A quicker way to get Steem into your bank account.

in #steemit8 years ago

Hello #Steemers!
A lot of users seem not to find a way to use their #steem
I have seen couple of method here, but most of them take a long time to start receiving money.
The way I use my BTC is via #Coinbase, selling Bitcoin there and withdrawing to my bank account.

I will show how to set up in short steps, but I can't do it with pictures, because I have already done it on my account obviously. :D Also, at the bottom I will list some pros and cons about using Coinbase for this job.

  1. Would be registering on Coinbase.com
  2. Downloading the mobile app
  3. Verify your identity (Your drivers license or ID or Passport), this step will be verified really fast, so no wories. Next steps will take a little bit longer in processing.
  4. Adding and verifying your bank account. Filling in your bank details, nothing really personal. Next will be verifying, to do that you will have to send a micro-transaction via your bank. (In my case I just sent 1 cent). All details will be given to fill in. This step will take 1-2 business days.
  5. Now just have to sell the bitcoins you have, in the Trade section of the site.
  6. Go to your currency wallet, and press withdraw. Fill in how much you want, and just accept it. To get the money in your account, it will also take 1-2 business days.

So the total setup time is like 4 days. That is not that bad as 14 days, and you don't have to get another plastic card and pay for it.

PROS

  • The fees are not that big
  • Coinbase is very trusted site
  • No extra plastic cards

CONS

  • The price of selling BTC there is a bit lower
  • To receive the payment, it takes 1-2 days
Sort:  

Coinbase doesn't work for all Countries , Another way would be appreciated.
Thanks

Good tutorial.

Hey, I know this is an old post, and my apologies for this.
I've just set up a CoinBase account and am pending a transfer, but I haven't yet verified my bank account, this small payment, will this be transfered back?
Thanks in advance!

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