This article shows you how to transfer your Steem Backed Dollars to Poloniex.com and sell them for Bitcoins on the open market, it follows up on my previews article about transferring Steem Backed Dollars to Bittrex.com to convert them to Bitcoin. The steps are almost identical for Poloniex except they make selling just a little bit easier. These instructions assume you've already signed up for a free account with Poloniex and have a Steemit.com account with a positive SBD balance that you wish to convert into Bitcoin on the open market.
Login to poloniex.com with your existing account click on the 'Balances' and then 'Deposits and Withdrawals' link in top navigation bar towards the right side of the page. Type 'SBD' into the search box on the right side to show only your SBD wallet. Your screen should look something like this:
Click on the 'deposit' link on the right side of the 'SBD' account. A pop-up dialog will appear. It should generate a memo, you need to copy the memo to your clipboard (ctrl+c or cmd+c).
In a different web browser tab open up your Steemit.com wallet page. Click on the arrow next to the amount of SBD listed to bring up the dialog menu. Click on 'Transfer'.
A new dialog box will pop up with a form for the transfer information. Use 'poloniex' as the account you are sending to and make sure to paste the memo you copied to your clipboard in to the memo box. That memo value that you copied and pasted is how Poloniex will know to you credit your account. If you were to use the memo in the picture below I would receive credit for the transfer to my Poloniex account, so feel free to use that as a tester ;)
You'll need to put in your username and password to authorize the transfer.
After a few minutes you should see the funds arrive in your Poloniex account. You are now ready to sell your Steem Dollars for Bitcoins on the open market. Click on the 'Exchanges' in on the left side of the top navigation bar to go to the market page.
You may need to scroll down but look on the right side where it says 'SELL SBD' this is the order form you want to fill out. If you are just looking to quickly convert it at the highest market bid rate they have made it very easy, the current highest bid price is already populated in the price field. Click on the amount of SBD you have just below 'SELL SBD' where it says 'You have:' which will populate the amount. Click 'Sell' to execute the trade.
Since you are dumping it to the highest bidder you should see immediate orders being filled like the screen below
If you look closely though and scroll down you will notice the full order was not filled. There was not enough volume at that bidding price to fill my order. I could leave my order open and wait or I could close the that order and start a new one at newest high bid.
As I mentioned in my previous article. If you are curious why I'm selling my SBDs it is to acquire some Monero citalicoins for some upcoming posts on how to use it.
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