How To Convert Steem to Groceries: A Quick Guide to Using Your Steem in Real Life
Now that you have discovered this magical platform known as Steemit, as a new user you may be wondering,"How do I turn this so-called 'Steem' or these so-called 'Steem Dollars' into something useful?"
Well, I'm glad I asked!
Converting Steem into tangible items can be done a few ways.
First off, you will have to sign up for a digital currency exchange.
It is free.
There are many options out there, but some of the more established exchanges are preferred by the community.
I will list a couple just so that one is not highlighted over others.
Poloniex, Bittrex, or Livecoin
poloniex.com
https://bittrex.com/
https://www.livecoin.net/
What you will do is find a Steem/Bitcoin market. This means that you are trading Steem for Bitcoin.
This is not the end, but it is a necessary step.
What you will need to understand is that the value of Steem is in constant flux. Depending on the time of day, you could be selling at the low or high point in the token's value. For example, when you wake up, Steem may be worth $1.00 on the market. By the time you go to sleep, the token could be worth $.90 or it could be worth $1.10. Value is not definite. The same thing actually happens with your national currency (no matter your country ;) )
You can find the averaged value of Steem across the markets at the link below
http://coinmarketcap.com/currencies/steem/
Now, once you have turned your Steem into bitcoin, there are a couple things you can do from there:
you can go to coinbase and sell the bitcoin for your local currency to go into your bank account.
coinbase.com
This is what many people who prefer paper dollars choose to do. If you want your "local currency" this is going to be your best option for turning your BTC into your local currency. Coinbase is not the only way to turn BTC into "dollars", but it is one of the most reputable exchanges.
This is not your only option! You can use gyft.com to turn Bitcoin into gift cards at pretty much every major outlet in capitalist countries. This can be a great option, because you build up points for using their platform. These points accumulate to be able to be used to purchase more gift cards. This way you can get your groceries and get rewarded.
All of these platforms are free. Never pay someone to exchange tokens.
RE-STEEMED
good work
Thanks! :)
@chris-bates wrote:
I apologize for raining on your parade, but Poloniex, Bittrex and Coinbase are not "free". They charge fees for exchanging tokens and coinbase charges for converting bitcoin to local fiat currency (USD) and sending it to a bank, so you may want to revise your statement;)
They are free to sign up. You are being ridiculously intense with your semantics.
Frankly, is is annoying when people come in and obsessively try to pick things apart with semantic reframing. You might be having a bad day or something, but what you are saying is a ridiculous caveat that is going to scare away average people.
Now THIS was some good info!
Thank you and Steem On!
As always, FULL STEEM AHEAD!
Thanks for this! New to the platform and learning my way around here and getting a working understanding of steem in general and this helps a lot.
You are welcome, the community is here to help u and fill free to ask any question. This technology is changing the way we see value. More to come.
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LOL unless u have a SHIFT payments Visa card from coinbase linked to ur coinbase account, there so way u can realistically buy groceries using coinbase! they SUCK
u need a BIT PAY debit card and use BitPay btc wallet! fuckin visa debit card takes bitcoin right from the bitcoin wallet! (u send it however much u wanna spend, 1 confirmation later u have money on a visa card) the card is $10 so just buy one now so ull have it whenever u need it! i fuckinsent $4 in btc an bought some french fries at jackin the box (fast food) and it worked perfectly so its all u need! no fees either! i dunno how they even do it! i didnt have to even pay a 2 percent fee like coinbase! i guess they make money of the regular visa fee like the few cents per transaction ....
anyway fuck coinbase man use bitpay! maybe use coinbase to buy bitcoins but EVER use them to sell or convert to fiat! bitpay man! just buy the car its $10 one time fee u pay in bitcoins have it sent to ur house!
OR use the GYFT app IT LETS U BUY GROCERY STORE gift cards like WHole foods Trader joes, cvs anything with BTC! u can buy a starbucks GYFt card with bitcoin instantly and go use it and scans from your phone! i dont get why people say u cant use bitcoins to buy coffee at starbucks! u can even use that card to get CASH fro bitcoins using cvs or starbucks! any $10 card with money left on it by law they have to give u the remaining cash on it...so u can use gyft app to convert bitcoin into cash wenu buy a $10 gyft card and buy a 33 cent candy or gum with it, , u make cvs or starbucks buy back your bitcoins for cash,