Credit to the Steem logo goes to @profitgenerator
Steem is a great cryptocurrency and helps many content creators make money for their content. I many independent journalists whose accounts on YouTube and other social media platforms demonetized due to political issues discussed. Steem provides a great way for independent journalists to make money. A question a new Steem user will ask is how do I cash out my Steem earnings into dollars? This is a great question and much easier to do now with the work of several Steem witnesses.
Understanding Crypto to Fiat System
Most folks will not know someone locally who will buy crypto for fiat money, i.e. dollars. If you do know someone then exchange with them rather than going through an exchange. The next method to take your crypto to fiat is through an exchange. Crypto exchanges, such as Coinbase, require you to go through the Know Your Customer/Anti Money Laundering (KYC/AML) process before they buy your cryptocurrencies. You will need a form of identification such as a passport, national id, or a drivers license. The KYC/AML process will take under a week to review.
While your KYC/AML is processing, you can connect your bank account to Coinbase. The methods to connect to your bank account are different based on country (EURO, Singapore, UK). Once those two processes are complete then you can send your cryptos to your exchange account.
Currently Coinbase and most crypto to fiat exchanges only accept a limited amount of cryptos. Litecoin, Bitcoin, Bitcoin Cash, and Ethereum are the major coins.
Steem to Accepted Crypto
Getting your Steem into the cryptocurrencies that exchanges accept is the next process. The easiest method is going to your Steemit.com/Busy.org wallet.
When you go to your wallet, you can immediately transfer out Steem and Steem Backed Dollars (SBD). From there you click on drop down menu next to the amount and choose the option Sell. This option sends you to Blocktrades.us, a crypto-only exchange, which helps you get in and out of the Steem-based coins.
A gateway in and out of the Steem-based coins
Another method you can do is to use a crypto-only exchange such as Binance. You can deposit your Steem or SBD in your wallet and convert them to most cryptos. One thing to note is that you cannot send your cryptos directly from an exchange to Coinbase, and you will need to send your coins directly to your wallet and then to Coinbase.
Steem Power
Steem Power (SP) is your voting weight within the Steem platform. When you receive a payout half of the payout is with SP. SP is tied up in the platform until you initiate the unlocking sequence. The process is referred to as powering down SP to convert it to Steem.
The power down sequence takes 13 weeks to completely convert to Steem. Your SP will convert to Steem at increments of 1/13ths per week. Once your SP is converted to Steem then you can trade it for other cryptocurrencies.
While you cannot sell your SP directly you can buy it on Blocktrades.us.
Written with Love by Jake Bryan
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