Steem School EP 29 - How to Convert Steem Dollars to Euro or GBP
Steem Dollars are an illusion till you hold them in your hand or on your bank account!
This tutorial is sadly only for people from Germany or Great Britain as CoinCorner only works in these countries.
I have not seen a more trustable exchange than Coincorner yet.
They are in the press, they show their faces and names, they got a legit address and all the bank transfers worked flawlessly.
Step 1 - Registering on CoinCorner
The registration and verification processes on CoinCorner are difficult.
They want to know your occupation, your identification number on your ID, they want to see the front and back of your ID and they want official documents that prove that you live at the address that you entered in the registration.
They do that to fight money laundry and terrorism, all exchanges do that so there is no way around it.
I also recommend that you enable 2 Factor Authentification on your CoinCorner account for even more account security.
After you have registered yourself and you submitted the verification you will have to wait for their reply (you will get an e-mail) stating that you were either accepted or rejected.
I have sent them my last tax statement as proof of my address after they have rejected my first verification.
Sadly I can not show you all that in detail because I have already done those steps.
Step 2 - Turning Steem Dollars to Bitcoins
With Blocktrades you can trade your Steem Dollars for Bitcoins and send those Bitcoins straight to your CoinCorner Wallet (which you have to create first).
You can create your BTC wallet on Coincorner simply by clicking that option that is also not available for me anymore to show you because I already created one, however, it is easy to find so don't worry about it.
The steps location below are shown in the picture below them.
Step 1: Select Steem Dollars and the amount you want to trade
Step 2: Select Bitcoin
Step 3: Enter your CoinCorner BTC wallet address
Step 4: Enter your Steemit name
Step 5: Transfer using SteemConnect
Step 3 - Selling Those Bitcoins for Euro or GBP
On CoinCorner you now click on "Sell", "Sell Bitcoin for Euro" or "Sell Bitcoin for GBP" and enter the number of Bitcoins that you want to transform to Euro or GBP as displayed in the two screenshots below.
The trade will be done instantly.
Step 4 - Withdrawing These Euros or Pound to Your Bank
You simply click on "Withdrawal" and enter all the necessary information.
The cash will be sent directly to your bank account in a matter of 3 days (it always takes 3 days for me).
The minimum amount to send is 100 Euro or 100 GBP!
Step 5 - Enjoy!
You have now transformed your Steem Dollars into Euros or GBP!
Enjoy the fuck out of that cash and pay whatever you want with that.
Be the first one in your family to say that you paid your rent with virtual money!
For more detailed information watch the video tutorial by clicking on the thumbnail!
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I'm going to wait. Wait for what you wonder? Direct conversion of SBD to Euro. This entire system is ridiculous, at least where I live. SBD - BTC - Dollar - Euro. Who is getting paid here? Nine days ago, @exile mentioned that Bittrex will open new account signups and do direct Dollar trading for SBD. That is a step in the right direction, but what we need are exchanges that facilitate direct conversion to any major fiat currency linked directly to your bank account or Paypal account. This will have as a side benefit that the politicians can stop whining about regulating something they don't understand. As usual you provide rock solid information, unfortunately, this time it does not apply to me.
Solid comment, I totally agree with your point. Up with you for regular awesome comments.
I just did my first cash out over the weekend, waiting for it to hit the bank. Pretty stoked! I don;t want to cash out too often I'd like to hold and power up too, but to prove to myself and others it's doable, I needed to give it a go lol
Same here, to me it was just digits on a website till I had some of it in my hand.
And besides that, you want to know how to do it when you cash out big later, which I will do soon.
Slow and steady, I've only been using Steemit for about 5 weeks daily. I joined a while ago, but Ididn;t "get it" at first. Now I'm diggin it more and more and I need to start getting into DTube too.
Im trying to get to your status adam, congrats the future is looking good!!!
The future is looking good, STeemit is sure helping it look better lol
You always walk away knowing almost 20x more than what you came in with!!!!!!! #first2payrentwithcrypto
Making sure you guys learn as much as possible to increase your profits.
Now you know how to convert that virtual money to physical money.
Does't matter if you are going for Euros, marks, or dollars. This is pretty much the way you turn all your work here into $$ in your own bank.
I love this tutorial, despite the fact that I am not from UK or Germany, this training can by apply to other countries and exchangers.
Looking forward for more useful tips from you. You are the best.
Thanks.
@valorforfreed.. how about other areas. what's just in german state.
Thanks, i was wondering how to do this - not that I have anything to withdraw yet. But I will.