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RE: Steem To Dollars - How Is It Done?
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!!
Yes, I totally agree with that. When I transfer money, I always convert to LTC. It's cheaper and even more importantly, it's so much faster. ETH is great for that as well. Bitcoin is slow and expensive.
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.