I've been on Steemit since July of 2017. The more I'm involved with the community the more believe in the longterm viability of the platform. That being said, last week I decided to try and convert a small amount of Steem to fiat USD, mainly because I wanted to see how easily I could do it, and Steem has gone up since last year so it doesn't hurt to take a little bit of profit.
When I started on Steemit, I had almost zero knowledge of cryptos, exchanges etc. and honestly, my knowledge is still pretty limited. I think I was a bit intimidated on withdrawing funds, as it seemed overly complicated. It turn out it's not that difficult to do, but there still does seem to be a lot of steps and withdraw time.
Essentially what I did was use Blocktrades to withdraw some Steem to Bittrex, by converting Steem to Bitcoin, from Bitcoin to Litecoin to save on fees (I saw a suggestion to do this). And then move that Litecoin to Coinbase, then ultimately sell the Litcoin to USD that was to linked to my bank account.
Here was the end result of my little test in my bank account:
I was able to convert Steem to $201.64 in fiat USD.
My review: I'm probably not the first person to complain about this, but it feels like there is a lot of steps that need to take place in order to convert cryptos to USD. And when I did the withdraw I had to wait about 5 days for the funds to show up in my bank account.
I think in order for cryptos/steem to truly become full blown mainstream the process needs to be simplified. I wish there was a way to simply link an account and purchase Steem and visa versa to sell it back. At the same time, there's probably an easier way to do this that I don't know about.
I'd love to get your feedback on converting Steem to USD. Is there easier ways to do it? Tips or tricks?
Stay calm and Steem on!
I'm probably not the first person to complain about this, but it feels like there is a lot of steps that need to take place in order to convert cryptos to USD.
yup..you can use blocktrades to convert the SBD to litecoin and deposit it in CoinBase all in one step. No need for bittrex at all.
Awesome, thanks!
converting SBD (or Steem) to litecoin (or bitcoin, bitcoin cash, or ethereum) takes about three minutes...two of which is 'setup'.
so far I've done it 195+ plus times successfully.
note..use the bitconnect option on BlockTrades...you're less likely to screw up than the manual mode.
Doesn't blocktrades charge a hefty fee? It looked like about 10% if you look at the conversion rates they give.
That's because the banking systems are still very slow ans not many options available for converting Cryptocurrencies into fiat,
IT would be more easier for us to withdraw our money of coinbase add Steem on their exchange so we can directly send steem with fast speed and no fees and maybe they add it in future.
In India it takes around 1-2 days to get our money in the bank account so it's not a bad transfer speed for us but it can be improved in future.
Thanks for the feedback!
Welcome buddy 😇
As crypto becomes more widely accepted, the processes will start speeding up. It’s a hassle now, but comes with early bird rewards.
Agreed. Thanks for stopping by!
That's a real come down from instant Steem transactions!
Yeah, but I’m still learning. I think there’s easier ways 😀
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Well there are many steps for sure in order to withdraw to USD especially if you want to withdraw them to your debit card. Withdrawing to a bank account should be much easier even though there may be higher fees. Did Coinbase take a good fee from the transaction ? How much in total did you lose by converting / doing the steps ? Awesome post @kp138 !
Thank you for contributing to the Steemit Community.Keep up the great work and I'm looking forward to your next posts.