How to sell STEEM or SBD for Bitcoin or Litecoin and deposit to your Coinbase Wallet
Step 1: You need to have accumulated some STEEM or Steem dollars (SBD) in your Steemit Account
Step 2: You need to have a Coinbase Bitcoin Wallet. https://www.coinbase.com/join/592749dc269d7a03d41b8c27
Step 3: Once you have created a Coinbase account you need to get your Bitcoin BTC Wallet address or LTC address. You can find these when you are logged into Coinbase and use the Tools button at the top. Copy the BTC wallet address. (or LTC wallet)
Step 4: On Steemit go to "Wallet" and click under STEEM or SBD and select "Sell" .... a Blocktrades Window will Open and it will say Sell $--- STEEM for --- Bitcoin. It will convert and tell you how much Bitcoin you will get. You need to paste your Coinbase BTC or LTC wallet address here. ....
I did my 1st Sell for $10 STEEM to make sure it worked.
Step 5: After you enter the amount of STEEM you want to sell and your Coinbase Wallet address Blocktrades will generate a "memo" and you will need to copy this for the Transfer from Steemit to your Coinbase BTC Wallet.
Step 6: Back on Steemit go to Wallet and select STEEM (or SBD) "Transfer" ... In the Transfer Window you will enter To: Blocktrades and use the "memo" that Blocktrades provided. This will tell Blocktrades to send the amount of STEEM converted to Bitcoin to your Coinbase wallet.
Step 7: You will get an instant email from Coinbase telling you that the Bitcoin has been deposited to your BTC / Bitcoin or LTC/Litecoin Wallet on Coinbase. From your Coinbase Account You can then transfer your Bitcoin or Litecoin to your Bank in USDollars. You can also transfer your STEEM or SBD to Ethereum on Coinbase.
Step 8: Be happy !
Ironic I come across this first thing this morning. Our son just went through the process with me last night and I set up the coin exchange account and an Electrum account. He had me do a transfer from steem to the exchange then did a BTC purchase. He helped me understand SO much about cryptocurrency.
Now I can bookmark your post here for a visual guide. Thank you
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Took me a few days to understand this - asking a lot of question and finally pieced it all together. I thought I would write it all down to help others. I made a few mistakes along the way but happy to finally get some STEEM converted to Litecoin ... especially since the price of Litecoin has dropped.
It is VERY confusing, but once we sat down and went through the process step-by-step then I did the process alone with him watching and guiding, it became less intimidating for me.
I told him I will attempt another transfer and purchase in a week and see how I do... but of course with him on the other end of the phone- just to be cautious
Your picture tutorial is excellent! thank you again
You are very welcome. I will only do very small amounts - $10 at a time if Bitcoin or Litecoin drop .... I prefer to have my STEEM and SBD available to transfer to my Steem Power on Steemit.
I like Coinbase because you are insured up to $250,000 with FDIC ...https://support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured-
Definitely a positive with the FDIC backing but I have issues with the financial institutions personally. I don't like to keep our money there. Just enough to pay the bills. I have trust issues with government based institutions. This is why I am trying to learn about cryptocurrency as an alternative.
thanks for the link. I'll be checking it out.
Yes .... Somebody needs to invent a way to insure our deposits though. A crypto insurance ?
Always good to have tutorials. I personally go through bittrex. Same amount of steps. Resteemed for increased visibility
Bittrex is amazing and my choice of exchange.
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Thanks
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Thank you very much.
Good information, the screen shots help make it clear what you need to do.
Thanks. Yes... I need these for myself too. This post is like a record for me to go back to in case I forget the process....
Thanks a lot. I'm heading to the bank tomorrow to clear some things up as I have yet to add a card to my Coinbase account. Then, I'll probably want to do a test transaction so this guide will be very useful!
Yeah ... I'm only going to do small amounts everynow and then so I don't forget how it's done.... and only when Bitcoin or Litecoin have dropped a lot
I prefer to keep it as SBD so I can increase my Steem Power
Great step by step. Cheers!
Thanks ... hope it helps
Happy news indeed! Thanks for the tip! :-) Cheers!