In this video I will show how to convert Steem or Steem Dollars into Australian Dollars (although I would imagine the process is very similar for other countries). The process uses blocktrades.us to convert Steem Dollars into Dogecoin (you can use Litecoin or Bitcoin but the fees are higher) and then CoinSpot to sell the Dogecoin for Australian Dollars. If you wanted to use BTC Markets instead of CoinSpot you could follow a similar process but you would have to transfer using Litecoin or Bitcoin.
To join CoinSpot you can click here for my affiliate link. Coinspot is an Australian-based crypto-brokerage/market. Please note: it does normally take a bit of time to get through all of their ID checks.
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Interesting. I was wondering how to do it.. so essentially you 1. Convert to another Crypto from Steem. 2. Use said crypto for a sale into the local currency in a wallet system. 3. Withdraw local currency from wallet. Have I understood correctly?
Yes, although if you are on an exchange that has steem/sbd and your local currency you can skip 1 and just transfer steem/sbd straight there to sell.
Now the golden question is... how do I withdraw to a local currency!¿ haha Or even USD... in a country like Colombia.
There could be local tax implications going from crypto to fiat
Awesome video, mate. Will definitely refer to this when the time comes to make some cash :)
Thanks mate!
To join CoinSpot you can click here for my affiliate link. Coinspot is an Australian-based crypto-brokerage/market. Please note: it does normally take a bit of time to get through all of their ID checks.
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