Steem is real money and it is not just a digital figure you see on your computer screen much less a game money. For those who are new to the cryptocurrency industry let me emphasize that you can actually use this Steem currency to provide food on your table, pay for bills, etc. etc. Let me then show you the easiest and most efficient way for you to convert this to your local currency.
Although cryptocurrency has now gained its popularity to new heights, it is still undeniably true that Bitcoin is the most widely exchanged and most accessible digital coins to exchange to local cash. So our process is simply exchange your Steem to Bitcoin then Bitcoin to your local currency.
It is actually easy and if you haven't set it up yet, it will only take you about ten minutes to do the entire process. What you just need is an exchange or trading platform (to exchange Steem to Bitcoin). Then a hosted web wallet that is easily accessible on your country like what Coinbase is to the US, and finally transfer your Bitcoins to your favorite cash out medium (ATM, Bank Account, Money Remittance Centers, etc.).
For the sake of our illustration here, I will be using for screenshots Poloniex as our trading platform, coins.ph for the hosted web wallet and show withdrawal options from the said web wallet too. Don't worry if you are using services, it is more of the same with other platforms only slight variations on the appearance but the functions are most likely the same.
The Step by Step Guide.
Step1 : Access Your Trading or Exchange Platform.
If you have not done it yet, create an account in a trading or exchange platform. It is FREE and easy. The most popular are Poloniex and Bittrex for trading platforms and Changelly for the exchange platform.
Poloniex and Bittrex are good if you have time to wait for your desired Steem selling price level. If you set your price right this is the most profitable way to convert your Steem to Bitcoin.
While an exchange platform like Changelly offers the best rate at the current prevailing price, if you just want to immediately convert from Steem to Bitcoin then Changelly is for you.
Process illustration:
a. Sign up and create a Poloniex account
b. Once you have already signed up, sign in and DEPOSIT your steem (from Steemit or other Steem wallet sources) to your Poloniex steem wallet
c. From your Balances. select the Steem account then click Deposit. The account name and memo details where to send your steem will appear. Proceed to deposit your steem to Poloniex.
d. Go to the exchange menu and trade according to your desired selling price of Steem to Bitcoin.
Step 2: Transfer Bitcoin to your hosted web wallet.
Once you have your Bitcoin as equivalent to your Steem that you have just exchanged or traded. Then the next step is transfer that Bitcoin to your web wallet. There are a lot of reliable web wallet that is very convenient to use for each country. Here are the list of the most popular:
1.For USA , Canada , UK - coinbase.com
2.For Australia,Newzealand - Cointree.Com, coinjar.com
3.For India - zebpay.com , unopay.com
4.For Philippines - Coins.ph
5.For Singapore - Coinhako.com
6.For Malaysia - Coins.my
7.For Nigeria And Africa - nairaex.com
8.For Dubai and rest of UAE - bitoasis.net
9.For Indonesia - bitcoin.co.id
10.For Rest of the world - localbitcoins.com
11.Purchase bitcoins using credit card/debit card - cex.io , buy.bitcoin.com
a. Log in to your web wallet (coins.ph or anything) and get your Bitcoin Wallet Address.
b. Copy that Bitcoin Wallet address
c. Go back to your Poloniex or other platforms where your Bitcoin will be coming from. Choose withdrawal option and send your bitcoin to the Bitcoin wallet address of your web wallet. Wait for it to arrive.
Step 3: Cash out to Your local Currency.
Once received just choose the option how you want to receive your money. With coins.ph you can get your money through your bank account, remittance centers, mobile phone wallet and even cardless ATM transactions.
Now that you know how easy it is to convert your Steem to your local cash, I am hoping that there will be less hesitation for you to go steeming. Go full speed on Steemit now, it is fun and profitable!
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