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RE: [Newbie Guide] How to buy Steem
Tim, thanks for the tutorial. I now have steem power in my account. How do I transfer to another account or cash out? Nothing tells me how, but I am guessing I have to power down to steem and then use the steem to transfer to new location. Is that correct?
jim
Hi @morgan1942 - yes, that is correct. You can check out your wallet here:
https://steemit.com/@morgan1942/transfers
If you power down, it will convert the Steem Power into liquid STEEM. (Your current liquid STEEM balance is 0.000.)
Once it is liquid, then you can transfer it to another user. There is a dropdown arrow next to the liquid STEEM amount where a "Transfer" button is one of the options. You just need to enter the username that you want to send to and the amount, then click "Submit". (You can add an optional memo too, which will show up as a message along with the amount.)
For cashing out, most users will use an exchange. Personally, I use Poloniex and Blocktrades. Many other users use Bittrex. These exchanges will allow you to convert your STEEM to bitcoin (BTC). Then you would use a site like coinbase.com or localbitcoins to convert the BTC into cash. There are a few guides that were written by users in the "Helpful Posts from Steemit Users" section of this page: https://steemit.com/welcome
I haven't converted it into a "user friendly" post yet, but there are a lot of links in the comments of this post which contain info on other things you can do with your STEEM (such as buying items from the PeerPlays store, or paying to have someone design a custom avatar.)
https://steemit.com/bounty/@timcliff/information-bounty-list-ways-to-spend-steem-and-sbd-usd1-sbd-per-qualified-response
If you have any other questions, just let me know :)
Thanks Tim, very helpful. I wanted to be sure I could convert back before I fully funded this account. I will test it with a small amount so I am comfortable with the process. I use Bittrex and Poloniex as I like to split my risks
across several exchanges since I am new at this.
Regards,
Morgan
How do I give rewards?
Sounds good!
When you upvote a post or comment, you will increase the rewards for the post. A lot of times if you don't have a lot of Steem Power, you won't see it actually increase though. When larger accounts vote on things, it has a bigger impact. Even though you don't see it increase though, it still helps. When lots of little accounts vote on something, it adds up :)