I decided that today I would pull out my Steem Dollars and convert them into USD. I did this for a couple reasons.
- I've been meaning to get a new computer. I want to downsize my current laptop and go with a 2-1 option to get rid of some of my tech gear. I'll be buying a new Surface Pro 4.
- I wanted confirmation that the SBD and Steem Power that I was creating weren't actually worthless numbers on my computer screen.
A couple of weeks ago I was luck enough to have a post that trended on the front page. This led to about a $5000 value. Over the past couple weeks, I haven't had any other trending posts but I have had a couple make $200-500. My account has gone form $0 to about $8000 in value which is terrific. But I had nothing to show for it. So on Saturday I decided to cash out. I did this with Bittrex and Coinbase. Here's how!
1. Create a account. This is where you will send your SBD to convert to Bitcoin. Make sure to have a SUPER SECURE password!
2. Go to the Bittrex SBD market on bittrex and click the wallet tab.
3. Copy the memo key down. This will be needed for bittrex to process your deposit from Steem.
4. Go to your Steem Wallet and click transfer next to SBD.
5. Enter the required information INCLUDING the memo key from step 3.
6. Go back to Bittrex. Your Steem should now be in your Bittrex wallet (5 minutes or so).
7. Now, sell your Steem for Bitcoin. Sell at the market price (bids) or sell at a price you define (limit).
8. After selling you will now have Bitcoin.
9. Create a Coinbase account and connect a checking or saving account (this is where your converted Steem will be sent).
10. Back to Bittrex, go to your wallets and click the Minus button to the left of your Bitcoin balance.
11. Type in your Coinbase wallet address and the amount.
12. Wait. You will need three confirmation from the blockchain for it to process. This took about 45 minutes for me.
13. Now that your Bitcoin are in your Coinbase wallet, sell the bitcoin for USD (or EUR or GBP) and set your banking/checking account as the receiving account.
Viola! You now have money to spend or save or do whatever you want.
HUGE Thanks to Steem. In 2 weeks I've created enough to buy a new computer and travel backpack. Can't wait!