I DID IT!

in #steem7 years ago



credit
I finally figured it OUT!
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Figgered what out? (you sez)
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Figgered out how to pay the RENT! (sez I).
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That's right handy (you sez) your landlord probably likes that.
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Let's not talk about my landlord ( sez ) I it's a heartless corporation
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Ok (Sez you) but whats new? You must have been paying the rent all along or you'd be homeless
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That's true (says I) but I've figgered out how to pay it with STEEM
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NOW your talking (sez you) how'd you do dat?
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It's easy to do (sez I) but hard to 'splain
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so start from the beginning (sez you) fill in the middle, the continue to the end
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That's the problem (sez I) 'splaining it that way is very confusing
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So doit the other way ( sez you) start at the end, and work backerds
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You's a GENIUS! (sez I) That's 'zactly what I'll do
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So quit yakkin' (sez you) get to it
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OK! (sez I) here's whatcha do


Step last....have a bank account. Or if you don't like banks so much (I don't...I've had bad experience with Chase, Wells Fargo, and others) then use a Credit Union or possibly something else. Whatever...open an account. Be sure that in can accept direct deposit.

THEN...go to Coinbase and open an account. Be prepared to become very frustrated. It's very damn confusing. But stick with it and do it. They'll ask for identification and other such stuff. Bite the bullet and doit. When your FINALLY done...tie the coinbase account to your bank account. The idea is that you can transfer U.S. Dollars from your wallet in coinbase to your bank account.

THEN....go to Bittrex open an account. Bittrex is MUCH easier and simpler than Coinbase. I got 'er done very quickly. Now...open your wallets..there are a jillion of 'em. Go to SteemDollars. If it's not on the screen use the search box in the upper right hand corner. Type in Steem and you'll get Steem Dollars and Steem. Now decide which one you are going to use... and get the address (click the plus sign to the left in the Steem or Steem Dollar row. A box will pop up... in the upper right it will show 'memo' and below that 'bittrex'

The word memo actually means address....so when you get that loooong number...and Bittrex..what it means is that it's the address of your wallet at Bittrex. I dunno why they can't say it in plain english. It's a geek thing I guess.

Ok...leave that window open...now open another window and

Go to Steemit and open your wallet. Steemit is also very confusing. The thing here though is SBD (steem backed dollars) or Steem. I use SBD...cause I take my rewards from posting 50/50 (another post)...so I usually have a few SBD just sitting there..

clik on the down arrow to the right of SBD...a box will appear..clik on Transfer...another box will appear...it's got your account in it (the From)...it also has a TO, Amount and Memo

Leave it open and go back to Bittrex. copy 'bittrex' then go back to Steemit and past it into TO
go back to Bittrex..copy memo, then go back to Steemit and paste it into memo.

Now decide how many steem dollars you want to transfer. You can send it all by cliking on the balance or you can enter any amount you want to less than that.

Now sit back...double check..triple check... everything...this is friggin IMPORTANT

Make VERY DAMN SURE that you did it right. If you have the wrong TO name (bittrex) or if you've misspelled it. or if you have the wrong memo...then when you clik Submit...it's just gone. your hard earned Steem Dollars will be pissed away...into the wind...no way to retreive them...so get it right the first time.

I recomend that you try it first with a very small amount...if you screwed the pooch then you don't loose much. Try it..see if it works....it can take from a few seconds to several minutes for your steem dollars to appear in your Bittrex wallet. Oh..and one thing..YOU have to refresh the screen...it won't do it for you. If you don't refresh the screen you steem dollars can tranfer just fine..and you won't know it and will be having an anxiety attack. (don't ask me how I know this)

OK...do it a few times....with teeny tiny bits of Steem. Train that muscle memory. Make sure you got it right.

FINALLY..when you are SURE that you know how to doit...
Sell some steem.

On Bittrex...once again...EASY to do...hard to 'splain.

clik on the blue SBD. a very confusing screen will appear.

scrolldown, UNDER the chart..to the right you will see Sell Steemdollars to the right will be the total amount of steemdollars you have in your steemdollar wallet.

Once again...sell it all...or just a little bit.
Once again...start off small..learn how to do it..then increase the amount.

BUT WAIT..there's a hitch...(isn't there always).
you're playing with the big boys now...nothing is free.
Every time you do anything...the house (bittrex) takes a slice of the action. Not much..but that's how they make money...

BUT WAIT..there' even more (why are you not surprised?)
...there's a minimum here...you have to play with (let's say) dollars...not pennies.
So pay attention...what ever you do is gonna cost you.

Ok...decide how much you want to sell..either sell it all (Max) or enter the amount in the manually.
then clic Price , a box will pop open with last, bid, and ask. I dunno what all that means. I clic bid..the middle one..what I think it means is "sell for what the going rate is"...gee...you'd think that they would just FRICKIN SAY that...instead of using code wurds...GEEKS...what can you say?

So..when you do dat...things will happen purty quick...screens will open...you will be asked to 'really think about this..you sure you want to do this?"...and such like (oh..and you'll get an email) ..when you tell them "yes dear...I'm sure I want to do this" other stuff will happen...kinda purty actually...

What will happen, either immediately or after a while..is that the steemdollars you offered to sell..will be bought..and the bitcoin will be deposited in your bitcoin wallet. Sometimes this doesn't happen all at once. Some times only a piece of your steemdollars will be bought..then a few seconds (minutes)..some more will be bought...and more...until it's all bought up.

NOW...you have SteemDollar account that has been depleted. (I recommend leaving a little bit of sbd innit...a buck perhaps)
and a BitCoin Wallet with whatever you got for selling the SteemDollars.

NOW...transfer the BitCoins from Bittrex to Coinbase.

MUCH the same thing...go to Coinbase...get an address...come back to Bittrex...click the MINUS sign this time...(outgoing..not incoming)...enter the memo and the amount you want to send.

Once again..tattoo this on your FOREHEAD...be very damn careful with the address....if you screw it up...your bitcoins are just...gone.

Once again...use very small amounts.
Once again....nothing is free...transfer charges will be deducted from your money.

This takes longer.

In a few minutes...or not so few....the Bitcoin will appear in your CoinBase Wallet...

(whew)...

NOW...sell your BitCoin on CoinBase for the fiat currency of your choice...In my case it's U.S. Dollars...
the procedure is much like SteemDollars to BitCoin back at Bittrex. Once that happens you'll have cash in your USD wallet..
Now go to your account...then to your Fiat Wallet (USD for me)...at the top right you'll see...WithDraw.

Open that up...a box will appear with the name of your bank...and asking you how much you want to send to it.
This is easy...just put in the amount and send it.

But it's slow...it'll take days...

I think of bitmoney transfers as kinda like the hyperloop ...and bank transfers as kinda like homing pigeons...

Try it with a small amount of money first...again..they charge a fee for the service.

When you feel comfortable..use larger amounts...

BUT WAIT..there's more...
CoinBase has a thing called ShiftCard
but that's for another post..

Sort:  

This post is Gold! I've watched several videos about doing this and came away more confused than I was to begin with. Very concise and straightforward directions. Thanks Everitt!! Much appreciated! Resteemed

I second that. The cryptocurrency world can be very confusing.

Great post, good information.
I am honestly breaking my head about all this, but i am working with bitshares.
What's bothering me,is that bitshares don't got all the coins to invest.
So i made an account on poloniex, and now am trying to figure out , how to get it from bitshares to poloniex....

confusing as hell ain't it?
I tried to find an email that I received from a coinbase rep. Can't find it...gotta love 'fixin what ain't broke...damn gmail.
anyway...if I recall correctly he said that they will be accepting Steem (not SteemDollars) in the very near future..

If true..that'll save some steps..

Did you ever worked with bitshares.org before?

nope...sure haven't.

OK i am on that part of sending steem to it, and trading there.
And thats it :)

Excelent post
Thanks for sharing my friend

Love it amigo, I was right there with ya the whole way...well done

The post was getting rather long...so I didn't go into as great a detail as I might have...you think it's OK?

Yeah it was great, you took me on a journey

Great Post my friend. Actual and informative. You can't do it better than that.
I read a post where some Dude, in error, transferred his $900 to Bitrex. An expensive Typo. What intrigues me about all the buying & selling.
Is this, what ever road you go down, it always seems to lead to Bitcoin. Thanks for sharing.

Congratulations! You made it through. The longest wait is indeed the bank part. Now it will be like a routine thing. Written very life like, fun to read. The Bitmoney realm is indeed much geek factor, hopefully this will improve soon.

Man.. Now I'm confused! There is so many "BUT WAIT" in your post.

thanks for sharing

Awesome Amigo! Glad to see it all working out now!
Excellent!
Imgur

A few screen shots may have helped with the explanation.

GOOD idea...I'll keep that in mind..

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