Hi, it seems it's still not clear for everyone so this is why I'm going to make this tutorial.
First, the money on steemit is not virtual money or play money, it's real money and here is how to cash it out.
You will need :
- a facebook account OR a reddit account (steemit asks for it to sign up)
- a bank account with a debit or credit card (your money will be transfered there before you can take it out from the ATM)
You will also need (covered in the tutorial)
- a steemit account
- an account to an exchange where you can sell steem or steemdollars (you will probably sell it for bitcoin)
- an account to an exchange where you can sell bitcoin for fiat(dollars, euros...) and ask for a bank transfer.
There are many options here but for this tutorial we will use poloniex to exchange steemdollars to bitcoin and then kraken to sell our bitcoins Kraken offers bank deposit in dollars, euros, british pounds, canadian dollars and japanese yens (and this is whay we choose kraken). If you need another currency, I'm sorry but you will have to find another exchange site that allows bank transfers to your desired currency.
So let's start :
(1) Create an account on steemit and start earning money (if you have done this already continue to step 2)
go to steemit.com and cick "sign up" to create your account
follow the steps to create your account.submit a story(post)
follow the steps to post your first story. And this is where it starts getting exciting.
Within 24 hours, if your story story is successful, the steemit community will upvote it sending money (real money) directly to your account.
After 24 hours, your earnings are sent to your steemit wallet. You will receive SBD(steemdollars) and Steem in the form of steempower.
Your steemdollars can be withdrawn immediately but you will have to decide what to do with the steempower. You can keep it and earn interest on it or cash it out with a weekly payment over a period of 2 years. Keeping it will also increase your voting power if you're interested in voting.
(2) Create an account on poloniex and copy your deposit information (if you have done this already continue to step 3)
go to poloniex.com and click "create your account" to create your account
Follow the steps to create your account. Once you have logged in you will need to get your steem deposit adress (actually the adress is poloniex but you need a memo code)go to "balances">"deposits and withdrawls"
in the list that appears, search for SBD(you can use the filter at the top of the list) and click on deposit.
A blue box appears with your "Steem Dollars Memo", it's a code that we will need later. Copy it somewhere.
(3) Create an account on kraken and copy your deposit information
go to kraken.com fill the form and click "sign up" to create your account
follow the steps to create your account.click on "funding" then "deposit" then "bitcoin (XBT)"
at the bottom of the page you wil see your bitcoin deposit address for your kraken account. Copy it somewhere we will need later.
(4)Transfer SBD(steemdollars from your steemit account to your poloniex account)
go back to steemit.com and login.
access your wallet by clicking your profile picture in the top menu and then "wallet"
in your wallet, click the small arrow next to your steemdollars balance and click transfer.
you will need to fill out 3 fields. Put poloniex in "to" the amount you want to transfer in "amount" and in the memo field you need to put the "steem dollars memo" code that you copied earlier from poloniex and finally click "transfer".
This is only part 1 but don't worry if you got this far it shouldn't be long before you can enjoy your money to do whatever you like with it.
I hope you enjoyed the tutorial so far.
#steemit #tutorial #steemit-tutorial #gettingmoneyfromsteemit