How-To/Walkthrough/Tutorial: Turn Steemit Rewards into "real money"
So you have some SBD but you want to turn it into "real money" in the sense of fiat currency, such as for example US Dollars. This is easier than you might think!
In this guide, I will show you step-by-step how to do this.
The first step is to get some of your SBD out to an exchange where it can be converted into another currency.
Today, I will be using Bittrex, where I already have an account. To start this process, you need the wallet address for SBD in your exchange. Once you have this, go into your wallet and next to SBD, click the down arrow and then the "Transfer" button
This will pop up the following screen, where I will enter the exchange (bittrex) as the recipient, the amount to transfer (50 SBD) and the SBD wallet in the memo field, then click Submit
After hopefully not long, this money will appear in your exchange, and here are the 50 SBD in my Bittrex account.
Next, we need to convert the SBD into a currency which can be more easily converted to USD
The easiest currencies to pay out to USD are currently, in no particular order, Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, partially because of their inclusion on Coinbase. However, this is not a definitive list.
Because of Litecoin's speed and low cost, I would normally use that, but to avoid converting twice and to keep this tutorial simpler, I will use Bitcoin today.
So, I will go to the SBD/BTC trading page on Bittrex
%20BTC-SBD%20SteemDollars.png)
At this point, you execute a trade depending on how your exchange works. Since this tutorial isn't about that, I won't include specific instructions for that.
Great, so we've now moved our SBD out of Steemit, converted it to BTC, and now we must converted it to USD.
To convert to USD, I will move my BTC from Bittrex to my Coinbase account by withdrawing it from Bittrex using my Coinbase BTC wallet address:
After patiently waiting somewhere between a few minutes and a day depending on network saturation and transaction confirmations, the BTC will arrive in your Coinbase account.
Lastly, let's take that Bitcoin deposit, sell it for USD and transfer it to my bank account
What started at 50 SBD is now about $170 arriving within 2-3 days to my bank account
- Please let me know what other tutorials you'd like to see!
- You can check out my tutorial on converting SBD into Steem power right here
I use blocktrades to convert sbd to bitcoin and then sell bitcoins using localbitcoins.com
Bittrex is not reliable it can block/disables any ones account at any time when they face liquidity issues. I have crypto stuck on bittrex for more than 5 months.
yeah blocktrades is also very good if we convert sbd to ltc the fee is also low
Hi! I'm a bittrex user i love it because of low transaction fee... i tried the blocktrade once and i found out that the blocktrade has a big percentage per transaction.
Careful with Bittrex. Don't leave your crypto there for long.
Yes i know i read it before some steemians lost their crypto that's why i only use it for my withrawal only...
Thanks
Good to know, thanks.
SBD stands for Steem Blockchain Dollars and are not backed by STEEM as per the whitepaper. Some one has to be that guy!! Lol :-)
Thank you for this step. It will be useful for most steemians. I usually used blocktrades for speed but fees are a little high.
Soon I will not need to send USD to my bank, thanks to shift it is connected to coinbase and with your debit card, you can withdraw right away. The fees are like penny on the dollar.
Keep on steemin'
Thank you, David, for this tutorial :)
I have a question and searched a lot for it, but still didn't find the answer:
Where can I find Steem difficulty chart?
For Example:
Now, 1000 SP vote = 0.23 SBD
But one month ago, 1000 SP vote was = 0.26 SBD
That means the difficulty of voting increased, correct?
SO, How can I check Steem voting difficulty chart?
I asked someone and he told me that depends on STEEM price ( If it goes up, SP will generate more in voting and if STEEM price went down, voting power will generate a fewer SBD)... I didn't understand the relation between STEEM current market price and SP voting.
I hope from you to explain this point :)
Thank you @davidpakman,
well, its just that steem and steem power are the same with the only difference is that steem is liquid and SP is vested
So If the price of steem goes up then so does SP (since the value is the same) and then automatically so does your vote...
Echt coole Idee
Thank you! I haven't try to withdraw yet but it gonna be helpful soon. Would it be the same if I withdraw using Binance? I mean if I withdraw Steem..and which one is better in term of fees? SBD or Steem?
Hi @davidpakman! You have received 0.25 SBD @tipU upvote
from @cardboard !
@tipU!- upvotes with with 2.5 x profit + daily payouts for investors :)tipuvote! 0.1
Very good, we can also convert those sdb to bitcoin when they are high in bitcoin and buy more abd when it low, that way we will earn more sbd and more US dollars. :)
I started using Bitcoin, but it took a long time to complete the confirmations. The last few times I've used ethereum and it is about 5 times faster.
My method is a little different:
First I get my wallet address from my cryptocurrency account called Bitso, as live in Mexico this is the best option I have because it supports BTC, ETH, LTC and XRP.
Then I go to Blocktrades and login so I can keep track of my transactions. I paste the wallet direction and then I confirm the amount of SBD that I want to sell.
After I have my balance on my Bitso Wallet I convert it to MXN (Mexican Pesos) and from there I make a "SPEI transference" to my bank account.
The whole process can take less than 30 minutes.