Steemit 101 - Cashing out Steem into your bank account - Part 1

This can seem very complicated and I do warn you the fees for converting your crypto currency to fiat currency are very high, but when you do it once it's fairly simple.

The complete proccess

The complete proccess in simple terms is:

• Convert your Steem dollars to Steem tokens.
• Send your Steem tokens to Bittrex.
• Convert your Steem to Bitcoins on Bittrex.
• Send your Bitcoins to Coinbase.
• Withdraw your Bitcoins from Coinbase to your bank account.

Let's start

Have received a request for this blog as it seems this is one part of the Steemit platform that boggles the mind for many new steemians, I always say hold your steem as it WILL increase in value over time but if cashing out is what you need to do then this guide will take you through it all step by step.

For this guide I'm going to explain using Bittrex as I find it the best and easiest exchange, in the second part of this blog we will cover moving your funds from bittrex to coinbase then coinbase into your account.

Set up a Bittrex account

So yes step one to getting those hard earned Steem dollars sent to your bank account is to set up an account with bittrex. I'm not going to insult your intelligence and show you how to set up an account so head over to Bittrex and register by clicking here.

Convert your SBD into Steem tokens

Now technically you don't need to do this, Bittrex will accept SBD but I suggest you do this first because youll get more in cash by converting to Steem tokens as opposed to selling Steem Dollars.

To do this refer to my guide How to Power up, but instead of powering up, stop once you have converted your Steem dollars to Steem.

Get the information you need to send Steem tokens to Bittrex

• Ok first login into your Bittrex account and click on your wallets, it's highlighted in the picture below.
  

• Now you will be in your wallets, next in the search box type "steem" as shown below.
  

• When steem appears next you want to click on the little + sign.
  

• This will present you with the following screen I've blocked my memo because I'm paranoid if your screen doesn't show the memo click generate. You're going to need this memo in the next part so copy it in your browser by highlighting and either right clicking or pressing CTRL+C.
  

Now you have your memo to send your steem to your Bittrex wallet.

Send your Steem tokens to Bittrex

• First click on your 'wallet' in Steemit.
  

• Next in your wallet click on the little triangle beside your steem balance to open the menu.
  

• Now click 'transfer'.
  

• Finaly enter the account to send to which is 'bittrex', enter the amount of steem you want to transfer and finaly and most importantly the exacty memo you copied from your bittrex wallet earlier on.
  

Transfers to Bittrex vary from a few minutes to a an hour, once the funds have been deposited in your bittrex wallet return to your bittrex account.

Withdraw to your bank account

• For this part you will nedd to have you address verified on Bittrex, to do this click on the little cog symbol on the bittrex hompage to enter settings.
  

• Now you will need to go through the verification proccess once this is complete you will be able to add a bank account and cash out your Bittrex account to your bank account, as I haven't done this yet because like I've said so many times on here INVEST IN STEEMIT DON'T CASH OUT I haven't done it yet so I will transfer a small amount and post a specific blog to transferring funds into a bank account soon.

So for now I will leave this blog as it is and will post part 2 later on.

So today you have learned to get the cash into your bittrex account where you can use it to trade etc. Next we will send it to your bank as fiat based cash. To do this you will need a Crypto wallet like Coinbase. I will continue with the second part of this turorial soon.

For more help blogs check out:

• Upvoting
• Payouts, Steem dollars, Steem power, Steem
• How to Power up!
• Using Markdown to liven up your content
• Introduce yourself!
• Use of Tags

Image source
1