstamp was in NY, but left due to bit licence regulations. I can't open Kraken, Bitstamp, BitX, Polo. None of them allowed to sign up as NY resident

69
  ·  11 months ago

Once again I just wanted to say thank you for these videos.
I just transferred my first SBD and paid my mortgage this month with money made from Steemit.

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70
  ·  11 months ago

Right on!

25
  ·  11 months ago

Wouldnt touch Coinbase with a 10ft pole at this moment. Something fishy is happening there!

61
  ·  11 months ago

Another great video appreciated by the community. Good job! You got to the TOP 10 trending articles on Steemit so I've added your article to the Flipboard Steemit Trending Magazine for everyone to see it.