A lot of people have been laughing at me and telling me that none of this crypto stuff is "real money," and others have pressed me about how to access my cryptocurrency money and make it so that I can use it in the real world. Lucklily (or unluckily, depending on how you look at it) for me, I recently came into a situation where I had to withdraw some of my Steemit earnings and turn it into fiat currency in order to buy a new computer. As I was going through the whole process, I got the idea that it was time for me to make a tutorial post on Steemit about how to do this, should anyone ever need to do it.
I'll go over the process that I went through first, and then towards the end I will go into my personal thoughts on why people should avoid doing this at all costs, unless some situation comes up (like it did with me) where you absolutely need the money. First, I had to wait for a post to reach payout.
Then, I went to my wallet and redeemed my post rewards.
After I had some balance in my Steemit wallet, I then went to Bittrex and went to my Bittrex Wallet, then I typed in SBD into the search field, and then I clicked on the "+" button next to the SBD wallet.
Then, I took the memo that it provided me with and copied it.
After that, I went back to my Steemit Wallet, clicked on the arrow next to the amount in my Steem Backed Dollars, and clicked on Transfer.
From there, I entered "bittrex" in the "To" field, the amount that I wanted to transfer out in the "Amount" field, and I pasted the memo that I copied from the Bittrex window into the "Memo" field.
After clicking Submit, I had to enter my password to confirm the transaction, and then I had to wait a few minutes for my balance to show up in my Bittrex Wallet. Once it did show up, I clicked on the "SBD" link to access the SBD Market.
Once I arrived at the SBD Market, I went to the right side of the Trading section, the Sell Steemdollars section.
Then, because I was in a hurry to exchange my money, I clicked on the "Max" button next to Units to sell off all the SBD I transferred to Bittrex, and I clicked on the "Price" button next to Ask, and I clicked on Ask from the dropdown menu that popped up, in order to sell them at the latest asking price. Then I hit the "- Sell SteemDollars" button to finalize the transaction and place my Sell Order into the marketplace.
After my SBD had been sold for BTC, I then went back to my Bittrex Wallet and once again typed SBD into the search field, and this time I clicked on the "-" button next to the SBD in order to withdraw my BTC balance from Bittrex.
Then, I went to my Bitcoin wallet on Coinbase, clicked on Accounts, clicked on the "Receive" button under my Bitcoin Wallet, and clicked on the "Copy" button next to my BTC Wallet Address to copy it to my clipboard.
Then, I went back to my Bittrex Wallet and pasted the BTC Wallet Address that I copied into the "Address" field, I clicked on the double up arrow button next to the "Quantity" field to send the entire BTC balance of my Bittrex Wallet over, and I clicked on the "Withdrawal" button to finalize the withdrawal and initiate the transaction.
From there, I drove out to my closest Bitcoin ATM and began the quick and easy process of withdrawing my BTC balance (which started out as SBD balance) into USD.
Like I said, the process from here was pretty simple. First, I had to enter my mobile phone number, so that I could get a code to verify my identity.
Then, I entered the code that was texted to my phone.
After that, I clicked on "Sell Bitcoins" to initiate the actual withdrawal process.
Then, I entered the amount that I needed to withdraw in USD.
From there, I had to scan the QR code on the screen with my Bitcoin wallet app, and I entered the exact amount shown on the screen and sent it over.
Once the transaction was sent through, the money was processed and all I had to do was wait for the Bitcoin ATM to dispense my cash.
It dispensed the money bill by bill, and on the screen, kept track of how much was left to dispense as each bill came out.
And just like that, I had cash in hand from what began as Steem Backed Dollars, a cryptocurrency generated as rewards through this amazing online platform that we all know and love as Steemit.com.
All in all, the whole process took about half an hour or so. Pretty quick, pretty simple. Not as instantaneous as most would like, but hey, it still works! And with that money, I was able to buy a new computer and continue on my Steemit journey. I normally would not have withdrawn any of this money, because I believe in reinvesting and keeping the money within the cryptosphere, but my laptop that I had been using just crapped out on me and started giving me way too many problems. It was long overdue for a replacement.
And now, as for my personal opinion on why you should not do any of this unless you absolutely have to. Like I said above, I fully believe in reinvesting Steemit earnings back into the platform as much as possible. This is what we should be doing in order to power up our accounts. I see it as a long-term investment not only into the platform, but into ourselves as well, because the more powered up we are, the more effective we will be as community members here on the STEEM blockchain, and the more we will be able to help our fellow Steemians experience the same kind of success that we have experienced so far.
This platform, this blockchain, is here to stay for the long haul, and will only grow in popularity and use as time goes on and as more and more big influencers like @justin3lau discover it and come on board. If you want to be truly successful when the big Steem boom does happen, now is the time to be powering up as much as possible and making sure you establish yourself as a strong member of the community.
Well, I guess that's it for now, thank you so much for reading! I'm sorry this post got so long, but I really hope someone out there found it helpful. If you did, I hope you will consider resteeming it so that it can help as many people as possible.
Check out some of my other posts!
How to Use Tags to Maximize Visibility for Your Posts and Gain More Upvotes
How The Minnow Support Project Helps You Achieve Your Dreams on Steemit
How I Achieved 200 Followers in My First Month on Steemit
Why I Chose to Invest $100 in Steem
How To Set Up Your Steemit Profile
The Dawn of The Dancing Dreamers
The Dawn of Friendship In a New Age
I'm Just an Island Boy Living in Utah who Loves EDM
!steemitworldmap 40.754539 lat -111.902618 long Salt Lake City, Utah local Steemian! d3scr
I wonder what happens if the transaction gets hung up or if there is congestion.
I wonder that, too. I've never had a problem with it, myself, so I couldn't tell you...
We are truly watching the revolution of currency, from something virtual to get a hold on some hard earned cash. Just amazing time to live in! Bitcoin will replace fiat!!!
Amen to that! Not just bitcoin, though, but cryptocurrencies in general!
Good post, but I couldn’t do it that way. No BTC ATM machines here. I had to link and verify my bank to transfer over. Well done though.
Thank you so much! I'm planning on doing another tutorial for sending the fund straight to your bank...I've been slacking on it thought because Coinbase is being stupid with their horrible customer service and I can't get my bank account verified at the moment.
I can understand that.
I'm glad you did that post step by step..... in a couple of years we will look back and laugh! (at least I hope so)
Won't it be great when you can just trans SBD (or STEEM) from your PC to your mobile (USB cable or Blue tooth) then walk down to the store & hold your mobile phone against the payment terminal. (the app will auto convert your SBD into whatever 'currency' the store accepts. )
And we can talk about the "good old days" over a beer :-)
That would be amazing! And honestly it's not too far fetched of an idea...I think that day is coming soon. Perhaps not soon soon, but definitely within the next few years! Especially as we see more widespread adoption of cryptocurrencies.
Beep! Beep! This humvee will be patrolling by and assisting new veterans, retirees, and military members here on Steem. @shadow3scalpel will help by upvoting posts from a list of members maintained by @chairborne and responding to any questions replied to this comment.
Always a pleasure to have you on my posts, humvee bot :P
Great tutorial on this subject was wondering how to turn steem into real money!
love me
No, I don't think I will, sorry.
Thank you! Let's get one thing straight, though...Steem is real money. Just because it's digital, doesn't make it any less real. ;)
Interesting useful tutorial. Thanks but in my country there is no Bitcoin ATM at the moment.
Thank you! I plan on doing a follow up tutorial on how to take it and put it in your bank in your own country's currency, so be on the lookout for that!
Yep very true you should never withdraw your steem or especially sp because just like any investment the more you have the more you earn
Thanks for the good post followed your blog too man
Thank you so much for reading! I'm glad you liked the information and have followed me. :)
Thank you.
Hopefully I can manage this if I have to.
Lets hope I never have to!
I need a bot/app to do this tech stuff for me
;-)
Thanks for help earlier! upvoted resteemed!
Namaste!
Thank you so much for the upvote and resteem!! Yes, let's hope you never have to, indeed! I hope I never have to again, either.
This is great info! I haven't gotten to the point where I need to withdraw yet, but I'll be coming back if I do. Also, that computer is gorrrrrrgeous. I love macs
Thank you so much! I'm so glad you found the information useful :) And yes, I love macs, too! I've been using Apple products ever since I was like 4 years old, haha.
Thanks for sharing this guide! How do the fees on Bittrex compare to Blocktrades.us?
Thank you for reading! I actually haven't looked into that, as I've never used Blocktrades for anything other than buying Steem... (^_^;)>
Wow thanks for this information.. Very informative..
Thank you, I am glad you found it useful!
damn that's a lot of trouble.
Steemit is my job..so I pay myself a salary at the end of each month.
I send a certain amount to BlockTrades which instantly converts it to LiteCoin and sends it to CoinBase, where I instantly sell it for USD and not so instantly (two or three days) it gets to my bank account.
simple... takes about five minutes (except for the bank transfer from coinbase)...never leave my chair..
Yeah, this is more for people who really need it on the spot (like I did that day). I'm going to be making a follow-up tutorial on keeping the money digital and withdrawing it through coinbase soon. I've been hesitant to do so because of how horrible coinbase's customer support is, though. I'm still waiting for them to get back to me on why my bank verification isn't going through even though I am entering the right numbers every time. Very frustrating experience, and because of that I am advising everyone against using it.
coinbase's customer support is non existent.
but once you get set up.
it's GREAT...as a $ Transfer portal.
Excellently detailed how-to. Great job @rodeo670.
I hear the frequency of these BTC-ready ATMs is going up in large cities everywhere.
I just hope we will eventually find a way to not be dependent on them working. When there is the next bankrun, cryptos won't help us much I'm afraid. Let's hope we got some more time 'til that happens.
In the meantime: awesome ;)
Thank you so much for your comment! Yeah, I'm just hoping that we can ride this out for as long as possible before that kind of stuff ends up happening. I'm also waiting for the day when we don't have to withdraw anything anywhere because cryptocurrencies will have seen true widespread adoption and places just accept any of our cryptos as payment up front :P A man can dream, right? haha
Glad to hear the process works ! I'm new to Crypto and agree it's something to keep in the cryptocurrency sphere . . . There seams to be so much opportunity for investment and earning this way. Looking forward to seeing coins grow and it's nice to know that if I get into a pinch with "real money" crypto can come to the rescue!
Thank you for reading my post! Yes, it truly is amazing that in a pinch with fiat currency financial situations, cryptocurrencies can come to the rescue. It's truly a lifesaver.
Thank you for sharing this @rodeo670 , this will help a lot especially that I am a newbie. Resteemed!
Thank you so much for resteeming my post! I really appreciate it. I'm so glad that you found this information useful! :)
Great post that I will keep handy. Thanks for breaking it down so clearly and with photos.
I'm so glad you found the information helpful and easy to follow along with! :)
Wow that's a process. I have bookmarked this page for future reference, you went into great detail, I'm going to need It :)
I'm so glad that you found the information useful, and that you thought my post was very detailed. Hopefully it was easy to follow! :)
Yes easy enough to follow thankfully. I haven't withdrawn and money yet as I have been powering up but It's good to have for when I do.
Thank you so much for this tutorial! now I have something to show my friends when they ask me how :D
Hell yeah! I'm so glad that my post is helping people, and that it's actually useful information :) Thank you so much!
Seems very useful thank you!
Is there anyway to save post? :)
Thank you so much, I'm glad you found the information useful! You can save the post by clicking on Bookmark in your browser. :)
Waiting for 1 year to see the price of steem $ or steem rise up to 10 this its amazing
Yes, it's truly amazing that SBD has jumped up in value. Christmas came early this year :P
don't ya'll think futures on btc are a paradox? I mean, the crypto world was born to fight again the system that caused the financial crysis in 2008, what do you think? Interest topic btw!
Well...that's why there are so many other cryptocurrencies to choose from now. :) I'd look into Monero if the whole mainstreaming of Bitcoin concerns you ;)
Yup! Now that I don't need to cash out anymore, I will wait, and hope that when I do exchange again, the price is nice and high for SBD :p
Yes, I am really hoping that this SBD spike lasts for a little while longer....and I'm also hoping that next year will see the price continue to grow occasionally. Especially as more people learn about how much easier Steem/SBD is to use over Bitcoin and other altcoins. :)
Easier to use, and easy to earn!
This is awesome, let me know if you want to do another live example for the minnow University page?!
Wait, what do you mean by live example?
greetings. a very useful tutorial for my still new in steemit, the very increase my knowledge, thank you @rodeo670
Thank you for reading it, @fad.saleh17!
Very informative, thank you! That was a great step by step walk through the process. I also would only cash out if it was really necessary like you said, but my laptop is getting really old and I'm not sure how long it's gonna keep holding on. So I guess I should find out where the closest Bitcoin ATM is located for when that time does come.
Thank you, I'm so glad that you found the information useful, and that my steps were easy to follow! I totally feel you on the whole aging laptop needing to be replaced thing...that's the only reason I did any of this! Hopefully I never have to do it again. I'd prefer to just keep on re-investing into Steem so I can power up for the long term.
Yes be wise with our steem! Now I have to find a bitcoin atm in my area...
If you can't find any, there is also a way to withdraw your earnings into your bank account! I will probably do another tutorial post about that particular process in the near future. :)
Yes this is true , atm would be a good way to snip your paper trail tho!
Good tutorial, in case we ever need it! All of this transferring to other sites to get it to yet other sites/apps seems confusing, but I suppose it will seem easier after or or two tries! THANK YOU for sharing this! 😊
Thank you for reading it!! Yes, it can be confusing at first, but eventually you get the hang of it! :)
@rodeo670 this post was presented at the most recent Pimp Your Post Thursday on the Steemit Ramble Discord. I have written a post to share your featured post. Just stopping back to let you know that you can see your name in lights right here. (Just kidding about the lights :)
Yay! Thank you so much for providing us with a place to talk about our posts every week! :)
You're welcome ... this post is now in the #posts-that-rock channel as evergreen content
this is a good tutorial. You should make one that includes other methods of withdaw, since bitcoin atms are not everywhere. such as bitpay, and linking your coinbase account to a bank account wink wink
I hope to see many more tutorials from you in the future :)
Thank you so much! I do plan on making follow-up tutorials soon. :) I'm so glad you liked this one!
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Fantastic
Wonderful!
Good
Awesome
Thanks for posting this! I'm including a link to this post in my last post about Steemit, why people won't join, or why they leave the platform. I'm briefly explaining to too cash out, but your post is nice and detailed, so it will help people understand better. Thanks again =) Sorry I couldn't upvote in time...
so dude.. how do i power up..my estimated account bal is like 33+. do i leave there or what.....would appreciate your advice....kinda new in the system
Thanks for very interesting post. Just a quick question as I'm quite new to Steemit, the $ amount shown on each post is USD or SBD? For example your current post right now says $34.29 based on the votes. Is that USD?