Hey fellow Steemians!
Today is a really exciting day for me, because I actually achieved something on SteemIt that I never thought I would be able to do.
I had been dead set on not powering down, because I was SO sure (as I still am) that the value of Steem is only going to go UP, UP, and AWAY!
However, there's been this little voice in my head that's been nagging me for months, and it's been saying "Hey man, getting paid to write on SteemIt is great and all that, but what good is it if you can't spend the money?"
Now, I know a lot of you might have some juicy answers to that question, and if you do, PLEASE leave a comment and share them with me. Nonetheless, that little voice was nagging away, and so about 10 days ago I found about a brand new feature that SteemIt implemented called the "power down" slider. That did it for me. I could power down without having to use all of my Steem Power! Awesome! I immediately went about the task of finding out just how to turn that wonderful Steem into "Fiat" currency. Listen to me, using technical "crypto" terms already!
Well, I did what any red-blooded SteemIt junkie would do. I began searching out articles on SteemIt about how I could go about turning Steem Power into that coveted cold, hard, green US Dollar. Boy, what a task. There was no problem not finding enough information. In fact, I was finding TOO MUCH information! Well, what else can you expect from a community as AWESOME as SteemIt?
I ended up finding several articles that talked about a method that entailed opening an account at Bittrex to use as an exchange, and then using Coinbase for a Bitcoin wallet. I saw a few articles that recommended Poloniex, but the majority of them said to go with Bittrex, so that's what I did.
It was a little confusing at first, but with the help of a few good articles, which I'll list below, I ended up getting the job done!
I experimented with transferring a very small amount of SBD first, and then I experimented with transferring a small amount of STEEM to Bittrex. Once the transfers went successfully into my Bittrex account, I transferred the entirety of my very first power down!
I successfully turned the SBD and STEEM into Bitcoin on Bittrex, and then I deposited the entire amount of Bitcoin into Coinbase. I got a little bit nervous at this point, since the deposit into Coinbase was "pending" for a little over an hour. However, my fears were unfounded as I checked again a bit later and all was well. So here is the result of my very first HUGE MILESTONE on SteemIt:
As you can see, I now have $68.87 worth of Bitcoin that I can turn into actual money that I can spend! However, I've decided not to do that just yet, as I want to wait until I understand how to "play" the market better. I really need to learn how to understand the Bittrex exchange better, because I want to get into investing crypto BIG TIME. I want to learn how to buy, sell, and overall make money like I see a lot of other people doing.
I know I've got a STEEP learning curve ahead, but I believe I'm up for the task. Now, I know this may not seem like a big achievement to a lot of you, but to me this is huge. It's given me the confidence to know that I can actually earn SPENDABLE money from writing!
Some of my other notable achievements thus far have been getting over 500 followers, being recognized on @Curie a few times, and having one of my articles make over $100! Again, this may be small time to a lot of you, but to me it feels pretty good!
Anyway, moving forward, I do have a couple of questions for you all, and I would REALLY appreciate your help.
Question #1:
What is the best place to withdraw my Bitcoin after I've turned it into cash (Fiat currency)? I have it set up so I can withdraw to my bank account and also to a credit card, but I've heard a lot of horror stories about banks closing down accounts if there is too much (or any) crypto activity? I've heard of special Bitcoin debit cards that people use. Can anybody make any recommendations?
Question #2:
Can anyone recommend a good course/video series/eBook, etc, that can teach me how to use the exchange proficiently and how to buy and sell crypto for a profit (arbitrage)?
Question #3:
Lastly, and this is not really a question. It's more of a cry for help. I have been trying to get my reputation to 60 for what seems like FOREVER! I'm not one to beg, but can you all help me out? Give me some suggestions, upvote me, follow me, comment, etc. Just... HELP!
I also wanted to share the articles that helped me out the most in this achievement. These authors did a great job and they deserve a lot of credit. I think you will find these articles very helpful as well.
Here are the links to three extremely helpful articles:
Turning STEEM and SBD into Cash! (Bittrex and Coinbase examples)
How to send Steem Dollars from Steemit to Bittrex exchange
How to Withdraw Bitcoin from Bittrex
Well, that's my post for today!
I feel a renewed excitement in SteemIt, and I feel like I'm well on my way to becoming a crypto millionaire (in my dreams)!
I wish you all the best of luck, and remember, if a newbie like me can do it, anyone can!
Follow Me: @ContentKing
Disclaimer: The Coinbase links are my referral links. If you sign up to Coinbase through them, I will receive $10 compensation.