Hello friends,
Just as I promised the other day that I will create a post on how to convert your SBD (Steem Dollar) to BTC(Bitcoin) for you to convert it to Cash(Php).
First of all SBD (Steem Dollar) and BTC (Bitcoin) are both different type of cryptocurrency or to make it simplier types of Digital Currency.
Why do we have to Convert SBD to BTC?
I understand that some of you are confuse since both of them are cryptocurrency why do we have to convert our SBD's to BTC before we can in cash it? - Well Bitcoin is the most universal of all Cryptocurrency & somehow the 1st Digital Currency. Since it's universal it is commonly use among others and a of Digital Exchange Currency Site/ Wallet accept it among the rest of Crypto currency.
So Walking you through on how to convert our SBD's to BTC in Poloniex.
Number 1 Rule :Make sure to complete your Verification Process when you create an account with POLONIEX to make sure you will not have any problems in transferring funds.
Step1:
Click on Balances and Select Deposits and Withdrawals
Step2: (You will be routed to this page - Balances , Deposits & Withdrawals)
- Type in SBD in the search box located at the right corner or Simply scroll down and look for SBD.
- Click SBD
Step3: (You will be routed to the SBD Exchange Market where in you can Sell your SBD or Buy SBD)
- We are converting SBD to BTC (Sell our SBD in exchange for BTC)
Parts of the SBD Exchange Market Page (P.S. I don't know how this page called)
Top part of the page you will see the SBD trend Chart and Below It you would see 3 boxes (left side) BUY SBD and (right side) SELL SBD Underneath those boxes you would see another 2 boxes with a lot of list below these boxes are different BID rates available in BTC currency (Actual bids of people selling their SBD's and buying SBD)
Step4: (let's focus in selling our SBD's to BTC)
Left side Parts
- You Have : (The amount of SBD you have on your poloniex account/ Quantity)
- Highest Bid: (The Highest selling amount that is currently offered in the market)
Lower Right Side Parts
- Price: Value of your SBD (per SBD) that you are selling in BTC currency .
You can change it according to how much you can offer your SBD for but come to think of it by default in the price box already shows the Highest BID appraisal that you can get for SBD making it more higher might lower your chances of getting it sold) - Amount: Quantity of SBDS you are selling (How many SBD you are willing to sell)
- Total: Value of SBD x Quantity of SBS in Total Amount in BTC Currency
Ooppss! WAIT WAIT WAIT
Before you can even think of clicking that Sell Button do you want to know how much in Philippine Peso you can get in selling your SBDS to BTC?
(Well I usually do this before I sell it, I make sure to check the Trend Chart for me to know what was the Highest Price BID that SBD got over the past 24 hours & Compare it to the current price offered now before I even think of converting it to BTC)
So by the Help of Google we would know the value of the Total amount of SBD you are selling into Philippine Peso (PHP)
How to:
1.Copy the value in your Total Box:
2.Search it in Google:
Then if you are satisfied with the current Conversion rate - - Go ahead and Click on that SELL Button.
What Happens Next when after selling your SBD for BTC?
- It will appear in your my open orders Box (Located at the bottom part of the same page you are in) - If it's sold you can no longer see it there but if not you view it from there and has the option to cancel
Once it it sold:
- Go back and Click on Balances - Select Deposits and Withdrawals (Still located at the top right part of the page)
- You will be back to the page Balances , Deposits & Withdrawals
- Take note: If you sold all your SBD's - don't you dare panick & ask where they are Because if they got sold It was now converted as BTC so look for BTC and you will find your value there (Not unless you did not sell all your SBD - you can still see the remaining value in SBD)
Well I am not an expert in explaining and showing walk throughs But simply how I manage my own.
If you are totally confuse on the steps given above you can simple watch this youtube video:
Tune in to my next article How to Convert your SBD to BTC using Bittrex