Steem To Dollars - How Is It Done?
Getting Cash From Steem – Anyone Done It?
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I have built up a fairly decent amount of Steem Power since Powering Up back in December. Since then I have been allowing some SBD and Steem to build up. I have just upgraded to a Wacom Intuos Pro tablet and pen for my photography work, and thought it would be a neat exercise to trade some Steem for cash in order to pay for it. But, how the heck do I do that? Have you done it? What's your experience with it? What's the easiest way? It looks like there are different choices, and I'm a bit scared of messing up completely.
I must admit that I get confused when I read about some of the suggestions on Steemit. Do I have to use an exchange like Bittrex? Will any exchange work? The only exchange that I am signed up with is Kucoin. Will that work? I'm not even that comfortable with using it, because I used it only once to trade some ETH for some tokens. Is there an easy way, or is it complicated no matter what I try?
When I talk to those who are wary of any kind of cryptocurrency, I'm always told that it's easy enough to look like you are making money, but not very easy to get your hands on it. Are they right? I would like to prove them wrong, if possible!
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from what I understand it's simple to transfer, I have done the opposite ... from Bittrex to steemit, good luck and keep me posted
It seems complicated to me, but maybe I have not been reading the good information! Thanks for dropping by!
It's so interesting. I find there are two types of people on here: those who found Steem as their gateway to cryptocurrency and those who found after bitcoin, etherium, etc...
I found Steem after getting into alt trading on Bittrex. I always wondered what this coin was because of the name. So for me, I find the trade simple. Just transfer SBD to Bittrex, sell to BTC, and transfer to Coinbase to cash out to fiat. Just remember, it's your money you earned. There are no dumb questions to ask when it comes to this. It's better to ask and get this right.
Ok, but I have heard that it is difficult to be "accepted" at Bittrex. You had an account there before coming to Steemit. thanks so much for your comment. I will try to figure it out from there. I'm sure it's easy after the first time!
Yeah, that's what I was going to ask. I know for awhile Bittrex wasn't accepting new accounts but I think they started again. That will be the hardest part of this, getting your account. I wish more exchanges had Steem.
What does Blocktrades do? Is it an exchange? Also, is it SBD that we transer and not Steem?
Block trades is another way to go I think. I haven't used it but it looks like you can sell Steem/SBD into bitcoin. It's a decentralized exchange vs. centralized Bittrex. You can transfer either Steem or SBD, both can be traded to Bitcoin.
Thanks for your help. So you can’t trade Steem for cash at all? It has to go through Bitcoin first? I feel so way behind about these things. I do have a mobile wallet with some Bitcoin and some alt coins. Can I use that somehow?
Nope, you can't go directly from Steem to cash. Like most alt coins, you have to go through bitcoin first. I'd say try Blocktrades. It looks like all you need is a bitcoin address to send the traded Steem to. But I'd ask someone who uses Blocktrades specifically how well it works.
And, just as I woke up, I saw articles on here that Binance just started trading Steem this morning. That's huge news! I don't know if they're accepting new accounts but Steem is rising this morning because of it.
Thanks! That may work! I do have a Bitcoin address on a mobile wallet. Then I still have to figure out the cash bit. Lol! Good news about Steem too!
Looks like Blocktrades has an account on Steem, so will try to find out as much as I can there.
https://steemit.com/blocktrades/@blocktrades/how-to-convert-steem-sbd-to-fiat-more-efficiently
I found this post by Blocktrades. They suggest trading for ETH or LTC, if your ultimate goal is fiat, both of which I have in my wallet! I learned from experience about the high fees charged by Bitcoin already!!
Bittrex accepts only invitees at the moment! And not guaranteed that you will get accepted!
That’s what I heard. My husband, who’s also a noob had tried to sign up a few weeks ago, and got nowhere.
I would also love to know the answer to that question! I too am a little scared of those type of transactions. Will be watching this post for some answers!
I know. I think we need to do it at least once to see how it works, but getting that first transaction out of the way is the hardest part!
@dmcamera, yep I know, and I have an added problem of not being able to have a wallet online that will actuallt send me a card to Uruguay, so I have online wallet with a virtual card! no idea how that works either. So bit of "potential"money all over the place and no way to consolidate. But it owuld be really nice if Steemit came out with a wallet and an attached card so we could spend directly without all this exchanging! One day......
It's such a huge learning curve! No wonder that only 1% of the population is even remotely involved! LOL!
we belong to the brave ones!hehe, we dive in head first and sort thought it step by step. But you'll see after the first one it will be easier!
Yes, after this post I’m gaining confidence to take the plunge soon!
I think I know what you have to do. What @schmidhappens stated...." I found Steem after getting into alt trading on Bittrex. I always wondered what this coin was because of the name. So for me, I find the trade simple. Just transfer SBD to Bittrex, sell to BTC, and transfer to Coinbase to cash out to fiat. Just remember, it's your money you earned".
.
But easier said than done.
Haha! I agree! Saying it just rolls off the tongue. LOL!
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I found this a little difficult when I first tried. I got some advice from some friends who were more familiar. I use bitpay and blocktrades. I then transfer it to a bitpay card. I don’t know if it’s the best way, but it is the only way I have tired, and it works well for me. There are actually posts on steemit that give step by step directions. Those are helpful, too. Good luck!
Good for you. So, you didnt need to use Bittrex?I have not heard of bitpay. Can you transfer the bitpay card to cash? I’ve searched and seen some of the posts, but have not yet found one that is simple enough for me to follow. 😏
Yeah. You can use it at any ATM to withdraw funds. :)
I use blocktrades to transfer to bitcoin, and I use bitpay to transfer to USD.
Looks like they charge $5 a month for the card if you don't use it regularly. Im just looking for a way to occasionally transfer money.
That sounds easy. Thanks for the advice! :-)
You’re welcome! I was hesitant about the card, as well, but I haven’t had any issues as of yet.
So far so good. I transferred some SBD to Blocktrades, then sent ETH to my ETH mobile wallet at JAXX. I have now signed up and just finished the verification process with Kraken. I will next transfer ETH there and have it converted to fiat to deposit in my bank! I used ETH, becauase the Bitcoin charges are too high. Honestly, I had no idea this was going to be such a hassle. You would think that someone would have come up with something a lot more streamlined! LOL!
First you have to use an exchange to trade your Steem or SBD to bitcoins. Or you use blocktrades for that. I use Bittrex cause blocktrades charges a fee for the service... but if you are unsure use blocktrades.
Blocktrades will ask you a bitcoin-adress to send the bitcoins to... (or Litecoins) I have an account at Kraken and send my bitcoins or litecoins to them. From there on I sell for € and deposit it on my bank account...
It all boils down to not having a Bittrex account, and likely not being able to even get one! I do have a mobile wallet, but then that would still have to go through an exchange, right? I'm beginning to wonder now about all this. I feel like I don't really have any real money after all these months. :-(
nah, it's really easy... open an account on Kraken. Once you have it you will find a Bitcoin Deposit adress (or a litecoin deposit adress). Use this adress when selling your steem or SBD through blocktrades... and your bitcoins or litecoins will be in your Kraken wallet. From then on you can choose to sell all (or part) of your coins through Kraken for € or dollars and transfer those funds to your usual bank account...
Now you are talking! I need to make a note of this! I have a Jaxx wallet with BTC, ETH and LTC. Does that work the same way? I'm a bit clueless about what its use is. LOL! I don't know if I can get USD from it like you say with Kraken.
Think so. On https://jaxx.io/ they even mention Kraken... so I suppose you can send or receive between jaxx & kraken...
So much to learn!I'm way ahead of the game now though, and feeling a bit ore comfortable than i did when I first asked for help!
Hitting a brick wall. My conclusion is that only those who were into the crypto thing early enough can ever get their money out of here! I was accepted at Tier 1 and Tier 2 on Kraken, but because I live in the USA and want dollars out, I have to go to Tier 3 (which is normally only for big time accounts). In the meantime they have my "Monopoly money" on their exchange and I have watched it drop in half since it left Steemit and they can't or won't verify a picture of me holding a picture of my driver's license with the date and even a note saying the photo is for Kraken! Pretty sad state of affairs. :-(
So sorry to hear that Diane. I wouldn't care too much about the price of steem right now (except if you need that money urgently). I'm sure it will go up again. After all, it's like a normal stock market, it goes up, down, back up...
At least you learned to transfer your crytocurrencies...
And there must be an exchange that has no problem with USA residents... after all, this is mostly an american story (steemit) isn't it?
Maybe another solution I was thinking of... do you have a friend, someone you trust, here on steemit? Someone also living in the USA and that already "cashed out"? If you have, you could ask him to cash out for you... you transfer steem or SBD or crypto's to him/her and he/she transfer the money to you...
just my 2 cents...
Hah! I could ask my son, although he has moved overseas. He trades and cashes currency all the time. I didn't think of that! Really, it was just an experiment with 100SBD. My husband wanted to see if I could really get cash out, so thought I would take out enough to pay the $400 for my newest Wacom tablet - just to show him. LOL! The SBD was supposedly worth $400 when I moved it. In ETH sitting on that exchange, It's worth around $289 today. ETH seems to be climbing although in a small dip, so there's no rush. It's just that it feels like they are not going to verify me. LOL!
So far, so good. I transfrered some SBD to Blocktrades, and then sent to my ETH address in my mobile wallet i’ve tried to sign up for Coinbase, but get stuck in a loop. I will look at Kraken tomorrow. One small step at a time. Lol!
So, I have opened a basic Kraken account. Tomorrow I will do all the verifications. Thanks for that info.