**Disclaimer: You will need to upload a picture of your photo ID, list your address and phone number in order to get verified on these 3rd party accounts. This is necessary to turn your STEEM into cash.
For all those new users...
- @jerrytsuseer, @frolickinraptors, @rensoul7, etc...
1) DON'T DO IT
NOT until you have a decent stash, and I'll tell you why -
The more SP you have - the more you earn!! But don't just take my word for it...Check out this post for more info:
2) STEEMIT is meant to be a long-term investment
I realize a bunch of users have gone and left because they have realized STEEM is not so liquid. If you still haven't read the White Papers, then you might think you can just liquidate STEEM into cash. It is not so simple. These posts tell you how to convert STEEM into (EUR) or (USD):
- https://steemit.com/steem/@riensen/how-to-convert-steem-to-usd-eur
- https://steemit.com/steem/@alexc/now-you-ve-been-paid-in-steem-dollars-what-should-you-do
3) Okay, so you have enough STEEM to let some go now...
STEP 1: You must register for an account on an external, open market.
This is a necessary step in order to trade STEEM into BTC (which you will then trade into USD or EUR).
image from @riensen
List of exchanges (markets):
A) Bittrex
(My market of choice)
B) Blocktrades
Comes highly recommended by @thecryptofiend.
STEP 2: Sign up for a wallet.
Once you have registered an account on Bittrex, you will need to set up a wallet that will transfer your BTC into your Bank.
A) Coinbase
Once you have signed up for a Coinbase account, you will be able to transfer your newly traded BTC, into your BTC wallet.
From there you can turn your BTC into USD using Bitfinex...(which I haven't done).
(OR) (what I do)
You can register for a SHIFT card and link it to your Coinbase account.
STEP 3: Link you Shift Card to your Coinbase wallet
Shift Financial will allow you to use your (Shift) [debit card] to make transactions in the US and elsewhere. This means you will not have to transfer your BTC into USD or EUR. You will be able to spend the BTC in your wallet!!!
RECAP:
NOW that you are all signed up everywhere - - Follow along as I transfer my STEEM into my Bittrex and trade it on the open market for BTC (while it's lowish)!
1) Go to your Steemit Wallet
Look at that nice 228.486 STEEM, saved up over months Hope you have something like that to work with. STEEM has been hovering between $1.20 and $1.50, last couple months...
2) Login to your Bittrex account
(Make sure your Steemit wallet in open in another tab.)
You will be prompted to verify your IP address using email.
This is a welcome precaution in case someone tries to hack your account.
3) Once you are logged in, you will locate your STEEM wallet.
Click on "Wallets" and then search for "STEEM."
Click the + (plus sign) to add STEEM from Steemit. Doing so will generate a memo box.
This is what the memo looks like. From here you will copy and paste the longer "memo" into Steemit.
4) Hit Transfer (in your Steemit wallet)
Transfer your STEEM into your STEEM wallet on Bittrex. (I have definitely f*ed this up once). Go slow and take your time.
"bittrex" is the account you are transferring your STEEM into.
5) PASTE in the "memo"
This is how Bittrex will know where to take that STEEM and shove it (right into your STEEM wallet on the exchange).
Double check that the transaction went through smoothly (kiss your ass goodbye)
6) NOW you are ready to sell your STEEM for BTC!
After a few confirmations (check your email) your STEEM will appear in your Bittrex STEEM wallet. Usually this happens right away but give it some time before you freak out.
BAM! There it is!!!
7) Sell STEEM for BTC
Go to the open market and search STEEM. (BTC-STEEM)
You will be directed to the correct page for selling STEEM for BTC. In this example I sold for "last" price. Click "-Sell STEEM"
Confirm the shit outta that bitch and take screenshots....
See it break it up? It's all good - no worries....
8) Go watch
You can see Bittrex place your STEEM on reserve, until the transaction completes.
ONCE YOUR STEEM IS TURNED INTO BTC....
Holy shit! There it is!!
9) Now log into Coinbase
(Keep both exchanges open.)
Main page. From here click Accounts.
Click "Receive".
10) A wallet address will be generated...(COPY) that address
Now go back to your Bittrex account and click the (-) minus button. This will withdraw your BTC to your Coinbase wallet.
*Enter in the amount you wish to place in your wallet...and (this is the tricky part)...
11) (PASTE) in the Coinbase wallet address generated.
TA DA! Now your BTC is in your Coinbase wallet, which is linked to your Shift card and soon will be available to spend!!
NOTE: You must confirm the withdrawl by email - so go check!
Yes, confirm it (as long as you made the transaction and not someone else).
Whoop, whoop!!
12) Now, wait....
Often, exchanges will take a minute, or sometimes days, to confirm the transaction multiple times. This is for your safety. Please be patient. Soon, you will see the BTC pop up in Coinbase. When it does you are ready to spend.
Don't forget to *Link you Shift Card to your Coinbase account!!!!
Also it takes roughly 5-7 business days for your Shift card to arrive in the mail...not bad really!
CONGRATS on being a boss!!!!
Places I have used my Shift Card to make purchases:
- Fred Meyer.
This is the safest thing you can do at this point - request a money order from Freddie's and pay for it using your Shift debit card. This has proven to work on various occasions. - The local ATM machine. This is the second safest way to make cash out of the BTC in your Coinbase wallet.
- Safeway (you get the picture...)
- (not the gas station? or yes the gas station?) sometimes it works, sometimes it doesn't. I don't recommend it. Just be careful.
- The bar....the restaurant (over and over again this has worked). Sometimes it doesn't though.
- It's always worth a try. Worst case scenario you tell the IRS about it when they come knocking (so far it's not illegal in the US).
Thanks for following along!
Hope this was easy enough to follow...
