My First 'Steem Dollar' Coffee: How to Guide Included!! AMA..

in #steemit-howto8 years ago (edited)

Steem Dollars are real currency!! Here is how I purchased one 'Steem-y Coffee'

When I first signed up to Steemit, myself along with many others asked the question,

'Where is the money coming from?'
'Is this a Ponzi scheme?'

Well, things really have moved on since then, so for any doubters out there, I provide proof that Steem Dollar can be used to buy real world good,... like in my case, a Coffee. Following is a detailed 'how to' guide for anyone who is new to Cryptocurrency, or just wants a really easy way to cash in those Steem Dollars. This is very detailed, as I remember a few years ago when I started using Crypto, I really could have done with someone holding my hand throughout the process...

What will you need
Steem Dollars (in you Steemit Wallet)
Bittrex Account (Easy set up, No verification required for a 1 BTC daily limit I believe)
Circle Account (Easy set up, in app verification, $250 per week limit, which increases with usage)

So, here we go...

  1. Login into Bittrex, and click on Wallet (at the top right hand on the display)

  2. In the Account Balances search bar (near the top right), Search SBD or STEEM DOLLARS

  3. Click on the + to the left of the STEEM DOLLAR wallet

  4. Copy the Memo and go to your Steemit Wallet. Leave the Bittrex Wallet open on another TAB

  5. Click the arrow (to the right) by your Steem Dollar Balance, and then Click 'Transfer'

  6. Fill in the information like I have, except fill your own copied Memo!! Send a test amount to begin with, for instance 0.1 SBD...Go back to Bittrex Wallet

  7. It will take 5-10mins to arrive (sometimes longer, be patient), but when it does arrive, your Steem Dollar Balance will amend to the amount you have sent. If you have sent a test amount, go back and repeat the process for the balance you would like to send. Now click on the 'Symbol' SBD in your Steem Dollar Wallet to go through to the Steem Dollar Market...

  8. Once there, centre in on the SELL STEEM DOLLAR section (on the bottom right of the display as it appears)

  9. Fill in the information like shown. If you click to MAX icon, that will fill in you whole balance for you, If you click the PRICE icon, it will give you some options. If you want to sell quick, click BID, and then reduce the price down slightly lower, Click Good Till Cancelled, and then Click Sell Steem Dollars. (any further questions on this phase, post me a reply)

  10. A window will appear on your screen setting out you trade, Click Confirm

  11. Go back to your Wallet, delete you previous Search (near the top right), and you will see you now have a Bitcoin Balance.

  12. On a separate windows, Login into Circle. Then click your name (in the top right hand corner), then Get Address.

  13. A window will appear. You will need to copy the bitcoin address at the top of the Windown

  14. Go back to Bittrex Wallet, and Click the - (minus) sign by the Bitcoin Wallet (to the left of Bitcoin). Then paste the address into the section like I have. By 'Quantity' click the upwards arrow (to the right of Quantity), and that will fill in your entire balance. Then click Withdraw

  15. Go back to Circle, make sure you are on the Account Page by clicking on 'Account' at the top centre of the page. Sometime will pass, (it could be 30min or so), but then the payment will be revived and show up like this..It will also take sometime for this payment to clear. It will change from Receiving to Received when this is done...

  16. When it is cleared, Click on Sell Bitcoin, and this window will appear

  17. Fill in whatever amount you would like to sell, if you want to sell everything, you can see your Current Balance on the window. Then Click Continue...

  18. Almost there, click Withdraw money

Wait 1-4 days, the money will clear in your bank account, and you are ready sell spend your rewards.

Also £4.66 from $5 SBD. That's AMAZING!!!!

Ask me anything, I'm here all day.

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Great post. this really validates the phenomenon of Steem. My life has changed because of it.

I wish you the best! :)

@benjiberigan I agree, this is validation!!! Really glad to hear that. All the best to you!!

I'm waiting for the day when I just tap my phone and pay for stuff with STEEM. :)

With companies like Plutus beginning to do it will Bitcoin and Ethereum, https://plutus.it It won't be too long @liberosist

I didn't know about Plutus! Looks very interesting, indeed. Yes, it's very exciting times indeed. I bet PayPal will be obsolete in the next five years. Apple Pay after that.

Couldn't agree more. So many good Blockchain startups are coming through at the moment. It's just a matter of time...

Sadly, most are going to fail. But there will be a few who will make it really, really big.

Agreed @liberosist In my experience around 7-8 out of 10 normal Startups outright fail, I would imagine the numbers (moving forward) will be far higher in Blockchain Startups. We need one (or two) really successful one's, so that others can build on their success.

Very nice @samether

Great guide, I've been through this process a few times before. You've provided a clear and detailed set of steps.

I really like the circle app, think it's backed by Goldman Sachs. There are a few places to get out of bitcoin in the UK.

I use this site to see where the best prices are.

Circle seems to be the best one so far

http://bittybot.co/uk/sell-bitcoins-uk/

I believe the 'Bitcoin Spread' Circle charge is around 1.5% once the money is landed in your Bank Account. That's really competitive. Trustworthy, Reliable, Cheap. It's a good app as long as your not trying to cash in large sums of money....

I've read it. But in time when I'll have 100 SBD I'll forget everything. So why have Iread it?

@busser Your next post cold be the big one!!! :) And you only need around 3SBD for a coffee... If you remember @hisnameisolllie it'll be on my blog forever...

https://steemit.com/@hisnameisolllie

Nice guide for the newbies.

And nice steem logo placement.

@getssidetracked Thanks for the reply. Let me know if you think I have missed anything off, or I could make something clearer...

Hats off to you for sharing this mini guide. I see Sterling has taken a hit since the Brexit vote in june, so if the pound continues to fall against the US dollar it may make Steem even for valuable for UK Steem users.

Ha, good point @juilee. I live in the UK, but earn my money in USD. So I was one of the few people who Brexit benefited financially from the outset. However, in all honesty, I think that the £ will recover over the coming month. Best take advantage while I can...

Hopefully though next time you decide to purchase a coffee with Steem that $5 SBD will also cover the cost of a blueberry muffin. At this rate of growth $5 SBD could shortly purchase a De'Longhi Magnifica coffee machine . You could be right about Sterlings recovery.

The coffee only cost me £2 (from a street vendor in London), so I could have afforded a Blueberry muffin with the £2.66 change :) I like to think SBD has a natural cap. Some sort of function of $1 and the 10% per annum interest rate. But with interest rates around the world around 0, it could certainly go higher than the current $1.30ish price tag...

Regarding the natural cap, yes we want to avoid "Tulip Mania" with SBD. Cheers

Хочу чтоб таких постов было больше!
I want that such posts was more!

@vdoh Anything you would like explained? I'm happy to do more posts like this...

and how well you enjoyed that coffee!

@gekko It was the best coffee I've ever had :)

Great post and right on point! I have been looking all over for this type of article. The steemit search doesn't seem to be very helpful at this point in time. Steemit needs to emphasize more user guides or a wiki to help get newer folks started.

@fireriseace Your welcome, agree that needs to be worked on, but I believe the site is still in Beta. Hopefully @dan and @ned come across this. Is there any other information you have been looking for? Happy to help..

Thanks for the help, I have been clicking on the explore feature a lot and then searching the top posts under steemit-faq and steemithowto to learn a little bit more about the platform. I am having problems adding GIF do you have any experience with that? Again, I tried looking into the search function but that thing in particular is in beta! Any help is greatly appreciated and thanks in advance!

I haven't added a GIF yet. I'll look into it and get back to you..

I don't have my Laptop with me (on a phone), but this might help..

https://steemit.com/steemit/@fiveboringgames/how-to-embed-a-pic-or-a-gif-in-a-steemit-post

Seems like you might need to write .gif on the end. If that doesn't work, let me know and I will get back to you tomorrow

Also, if you want to search for something, I literally went to Google and typed Steemit GIF..

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