how to turn STEEM into BTC (bitcoin) then fiat (cash), which in th U.K. has been difficult until now.
You can use this same process for SBD (STEEM dollars)
To turn your STEEM DOLLARS into STEEM you can use the 'buy and sell' dropdown arrow next to your STEEM DOLLARS amount.or you can either trade your SBD on steemit.com for STEEM or you can send them to an exchange and change them for BTC (bitcoin)
step 1
Open an online account with a crypto-currency exchange.
Currently Bittrex and Poloniex are trading STEEM and SBD (steem dollars). You can exchange your STEEM or SBD (steem dollars) into Bitcoin or other crypto-currencies.
Go to https://bittrex.com/ or
https://poloniex.com/ and open an account.
Remember, your funds will be stored in a wallet on this site so please use a very secure password.
For extra security, set up 'two factor authentication' .
step 2
Find your wallet address on the exchange
On bittrex, go to 'wallets' , click on the + sign next to STEEM (if you can't see STEEM, type it into the search field.)
in the pop-up box you will see a memo code and registered account name. copy the memo code
on poloniex, click on 'balances' and on the dropdown menu select 'deposits & withdrawals'
Scroll down the page until you locate STEEM, on the very right hand side of STEEM click on Deposit, this will then show your memo code. copy this code.
Step 3
Transfer STEEM to your exchange
Click on your STEEM wallet, then click on the little drop down arrow to the right of your STEEM balance, select 'transfer'
in the 'to' box put the name of the exchange. i.e. bittrex or poloniex
enter the amount of STEEM you want to transfer.
In the 'memo' box put the memo code you copied from step 2.
click on 'transfer'
your STEEM is now on its way to your exchange (it will take a few minutes to show up in your account)
Step 4
Exchange your STEEM for BTC (bitcoin)
On Bittrex, click on the bittrex logo top left.
Click on BTC-STEEM
You should now see the trading chart.
Im not going to get into the complexities of trading in this explanation, as that is another entire tutorial.
So, ill just tell you how to exchange at the current rate at the time.
In the units box put the amount of STEEM you want to trade (you can select all of your STEEM by clicking 'STEEM available' above the box)
In the 'sell STEEM' box click on price, select 'Bid'
click on 'Sell STEEM'
On poloniex, find the BTC-STEEM market.
in the sell STEEM box click on highest bid
put the amount of STEEM you want to sell in the amount field.
click 'sell'
You should now have some BTC (bitcoin) which you can spend at many online retailers.
Step 5
Turn your bitcoin into spendable fiat (cash) with a virtual or plastic card
Go to e-coin and sign up for an account. if you use this referal link you will get 25% off your virtual or plastic card.
https://www.e-coin.io/?ref=35d53268ea8d4aaeb224b26d0119c776
I think its about $3 for the virtual card. you can use the virtual card anywhere that accepts debit/credit cards online.
If you get the plastic card you can use it at atm's to withdraw cash.
They also have a phone app which i believe is giving away a free virtual card if you download the app. (ios 8 tho, i cant get it on my iphone 4)
When you have set up your account and recieved your card (virtual is almost instant), click on account at the top of the page.
Next go to 'Bitcoin Account Balance' click on 'view address' and copy the BTC address generated.
Go to bittrex or poloniex and find your BTC (bitcoin) wallet. 'wallets' in bittrex.
in poloniex its 'balances' 'withdrawal & deposits'
click on withdraw and enter the address copied from e-coin. click on withdraw and follow any instructions.
you have now sent BTC (bitcoin) to your e-coin wallet.
Go back to e-coin and click on 'Load card'
then enter the amount of BTC you want to put on the card (min£10) this will transfer into your chosen fiat currency. for me its GBP.
You can now use your card just like any debit/credit card.
Welcome to steemit
Welcome to family :)
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://steemit.com/steemit/@pcste/total-crypto-newbie-guide-how-to-turn-your-steem-into-btc-and-fiat-cash
This is an informative post, as a simple man who remembers the most complex transaction of days-gone-by as having to get four quarters for a dollar to play his favorite video game. Why couldn't I just put a dollar in and get 10 plays?! Then they figured out a way where you have to continuously add quarters to 'extend play'....one can only wonder what lies in wait ten years down the crypto-road...
