How to sell my STEEM?
So recently I created a Steemit account, and was very excited about it, like some of you are, I imagine.
Then I did some research about the Steem economy and the different currencies. I get how it works, and I see the vision... ❤️ it!
Then I started looking at the STEEM price, and decided to buy in to it as I believed (and still believe) it's undervalued.
So how do I buy some STEEM?
Just a few clicks, and I bought a bitcoin worth of Steem. Wow! That was easy. As it should be. In order for the platform to grow, the onramp must be smooth and quick.
But what about the offramp? How do I sell my STEEM? How do I cash out?
Started looking around and I couldn't figure it out. Maybe I'm missing something, but I'm not exactly a tech newbie. So I figured maybe some of you also have this problem...
So I guess my question is... How do I sell my STEEM for Bitcoin?
Solution
Thanks to @playfulfoodie, @lennstar and @schro for their answers.
STEP 1
Go to https://blocktrades.us. It is an online exchange integrated with Steemit, that you do not need an account for. There are others that work, but you would need to set up an account with them: @poloniex, @bittrex.
STEP 2
- Select Steem as the Send currency.
- Select Bitcoin (or whatever you want to exchange it for) as the Receive currency.
- Enter the amount of STEEM you want to sell.
- Enter your Bitcoin wallet address (or whatever cryptocurrency address you are exchanging for).
- Click Get Deposit Address.
You get some instructions like these:
STEP 3
Go to your Steemit wallet and click Transfer.
Fill out the information you were provided in the instructions. Make sure to copy/paste so you don't make any mistakes.
That's it! It's a little off-putting but it's the easiest way as of the time this post is being written.
I wish you all the best!
DId you know that you can attach Steem to a mastercard!? Simply by using Shapeshift or Changelly you can convert the Steem to Bitcoin than order yourself a bitcoin mastercard. WE wrote a review on one of the companies here!
Going to write another review of it on Steemit here shortly! Nice write up
Dont be afraid to follow us either
http://arcanebear.com/our-first-bitcoin-steem-ether-and-every-other-cryptocurrencies-mastercard-pt-1/
Here was our last post about it! did great.. spending steem on a mastercard~! https://steemit.com/steemit/@thearcanebear/living-off-of-steemit-in-central-america-buying-groceries
You can use the transfer option to transfer it off of Steemit aswell. I've only used this option to move it to Bittrex, in which case you transfer to account Bittrex and you take the required memo out of your Bittrex wallet.
So you have to send it to an exchange's Steemit account, but you would need to have an account set up on that exchange and fill out some info over there?
Yes, in my example that is the case. I'm not sure if there's any other way to get Steem off of your account here. Make sure to have your exchange account completely set up, and use the memo before you send anything.
meep
You can also use blocktrades. It's a similar service to ShapeShift. I've used it many times. No account/ID etc necessary
link
Great! I just looked around and It's pretty simple. Thanks @schro :)
the instructions seem very straightforward . This post was 7 months ago, are these instructions still valid
Thanks Followed and upvoted. Let me know if these are still valid and i will resteem
i just wanted to reply to Me and @paulcoman that these steps work flawless
i appreciate the step buy step and anyone else out there can trust these steps
SteemOn
I just found this out for the SBDs :D
I did it on Polo. If you click on Poloniex "deposit" for SBD (and I guess steem works the same) they show you a memo "tiny address"
When you send steem here from steemit, you have a memo field. Put that line from Polo in.
As receiver you take Polos account here ( @poloniex ) , they also show it to you on their website under the memo, so best to copy it to prevent typing errors.
Send the steem and after a while (for confirmations) Polo has the steem on account.
Thanks for the explanation @lennstar
I look forward to your follow up post.
@jeff001 I've just updated the post with a full step-by-step explanation.
look at my reply
Probably stupid question, but how do you exchange/sell STEEM or Bitcoin for 'normal' currencies (preferably euros)?
@caillou found it
Nice. Thanks.
What guarantee is there that the recipient of my Steemit will pay? And who is paying for my Steemit?