How to Sell Steem Dollars โ ๐ The Fast and Easy Way โ Visual Step by Step Guide ๐ณ
Before you can sell any of your earned Steem Dollars you need to have a bitcoin address.
You can get a bitcoin address on a bitcoin web wallet provider such as coinbase or you can open an account with Kraken or Bitstamp or other crypto currency exchanges. It depends on the country of residence which bitcoin wallet provider you can use.
Once you have your bitcoin address you can follow these steps below.
First go to the website blocktrades.us
Select from the left drop down menu (see picture above) the menu item Steem Dollar (see picture below).
You then select from the right drop down menu the menu item Bitcoin (see next two pictures).
You enter the amount of Steem Dollar SBD you want to exchange into BTC (Bitcoin). Then in the next step you need to enter your bitcoin address.
Once you click on the button โGet Deposit Addressโ you will see below information.
You need to highlight the memo number with your mouse.
Then use the keys Ctrl+C to copy the number.
Go back to your wallet in your steemit profile.
Click on the arrow next to your Steem Dollar amount. From the drop down menu select the item Transfer.
Enter the amount of steem dolars you want to sell and click the button Transfer.
You need to authenticate yourself for this transaction with your username and your steemit password. In the final step click on the Sign Button.
The Steem Dollars will be exchanged on blocktrade.us into Bitcoin and then transferred to your bitcoin address. This can take some time. Most transactions will complete within 1 hour some can take longer. Usually it is around 30 minutes.
Final remark to bitcoin wallets and crypto currency exchanges. In general I made so far good experiences with crypto exchanges. But there are a few cases where these exchanges were hacked and people lost all or some of their money. The same happen to the first web wallet provider that I had chosen. The golden rule with crypto currency wallets and exchanges is to not put all your eggs into one basket.
One more tip: If you open an account with the crypto currency exchange Bittrex or Poloniex you can transfer your Steem Dollars directly there. But be aware to use the correct deposit address for your steem dollars and do not mistakenly take the bitcoin address.
Hope I was helpful.
I am on Steemit because I have a mission
@steempowerwhale ๐ณ
๐ upvoting your lifetime dreams!
I appreciate the effort you put into screen shooting each step. Thanks for this article.
Excellent sir! I'm definitely saving this for a Steemit for Newbies article I'm planning soon (in conjunction with my podcast). I bought Steem with Bitcoin awhile back, but needed someone to talk me through it. This guide is EXACTLY what I've been waiting for someone in the community to post!!!
Thanks to you, I feel confident that I could do it myself now, and probably will this weekend just as a proof to my real-life freinds that it can be done, and that Yes I've "made money on Steemit..."
Keeping this one for "far" future reference. Thank you.
Thanks for the clear and detailed explanation. So many explanations are just lacking the understanding of what you need to know, because the person writing it finds it obvious.
Well said. HOW this is not already a $1000 article is beyond me. And forgive the double-comment spw, I have two accounts and came back to upvote it again. But I thought it would be huge by now.
Steemit needs a pinned option and this post needs to be one of the first items on it. Thanks @steempowerwhale !
I LOVE relevant and helpful articles like this that give people practical ways they can enrich their lives!! AND I LOVE simple tutorials. Request: Can you make a tutorial showing people how to buy Steem or "power up" or whatever the heck it is that increases one's influence on this platform? For example, how do I convert my estimated account value into owning more Steem? Much thanks. Just followed ya and upvoted! Peace.
Excellent how to.
You did not leave much room for error!
Thanks @steempowerwhale!
Great job! Also, you can do this with STEEM in a similar process. Just make sure your account name and memo are in the correct order. This worked perfectly to get some litecoin!
Hi @steempowerwhale, just stopping by to let you know that this post was one of my favourite reads yesterday. You can read my comments about it here.
This is informative. I've been trying to look at GBTC recently. Any thoughts on that?