I spent most of last night and this morning, worrying about SBD. Since I began Steemit in September, I have not worried about SBD. For a while, I powered up my post 100%, so that I could raise my Steem Power.
I changed the power back to 50/50. After a few months, I had 109 SBD saved, and sitting there waiting.
Last night, I was convinced that selling my SBD now would be a good idea, since it is worth $12.
Well, that is a great idea. I sell my SBD for $1,200, and I have a very merry Christmas.
In theory that sounds great, except I am still new, and I have been ignoring learning the process of transferring the SBD from the site, and using it out in the world.
So here is what I have learned:
• SBD can be transferred from the Steemit site, but it is a pain in the butt.
• There are many different exchanges, and wallets to choose.
• No one really tells you what to do with the bitcoin, once it is in your wallet.
If you want to get some bitcoin, I can show you how to do it. I have not yet figured out how to transfer the bitcoin to the bank.
From your phone, or computer, you can sign up for the Bittrex wallet. This is the first pain in the butt. Only because, you will need to be verified before you can transfer anything.
To be verified, you will need to take a photo of both the front and the back of your I.D. and send a selfie to verify. They will also ask you for your personal information. It said it would 10 minutes, but it took longer. I went to bed and I was verified by morning.
Next, after being verified, I went to my Bittrex wallet and searched the SBD in the Markets with a B.
Once on the SBD page, there is a graph showing the previous prices, and the price SBD is currently selling. Under the graph, there is two sets of transaction menus. The one on the left is used to buy SBD, and the other is to sell SBD.
First, I checked the price of the SBD which was selling between 12-13 dollars. Then I went back to my wallets. In the wallets you can search SBD to find the SBD in your wallet.
You will find + and – signs beside the name Steem Dollars. From here, you can select the + sign and generate a memo to be used on the blockchain. You can then go back into your Steemit wallet, and transfer your SBD amount to the name Bittrex, then include the memo with the transfer.
After a few minutes, the transfer is confirmed by Bittrex, and the amount of SBD will be gone from Steemit, and then appear in the Bittrex account.
Back to the SBD page from the B-Market tab, you can see the order book for the SBD. The left shows the bids, or what people are paying for the SBD, and the right shows the asks, or the price the SBD is selling.
One of the videos I watched, showed a very easy way to find the top price, by looking at the top of the Bids. The highest selling price will be the top number on this list. The list moves fast, and the price was going up and down fast, so the top number kept changing. I caught a higher price, clicked on the top price, (highlighted in blue) and the price went into the sell price automatically.
I used the max button for the amount, because I wanted to sell all my 100 SBD.
Up in the top right-hand corner of the page, there is a transaction menu that pops up and shows the transition going through. I could then go to the wallets to be sure I got the bitcoin, which I did.
I tried to use the Coinbase to exchange the money to USD, but my bank would not give the site permission to access my bank account.
Next, I tried the Kraken bitcoin exchange. This site was very hard for my computer to communicate with over the internet. I got into the site by shear will power, and determination.
While I was fighting this site, I could sign up for the site, verify three levels of the verification so that I could buy and sell currency, and transfer half of my bitcoin from Bittrex to the Kraken.
This is as far as I am now, and I have been here for a good 10 hours, hitting every dead-end I could find.
I will post again if the Kraken is able to move the bitcoin into USD and then into my bank account. I did read that it takes a while to verify the bank account, so it may be up to a week.
As of this moment, the transfer is gone from Bittrex, and being confirmed from the Kraken.
Here, are some of the videos that did help me understand this process better. I hope this helps someone, and saves you some time trying to figure out the process. I did get a bunch of different wallets, and signed up for a bunch of sites, and bitcoin exchanges, but in the end, I only used the Bittrex, and the Kraken.
Until next time,
Happy SBDing!
How to Deposit and withdraw funds from Bittrex
Bittrex. Deposits and withdrawals
