Cashing out your Steemit earnings (Australian Edition)
Hi Steemers! I’ve noticed there are a few guides on cashing out #steem and #steemdollars, but these methods don’t work for us poor old Australians. Luckily for you, your friendly neighbourhood potato is here to help!
THIS GUIDE IS TAILORED FOR AUSTRALIANS ONLY - IT WON’T WORK FOR OTHER COUNTRIES
Okay, so how do we get your #steem or #steemdollars converted to AUD (that’s dollary-doos for you foreign folk)? I’ll tell you and it’s easy peasy japanesey (no racism intended). I am going to go ahead and assume you know how to convert your #Steemit fortune into #bitcoin (BTC). If you don’t then I won’t go into specifics here, but there are other great guides written here on #Steemit that will walk you through the process. At the time of writing this the search function isn’t working for me so I don’t have any specific links handy.
Ok, on to the conversion process. You’ve traded your #Steemit fortune for #BTC and now you’re ready to give your bank account a boost. This part is so simple even a potato could do it!
We will be using a site called Living Room of Satoshi - https://www.livingroomofsatoshi.com
Select the ‘Bank Account’ button. Simply enter your BSB, account number and the amount (in AUD) you want to deposit. After clicking the ‘Submit’ button you’ll get a pop-up as shown below.
Now you just simply scan the QR code and send your BTC. If your bitcoin wallet isn’t on your phone or you can’t scan the QR code, you can just copy & paste the bitcoin address that is shown above the QR code, and send your bitcoin directly to it. The payment will be acknowledged within a minute or two (yep, it’s super quick) and you’ll have the money in your bank within a few hours. How quickly the money hits your bank is dependant on the time of day you do the transaction. I’ve always made payments early in the morning, 8 - 9am, and have had the cash available within the next hour. If the payment is made after 5pm it will be available in your bank account the next business day.
Mr Potato, I noticed they say you can pay bills with bitcoin too. Is that true?
Yes! Living Room of Satoshi lets you pay any #BPAY bill with bitcoin too. You can even use #ETH, #Litecoin and #Dogecoin. The process is the same, except instead of clicking the ‘Bank Account’ button you just select the ‘BPAY’ button.
Okay this is great, but how much does it cost to use the service?
Exactly nothing. Nada. Zip. No fees are charged for sending payments to a bank account or paying bills. In fact, you don’t even need an account to use them. Just enter the details of your bank (or bill) and away you go!
I hope this guide has been useful to my fellow Australians. For our European friends there is a great guide written by @b0y2k here.
Thanks @random-potato. I am based in Queensland, Australia so this is awesome especially since the power bill just arrived!
Thanks for reading my blog! Glad you found it useful :)
How much is the "spread" compared to other trading platforms (e.g. LBC)? Will definitely check it out.
plutus mobile app should work worldwide with out gst...
I've not looked into Plutus, but there is no GST paid with Living Room of Satoshi. Plus, there is no registration needed so you can pay anyone anonymously.
This is good to know! I hope I'll have to use this information one day.
If you continue publishing great content on Steemit then you certainly will need to use this info one day! Thanks for reading.
Hi! This post has a Flesch-Kincaid grade level of 4.5 and reading ease of 90%. This puts the writing level on par with Ernest Hemingway and Donald Trump.
Great post!