How to Use The New Blocktrades Interface to Exchange Steem For Bitcoins
Introduction
Blocktrades have recently upgraded their interface so I thought it would be useful to do a new version of my guide for using it.
The process is almost identical no matter what exchange you are trying to do. Whether you want to convert to fiat currency or not the first step is always converting to Bitcoin.
Here I will cover how to convert Steem or Steem Dollars to Bitcoin if you can do that you can basically do any other conversion.
Before the guide I just want to sum up why I use Blocktrades whenever I can and why you should too:
Here Is Why You Should Use Blocktrades:
- No account is required and you don't need to trust anyone to hold your money.
- It is fast and direct as you don't need to transfer money to a separate exchange wallet.
- No bots fiddling with the price when you are trying to bid.
- Rates are better in my experience (unless you are using minuscule sums) and there is a set price.
- Trades do not affect the Steem price the same way a a regular exchange (OTC).
- Blocktrades is a major supporter and investor in Steem so you keep your transactions within the community.
The Conversion
Go to the blocktrades website:
https://blocktrades.us/
You don't need an account, but if you want you can make one by clicking on "Sign up" - this will keep a log of your transactions.
I'm OCD so prefer to have an account where I can check my old transactions.
Select the currencies you wish to exchange. Under "send" on the left is the currency that you have, on the right under "receive" is the currency that you want to exchange to (and hence receive). Click to select the currencies you want:
I am converting Steem to Bitcoin which will look like this:
Enter your bitcoin address at the bottom and click "Get Deposit Address". The next screen will come up:
The Steem Address will always be the same "blocktrades" but you need to also use the Memo Address as shown. Make sure you don't mix these two up.
Go to your Steemit Wallet by going to your blog and clicking the Wallet button as shown:
On your wallet page click the disclosure triangle next to Steem or Steem Dollars.
I am converting Steem so will click on Steem.
Click on Transfer. The following window will come up:
Enter the address as "blocktrades" and the memo you received earlier in the appropriate box. Be careful not to mix them up, although in my experience if you do the wallet will not allow you to make the transfer. Double check everything before clicking on Submit:
The transaction will show up at the bottom of your wallet page in the History section.
It will also show up on the Blocktrades page - I'm not sure why but it is showing as the second transaction on my account page but normally it will be at the top.
Finally check your Bitcoin (or other receive currency) wallet and after the appropriate amount of time your coins should be there.
Don't forget Bitcoin and most other cryptocurrencies are a lot slower than STEEM so it might take them time to show up in your wallet.
Well done. Now you know how to use Blocktrades!
Thank you for reading
Before you go have you filled in the Coinbase form to list STEEM? It only takes a few seconds. THIS POST shows you how.
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on 27/06 I did a transaction from steem dollars to litecoins and I still didn't get anything. I did a report and nobody replied to me
I will continue to learn and learn as much as possible! :)
Thank you so very much for partaking in the evolution and healthy progression of our platform here @cryptofiend. Your presence here is so appreciated on this end. :)
This is a very clear and straight forward article on making this switch happen, especially because of the "windows" pictures. Having the "DON'T MIX THEM UP!" note makes it scary and, when fear arises, confusion often follows though... Maybe using an obvious arrow pointer with a different colour, green has a calming effect, made "by hand" would help in making the danger leave the reader while exposing what comes from you by opposition with what comes with the window itself. you makers are so clean, they could easily be part of the process themselves.
Anyways, I hope this little extra note might help others. thanks again for your efforts in making our platform so much stronger and healthier. All for one and one for all! Namaste :)
I've modified it slightly - see what you think.
I will see if I can change the colour when I add it to the Steeemithelp site.
I use this, If I can use this anyone can :)
I tend to use bittrex because I have been experimenting with altcoin trading, but having learned that this does not effect the market value of STEEM I may have to switch whenever I am next in need of such of a service.
Wouldn't it be great if we could all just pinky promise never to sell Steem for less than the ask price, even if takes two days to sell? Then the price of STEEM would never stop going up if every one could keep their word.
Of course.. That would never happen. Lol.
I have resteemed because this is incredibly useful.
I haven't cashed out well apart from some on her buying it of me, I've decided too power up as to scared to cash out, the process is way too scary for me.
Perhaps there ought to be a more comprehensive guide on how to do so. I will perhaps make one on how to cash out through local bitcoins using paypal, without the need to sign up to coin base and give out so much personal information. I haven't come across one of those yes.
It's not quite as complicated as you might think, but I do remember being worried I was going to get ripped off when I was cashing out from bittrex, and especially at local bitcoins.
But, I have found it to be a lot more secure than I initially thought. There is the added benefit of escrow on LBTC which is very similar to ebay buyer protection, so if someone doesn't pay you the money, you don't need to give them Bitcoins.
Great thank you for letting me know :) ill go check it out know. Thanks again
Brill, I am following you now so will look out for it. Thank you :)
That tutorial is up now. Sorry it took so long. I needed a lot of screenshots.
Could you please write it from a newbies perspective please, I can imagine that would be a massive help :)
Yes of course. It shall be at some point next week.
Thanks - it is the quickest and easiest way - we should all use it:)
I still haven't cashed out though, the whole process scares me
You are probably better off just keeping some Bitcoins long term. I suspect in 10 or 20 years you will be very pleased you did.
I will take that as a compliment . Thank you :)
I have been here for 7 months and still haven't got a clue :)
I think you are still ahead of most people:)
Now that's getting to complicated for me
Don't worry you will get used to it - it is complicated in the beginning but as with most things it gets better.
I'm saving it up on here, is that a good thing?
I think it is - but I think others might tell you to keep some other cryptocurrencies too. I think Bitcoin is the safest bet.
Putting this one into a folder marked 'sound advice'!
Thanks mate:)
Just to clarify, if you put the code as the account, the reason it won't work is because there's no steem account that exists with that token. HOWEVER, if there was, you would end up sending your steem to the wrong address. Then again, it's unlikely since steem ids seem to be mostly normal looking names and not long funny tokens.
Actually I think the memo is too long to be an account name if I remember correctly - but I have not tried making a crazy account name like that!
I have found that shapeshift has better rates than blocktrades. Still it's a good and competitive service.
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Thank you:)
GOD bless you dear
gut zu lesen...Danke dafür!
You're welcome:)
I like all the detail in this tutorial, you have a nice way of explaining things. I still prefer Poloniex for my day-to-day crypto activities, but I can see how Blocktrades would be a great option for people who don't have or want exchange accounts. Looks remarkably similar to ShapeShift, which I've used before for a couple cryptos not supported by Poloniex. I'm curious: what are your thoughts on ShapeShift and how does Blocktrades compare to it?
It's very similar to Shapeshift. The main difference (when I last checked) was that Shapeshift doesn't have Steem Dollars or the same range of Bitshares currencies.