Easily sell steem and SBD for cash sent to your paypal, AT 10% OVER SPOT!
I recently stumbled upon this awesome site that will buy your bitcoin, bitcoin cash, litecoin, and several other currencies for cash deposited into your paypal account. The best part is that if you exchange bitcoin, they will buy it 10% over spot! At the time of writing bitcoin is at $6,682 on coinmarketcap.com. If you go look at p4ay they are paying $7,645 for it! Don't ask me why, but I've used this service about 10 times now and it's worked every time. With blocktrades offering such amazing services, it makes it super easy to exchange steem, or sbd, for bitcoin, then sell it for cash with through paypal.
All you need is
- a steemit account
- a paypal account
- a bitcoin wallet
I think this is the best way for those new to the crypto space to sell their hard earned steem, and SBD. I'll walk you guys through it now!
so the first thing you do is open your wallet on steemit.com, and click on "buy steem or steem power". This will take you to blocktrades. At blocktrades you enter the amout of steem or SBD you want to exchange under the "send" tag. Then you select the currency you want to exchange it for under the "receive" tag. Then you enter your bitcoin address under "your receive address", and click "get deposit address. Make sure your btc address is correct! Only you are responsible for btc sent to the wrong address!
That will bring you to this page where you select "manual transfer" and it will give you a memo code like this. Copy it and go back to your wallet.
Now go back to your steemit wallet and click on steem, or steem dollar for whichever one you're sending. Click "transfer". On this screen type "blocktrades" in the "to" box, then enter the amount you want to exchange, and then paste the memo from the previous blocktrades screen in the memo box and send. This will exchange your SBD into bitcoin and send it to the address you entered earlier.
Once the transaction confirms, and the btc is in your wallet, you're gonna go to p4ay.com, and select "Exchange bitcoins now. This screen will pop up. Enter the amount of bitcoin you're selling, and the email account associated with your paypal account, then hit "sell btc now".
This screen will appear next with a bitcoin address to send the coins to. Make sure you factor the transaction fee into your total!. Copy the address, go to your bitcoin wallet, and send the bitcoins to that address. Then just sit back and wait for it to be deposited!
From the time you send your bitcoin, until you receive fiat dollars, can take anywhere from 6-24 hours. The people running this site do the transfers manually from several different paypal accounts. I've noticed that when they send it form an account located outside the US, paypal will put a 24 hour hold on it ever time. The money always arrived though. My first time doing it I actually sent the wrong amount to p4ay. I simply contacted them through the email they provided. They responded within hours and fixed the problem easily. My paypal account is linked to my bank account, so once the funds are on paypal, I instantly send them to my bank. Just like that, SBD to fiat cash IN MY HAND in 12 hours! I love this service mostly because I can buy bitcoin, sell them immediately to p4ay, and usually make a profit. Give it a try, and let me know what you guys think! Let me know if you have any questions!
-Daniel
Bloody marvellous! Thanks for sharing this, I had no idea this could be done.
Yeah paypal won't work with exchanges. Do this is a little loophole around it. I have no idea why they pay so much for bitcoin. It's strange but it works. If you sell them a couple thousand dollars in bitcoin you could buy it back again at a pretty awesome profit. I'm not positive what there limit is though.
Is this service still working well for you @dajohns1420? I just checked and the contact link is empty, there is absolutely no way to report a failed transaction. Also, they are offering an extra 20% right now (allgedly) I wouldn't trust it.
The contact link just scrolls you to the bottom of the page where there is a form to send an email. I contacted them once because the first time I did it i didn't factor in the transaction fee like a dummy so I didn't send the required $50 minimum, only $45. They emailed me back in like 8 hours or so to say they were sending $45 even though i fucked up.
I have done it a total of 6 times with bitcoin each time and it's worked. I haven't tried any other coin because they offer more for bitcoin. They usually sent it to PayPal within about 12-18 hours, but PayPal has put a 24 hour hold on the cash 3 times because it came from a foreign address, but it always came through in the end. The last time I did it was 3 weeks ago, they were only offering 10% at that time, I just noticed they're offering more when you pointed it out.
My experience with them has been great, but it is a nerve racking 12 hours because there is no way to confirm anything until the money shows up in your PayPal, and the only recourse if something does go wrong is to send them an email. So definitely use it at your own risk, but I plan on using it again. I'll probably try it again in the next few days so I'll let you know. I don't know why they offer 10-20% over spot, it doesn't make sense. I never would have done it because of that, but a close friend of mine used it first and showed it to me. So idk it does come off as sketchy but is worked every time for me. The most I've done at once is $400 so I've never done any crazy amounts. Maybe they perform the service for small amounts to build reputation, but then when a whale cashes out a few thousand they steal it? Idk it's strange. I'll let you know how it goes in a couple days.
Thanks for the detailed response! I really appreciate it @dajohns1420
Now I am super curious, especially with their current offer of 20% over market value. That's CRAZY.
The way they explain how it works is they claim to have some experienced crypto traders making them profits alongside the fact that they also claim to be selling the BTC at an even HIGHER value than they pay you, which seems crazy. I wonder what kind of drug lords these people really are? lol I want in. haha
Ha ha I ask myself that! I don't know what they have going on. they've figured out something I haven't that's for sure. Maybe they're selling them in Korea or something. Coins are usually trading 10-20% higher there. I'm gonna sell them some more in a day or two, I'll be sure to follow up with you
Thank You very much for your good information.
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