How To Withdraw Your SBD To Bittrex And Eventually To Localbitcoins (Malaysia)

I've been looking for ways to withdraw some of the SBD I have in my wallet to my bank account in Malaysia.

After looking at various posts on "how to withdraw SBD or Steem", I noticed that some methods may not be suitable for Malaysians.

Furthermore, Poloniex is unstable these days and I've seen many posts against withdrawing Steem or SBD to Poloniex. Try Bittrex instead. It has worked for me.

Before we start, get a Bitcoin wallet if you don't have one. It's safer to use an offline wallet. I personally use Multibit. Not sure if that's the best option. You may want to do some research on bitcoin wallets first.

Let's start! I'll assume you have a bitcoin wallet.

First, you have to go to Bittrex. Sign up for an account there! Choose a strong password and avoid using passwords you have used anywhere else.

Homepage of Bittrex.

Next, you will see two different markets at the top of the screen, one is "B", another is "$".

Choose "B" for bitcoin.

Then, search for "SBD". You'll see SBD pop up and click on it as per the image below.

Once you've clicked on it, go to "Wallet" on the left hand side of the screen. Don't confuse this with "Wallets".

Once you've clicked on Wallet, you will see your memo and registered account. You need to copy the Memo and the registered account should be Bittrex.

Next, go back to Steemit's wallet.

Go to SBD and click "Transfer".

Transfer to bittrex, the same way you would transfer to anyone on Steemit. Insert the Memo you copied from Bittrex!

If you forget the memo, you'll probably lose your SBD!

Once you've transferred, wait for a couple of minutes or even much longer as everyone is shifting over from Poloniex. Their traffic is pretty heavy now. It took me maybe about 20 minutes the last time I tried.

Once it has reached your Bittrex wallet, let's proceed!

Go back to Bittrex, search for SBD again and go to your "Wallet". It's the same place you obtained your memo and registered address.

Go to "Sell Steemdollars". Insert the relevant details and start selling to bitcoins.

Once you've obtained your bitcoins, go to the top right hand corner and click "Wallets".

You should see that you have an available balance in BTC. Click on the negative (-) sign beside BTC to withdraw those bitcoins.

Now, you have to insert your Bitcoin wallet address and the quantity to be withdrawn. Don't get it wrong or you'll lose the bitcoins.

Now that your bitcoins are safe in the wallet, go to Localbitcoins.

Sign up for an account, and as usual, keep all of the passwords safe along with everything else they give. Get a two-step verification as well.

Before you can perform any transactions, you need to deposit your bitcoin first.

Go to "Receive bitcoins".

Get the address given to you as shown by the image above. Go to your bitcoin wallet and deposit bitcoins to that address.

You should receive it within an hour or so.

Once you're done, you can start to sell your bitcoins.

You will see lots of sellers advertising. Choose those that are the most reputable. Do note the different rates as well.

How it works is this. When you start a trade with a seller, give your local bank account number (e.g. Maybank or Public Bank). Your bitcoins in Localbitcoins will be held on escrow. The seller will then bank in the money in MYR to your bank account. Once he's done, he will notify you. Then you have to release the bitcoins held on escrow to the seller.

If you didn't receive the money, don't release the bitcoins! If you have not gotten any response from the seller, you can dispute the trade.

Leave a feedback to the seller once you're done!

Note: I think you may transfer bitcoins from Bittrex to Localbitcoins directly instead of putting it in your wallet. It saves you some transaction fees. Having said that, I'm not sure about it (not a Crypto expert) and I've never done it that way. Do advise me if you think it's possible.

I think that's about it!

If you found it useful, please upvote and resteem it!

Thanks!