Why use Poloniex to convert Steem if you have BitShares!?
"How can I convert some of my steem into EUR?"
That was the question my wife asked me yesterday. Since I never transferred any of my steem to EUR I had to think about it for a moment and finally said to her ...
"First send steem to Poloniex, than exchange steem into BTC or ETH and finally send the BTC or ETH to anycoindirect.eu in order to get EUR."
I thought about that a bit longer and than corrected myself.
"Forget about Poloniex, use Bitshares instead! It is faster, more secure and most important the transaction fees are much lower."
Source: Pexels.com
Since I never converted any of my steem into EUR, I decided to test this workflow myself and will show the transaction flow (steem on steemit.com to EUR on my fiat account) going forward.
Step1: Open a Bitshares account (It's free!)
If you haven't do so already you need to open a Bitshares account. You can do so via the BitShares2-light desktop app (download on Bitshares.org) or via the BitShares web wallet. Visit the BitShares Telegram channel if you have any problems with creating an account.
Step2: Get the STEEM deposit address from your BitShares Acount
Great, first step done. In your BitShares account find the DEPOSIT/WITHDRAW tab and choose STEEM under Deposit. Copy your address and memo using the button to prevent any manual error.
Step 3: Transfer STEEM from Steemit.com to Bitshares
Since I love my precious STEEM I will only transfer a small amount (5 STEEM) in order to show the end to end transaction flow. With the BitShares deposit address and memo, go to your wallet on steemit.com select Transfer STEEM on the dropdown menu and enter the information from your BitShares account.
A couple of seconds later you see the STEEM on your BitShares account.
Step 4: Exchange STEEM to BTC on BitShares
Unfortunately anycoindirect.eu doesn't accept STEEM, that is why we need to go through all the process in converting STEEM to BTC and is stated in this post, in my opinion BitShares is the best platform to get that done.
In BitShares (I use the client app BitShares2-Light) go to the exchange tab and select BTC since we want to sell our STEEM and get BTC in return. (Make sure your wallet is unlocked as it otherwise doesn't allow you to make the exchange).
Step5: Transfer BTC from BitShares into anycondirect (you might use another provider)
Back on the Deposit/Withdraw Tab in BitShares you should see under the BTC tab the new BTC amount we got from the STEEM exchange.
The final step is a regular transaction from BitShares, in my case to anycoindirect where I sell BTC in order to get EUR!
Unfortunately the BTC amount I want to store is to small to complete the Transaction but that is no problem, the BTC I got is very safe on my BitShares account!
I hope that guide was useful to you! If so than please let me know in the comments and if you like it please don't forget to follow and to resteem.
Thank you!
absolutely awesome !
thank you
If Bitshares and Steem both, but especially BTS, had a slicker looking and easier to navigate interface though... that would make user stats and prices explode.
You forget to mention some liquidity too.
Yes, well I think liquidity would pile up along with the users if they were a large enough sample
Sure. But bts whales should lead the pack and But it looks like they trade on other exchanges and at the same time they wish more people to come in and trade. No go!
Yes, it almost seems Bitshares need a way to incentivize a fatter order book....
SO AGREE
Thank you @btswolf
Hi! Sorry for stalking you here :D but have you seen those logos I made for you couple days ago?
Someone else told me they transferred Steem into bitshare dollars. So you can use the exchange to go back to dollars or Bitcoin, correct?
You don't need to exchange steem into BTS before exchange to Bitcoin. You can exchange steem directly into Bitcoin. Give it a try, the fees are very low and doing some exchanges will boost your learning curve rather than to read from others. Just test it with a small amount.
Great stuff, perfect guide, resteemed, shared, and upvoted!
Awesome, thank you @michaelx
Interesting I have always used Poloniex - never thought about the fees!
Very interesting, thank you very much for the tutorial I will try for my next exchanges
Thank you, I think it is much better than using Poloniex but that is my opinion :-)
Retweeted for all my followers, just so they know an easier way of withdrawing!
Thank you! Very much appreciated.
I'm even downloading the client to try it next time!
Yes, go for it! :-)
An interesting post for those who want to convert Steem or SBD into cash! Thank you for sharing!
Thank you for your comment. Yes the post is hopefully helpful for people who like to use Bitshares for this task rather than another exchange.
Great. Let's get more Steemians to use Bitshares. It really is a radical platform, truly fit for cooperative agorism and blockchain revolution!
I agree!
Bookmarking this. Thanks. Following now.
Nice, wasn' t aware of anycoindirect.eu, will check that out.
I am in the Netherlands and anycoindirect is a large provider here. Dependent where you live there might be different providers. But yes, check it out. :-)
meep
I'm also in the Netherlands, but I was more familiar with bitonic.nl, it's always nice to have more options.
It is, I am going to check bitonic.nl. Thank you.