How to turn your Steem and Steem-Dollars to day-to-day money in minutes

in #steemit8 years ago

Many people I Introduced to Steemit ask me how do they convert their Steem and Steem Dollars into
regular day-to-day money they could use at the grocery store.

Making this possible, within minutes from profit, is quite easy for the average techie, but
for someone outside the crypto world, its like an unknown language.

There might be better ways, but i'll tell you how I do it:

Getting Ready

For this exmple, I will use BitTrex, but you could use Poloniex or whatever you choose.

Xapo is an online Bitcoin wallet that also allows you to keep all kinds of currencies with
transparent transferring between them, but the most important thing, for about 20$, Xapo will
give you a VISA Debit card.
That card allows you to pull out money at an ATM, or buy with it as a credit-card anywhere you
want assuming you have enough bitcoin in the account.

Transferring funds to the Exchange.

In the previous section, you opened an account at Bittrex.com. Login to it.
You will notice the link "Wallets" in the top menu. click on it.
Look for your Steem or SteemDollars wallet in the list (depending on which you wanna convert)
and click the little "+" Icon next to it.

Notice the memo and account names.
Go to your wallet on Steemit, and click the little arrow next to the number of Steem, or
Steem dollars in your account, and click "Transfer".

Fill in "bittrex" under "To", and choose the amount, and fill in the Memo. make sure you use
YOUR memo and not mine from the example, unless you want me to receive the money :)
Click "Transfer".
A few minutes later, this should show in your Bittrex wallet:

Selling your profits for bitcoin

Go to your bittrex account, and go to the relevant coin (SBD or STEEM) so that you see the buy
and sell screen.
I usually don't wait for changes, I sell at the current price:

Once sold, you will notice your bitcoin wallet now has funds. Excellent!

Transferring your bitcoin to Xapo

Login to your Xapo account, and go to your bitcoin wallet. your wallet address shows on top:

Copy the address and go to your bittrex account,
Look at your bitcoin Wallet and select the "-" (Minus) sign next to it, which will open the
withdrawal window:

Paste your Xapo wallet address here, and choose the little "Up Arrow" under Quantity to select
all available bitcoin balance, and click Withdrawal.
At this point Bittrex will send you an approval Email with a link you need to clicn on:

Now you wait until the transaction shows on your Xapo wallet:

Once the transaction is no longer "Pending" money can be used, where my card shows, you will
find a link to order your own.

Good luck!

-Simba.

Sort:  

Ok, to add more information to the topic:
You can also exchange your STEEM/SD with bitcoin by going to https://blocktrades.us
No need to create an account ( they are 100% trusted platform)
You put your Bitcoin Wallet and follow instructions below.
@blocktrades #exchange #steem

Very good advices, thank you. Does Xapo Visa Debet Card work in Israel?

Yeah works great, both in ATM and as payment.

Yup. Checked this week and I approve. Works like a charm.

great info. This should be an article listed in an FAQ section. Thanks for sharing 😎

Thanks! was trying to be useful :)

good guide @simba
some remark, since version 0.14.2 authors get payment with both SBD and STEEM. so it is easier to Power Up the STEEM part without need to trade.

about Xapo. when paying online it usually works well.
when I tried to pay for groceries it always took a very long time waiting for authorization and making the line behind me longer at the cashier, and people getting angry. and i got some double-charge which got cancelled later. but the BTC was locked until cancellation.

Thats odd, I wasted like 5btc with it, even paid taxes! :)

Good stuff. I use bittrex and Changelly

Thanx, I didn't even hear of Changelly before :)

K. Changelly works good. I just started using it though.

excellent material very good information congratulations

Thanks :)

Yeah, good post, but I still want you to come over and sit next to me while I do it. I promise coffee and hugs!!!

The post was not meant to replace coffee and hugs <3

Good. So when are you coming over? Tell me here so it's forever recorded in the blockchain!!!! :P

I have no idea when that can possibly happen right now :(

Well, there's always the option of us invading the north again...

That is how I feel also lol!!! New things are scary lol

Nice Post. Never knew about Xapo

I knew about them for like two years now, always wanted to have enough to buy their debit card, and when I started with steem and made some profit, I was finally able to. it was great paying taxes online with crypto money :)

Great information! Not that I will ever have enough in my wallet to consider converting, but always nice to know just in case!

Thanks, may you have lots! :)

GREAT practical post, easy to understand! TY very much for posting!!! voted/reblogged for you!

Wow thanks :) my pleasure.

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