By Ervin Lemark - In this tutorial, I will show you hot do to a quick withdrawal of your Steem Dollars (SBD). It will be a Proof Of Concept exercise.
The Planned Path
What will be my services and tools? The planned path is:
- transfer Steem Based Dollars (SBD) from Steemit to Bittrex
- exchange SBD for Bitcoin (BTC) on Bittrex
- transfer BTC to Cashila where they will be automatically converted into Euros
- transfer Euros from Cashila to my bank account
The Initial Situation
- I will transfer 200 SBD
- supposed value of SBD on ComnMarketCap is $ 0.848857 or 0.00148432 BTC
- current rate at Cashilais 1 BTC = 485.49 EUR
- last sale of SBD at Bittrex was at 0.00149061 BTC
- 200 SBD (fees excluded) should exchange to 0.298122 BTC and further to 144.73 Euros
Rates change quickly, of course. There will be fees which are at the moment unknown to me. What will be the final outcome? My guess is that I will get around 135 Euros. What is your estimate?
OK, let us start.
#1 - Transfer SBD To Bittrex
Go to your Steemit Wallet. Click on arrow right to Steem Dollars amount. Click Transfer. The Transfer to Account pop up windows opens up.
In another browser tab go to SBD Market Information page at Bittrex. Click on Market. In Deposit section you will see MEMO and ACCT fields.
Go back to Steemit windows and copy these two values into the corresponding fields. Memo for MEMO and To for ACCT.
Enter the amount of SBD you wish to withdraw. Click on transfer and authenticate the transaction.
Your order is executed.
Check your Wallet at Bittrex. You have 200 SBD sitting in there with an estimated value of 0.28600000 BTC.
Congratulations! Step #1 is complete.
#2 - Exchange SBD For Bitcoin
Now I want to immediately exchange SBD into BTC. Let's do it.
While at Bittrex go to SBD Info page. Click on Max button under Sell section (right column of the screen). Click on Price button and select Last. Corresponding values will be filled into the fileds. In my case 200 SBD and 0.00143000 BTC.
Click on Sell SteemDollars button. The confirmation window will pop up.You can see that the commision will be 0.00071500 BTC. Click on Confirm button.
The exchange transaction is swiftly completed and now we are happy owners of 0.28553636 BTC.
Bravo. Step #2 completed.
#3 - Transfer BTC To Cashila
Go to the Cashila dashboard and click on the **Receive tab**.
Select Receive bitcoins (automatically convert to EUR)
At the second field click on BTC button and enter the amount of BTC that is sitting in your Bittrex walet -> 0.28553636 BTC. The estimated value is 135.43 EUR.
Click on Next button.
You will get the receiving address.
Go to your Bittrex Wallet and click on the Minus Icon in front of the BTC line.
You will get the Confirm Bitcoin Withdrawal window, Here you can see that the fee will be 0.00020000 BTC.
Copy the Cashila receving address into first field.
Click on the icon right to the Quantity label to transfer everything you have in BTC.
Click the Withdrawal button and confirm it in the next window.
Now you have a pending withdrawal. Congratulations!
Check your email inbox and confirm the withdrawal notice from Bittrex.The transaction now moves to The History section at Bittrex.
It my take some time for the transaction to come true. Be patient. YOu can follow it both on Bittrex and Cashila .
$4 - Transfer Euros From Cashila To My Bank Account
I will skip the details with this step since it will take a day or two for the money to show up in my bank account. This is acctally a SEPA order from Cashila to my bank so it takes time.
I will do a folllow up article to tell you the final score.
Eventualy I have around 130 Euros sitting in my bank account. This is a bit less than my original estimate. Nevertheless they are here to spend. Proof of concept was completed succesfully.
There are certain obligatory steps that you must take before you can repeat the whole ttutorial with your Steem Dollars.
You have to have open accounts at Steemit, Bittrex and Cashila, of course. This is enough to carry through steps 1 to 3.
For step 4 you have to be verified at Cashila.
I am aware that this tutorial is a lengthy one and very precise. But the procedure is really straighforward and quick to execute.
There are fees included which you must consider. There are also exchange rates netween SBD to BTC and BTC to EUR. These are alive and changing while you progress through the procedure.
You cam wait for better rates or make a bid for BTC. It is your decision and your call.