SBD to LocalBitcoins to Money in the Bank - a step by step guide
One of the biggest hurdles I've encountered with onboarding non-crypto people is "I don't understand crypto" -- and they're done with it; won't even take a peek because it's been summarily rejected.
But there is a growing wave of non-crypto people joining Steemit, ignoring the fact that it's "fake internet money"; posting despite the nay-sayers crowing that they're wasting their time. And in the last few weeks several people have asked, "How does it make money if there aren't any ads?"
I made this meme! Funny, right?
Seriously, I don't know the algorithms or the mathematical mysteries behind the HOW. Then again, I don't need to know how electricity moves from the power station to my house. I just want to flip the switch and know my lights come on. And isn't that what the big question is?
How do I pay for stuff with this funny internet money?
So, you want to know how to get from Steemit to cash.
So many options! Which to choose?
There are probably a hundred different ways to get from A to Z.
Today, I'm going to show you the steps to get from your Steemit wallet through BlockTrades to LocalBitcoins
I wrote a post about the dangers of using PayPal for LocalBitcoins in this post but I'm still going to share this process because there are safer trade options in LBC.
What you need if you DO NOT feel like playing the crypto market:
This option may incur higher fees
- An account with BlockTrades
- A LocalBitcoins account
- An active bank account (or whatever form you wish to accept fiat)
Prepare BlockTrades for trade
Notice that SEND is set to STEEM DOLLARS (SBD) and RECEIVE is set to Bitcoin (BTC)
Be aware which token you are sending through BlockTrades or you risk losing your earnings.
Sign in to LocalBitcoins and get your wallet address.
Copy that long number and go back to BlockTrades
Paste into your receive address
Click Get Deposit Address button
A note should appear that says "We're ready for your trade" and it will have a memo
This long alpha-numeric memo is very important!
Copy the memo and go to your Steemit wallet
For this guide I am going to transfer 5 STEEM DOLLARS (SBD).
Click Submit
Sign with your Active Key
And wait...
BlockTrades will show completed transactions fairly quickly
In LocalBitcoins you should see an incoming transaction.
It can take 20 to 30 minutes for your funds to clear.
At this point I'd like to remind you that you are probably getting less than market price through BlockTrades but they get kudos for convenience. Also remember that LocalBitcoins now charges deposit fees so your money is getting shaved in a few spots.
YAY! Your BTC cleared and is now sitting in your LocalBitcoins wallet.
Now what?
The safest way to ensure a smooth transaction through LocalBitcoins is through a CASH DEPOSIT.
The buyer needs to physically go to a bank, deposit cash, and you can request a photo of the cash receipt before you release your BTC from escrow. This is probably the safest method and not likely to be disputed. LBC also serves many other countries and they have a fairly large list of deposit options.
Find a trader and initiate a trade.
Key things to look for:
- Make sure you are trading within their limit. Many have a cash minimum of $200.
- Make sure your bank is one they deal with.
- Are you initiating trades during bank hours?
- Look at their profile. How many transactions have they successfully made? What is their feedback score? READ their feedback. Are they verified and trusted?
Chances are if you're going this route you're not too worried about anonymity. Depending on your bank, cash deposits require the person making the deposit to fill out the slip with your name, address and account number.
I'm pretty sure you've got the rest figured out once you get to this point but there are always a few people who need extra hand-holding and moral support. That's okay!
Once you've found the trader that you feel comfortable with and you have enough BTC to fall within their minimum requirements, it's time to sell.
Now you wait for the trader to accept the request.
Once that happens, they need time to go to the bank. Make sure in your request that you make it very clear that you will release your BTC from escrow once you confirm the cash deposit (online banking) and receive a photo of the cash deposit slip.Double check that the deposit slip has the correct date and same amount that's showing in your bank account.
Congratulations! You got paid!
But there's one more thing to do. Release the BTC from escrow in a timely manner.
- Optional: Leave feedback about your transaction. If it was a good experience, save their profile for future transactions.
That's it!
Now go. Blog. Earn. Build your Steemit Tribe!
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great info ! I had a very hard time finding a short video or step by step explanation to exchange steem for Bitcoin on bittrex , then send the Bitcoin to Quadrigacx to sell for money which is then deposited directly for a fee ! into my bank account , its 5% fee for Rapid 24 hr service and 2% fee for up to 4 days service ! Now the second part is easy at Quadrigacx , but its the first part that's difficult at Bittrex ! I googled it and 2 videos from Craig grant no longer work and the other info out there is not just a simple step by step explanation ! LOL! So my son helps me now sometimes haha !😂👍 if you have a great tutorial on this or a link to one please let us know ! Thanks !
@karenmckersie - If quadrigacx has a bitcoin wallet then this method can work without sending funds to Bittrex or playing the market. Blocktrades has a built in conversion. Granted, you might not get top market price for your STEEM/SBD but I consider that a convenience fee that I can live with.
In this tutorial, just replace the stuff for LocalBitcoins with Quadrigacx and it should work just fine. :) In fact, it sounds like LBC and Qcx are very similar type services.
Quadrigacx only converts bitcoins and maybe ether but that part I know how to do , I was using poloniex but its not working now for a long time , and in Canada we only have minimum options I tried . So its just a quick tutorial on turning my steem into Bitcoin on bittrex that I cant find . Thanks a bunch ! 👍👍👍 resteemed your post its great !
Ah, Karen, I think you missed a very important point. BlockTrades automatically converts your STEEM and SBD into BTC. Think of it as the meat grinder that turns steak into minced meat. You do not have to put your tokens through the crypto exchange at all!
oh well then that sounds great , as long it works in Canada and I can then move them to quadrigacx ! Im getting tired now of having to open up new accounts as well because some were not available in Canada , thanks for the info its much appreciated!👍👍👍
Yes! If you follow the tutorial from the beginning, anywhere that I reference LocalBitcoins you can replace with QuadrigaCX (though I believe LocalBitcoins also serves Canada - but honestly, just stick with the one you already have an account with.) Good luck! Let me know how it goes.
OK sounds good ! Thanks !👍👍👍
Thanks, I was guessing how to do that...
I was guessing when I first started too. It was very stressful and I was afraid of losing the money I earned. I'm going to leave unsolicited advice though - if you do not need the cash, consider powering up your account and wait until the market grows. My personal feeling is Steemit is going to be around for a while and our tokens and Steem Power is going to be very valuable. It's something to think about!
nice overview of the entire process!
Thank you @rangertx - What method do you use? I'm curious because there are so many options out there! I'm still on the hunt for the best one!
I've been reinvesting everything, so I've not converted any crypto to spend. Hoping as things grow, I will need to do that at some point.
Nice guide. Resteemed!
Much appreciated @manosteel211 - May it help you in your Steemit journey.
Thanks for this @merej99 its perfect and super helpful as usual. I hope you get good news with that shady paypal crap soon.
Can you believe I'm still waiting? I had it reopened and made an appeal. Still waiting. If I don't hear anything by Monday I'm making ANOTHER phone call. I'll upgrade to a fraud case if it doesn't go my way. I've got records on the blockchain on my side. Fingers crossed that it doesn't get that far.
It sounds so easy. I want cash for my steem
LOL @runridefly - are you teasing me? hahaha
Do you know when I first started on Steemit I was on the brink of tears not knowing how to do this stuff? Nearly lost my first $100 in earnings!
It's not easy for me, but you make it easy. I haven't received cash for my Steem yet. I'm cranky!
I'll probably do a very short series of how to get spendable money out of Steemit. I just recently got my BitPay card and I'm in love. LOL The fees suck but the convenience is out of this world!
I looked at bitpay, so you recommend it? I really want cash for my steem
If you want money in the bank, try this method. (I'm in the U.S.)
If you want money on a Visa card, order your BitPay card. Either way you're getting hit with transaction fees so try to make it worth your while.
I will need an account at Bank of America chase or Wells Fargo?
Not necessarily. Some of the vendors deal with BOA, Wells Fargo, Chase, SunTrust, Credit Unions, Coops, etc... The same ones are not always online and they all have different exchange rates. If you look at the sell options, they also have Western Union and MoneyGram among others. CASH, imho, is the best method. I used PayPal about 11 times and only one transaction bit me. I'm still appealing it a month later as they're trying to steal about $1400 from me.
This was a super helpful and easy-to-follow guide. Thanks for taking the time to put it together!
Thanks @runaway-psyche - let me know if you try it. The first (and maybe the second) time is always scary. I still freak out when I move the crypto around.
I know the feeling, haha.
The first question when I ask a friend to join steemit, "how to get money into the bank account?" Second, "how do they create money".
My answer for the first questions, "@merej99 and many others done it multiple times".
My answer to their second question (actually a question back), "do you understand how governments create money?"
Now I know how @merej99 and other do it! Thanks @merej99 for all the hard work to create so informative articles.
What I've found @mathworksheets is that most people don't even care that it's on the blockchain or paid out in STEEM or SBD. They want to know how to spend it. Honestly, I was conflicted about writing this because I truly believe that we should be using our earnings to play the market and get the best price, THEN POWER UP. I consider my Steem Power a rainy day fund or enhancement to a future retirement. If you cash out, it's gone. Something to think about. As always, I appreciate you stopping by. HUGS.
Right. I think the value of the platform has a big boost due to the amount held in steem power. I am powering up whenever get a chance to buy steem from internal market.
Also great idea to consider the Steem Power as a rainy day fund or future retirement fund.
I am so grateful being part of such a huge movement on the planet.
Nice info good post thanxx for sharing @mere99
Thank you @nomi2233 - if you try this method and find that I've missed anything, please let me know. It was a late night (or early morning - tomayto-tomahto lol) when I started writing this.
I came on Steemit with no idea whatsover on how things work, blockchain token, crypto - it's all Greek to me. But I came to the same conclusion, there's lots of things that I don't understand how they work, but I use them every day.
Thank you for all the details. I will bookmark this for the distant future when I'll need to use it.
YES! If people came in with the mindset that it's another blogging platform with a highly engaged community, they'd be hopping over here! But "crypto" scares so many people away. Well, we don't have the prettiest site and it's still in BETA too but does all that really matter? Not to me! And not to you! YAY! Looking forward to reading your blog @ladyrebecca - thank you for stopping by :)