There have been posts showing Steemers how to transfer Steem Based Dollars over to USD, but seeing as there's not currently an Australian exchange at this moment, here's a comprehensive #howto guide on how I turn my "hard" earned Steem Based Dollars into Down Under Money.
First of all you're going to need to create a few accounts:
For my exchange process I use Bittrex, Btcmarkets, and Blocktrail(you will not need to create a Blocktrail account for this).
Bittrex is a cryptocurrency exchange which we will be using to exchange our SBD(Steem Based Dollars) for BTC(Bitcoins)
Btcmarkets is an Australian Cryptocurrency exchange which we will be using to exchange our BTC(Bitcoins) for AUD(Australian Dollars).
Blocktrail is a place where anyone can follow Transactions being made on the Bitcoin Blockchain.
(Keep in mind I will be using these currency acronyms for the rest of this tutorial)
You will need to provide ID to verify your newly created accounts.
Also, I recommend keeping a copy of your passwords in a safe and secure place in case you ever forget them, preferably not on your computer.
Lets Begin
Step One:
You'll need to transfer your Steem Based Dollars over to your Bittrex account.
You can find the transfer tab here.
A transfer window will appear. This is where you will need to enter your Bittrex Wallet Address
Go to Bittrex and click the deposit/add funds button to receive your Bittrex Wallet Info. Copy this or write it down
Go back to your Steemit Transfer Page and enter the details you've just acquired. Enter Bittrex in the "account" section and Enter the Address(Memo) in the Memo section.
Confirm that the information is correct before clicking transfer.
(I highly recommend testing the information first by sending a small transaction. There's nothing worse than transferring money only to realize that you entered the wrong address and your money has been lost.)
After you've sent your money to your Bittrex account your Steemit wallet should look something like this
You should soon see your SBD sitting in your Bittrex Wallet
Step Two:
Turning your SBD into BTC.
Once your SBD is in your Bittrex Wallet it's time to Sell that SBD for BTC. You will need to open the SBD market page
For people who're not familiar with trading, this page can be daunting. However it's very easy to understand. Highlighted in this next photo is the main things you'll be concerned with: The current price list and the sell option
There's a few options you can use here: You can either Sell your SBD for the current sell price(bid) or you can sell for the price you think it may be in the near future, including the Ask price. For this tutorial we will be selling at the current price.
Bittrex includes options to help you sell quicker. Here I will be entering the max amount of SBD I have in my Bittrex account and I will be choosing the "bid" option in order to sell it immediately
Confirm that these amounts are correct before clicking Sell
After clicking the sell button a confirmation screen will appear
Once you've confirmed your sell order you will then be able to track it on the orders page
As your order is completed you will see transactions under the Completed section of the order page
With all exchange markets prices never stand still, therefore your order may only be partially filled. You can choose to change your order at any time to keep up with the price changes. You can do this by cancelling your current order from the order page. (As you can see from the photo above, that's what I've done in order to dump my SBD quickly rather than waiting for prices to return. In case you were wondering why the sell prices were different. This choice is yours)
Once your orders are filled and you've acquired your Bitcoins, you will now be able to see them sitting in your Bittrex Wallet
Step Three:
Transferring your newly acquired BTC to your btcmarkets account
First we will open up the Withdrawal tab next to our Bitcoin Wallet on Bittrex
Now you need to generate a BTC wallet address in your btcmarkets account. Go to Account>Deposits>Generate Bitcoin Address
Copy this newly generated address
Enter that address into the Bittrex BTC Withdrawal Window along with how much you want to transfer and click Withdrawal
Confirm that this information is correct before clicking Withdrawal
(Again, there's nothing worse than putting in the wrong address)
After you've sent your BTC you will need to confirm the transaction through an email link
Go to your emails and click on the link sent to you by Bittrex. You will be sent to this page after doing so
Your Withdrawal will become pending. You can now track your withdrawal as waits to be confirmed
Step Four:
Tracking your BTC Transaction
This step will come in handy in the future when you make cryptocurrency transaction as most transactions will give you a Tx ID. You can use this number to track your transaction. You can acquire your recent Tx ID from the drop down menu next to your pending withdrawal
Once you have your Tx ID you can enter it into Blocktrail
This will bring you to the transaction page where you can follow the progress of your withdrawal. btcmarkets requires at least 4 confirmations before the transaction can be processed
Once your transaction is confirmed and processed through the blockchain you will now be able to see your BTC in your btcmarkets account. You can acquire a copy/reciept of this transaction through the account history page
Step Five:
Selling your BTC for AUD
With Btcmarkets selling BTC for AUD is easy. First open up the buy/sell page. This will automatically take you to the BTC/AUD exchange.
As you can see here I have already entered the amount I wish to sell. (You have the options to sell at the Market Price (best available price) or Limit Price (specific price set by you). In this case I have chosen the limit price as I want to sell them for the price shown to me, rather than a different price. This option is up to you.)
Once you have confirmed your order and placed it, you can check the progress of your order on the Btcmarkets Open Orders Page
These orders will fill just as they did when you sold your SBD for BTC, and your AUD balance will change.
Again, you can acquire a copy of these transactions via your account history page if you need a receipt. This is good when it comes to tax time.
I hope his tutorial has been helpful and easy to understand. I've tried to keep it as simple as possible. Please comment if you have any questions, or email me at thomaskohi92@gmail.com.
I imagine soon this tutorial will become obsolete as it's only a matter of time until there's a SBD/AUD exchange.
Until then this is the best method that I've found. If you know a better method please don't hesitate to comment and let everyone know below.
Thank you for reading my first #howto.
Peace and Love
- Sensei