Many people I Introduced to Steemit ask me how do they convert their Steem and Steem Dollars into
regular day-to-day money they could use at the grocery store.
Making this possible, within minutes from profit, is quite easy for the average techie, but
for someone outside the crypto world, its like an unknown language.
There might be better ways, but i'll tell you how I do it:
Getting Ready
For this exmple, I will use BitTrex, but you could use Poloniex or whatever you choose.
- Open an account on http://www.bittrex.com
- Open an account on http://www.xapo.com
Xapo is an online Bitcoin wallet that also allows you to keep all kinds of currencies with
transparent transferring between them, but the most important thing, for about 20$, Xapo will
give you a VISA Debit card.
That card allows you to pull out money at an ATM, or buy with it as a credit-card anywhere you
want assuming you have enough bitcoin in the account.
Transferring funds to the Exchange.
In the previous section, you opened an account at Bittrex.com. Login to it.
You will notice the link "Wallets" in the top menu. click on it.
Look for your Steem or SteemDollars wallet in the list (depending on which you wanna convert)
and click the little "+" Icon next to it.
Notice the memo and account names.
Go to your wallet on Steemit, and click the little arrow next to the number of Steem, or
Steem dollars in your account, and click "Transfer".
Fill in "bittrex" under "To", and choose the amount, and fill in the Memo. make sure you use
YOUR memo and not mine from the example, unless you want me to receive the money :)
Click "Transfer".
A few minutes later, this should show in your Bittrex wallet:
Selling your profits for bitcoin
Go to your bittrex account, and go to the relevant coin (SBD or STEEM) so that you see the buy
and sell screen.
I usually don't wait for changes, I sell at the current price:
Once sold, you will notice your bitcoin wallet now has funds. Excellent!
Transferring your bitcoin to Xapo
Login to your Xapo account, and go to your bitcoin wallet. your wallet address shows on top:
Copy the address and go to your bittrex account,
Look at your bitcoin Wallet and select the "-" (Minus) sign next to it, which will open the
withdrawal window:
Paste your Xapo wallet address here, and choose the little "Up Arrow" under Quantity to select
all available bitcoin balance, and click Withdrawal.
At this point Bittrex will send you an approval Email with a link you need to clicn on:
Now you wait until the transaction shows on your Xapo wallet:
Once the transaction is no longer "Pending" money can be used, where my card shows, you will
find a link to order your own.
Good luck!
-Simba.