An easy way I used to get SBD to my bank account.

in #trading7 years ago

Now I'm not a tec type and a total newbie to this crypto trading lark so cashing out has confused the hell out of me. I've read posts here that explained the first step of trading steem or SBD to Poloniex and how to sell them for bitcoin.
This one by @markush is the one I refer to while I get the hang of it:
https://steemit.com/guide/@markush/how-to-convert-steem-in-to-cash-with-out-using-your-bank

After selling for bitcoin though it all got confusing with wallets and exchanges and I was kinda lost as I searched for a guide for each site so I didn't go wrong. So I asked an old school friend who has been into bitcoin for years for advice and he suggested Localbitcoins, link below.

https://localbitcoins.com/

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Now with localbitcoins you get a wallet so no need for an extra one as it's all in one place so you can transfer your bitcoin streight from poliniex to the place where you will be selling them for the currency of your choice. Now it warns when you transfer money in it can take upto 3 hours to clear if things are really busy but last night it took about 5 minutes.
The thing I like about this site is it has a help section with video tutorials and step by step guides for buying and selling so I spent a few hours going over the guide for selling bitcoin before transfering money in.
So there is basically 5 steps to sell your bitcoin and get it in your bank account.
You choose my location and the offer type you want to make, I chose bank transfer.
Next I chose how much I wanted to sell so £100 of bitcoin and choose a trader from the list that came up. (If you are dealing a large amount of money you may need to provide extra verification of who you are beyond email and phone number.)
Everything is explained in the help section on selling so once I found a trader who was online and I agreed with his terms of buying my bitcoin, filled in my bank account sort code and number I clicked send and my coins were transfered from my wallet into ESCOW, or a holding area.
From there my trader had an hour to accept my offer or the deal is cancelled and my coins returned to my wallet but within about 5 minutes I got a message to say he had sent payment. A quick log into my bank and there was £100 payed in.
It was then just a matter of releasing the bitcoin to the buyer and leaving feedback and the trade was done.

Now this is just how I found using the site last night and you need to take care to only use low risk traders, those with 100% feedback and many recorded sales, but it was fast and easy and with the site having the tutorials I felt confident in going through the process of getting money into my bank account.

Thanks for reading, hope it helped and comments welcome.

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be careful selling bitcoin to paypal users on this platform (localbitcoins), I sold 2 bitcoin for paypal and a few hours later paypal informed me that an account had been hacked and took the money back, because I couldn't provide proof of postage there was no appeal. Paypal were not helpful at all. This was a couple of years ago and things may have changed but I thought it was worth mentioning.

I wanted to avoid paypal and have payments directly into my bank account as I've been warned off using paypal as they're not supportive of crypto.

agreed, I would give up paypal altogether if I didn't work for websites who only pay in paypal, hopefully they catch on to crypto soon!

I have heard multiple stories of this exact thing happening.

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I use bittrex and coinbase and it's super easy. First you send your steem to your bittrex wallet. Then you trade it for bitcoin and send that to your coinbase wallet. Then you just sell your bitcoin on coinbase and the fiat will be in your bank account usually within 24 hours. It takes a couple days for coinbase to verify your bank account before you can use it.

Thank you for this explanation - not sure that I understand any better, but am going to re-steem so I can find your post when I'm ready to venture there myself.

The help sections on the site are very easy to follow so it's the easiest way I've come across so far.

You are a better man with more patience than I ! Nice work - this is my first worthwhile venture into the crypto universe and since it is supposedly 'free' '$$$' (money?) I am just going to let it set for years on end until the powers that be determine (condemn us?) with the upcoming one world currency - ack! Now I just need to figure out where to divert / hold SBD / SP rewards....Steem Dollars? Power? Savings?? That part I still don't get

be careful sell btc

Thank you i'm not there yet but will need this info in future

This is really cool... Do you mind if I use it for an emoji on our discord server?

Sure you can ! I would be grateful to you if you can give some credits. thank you so much that you like it.

I'll leave your username in it

Here's the link to the discord server if you want to join. It's steem related. https://discord.gg/RRDzn6c

I will check it out. Do you have any white paper regarding this ?

awesome. Saved this site in bookmarks. Thank you for sharing

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