❓Answering Common Questions: How do I spend money from my Steemit wallet? 💲

in steem-help •  3 years ago 

Just about everyone asks this eventually!

What good is money if you don't know how to spend it? Since there aren't a lot of businesses that accept Steem or Steem Dollars as payments (yet). We're going to need to either find Steemit users that accept the coins in our wallet, or exchange it for something they do accept, such as Bitcoin or your local currency (US Dollar, Euro, British Pound, etc.) We'll cover a few ways that show you how you can spend your Steemit earnings.

If you're new to dealing with cryptocurrency, this can be a little intimidating the first time you go through it. However, after completing it a time or two, I promise you'll find it really easy!

Q: How do I purchase something from another Steemit user?

This is one of the gorgeous things about Steemit! Transferring funds to another users Steemit wallet is Absolutely Free and takes less than a few seconds! Compare that to a minimum of waiting 10 minutes for moving Bitcoin around on top of the fees.

Step 1: Goto your Steemit wallet by clicking the "Wallet" button.

Step 2: Click the little down arrow next to Steem or Steem Dollars (which ever you are wanting to transfer).

Step 3: Click Transfer in the little box that popped up for you.

Step 4: In field 1 enter the username you want to transfer to. In field 2, enter the amount you want to transfer (in either Steem or Steem Dollars depending which you chose.) In field 3 you can optionally enter a message or notation for what it's for. When done, simply click "Submit" and watch it go. In just a few seconds you'll be notified the transaction completed and see it listed in your wallet history (as well as in the receivers wallet history.)


Q: How do I get my Steemit earnings into my Bank?

This is a two step process, one going from Steemit to your Bitcoin wallet and the other from your Bitcoin Wallet to your bank.

Part 1: Steemit Wallet to your Bitcoin Wallet

Step 1: Open up the website Blocktrades.us website [NOTE: There are other options for this step available, but I've only used @Blocktrades.]

Set the left dropdown to Steem Dollars (or Steem) and enter the number of Steem Dollars (or Steem) you are going to transfer. Next set the right dropdown to Bitcoin.

See that field at the bottom that says "Your receive address"? We're going to get what goes into there in the next step.

Step 2: Goto your Bitcoin wallet and get logged in.
(I still use Coinbase though there are other options that change depending on the country you live in.) First you'll want to click on "Accounts."

Step 3: Go back to the blocktrades.us page and paste your Bitcoin address into the field at the bottom titled "Your receive address" and hit the"Get Deposit Address" button.

Most wallets have accounts for different cryptocurrency coins. You'll want to click the "Get Bitcoin Address" within the Bitcoin account. It shows you a 2-D barcode and a string of 34 alphanumeric characters. Highlight and copy the 34 alphanumeric characters. You'll then see a box that says "We're ready for your trade" with a code in it. Copy that code.

Step 4: Now goto you're STEEMIT wallet. You'll just click the down arrow next to Steem Dollars (or Steem) and select transfer. (Steps shown in top section of this guide.) In the top field, enter blocktrades. In the second field, enter how many Steem Dollars (or Steem) you wish to transfer. And finally in the bottom 'memo' field...paste that code you copied from the Blocktrades website. (Never put a password or key into this memo field!!) Double check everything looks good and hit "Submit."

Simply give this some time to complete and you'll see your Steem or Steem Dollars be exchanged for Bitcoin which is then placed into your Bitcoin wallet. (This can take some time...at least 10 minutes. Sometimes a bit more.

Part 2: Bitcoin Wallet to your Bank

Step 0: (Only do this step if you still need to connect your Bitcoin wallet to your bank account.)
If you've already done this, you can skip on to Part 2.

(You're wallet might look different, this is Coinbase.)
First, click the "Buy/Sell" button at the top. About halfway down, you'll see a little up and down carat that you might need to click if you don't see the "Add Payment Method" button.

Once you've clicked the "Add Payment Method" button, you'll be taken to the next screen where you'll need to click the "Add Payment Button" again.

This will pop up a box with a few types of accounts to add...select "Bank Account. (US)" If you're not in the US, it may look slightly different, but it should stick out as the right one.

A box will then pop up with big list of banks. You'll want to either select the name of your bank or click "Other Bank" at the bottom of the list.

Just select the account type (checking, savings, etc), fill out the account and routing numbers followed by your name. When done click "Next".

You'll then be shown a final box telling you that there will be two deposits deposited into your bank account. After 2-3 business days you'll see these arrive and you simply need to come back to your Bitcoin wallet and enter the two amounts. Once this is done, your bank account is verified and you won't have to go through these steps again. (unless you want to use a different bank account.)

Step 1: Cashing out from your Bitcoin wallet to your verified Bank Account.

First you'll need to click the "Buy/Sell" button at the top of the screen and then click the "Sell" tab. Select the bank account you want the funds to go into. (Don't worry, the account I'm showing there has been closed. So nobody freak out!!)

In the bottom portion, enter in either how much Bitcoin you want to sell and send to your bank (you can enter this amount in either Bitcoin or US dollars). Once this is done, hit the "Sell Bitcoin - $##.##" button.

Make sure everything looks ok and then hit the "Confirm Sell" button on the final screen.

You'll be provided with an estimated date of when you'll see the money in your bank account, usually taking 2-3 business days.
###

Go Buy Yourself Something!! It really solidifies how Real this place is!!

Q: Are there and debit or prepaid cards I can use?

What is available slightly changes from country to country. Here in the US you can use the BitPay Card which is a prepaid card you load up with Bitcoin or you can also get a Visa Shift Debit Card that deducts out of your Coinbase Bitcoin wallet. These do have some initial cost and some transaction fees, but still can be a great option for some people. You can use it to pay for stuff anywhere Visa is accepted!

-->Visa Shift Card
-->Bitpay Card


Remember that ALL of my guide posts are eligible to be added as entries to the Steem Center Wiki or Operation Translation.

Click here to find out how these can earn you Steem!!

Feel free to ask me anything. I'm here to Help!

I've had slow response times lately, but I try to get a response to every question.




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Wow, Every new steemian needs to read this thread . I keep learning new things on steam every day

Awwww, thank you! :D
Keep on picking up a little more each day! :D

Amazing guide ! Ive been using another exchange that goes to paypal bu the process itself is really long and bothersome.
How do you have the paypal option in coinbase? Ive been looking for it for quite some time now, but I only have bank option.

Since i've known Coinbase they had the PayPal option, keep in mind the FEE is 3.99% (same as using the credit/debit card) ALSO and very important - your info on Coinbase has to be identical as in PayPal - what does that mean? I think (you have to double check though) that login email should be same as your login email at Paypal.
Also, I read somewhere that PayPal is a little sensitive about Bitcoin and crypto in general (but that might be BUYING BTC with PayPal, not depositing $$ into Paypal) - still research before using PayPal option is best IMO.

This is the sort of thing I get asked a lot by people when I explain Steemit to them. While the process can seem rather convoluted, it really isn't once you get used to it. However, it will be nice when development is such that we are able to, say, spend earnings right from our SBD account using a debit card; or even better, when storefronts actually accept Steem or SBD as payment.

Ah... the future is nigh!

upvoted and resteeming this one.

@shayne

This is very helpful. I'm adding it to a page I just put together for new users that gives them basic information about things like steem dollars and steem power, as well as useful links to sites such as steemdb and chainbb. It's located here:

https://steemit.com/introduceyourself/@doule/a-steemit-faq-especially-for-newbies-the-most-helpful-pages-start-here-and-get-up-to-speed-fast

Nice!! Thank you! :D

I plan to get a debit card from Xapo or Bitwala to use in the UK. Bitwala even allow you to top up with Steem! I'll report on how it goes

Ooh, let me know. Not heard of Bitwala - I have a virtual card and plastic one coming from Wirex but they only accept bitcoin

This post should be in steemit 101. Wow, this made my day.

Thank you! :D

I can talk with them to see if it can get included.

Welcome to Steemit! And feel free to any questions that come to mind..I'm here to help.

Great guide my friend. Very detailed and helpful. I'll be sure to read your other links as well.

Thank you! I love helping out my fellow Steemians!

Feel free to ask any questions should they come to mind. :)

So thorough. I can't thank you enough for your effort. The great thing about this community is no one is alone, the help I have received so far has been righteous!

Thank you! I love making things easier for new people on here.

Oh yea..this place is full of freaking awesome people! It made me fall in love with Steemit early on.

You're doing a great service for newbies like me. How can I transfer STEEM from another exchange (Binance in this case) to my Steemit wallet?
Thanks for your valuable time and knowledge.

It's a little different for each exchange, but generally just having the buttons in different spots...though the general idea is still the same. I'm not on Binance myself, but I'd assume they have a spot that lists all their currencies, has a deposit and withdraw button/link for each. You'd just click the withdraw link for Steem and in the form, put your steemit name (without the @) into the address and put in the amount to transfer. Generally from what I've seen, memo's aren't required when sending from an exchange to Steemit.

This guide shows most of this in Steps 3 and 4 (just to Steem instead of LTC in their example.)

Thanks again for your help. I have very little in the Binance exchange, so I'm going to adopt BlockTrades instead. I use Coinbase for cashing in/out of my bank.

No problem. :)
I've mainly used blocktrades, poloniex (much better now that everyone left for bittrex, lol) and coinbase myself. Upside of this is that I've written my guides using these three. :)

I did go to Binance and exchanged my STEEM for Bitcoin, but I'm so "small" on Binance that I have insufficient funds for withdrawal. I put about $30 in Binance to safely teach myself how to trade obscure cryptos. I'm happy that my small "tuition" paid to Binance helped me get educated with the process, and now I have multiple "microbalances" there that could appreciate in value.

A must read story for newbie

Thank you!

Morphogenetic fields do work – thank you for the guide! I'm not planning on cashing out and have so far powered up everything (except to test the promotion feature and get to Steemfest 1), simply because I'm one of those who never dreamed about getting in touch with cryptocurrencies until Steemit broke me in, but I wondered if I should use a SBD or two to jump onto the EOS hype train and diversify my brand new portfolio a bit.

Also commenting to find out what alternatives to coinbase can be recommended to those in other countries; Germany in my case, for instance.

It's tough to tell other how to invest their money...but EOS is very tempting. Even it it takes a while to catch on...dan sure seems to know how to make great stuff!

On the wallets, it's tough for me to say much on the other wallets since I haven't really tried a ton out myself and being US based. But I have seen people say good things about bitwala which looks like is available in Germany. It might worth seeing what people in the @german-trail think..just to ideally get a first person perspective on it.

Thank you for posting these helpful articles. Lots of great info here for us steemit noobs. You rock!

Hehe..you're most welcome! I love doin stuff like this.

@sykochica for witness..all u need is a server, and im sure you could buy one with your steem..newegg takes BTC!

Great post. I'm bookmarking it for use with my intro-to-steemit sessions i have with people.

While i recently ordered my bitpay card, there's also UQuid that seems to work in many other countries.

Nice!! I've tried to get some other good materials together to help with stuff like that.

You might take a look at this post from a few weeks ago:
https://steemit.com/ambassadortoolkit/@sykochica/want-to-host-your-own-steemit-meetup-here-s-materials-to-make-is-easy

I have some printable stuff, a 15 slide powerpoint with notes and even some templates that new people may find useful.

Feel free to ask if there is anything I can do / write to help you out with the intro to steemit sessions. :)

Much appreciated, but I'm mostly approaching people as individuals and walking them through personally.

Ahh, gotcha. Very understandable. Hope you're able to 'hook' them!

This will really help @sykochica. Thanks for the step by step guide.

You're very welcome! :D

Great easy follow up steps (though the options ans combinations for witch service, exchange, wallet and bank to use are infinite :) ).

Want to mention in Coinbase you can use your credentials to LOGIN to your bank via Coinbase (with user and password for the bank), so you can have an instant access to your bank instead of waiting for small deposits 2-3 business days. Lots of people are maybe concerned but even Coinbase in their FAQ states you can change your password temporary, login with that to Coinbase, change it back after that, works perfectly.

Great post...really fruitful...for newbie
images (3).jpg

Another thing to mention, you dont have to sell BTC in Coinbase, you can use their GDAX trading platform (which is connected to Coinbase) and put a market (limit) order for no fee.
OTHERWISE when you sell your BTC through Coinbase:

  1. the price is not in your favor
  2. the FEE is 1.5%
    (ps. GDAX exchange is 6th by volume on CoinmarketCap, so it's not some shady exchange) :)

Oh nice!! I've never done it that way myself..but will do some digging. :)

You are a great resource for a newbie like me.
Thank you

Great guide and excellent resource @sykochica!

Thank you! :D

Thanks for sharing! Links to your article were included in Steem.center wiki pages about Steem Wallets and How to use STEEM. Thanks for your support, recent donations and good luck again!

Happy to help out! :D
The wiki is a great project and I'm happy to see it picking up Steem (both literally and figuratively.)

Syko rocks my world again. The oracle of STEEMit you are. Lol. I shall bookmark this post for future reference. I don't plan to cash out till I'm a whale. Might take a decade. But, I'm gonna do it. Smiling.

Hehe, thank you! Behold my mentalist powers...muuaahahaha! Lol

I do recommend for people that are new to crypto to cash out a little to buy themselves something...just to solidify it's real as well as having everything setup for you for the next time.

This info is very useful for new members. Thanks for sharing.

Thank you! Happy to be helpful. :)

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we learn something everyday! cheers

:) definitely! I'm still picking stuff up even after being here almost a year.

Have you ever helped a Canadian transfer money into a Canadian bank before?

I haven't myself...only done US. However I bet @barrydutton or @raymonjohnstone would. :)

  ·  3 years ago (edited)

Thank you very much! It is very helpful! i tried following other post instructions but got easily lost!! Really appreciate this!

Happy to be helpful!
Yea, I wanted this one to make each step as clear as possible. I know how frustrating and/or scary some of these processes can be the first time or two.

Thanks for explaining so beautifully so that dumbos like me can understand easily. All the best to you

This is really great information. I've been trying to figure it out. Thanks for answering my unasked question. All new users should read this

Thank you! :D
I love being able to preempt peoples questions to save as much frustration as possible.