How To Cash Out Steem To Your Local Currency. Easy Step by Step Guide.
Steem is real money and it is not just a digital figure you see on your computer screen much less a game money. For those who are new to the cryptocurrency industry let me emphasize that you can actually use this Steem currency to provide food on your table, pay for bills, etc. etc. Let me then show you the easiest and most efficient way for you to convert this to your local currency.
Although cryptocurrency has now gained its popularity to new heights, it is still undeniably true that Bitcoin is the most widely exchanged and most accessible digital coins to exchange to local cash. So our process is simply exchange your Steem to Bitcoin then Bitcoin to your local currency.
It is actually easy and if you haven't set it up yet, it will only take you about ten minutes to do the entire process. What you just need is an exchange or trading platform (to exchange Steem to Bitcoin). Then a hosted web wallet that is easily accessible on your country like what Coinbase is to the US, and finally transfer your Bitcoins to your favorite cash out medium (ATM, Bank Account, Money Remittance Centers, etc.).
For the sake of our illustration here, I will be using for screenshots Poloniex as our trading platform, coins.ph for the hosted web wallet and show withdrawal options from the said web wallet too. Don't worry if you are using services, it is more of the same with other platforms only slight variations on the appearance but the functions are most likely the same.
The Step by Step Guide.
Step1 : Access Your Trading or Exchange Platform.
If you have not done it yet, create an account in a trading or exchange platform. It is FREE and easy. The most popular are Poloniex and Bittrex for trading platforms and Changelly for the exchange platform.
Poloniex and Bittrex are good if you have time to wait for your desired Steem selling price level. If you set your price right this is the most profitable way to convert your Steem to Bitcoin.
While an exchange platform like Changelly offers the best rate at the current prevailing price, if you just want to immediately convert from Steem to Bitcoin then Changelly is for you.
Process illustration:
a. Sign up and create a Poloniex account
b. Once you have already signed up, sign in and DEPOSIT your steem (from Steemit or other Steem wallet sources) to your Poloniex steem wallet
c. From your Balances. select the Steem account then click Deposit. The account name and memo details where to send your steem will appear. Proceed to deposit your steem to Poloniex.
d. Go to the exchange menu and trade according to your desired selling price of Steem to Bitcoin.
Step 2: Transfer Bitcoin to your hosted web wallet.
Once you have your Bitcoin as equivalent to your Steem that you have just exchanged or traded. Then the next step is transfer that Bitcoin to your web wallet. There are a lot of reliable web wallet that is very convenient to use for each country. Here are the list of the most popular:
1.For USA , Canada , UK - coinbase.com
2.For Australia,Newzealand - Cointree.Com, coinjar.com
3.For India - zebpay.com , unopay.com
4.For Philippines - Coins.ph
5.For Singapore - Coinhako.com
6.For Malaysia - Coins.my
7.For Nigeria And Africa - nairaex.com
8.For Dubai and rest of UAE - bitoasis.net
9.For Indonesia - bitcoin.co.id
10.For Rest of the world - localbitcoins.com
11.Purchase bitcoins using credit card/debit card - cex.io , buy.bitcoin.com
a. Log in to your web wallet (coins.ph or anything) and get your Bitcoin Wallet Address.
b. Copy that Bitcoin Wallet address
c. Go back to your Poloniex or other platforms where your Bitcoin will be coming from. Choose withdrawal option and send your bitcoin to the Bitcoin wallet address of your web wallet. Wait for it to arrive.
Step 3: Cash out to Your local Currency.
Once received just choose the option how you want to receive your money. With coins.ph you can get your money through your bank account, remittance centers, mobile phone wallet and even cardless ATM transactions.
Now that you know how easy it is to convert your Steem to your local cash, I am hoping that there will be less hesitation for you to go steeming. Go full speed on Steemit now, it is fun and profitable!
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Great article. I am the guy that runs Steemit Blogger Central on Facebook. Wanted to let you know I am about to post this directly on the wall over there in hopes to get you more views. Great job, well deserving of my follow and upvote....keep up the great work
Awesome, I really appreciate your help. Followed back.. looking forward to upvote and resteem your posts here in steemit
Anytime my friend, really just want to help others and get people going smoothly on here. Need anything let me know here or the page, usually around a lot. Great meeting you
Great meeting you too! Your Steemit Facebook Fan Page rocks... that is really a great way to spread the word about steemit. Congrats!
Really appreciate the compliment, its a work in progress, plan to get an ad campaign going so more users get involved so everyone benefits. Hopefully it becomes more useful for everyone. Keep me in the loop when you write more stuff and I will resteem it there for you anytime
I am using a tool to manage Facebook fan pages. It automatically posts on schedule contents for my fan pages. It is called fptraffic and I have good experience with it so far...
I have used that in the past, actually one of the better ones. I tend to do it on the fly though myself. I manage a horror fan page with almost 20K followers and kind of learned to keep it consistent with the people that come in, be prepared to always be there when someone needs a posting done or something answered. Automation does help in times I can't be in 2 places at the same time but I try to rely mostly on being around and available...as it grows it will be harder to do but I will try to manage it somehow. Great advice, I will keep it in mind to use that app again
Great post @arnel well done i think there is some of us that did no know how to do this . Thank you @sflaherty for sharing this post on Face book was it not for that i would have never seen this .
Anytime, I figured this was a very important post everyone should see, so had to resteem it for him. Its a hassle getting that money out of here in crypto but once you do it a few times and see options its always gets a little easier lol.
I will have to try it some time saved the post for when i need it :-)
Thank you @louiscpt for dropping by and for your encouraging comment. Yes, @sflaherty FB fan page is awesome.
Thank you for walking us through the process step by step!
I am new to cryptocurrency and this is one aspect I was worrying about. Bookmarked for future reference
THANK YOU!
You're welcome @gmuxx I am glad that you find it valuable. It encourages me to post more...
Thanks to your post last night I signed up to Changelly and opened a Bitcoin wallet which issued me a virtual debit card - I will be ordering a physical card soon.
It's all a lot clearer to me now, thank you again
You're welcome... I am glad that you took action. Happy earning with steemit and perhaps with other cryptocurrencies.
Looking forward to see you very successful.
Thank you
I've not gone beyond Steemit it so far and completely oblivious to cryptocurrency until a few days ago but this tutorial looks simple enough. I will give it a go, thanks :)
You're welcome. I am looking forward to see you with a very profitable cryptocurrency journey...
much appreciated :)
Awesome post!
Thank you @digitaldollar for the nice comment. I appreciate it.
Its my pleasure to appreciate such great effort to help others!
Very good Guide .
Thanks. I am happy that you like it.
hi kabayan! good to see fellow pinoys here..
just upvoted and followed you can you please follow back?
sana dumami pa tayo dito... :)
Yes kabayan. looking forward to see more pinoys here. Followed back!
Great post! Thank you for sharing your knowledge on this subject. I now follow you.
You're welcome and thank you too for the follow... I appreciate it.
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Thank you @screenname .. I am actually elated to see that even though I received less money for this post. At least there is recognition to the value of my post. Keep up the good work, followed you to see more of your projects and contributions here in the community.
That was a great article and will help many of our members!
I am looking forward to helping other people and at the same time make an encouraging start with steemit. Thank you for your comment, it encourages me to post more. :)