Many of you especially those who are not whales may not know how to get real money for what you actually earned here on steem. Process of exchanging steem to fiat currency actually is very easy although it requires some effort.
It is a high level description, i guess everyone can figure out by himself how to create a wallet or an account on a exchange.
Step 1
First of all you need a bitcoin wallet to store, receive and send your bitcoins so - Get BTC wallet. I would recommend BREAD wallet(get it here] because it is very easy to use and is available on both platforms Android and IOS
Step 2
Exchange your STEEM to BTC, if you want to exchange your SBD to fiat currency in first order just exchange them to STEEM :-).
There are several cryptocurrency exchanges that allows you to trade without KYC. I would recommend 2 of them.
- Binance (register here) because it is most known and i think currently the best and safest exchange in the world.
- Blocktrades (register here)because it is well know and trusted here on steem. You don't actually 'trade' on blocktrades you can exchange your STEEM to BTC like in regular exchange offices. It is very convenient if you have no prior experience in trading on cryptocurrency exchange. Also Blocktrades supports SBD > BTC trading so another plus :
Once you have created an account on one of the exchanges just exchange your STEEM TO Bitcoin and send
Step 3
Now you have BTC on your wallet, great, now it is the hardest step, you have to find BITCOIN ATM in your nearest location, you can try to do it in google maps or some other webpage like https://coinatmradar.com/ if there is no ATM in your nearest location, well that's bad, but probably you don't sit 24 hours per day in your apartment. Maybe you are going to spend your holidays in Czechia? They have a lot of bitcoin atms you will be able to get their local currency from them.
Step 4
You found Bitcoin ATM now all you have to do is cash out your bitcoin. Well again it is very easy but the whole process maybe a little bit different for each machine, here is an example instruction
Usually it looks like this:
- Go to the ATM and choose option to withdraw cash.
- Type amount of cash you want to withdraw.
- QR code will be displayed on the ATM, your BREAD wallet has an option to scan code. Just scan it and accept the transfer.
- ATM will print your receipt, take IT don't loose it!
- Now it may take some time for transaction to be processed by bitcoin blockchain. It could be 10 minutes but also 3 hours depending on network load.
- Go to the ATM with your receipt, all information about how to cash out are on the receipt. And done you have your money now.
You got a 13.90% upvote from @spydo courtesy of @whd! We offer 100% Payout and Curation. Thank you.
It will be great to cash out some of my steem token when the price will be up to 10$US.
It is my opinion but some users my need fiat money to run diverse business on daily basis. This tutorial is great to let them know about cash withdraw from steem to fiat.
Peace
Great tips. Thanks for sharing.
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Nice informative post. I am using a service that provides a debit card and the major cryprocurrencies. So after excanging it I can simply transfer BTC to USD, EUR or GBP and use that card. Very simple.