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RE: Where does the money come from? A look into the economics of Steem.

in #steem8 years ago (edited)

Exit points are through STEEM or STEEM DOLLARS. Note- you will need to set up an account at one of the Crypo Currency Exchanges (Bittrex or Poloniex).
Once you have your exchange account, you can transfer your STEEM.

You can find the feature under your profile menu: WALLET /. Once in WALLET, use the down arrows beside the balances, and select "Transfer". On the following page you will provide your account address at the crypto exchange (provided by the exchange). Enter amount to send and click "Transfer". You will received your STEEM or STEEM DOLLARS in your exchange account in a few minutes. Once received in your account at the exchange, you can then trade for bitcoin which then can be further transferred/traded for USD (or foreign equivalent). The process is bit convoluted right now, but I understand it will be much more streamlined soon.
The process is a bit convoluted currently, but I understand that soon it will be much more streamlined.

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Thanks so much for that reply. It helps a lot. I think I understand now :)