Transferring Your Steemit Rewards to Your Bank Account

in steemit •  15 days ago

How To Transfer Your Steemit Rewards to Your Bank Account

I'm not sure if today's video is more of a walk-through or a "see I told you so" video lol. I've had a couple of people on YouTube ask if you could even cash out your Steemit earnings. Most made it sound doubtful that this was even possible. So despite my goal of not moving any money off of Steemit for my first 6-12 months, I thought I should create a video showing not only that this was possible, but also very easy.

If you're interested in more videos, tutorials, and how-tos, I encourage you to follow my channel and leave me replies of things you would like to learn about. If I don't know the answer, we'll learn together! :)

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anytime anyone asks me any questions about steemit/steem and how to use them......i send them to your videos!!!!! THE PLACE......for deepening in understanding of how this place works!!!!! steem blockchain 101!!!!! thank you!

Being at the beginning of my Steemit journey I also don't want to get anything out of the platform at least for a couple of months from now. All I care about is to increase my Steem Power so I buy SP with every SBD that I earn.

That being said, I'm going to watch this just so I know a year from now how to go from STEEM to fiat and after that to buying a lambo. :D


Hahah, I love it! And smart thinking. :)


@zemiatin, I see your posting content, you may be better off transferring your Steem and SBD to Steem Power via the use of upvoting bots. The benefits of this are that sometimes you get a little extra (though often a little less) but it boosts your reputation and post visibility.


Hey, thanks for the tip.

So you are saying that in the end I could gain more Steem Power if I use upvoting bots instead of straight selling my SBD for Steem Power using blocktrades?


The main advantage isn't the extra Steem Power, its the reputation and visibility advantage.

Have a watch of this post:


Thanks. Going to look more into this.

I also plan on not moving any money from Steemit for about a year from when I started which I plan on using some for Christmas. I can’t wait to do this and show my wife on how this is an awesome opportunity because she doesn’t see this and at times makes fun of it and it’s “fake money”.


If that doesn't make her a believe then I don't know what will. "Look honey, Christmas this year is thanks to those silly posts I've been doing on that decentralized social platform I was telling you about" 😁💰

I love you'r tips and advices so I wrote a post about you to highlight what you do for steemians. I hope you don't mind that I took some pictures from your facebook.


Thank you SO much for that. You're very kind. I just left you a comment over there. :)


Thanks for everything.

Great information, nice post, thanks for sharing


You got a 14.33% upvote from @mercurybot courtesy of @brandonfrye!

Thanks for this, hard to believe people don't think you can withdraw! I guess YouTube comments give you a bigger slice of the opinions of Steemit.


You're right about that. I've never seen so many doubters in all my life lol. They just can't believe that there's actually a social media platform that pays you for your efforts to make the platform a better place. I assume many of these people will stick to YouTube, Facebook, etc. As they say, you can lead a horse to water but you can't make him drink.

Brandon, I've noticed a lot of people use bittrex and poloniex to take money out of Steemit. Do you have any info on those exchanges?
Also, I didn't see that blocktrades charged you a fee during the video maybe I missed it?


I personally haven’t used either of those exchanges. But you could prob find a video on both of them and follow the same instructions to send your coins to their exchanges. And no I don’t believe BlockTrades charged much if anything.


Cool, thanks!

Great demonstration. I have not moved any steem out yet but very good demonstration on how it works. Thanks


Cool glad it helped. And yeah, I prefer to keep all my steem on the platform too.

Great video! This step was one of the big things I was wondering about :) Consider me a new follower!


Awesome and thanks @jarzs!

You got a 2.08% upvote from @buildawhale courtesy of @brandonfrye!
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Thank-you for that tutorial @brandonfrye,this clear my doubt straight away I can sell SBD whenever I want unlike SP.
Your next video must be on exchanges I guess,please keep in mind FUD country like India,as recently BTCX pulls back it's business from India.


Correct. SP requires you to power down but you get paid in installments over a period of 13 weeks. It used to be much longer. And yeah, unfortunately exchanges have their ups and downs depending on the local governments.

Thanks @brandonfrye for sharing this information. I have been confused on how to transfer my steem dollars to my account. This video basically explained it to me. I hope the same process is applicable to bitcoin?


Correct. It’s exactly the same with BTC, Dogecoin, etc. I typicallly use ETH as it’s quicker and cheaper. However, with segwit being fully launched for BTC, Bitcoin should be faster and cheaper than it used to be.

Thanks for the proof for the naysayers. Bookmarked... I could not comment on the video itself for some reason. Been having trouble on DTube with that of late.


Interesting. This is the first I’ve heard of this issue. I’m glad you came here to let me know. I’ll keep an eye on that.

Thanks for the helpful explanation, even if I don't need it yet. I don't plan to put money into steemit. So I guess I just have to wait much longer until it's worth transferring anything. And of course there are also alternatives for coinbase which I will check when I will transfer some money from Steemit to my bank account in a few years.


Yes, there are a couple of different options. I've always used coinbase but I believe Poloniex works the same.

very useful information, thanks @brandonfrye


You're most welcome. Hope you're having a nice weekend!

After great video as usual , i think that it is wrong to think about transfer your earning from steemit becouse i think that more you have in steemit more you earning anyway i think also this video just for whales like you my best master @brandonfrye , at the end i really hope for more succeed in steemit and happy life


Thanks @hansal. There are actually a lot of minnows who are pulling their money out every time they earn a little SBD and Steem. I wish more would power it up and let it grow as the value goes up. But I guess everyone can do what is best for them. And you're right, you'll earn more by powering it up. So it makes sense to just leave it in your account.

I shared your video on facebook to show people how easy it is plus let them see it on D tube.


Nice! Thanks for sharing. Hopefully this will show people that you can actually get paid from using Steemit. :)


My father in law was the biggest disbeliever when i started this 2 months ago. He cslled it imaginary money and that i was wasting my time on a pyramid scheme, and now we have a decal on our racecars and we are buying a new carburetor for one of them with the money i made here. I got him all fucked up now. Lol

It's not only the haters man LOL I had a really good friend of mine earn some Steem last week and had to walk him through the same process.

His wife was telling him it was all a scam and he would never get paid....

A few days later, he had some cash in his bank account LOL

Love this place!


That never gets old lol. If anything goes against the grain of "normal society" then it's a scam. If you don't have to clock into a j.o.b. and trade your time for dollars, then it's a scam. Glad to hear your friend got the proof in the bank though. :)

Although I am HODLing and actually buying to power up STEEM. It is amways good to know what we are striving for. If we can imagine it, we can achieve it. However, I think that there will continue to be ways to cash out as STEEM goes mainstream and potentially gets more exchange listings. Also, remember we will soon have SMTs for monetizing the platform. Exciting times to come!

I think posts like this help new steamians so much. Really helpful video

Oh Man its life saver.. i was looking for this information thought i'm not yet in position for withdraw :) but wanted to understand and your post gives a nice information. Thanks for sharing and appreciate it.

I am not moving anything out of Steemit either until i reach enough steem power to generate a significant income. After that I think I'll start spreading my risks by converting some of my SBD to other cryptocurrencies.

Hi my brother
Teach me to use esteem better, true and useful.
In order to get more votes.
Thank you sir

I would rather keep it here on steemit . It feels more safer for now .

nice bro, it really worth to watch your Video, My name Vannak, and i am the new steemiter here, i will follow and upvote your comments. thanks for you sharing info with me.

I completely agree with your strategy @brandonfrye. Build up SP first before withdrawing to your bank account. When I have enough SP, I am going to be delegating some of mine to then earn even more SBD. This was a simple and easy tutorial to follow for when it is time to cash out some rewards. Cheers.

Thanks for your good work in this article.

However, I am not sure, that Coinbase allows cashout to fiat currency in Denmark, where I live. All major Danish banks are announcing a ban on accepting Bitcoin related profits.

But naturally some countries will be easier than others - and as you mention, it is interesting, where the value really is - as it actually might be in crypto currency itself.

I created my own Steemit, with introductin, in order to test it out. :)

This is a very useful video as many are new to crypto and this process may seem complicated to them, unless explained as you did. Coinbase isn't available for fiat operations in all countries, so if the user doesn't live in a country already supported by Coinbase, he or she should try alternatives. Bitstamp may be a solution in some European countries where Coinbase doesn't work for fiat operations.

Thank you sir for sharing the info. . . . . you explain everything in best way. Stay blessed

It is one of your great posts @brandonfrye because I never knew how to transfer tokens (SBD&Steem) to coinbase, then to the bank account.

I think, you are doing right by not withdrawing your tokens for the initial 6+ months because during this period you can easily increase your Steem power. I am also following this strategy.

Thanks Brandon! I appreciate for the informative post.


You're welcome. And yes, I'd also rather have my Steem powered up in my account because of the increase in value over time. This should be a very good year for Steem in general. :)