Cashing Out Your Rewards From steemit.com

in tutorial •  11 months ago

UPDATE


There are good Steemians out there who has given us alternatives instead of using blocktrades. These alternative have better exchange rates and lower fees.

However, the below tutorial of using blocktrades’ DOGECOIN is still the best option when cashing out small amount of STEEM/SBD, 10 STEEM/SBD or lower (to my knowledge).

NOTE:
We are using coinspot and coinspot only have 3 wallets which are BTC, LTC and DOGECOIN.


The following are the suggested alternatives.


  1. Changelly ( thanks to @transisto for sharing this info ). It is the same method as blocktrades but with lower fees and better rates. For coinspot users, you can exchange to BTC with a minimum of 35 STEEM and LTC with a minimum of 30 STEEM. The full tutorial of using changelly is included below.

  2. Living Room Of Satoshi ( thanks to our NO.1 witness @ausbitbank ). This is the best so far for my fellow Australians. You can deposit to any bank including your own, pay any bills with BPay and pay your rent straight from your steemit wallet or from any of your supported wallets.

Talking about Living Room Of Satoshi is so so exciting that I came…….. I came to a decision that it deserves a separate or its own tutorial post. Full tutorial on process.


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Before we start, I would suggest that instead of cashing out your rewards (STEEM or SBD) put it in your SP instead. Power up to increase your SP.

This tutorial is mainly aim at Australian Steemians.

If you are not Australian Steemian, you can still use this tutorial but instead of using the mentioned exchanges use the ones that you have for your country for example Philippines have coins.ph or a wallet like spectrocoin.

On this tutorial I will use coinspot for ease of use. On coinspot there are only 3 wallets that you can send your coins to, a BITCOIN wallet address, a LITECOIN wallet address and a DOGECOIN wallet address.


Cashing Out


We will use STEEM because that is what I have at the moment but the process is the same if you cash out SBD.

Go to blocktrades.us

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Before we go on further I would like to reiterate that there is a fixed fee for doing the transaction.

For BITCOIN – Fee is 12.196 STEEM or 7.365 SBD at the time of writing this

Note: each deposit will incur a fixed fee to pay the BITCOIN transaction cost (current fee: 12.196 STEEM). You should send at least 5 times this amount (60.98 STEEM) to get a reasonable exchange rate.


For LITECOIN – Fee is 1.375 STEEM or 0.167 SBD at the time of writing this

Note: each deposit will incur a fixed fee to pay the LITECOIN transaction cost (current fee: 0.275 STEEM). You should send at least 5 times this amount (1.375 STEEM) to get a reasonable exchange rate.


For DOGECOIN – Fee is 0.002 STEEM or SBD at the time of writing this

Note: each deposit will incur a fixed fee to pay the DOGECOIN transaction cost (current fee: 0.002 STEEM). You should send at least 5 times this amount (0.01 STEEM) to get a reasonable exchange rate.


Since DOGECOIN have the cheapest fee (0.002 STEEM), we will be using it for this example and I will only be sending 1 STEEM just for this tutorial.

  1. On the “SEND” panel select “STEEM” and put in the amount of STEEM you want to send (1 STEEM for this tutorial)
  2. On the “RECEIVE” panel select “DOGECOIN” and it will automatically display the converted price.
  3. On the “Your receive address” panel, paste your DOGECOIN wallet address.

When you are happy with your selections CLICK “Get Deposit Address”

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You will then get an instruction how to deposit your STEEM or SBD.

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Now go to your steemit.com wallet and on STEEM we select “transfer”

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You will get the “Transfer to Account” pop out.

On the “To” field enter the account name that was given on the blocktrades instruction which is blocktrades.

On the “Amount” field, enter the amount you want to send (we will be sending 1 STEEM for this tutorial).

On the “Memo” field, paste the memo that you copied from the blocktrades instruction.

When you are happy with everything CLICK “Submit”.

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Put in your “Active Key” and CLICK “Sign In”

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If you go and refresh the bloctrades.us web page and on the “Transactions” CLICK “Completed”. This will bring up your completed transaction.

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If you click on your transaction details, the DOGECOIN.info website will come out displaying the full details of your transaction.

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Wait for a few minutes for everything to be confirmed then go to your DOGECOIN wallet in coinspot and you should see your transferred coin.

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When you received your DOGECOIN in your wallet, CLICK "Sell" and you will be taken to "Sell Dogecoin" window.

  1. On the "Sell Dogecoin" page, put amount of how much you want to sell on "How much Dogecoin?" field

  2. On the "What would you like to sell it for?" field select "AUD".

  3. When you are happy with your selections CLICK "Sell"

blocktrades91.PNG


A pop up window will appear.

Review your selections and if you are happy with everything CLICK "Confirm Sell"

blocktrades92.PNG


If you go to your "Dashboard", under the "Welcome To Coinspot" message is your AUD Funds.

If you CLICK on "Withdraw", you will be taken to "Withdraw Funds Page"

blocktrades93.PNG


The "Withdraw Fund" page.

Enter the amount you want to withdraw.

Check and make sure all your details are correct.

Click "Withdraw Funds"

blocktrades94.PNG


How long will it take for you money to be transferred to your bank?

CoinSpot processes AUD withdrawals throughout the week.

This usually means the AUD withdrawal is processed within 3 business days of submitting your withdrawal request. Once your withdrawal is processed, the transfer is subject to the standard domestic transfer times.

If you make multiple withdrawal requests in the same day, you may only receive one withdrawal a day, meaning there could be additional delays to your subsequent withdrawals.

Please make sure that your bank details are correct on the account -> settings page and that there are sufficient funds in your AUD wallet at the time the withdrawal is processed or your request may be cancelled.



That's it, once your transfer funds are processed, you should have it in you bank account.



Cashing Out Using Changelly

NOTES:

1. Changelly do have better rates and lower fees than blocktrades and it does function like blocktrades so there are no extra steps to do.

2. Changelly have a minimum of STEEM you can send. For BTC its 35 STEEM and for LTC its 30 STEEM at the time of writing this.

3. Changelly do not support DOGECOIN yet.


Sign up for Changelly if you don’t have an account yet. It’s easy just a matter of giving your email.

change1.PNG


On this example we will be using LITECOIN.

  1. On the “You Have” field, enter the amount you want to cash out and select STEEM.

  2. On the “You Get” field select the coin you want your STEEM to be exchanged to. On this tutorial we use LITECOIN.

  3. When you are happy with your selections CLICK on “Exchange!”. It does take a little bit longer for the page to load after you click on the “Exchange!” button so just wait for it.

change1.3.png


A new window will appear with your entered amount and selected coins.

Review it again and if you are happy with everything CLICK on “Next” button.

change2.PNG


Ooops there is that minimum that is required. Let us change it to meet the required minimum.

change3.PNG


change4.PNG


After you made your changes and click on the “Next” button. You will be taken to a page to enter your LITECOIN address.

Paste your LITECOIN wallet address in the field “LTC ADDRESS” and CLICK on “Next”.

change5.PNG


You will be taken to a page with all the details and if you hare happy with everything CLICK on “Confirm and make payment” button.

change6.PNG


You will then get an instruction how to deposit your STEEM

change7.PNG


The process is the same as the blocktrades example. All you have to remember is the “To” field you will be putting “changelly” and on the “Memo” field paste the memo that you copied from the “Changelly Memo”

Cashing out your LTC to AUD from coinspot is the same process as above with the DOGECOIN example.




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Crossposting


This article/post will also be published on my personal web pages webcoophost.com and steemitblog.com



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To not even mention alternatives like Changelly, Poloniex or Bittrex in this post is borderline irresponsible and makes it very incomplete / biased. (formatting could also be improved - a lot!)

Why would you recommend some convoluted process using DOGECOIN only because @blocktrades is charging 13 USD transaction fee for Bitcoin? I wasn't aware of that and I think it's scandalous since BTC transactoin fees for bitcoin fluctuate and have been in the 2-3$ range for the last two weeks.

Changelly

123.42 US Dollar

Vs. Blocktrades

108.31 US Dollar

Vs Bitrex

125.64 US Dollar (minus small fee)

Methodology: I did my best to refresh the prices within 1 min of each others but the screenshots were taken during a high volatility period so make your own comparisons.

https://poloniex.com/exchange#btc_steem

https://bittrex.com/Market/Index?MarketName=BTC-STEEM

https://changelly.com/

https://blocktrades.us/

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Nice instruction!

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Thanks!

Ouch these rates are so freakin high! $1.55 for steem while on markets it trades for about $1.05 thats about a 50% cut they are taking lol. People complaining about high fees on BTC should check this junk out haha

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Whaaat, where, did I miss something? Where is that $1.55 for steem?

I don't get it.

Are you saying that my 1 STEEM should be worth more than 493.95 DOGECOIN?

On my post, I have paid a fee of 0.002 steem. Is that too high?

When I received my DOGECOIN in my wallet it was 493.95. Which means my 1 STEEM = 493.95 DOGECOIN? Is that way too low?

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My best guess is he's confusing Steem Dollars and STEEM, but who knows...

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Possibly, either way businesses survive and without a proper safe way to withdraw steem would be worth less anyway. Furthermore, i think its better to have a slightly high fee tather than a straight forward scam sight? How do you feel about it?

Thanks for that info. It clears up some questions Ive had on the topic

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You are welcome

Ouch these rates are so freakin high! Keep up the great work !

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Yap that is why we look at ways to minimize loss, if don't want to go for other exchange just change the coin.

Thanks for stopping by

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Thanks man, its a good tutorial and you put effort into it so much kudos for that.

It highlighted the ridiculous fee rip off that bitcoin is, I won't be cashing out any time soon but I'll use dodge when I do.

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Thanks mate.

I did almost fell off my chair when I saw that fee for bitcoin.

Good thing the exchange we have in Australia which is the coinspot have a dogecoin wallet address. Made it cheaper and a lot easier.

One day I'll get to cash out I hope but I'm new and it doesn't look too good :( Even bought some steem!

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What don't look too good?

We all gotta cash out one day. Just a matter of when.

I like i

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Hey thanks a lot for this . I was stuck trying to figure out how to plan a strategy for my steem and steem dollars but you definitely make very clear how to cash out . I don’t plan on cashing out yet but when I do you just made it 10x easier for me thanks a lot for this . I look forward to reading more of your content

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Nice to be of help, you are welcome

Very cool, it's happening folks!

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Whaaaat, what's happening? Tell me I don't know

Thank you very much it's very helpful !

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You're welcome

Great work!

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This post has received a 45.43 % upvote from @buildawhale thanks to: @skyme. Send at least 1 SBD to @buildawhale with a post link in the memo field for a portion of the next vote.

To support our daily curation initiative, please vote on my owner, @themarkymark, as a Steem Witness

I guess I better get myself a silvercoin wallet and do some buying between that and steem. Followed and upvoted

great tutorial bro.i like it. love you bro.

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Thanks bro, don't get me wrong I don't have anything against it but I don't go that way bro. You can go and love some one else.

It's not you, it's me

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Thank you so much for putting this together. It is so helpful. I find this all very overwhelming and even I can understand this post :)

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You are welcome. I'm glad I am able to help

this is bein in my mind "what to when i reach the point. but couldn't get proper idea. good clue.

you did a good home work on this. all the points has to be studied before doing.. but thanks you gave a tabulated form. reduced our work. up voted also...

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Thank you very much.

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You have said it all, it's a good insight that i deem very educative. I'd recommend everyone both in Australia and other parts of the world reads this with keen interest.

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Well, thank you very much for that.

Great tutorial! Thank you so much!

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You are welcome

Quite an elaborate exposé. Thanks for the pains taking time invested in this documentation.

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You are welcome

thanks for the guide man...

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You are welcome

This post has received gratitude of 31.74 % from @appreciator thanks to: @skyme.

Ether is the best and most simple for me so far. All of my ETH goes to STEEM and vice-versa.

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Okay that's good. So which exchanges are you using?

Great tutorial! Thank you so much! I just hope coins.ph will start transacting other cryptos aside from bitcoin. Bitcoin's trans fees hurts like hell

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It would be nice if coins.ph will do that. It is very expensive to transfer steem or sbd to coins.ph. There are other steemians offering to help cash out in Philippines. I used to do it, offering lower exchange for cashing out 10 SBD or lower but I guess not takers. which is good because that means they are putting it on their SP instead, I hope.

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Indeed, some has even lesser proceeds to cater the trans fee alone. Yes, I've known a friend who exchange Steem or SBD on coins directly, though it is only 2sbd/steem max per day. Still, it is very helpful.

Somehow, huge trans fees will restrain others from cashing out their earnings and invest it on SP's instead.

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Yes investing in SP will be a very good call if you don't really really need the money. Especially now that price of steem is on the rise. Last time I checked 1 STEEM = 1.71 AUD = about 66PHP. Meron nang pang Jollibee

Congratulations @webcoop!
Your post was mentioned in the hit parade in the following category:

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Thank you very much for sharing this @webcoop ! This will help a lot. Resteemed.

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You are welcome

Learned something new today. I have a Coinpot account because of MOON FAUCETS and BITFUN. I can try this too. 👍

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My goodness I need eyeglasses 😂😂😂
I read it as coinpot (without 's') I have Coinpot not coinSpot. But yes I can also use coinpot to deposit or sell Steem/SBD to BTC/LTC/DOGE only. I also chose DOGE because of fees. 😅

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your welcome

nice topic , good luck friend

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Thanks friend

Thank you, very informative.

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You are welcome

Thank you for good information!

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Your are welcome

thank you

Great post, super detailed! You did a great job laying it all out for us, thanks!

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Thank you very much

Sorry for my ignorance is coinspot different from coinbase?

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Yes it is different. coinspot is https://coinspot.com.au an Australian exchange.

I guess the rates might be a little high, but in my case I can't use a bank so I use localbitcoins to sell my BTC and I exchange Steem to BTC using blocktrades, I find the exchange rate doesn't really matter that much if your options are limited and so far I have had no problems receiving my money using these two exchanges.

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Thank you, at least you know where I am coming from...

Unfortunately for you, you are stuck with have to go for btc ... others can use other coins instead of btc

Anyway, cheers for that

muzakirpb upvote, posting is perfect

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thanks

Coinspot is a bitch to verify an account. So many different stage you have to go through. They probably have a whole database on you like the NSA does. Nothing against Coinspot apart from their verification system.

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So what do you suggest? btcmarkets.net don't have much coins and a pain to trade (or maybe I just don't know how to trade).

This is pretty convoluted .. Why would anyone take the blocktrades > dogecoin > coinspot route when you can directly trade your steem for AUD bank deposits and bpay payments using @roomofsatoshi ?
(Oops, this was @ausbitbank failing at life using the wrong account)

do i need to have a doge accnt in order to get the dogecoin wallet?

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Depends if you want the stand alone doge wallet, you can download their wallet i think. But if you are with exchange you can just use the wallet provided to you

Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @buildawhale valued at 86.60 SBD, based on the pending payout at the time the data was extracted.

If you do not wish to receive these messages in future, reply with the word "stop".

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STOP

Please don't spam

Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @appreciator valued at 57.23 SBD, based on the pending payout at the time the data was extracted.

If you do not wish to receive these messages in future, reply with the word "stop".

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STOP

Please don't spam

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If you do not wish to receive these messages in future, please reply stop to this comment.

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STOP

Please don't spam

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It's not spam

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Yes it is

I keep getting it almost every post. The comment is always the same not even related to the post or topic.

Yes it is 100% spam

You can mention my name on your post but please dont spam my post....

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FYI... I am happy everytime I get a message from bots because that only means they upvote and I earn more for my posts they upvoted. 😊👍

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everyone are entitled to their opinion.

It's annoying when people use that automated information gathering and posting and commenting.

I did put a reply to stop on the first comment on my previous post but it keep coming.

Anyway, my message is now heard I hope I won't get it anymore.

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Steemit is a home of bots :-D

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"Not related to the post". It's directly related to the post. Just reply "stop" and you won't get them anymore. Don't reply stop and then include other text in your reply as it won't pick it up. Most of the feedback on this is positive so you are in the minority. Again, I don't agree with you.

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I did put a stop reply at first but I still keep getting your repeated spam

And no not related to the topic the post is all about so it is still a spam