How to get my $teemit money into my bank account

11 months ago
67 in tutorial

Here's a step by step guide for steemit newbies who are unfamiliar with cryptocurrency and prefer to just get the cash in their hands and spend it!

You will need

  • a $teem Dollar exchange account eg. Bittrex
  • a Ƀitcoin exchange account eg. Kraken

$tep 1

Check the price of the $teem Dollar

If the BID (circled red in the image) is less than $0.9500 it might be worth waiting for the price to go back up before you exchange.

$tep 2

Click here to set up your Kraken and Bittrex accounts ready to make the exchanges. You will need to get verified on Kraken before you can use it to withdraw your money.

Deposit your $teem Dollars to Bittrex

  • Open your Steemit Wallet
  • Click on your $teem Dollars & select Transfer
  • Open a new tab/window
  • Log in to Bittrex
  • Go to Wallets
  • Search for SBD (Steem Backed Dollars)
  • Click the + symbol
  • Create address
  • Copy & Paste this memo to the steemit window where it says Memo
  • Fill in the rest with To: bittrex and the amount
  • Click Transfer

Exchange your $teem Dollars for Ƀitcoin

  • Go back to Bittrex and go to Ƀ Markets
  • Select SBD
  • Scroll down to Trading
  • Select Max (or enter amount)
  • Choose Bid for Price
  • Click - Sell SteemDollars
  • Click Confirm

Deposit your Ƀitcoin to Kraken

  • Go to Wallets
  • Search for Bitcoin if you can't see it
  • Click the - symbol
  • Open a new tab/window
  • Log in to Kraken
  • Click Funding
  • Under Deposits select Bitcoin
  • Scroll down and click Generate New Address
  • Copy & Paste this address to the Bittrex window where it says Address
  • Enter the quantity
  • Click Withdrawal and Confirm
  • Go to your emails and verify the withdrawal

Exchange your Ƀitcoin for €uro

  • Wait until you receive an email to say your transaction has been successful
  • Log in to Kraken
  • Go to Trade
  • Check that it says XBT/EUR near the top of the page
  • Go to New Order
  • Click Sell
  • Enter the Ƀitcoin balance shown at the top of the page
  • Click Sell XBT for EUR
  • Click Submit Order

Withdraw your €uro to your bank account

  • Go to Funding
  • Click Withdraw
  • Click Euro
  • Add Account and enter your bank account details
  • Click Back and select your bank account
  • Enter the amount to withdraw
  • Click Review Withdrawal
  • Click Confirm Withdrawal

And you’re done!

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  ·  11 months ago

If the BID (circled red in the image) is less than $0.9500 it might be worth waiting for the price to go back up before you exchange.

You don't know how long you'll be waiting if you do that. On the plus side though, Steem Dollars pay a lot of interest while you wait (10% per year)

  ·  11 months ago

I still have 100 waiting for me. I didn't want to take the whole lot out at that price. I think the price has gone up a little I might sell tonight.

  ·  11 months ago

So far the peg has been less than perfect. I think people aren't confident enough in the mechanism to use the conversion tool which enforces the peg, but as SteemIt grows the market will get more liquid, there will be more confidence and the peg gets bigger. That's the thinking at least. Hopefully 6 months from now this will not be something people have to think about.

  ·  11 months ago

Nice post @beanz .Personally use a different method because of location, but still like to view posts that help the community:) my vote.:)

  ·  11 months ago

Thanks! This post was an answer to a question a friend of mine asked me immediately after signing up.

"Where do I put my bank details?"

  ·  11 months ago

had a question yesterday that was asked 2 times before so I am doing the same thing with a tutorial tomorrow...nothing more fun than teaching if it is possible:) full of dogs reminds me of my home back in Australia, had 4 german shepherds:)..dogs are life!!

  ·  11 months ago

They're like guardian angels 😊
And great company!

  ·  10 months ago

Thank you so much. I have followed your instructions, which are very helpful.
I am now waiting for Bitcoin to increase in value again.