I'm still overly thrilled by the thought of being paid to post on STEEMIT! I mean, even your travel photos could
be worth some STEEM dollars. However after youve received your payouts how do you convert this to cash?
There currently is no way to go from STEEM dollars to US cash or any other currency in cash. STEEM has
to be sold to another cryptocurrrency which you then convert to cash.
Blocktrades offers a pretty simple means of doing so, and as you will find out, youre in for a bit of savings
while trading your STEEM.
Once you have been paid for your STEEMIT post, your wallet will now display STEEM Dollars.
Hit the drop down arrow and select the "sell" option as you'll need to do this to convert it to another cryptocurrency.
You can make your tradeoff with Bitcoin, Litecoin, Etherium- really just about any other cryptocurrency.
Once you hit the "sell" option the page will be redirected to "Blocktrades".
On the following page you'll be asked to input the currency you're trading and this will autocalculate the equivalent in
the currency you wish to trade to.
I suggest Bitcoin trading for large sum transactions and for holding. Otherwise you may want to sell to a currency which doesn't
have the high transaction fee and lengthy wait time. It basically costs 1.3 SBD to make the trade and so it is recommended
that at least 5 times the amount is sent to generate a reasonable transaction. This makes it currently between $15 - $20 USD
to trade to Bitcoin.
So for example you'd copy your Litecoin receiving address into the provided space
CLICK "get deposit address"
The following page will show the cuurent transaction fee to be 0.07 SBD and encourages that you send at least 5 times the amount
Copy the Blocktrades memo
Return to your wallet
Enter the amount in STEEM Dollars and paste the Blocktrades memo at the bottom of the pop-up box
Hit "SUMBIT"
Once this is done you'll be able to see the transaction on your STEEMIT account
15.You'll have less STEEM Dollars and you'll also see the record in your history at the bottom of the same page
The transaction attracts a total of $2 - $3 USD for sending fees and you should see the completed and or pending
noifications in your coinbase and Blocktrades accounts. This should take about 3- 5 minutes
You can then sell the Litecoins for cash on your coinbase account for example by mking a deposit to a USD Wallet
which should have attached banking information
There is a coinbase fee per transaction
Confirm Sell
The next screen will tell you how much LTC was sold and at what rate per LTC
The final step is entering your USD Wallet and hitting "withdraw"
You'll receive a notification stating how long the funds will take to arrive/ become available
HAPPY STEEMING! :)