Steem Dollars are real currency!! Here is how I purchased one 'Steem-y Coffee'
When I first signed up to Steemit, myself along with many others asked the question,
'Where is the money coming from?'
'Is this a Ponzi scheme?'
Well, things really have moved on since then, so for any doubters out there, I provide proof that Steem Dollar can be used to buy real world good,... like in my case, a Coffee. Following is a detailed 'how to' guide for anyone who is new to Cryptocurrency, or just wants a really easy way to cash in those Steem Dollars. This is very detailed, as I remember a few years ago when I started using Crypto, I really could have done with someone holding my hand throughout the process...
What will you need
Steem Dollars (in you Steemit Wallet)
Bittrex Account (Easy set up, No verification required for a 1 BTC daily limit I believe)
Circle Account (Easy set up, in app verification, $250 per week limit, which increases with usage)
So, here we go...
Login into Bittrex, and click on Wallet (at the top right hand on the display)
In the Account Balances search bar (near the top right), Search SBD or STEEM DOLLARS
Click on the + to the left of the STEEM DOLLAR wallet
Copy the Memo and go to your Steemit Wallet. Leave the Bittrex Wallet open on another TAB
Click the arrow (to the right) by your Steem Dollar Balance, and then Click 'Transfer'
Fill in the information like I have, except fill your own copied Memo!! Send a test amount to begin with, for instance 0.1 SBD...Go back to Bittrex Wallet
It will take 5-10mins to arrive (sometimes longer, be patient), but when it does arrive, your Steem Dollar Balance will amend to the amount you have sent. If you have sent a test amount, go back and repeat the process for the balance you would like to send. Now click on the 'Symbol' SBD in your Steem Dollar Wallet to go through to the Steem Dollar Market...
Once there, centre in on the SELL STEEM DOLLAR section (on the bottom right of the display as it appears)
Fill in the information like shown. If you click to MAX icon, that will fill in you whole balance for you, If you click the PRICE icon, it will give you some options. If you want to sell quick, click BID, and then reduce the price down slightly lower, Click Good Till Cancelled, and then Click Sell Steem Dollars. (any further questions on this phase, post me a reply)
A window will appear on your screen setting out you trade, Click Confirm
Go back to your Wallet, delete you previous Search (near the top right), and you will see you now have a Bitcoin Balance.
On a separate windows, Login into Circle. Then click your name (in the top right hand corner), then Get Address.
A window will appear. You will need to copy the bitcoin address at the top of the Windown
Go back to Bittrex Wallet, and Click the - (minus) sign by the Bitcoin Wallet (to the left of Bitcoin). Then paste the address into the section like I have. By 'Quantity' click the upwards arrow (to the right of Quantity), and that will fill in your entire balance. Then click Withdraw
Go back to Circle, make sure you are on the Account Page by clicking on 'Account' at the top centre of the page. Sometime will pass, (it could be 30min or so), but then the payment will be revived and show up like this..It will also take sometime for this payment to clear. It will change from Receiving to Received when this is done...
When it is cleared, Click on Sell Bitcoin, and this window will appear
Fill in whatever amount you would like to sell, if you want to sell everything, you can see your Current Balance on the window. Then Click Continue...
Almost there, click Withdraw money
Wait 1-4 days, the money will clear in your bank account, and you are ready sell spend your rewards.
Also £4.66 from $5 SBD. That's AMAZING!!!!
Ask me anything, I'm here all day.