Two of the most common questions I get about Steemit: "Is this legit? How do you withdraw your money?"
I came across Steemit early this month and seeing the value of the platform, my initial instinct was to spread the word and have as many people in my network benefit from the wonderful experience of being part of this whole new level of social-media. I've made a couple of posts about it that was intended for my other social-media site contacts, one even in the local language. Click here and here to view these.
Having high expectations that people would welcome the knowledge of Steemit as warmly as I did, I was looking forward to seeing most people from my network jump on-board. Of course I was wrong, and mine is not a unique story.
Here is my answer to the questions posted above, a step-by-step guide on how Steem can be converted to Philippine Peso.
You will need:
1. Coins.ph Account
If you don't have one yet, click coinsphsignup to create one. While you're at it, kindly use my referral code sytebq which will give us both a one-time reward of Php 50.00.
Coins.ph will be your gateway to exchange Philippine Peso to Bitcoin and vice-versa.
Note: For those with zero knowledge on Bitcoin, DON'T PANIC! Further instructions below are clear enough to walk you through in converting Steem to Php.
2. Exchange Platform Account.
I suggest to use either Bittrex or Changelly. Changelly is fairly easy to use, for this sample though, I used Bittrex, here is a guide on how to create an account.
3. Basic understanding of the differences among Steem, Steem Power and Steem Dollars.
This knowledge would enable you to understand which can easily be withdrawn and how to be able to withdraw the rest. Steemit FAQ section is a nifty place to start gaining some knowledge on this. Here is a link for a video explanation from Andrew Levine.
Ok, now that we have the pre-requisites covered, let's start converting your Steemit dollar rewards to Peso!
Disclaimer: Let it be known that I DID NOT have any intention whatsoever to withdraw from my account, I did so for demo purposes only. Firm believer here that Steem value would shoot way up, up, up, up!!!!!!
STEP 1: Login to your Steemit account and go to your 'Wallet'
Step 2: Make sure to have STEEM available on your account. Click on the dropdown arrow on 'STEEM'
Step 3: Click 'TRANSFER'
Step 4: Open Bittrex on another tab/browser and go to Bittrex 'Wallet'
Step 5: Search for 'Steem' and click on the + sign to generate 'MEMO' in Bittrex.
Step 6: Copy the MEMO and go back to your Steemit account.
**TO**: @bittrex
**AMOUNT**: (total Steem withdrawing)
**MEMO**: Copy MEMO from Bittrex
Step 7: Click on 'Submit'. It will require you to enter your very precious password.
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Step 8: Check on the account 'History', it should reflect that a transaction has been processed.
Step 9: Go back to Bittrex. You should now have a 'Balance' showing on your Steem Wallet. Note that Steem transfer may take a few minutes.
Now that you have Steem in Bittrex, you are ready to trade/exchange it for Bitcoins!
Step 10: Click on 'STEEM'
Step 11: Sell Steem for BTC.
Note: You can either set the price you want to sell your Steem for, or to facilitate the transaction quicker, you may opt to see the highest bid showing and use that price.
Step 12: You now have Bitcoins available from the successful sale!
Step 13: Go to your Coins.ph account, choose your 'Bitcoin Wallet', and click on the QRcode icon to get your Bitcoin Address.
Step 14: Copy your Bitcoin address and go back to Bittrex.
Step 15: Click on - sign for Bitcoin to withdraw. Enter your Coins.ph Bitcoin address. MAKE SURE TO DOUBLE CHECK THE ADDRESS. You should receive a notification on a successful withdraw.
Step 16: Check your email registered to Bittrex as you would need to authorize the withdrawal. The transaction will stay on pending authorization if this step is missed. Once authorized, check transaction history to confirm withdrawal was successfully completed.
Step 17: Go back to your Coins.ph account and wait for your Bitcoins to arrive.
Note: Do not take literally, transfer may take a few minutes
Step 18: Balance should now be showing on your Coins.ph Bitcoin Wallet
Step 19: Click on 'Convert' to change it to Peso!
Step 20: Congratulations! You have successfully converted your Steem to Bitcoin to Peso!
You can cash out from Coins.ph through Banks, Remittance Center, GCash and many more. Click on 'Cash Out' to choose the most convenient way for you.
I hope this helps. If you know of an easier way to process this, I'll be more than happy to hear about it! Comments, suggestions, questions and feedback will be much appreciated.