By watching this tutorial you will learn exactly how the Steemit Wallet works and more importantly, how to gain access to your earnings.
What do I cover in this tutorial?
The difference between Steem/Steem Dollars/Steem Power
How to use the main features of the wallet, including Powering Up and Powering Down
How to transfer Steem or Steem Dollars to people on the Steemit platform
How to transfer Steem or Steem Dollars to the Bittrex Market (https://bittrex.com) where it can be traded or cashed out as Bitcoin
HOW TO TURN YOUR BITCOIN INTO CASH?
Once you have converted your Steem or Steem Dollars to Bitcoin (as described in the tutorial video) there are a few ways you can cash out to fiat currency.
OPTION 1
Local Bitcoins offer a service which will connect you with the nearest person wishing to buy Bitcoin in exchange for cash. Through this site a meeting place is arranged and the transaction happens peer to peer. No paperwork. No fuss.
And better that this, you are most likely going to have things in common with the person buying your BTC, often leading you to interesting new opportunities and an increase in knowledge surrounding the huge and constantly evolving subject of cryptocurrency.
OPTION 2
There are a growing number of Bitcoin Exchange shops around the world now. Here in central Bali there is a Bitcoin Exchange shop which I have used several times. It's simple but they give you a rubbish exchange rate and take 3% for the service. Also, you are obliged to hand over your passport details to use their service.
The exchange shop will keep a permanent record of your transactions with them, on a shared database. Not so desirable when the tax question surrounding Steemit comes to light.
So if you have a choice, go for option 1.
But if you are looking for convenience and don't care about the on-line 'paper trail' then Option 2 is for you.
You can find your nearest exchange centre using coinmap
Here you can see the world overview of Bitcoin exchange centres
And here you can see my old stomping ground London and all it's potential places to cash out
http://coinmap.org/#/map/51.49976691/-0.07690430/12
I filmed the exchange process at my local Bitcoin Exchange in Ubud, in order that others might learn from my experience.
Please let me know if you can think of anything I have missed out from this tutorial & remember to share with those who are still learning.
Seek to help others and you will find that soon others are helping you!
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