Thanks to steemit I'm now into crypto-currencies and it is no longer a mystery. In fact in just one week I've been able to earn over $500 USD with my articles and have $292 worth of Steem Dollars to play with. I already had a Goldmoney account and thought it would be a good time to see if I could transfer the Steem Dollars over to my gold account. Well, it worked!

How to exchange your Steem Dollars to a Goldmoney account

In this tutorial I will show you how you can exchange Steem Dollars to gold that is stored in a Brinks secured vault in Dubai with Goldmoney. Then at any time you can have your gold delivered to you or you can do a bank transfer to cash.

There are 2 restrictions for the Dubai vault. 1) You can't transfer the gold to another vault. 2) You can't redeem to your Goldmoney Prepaid MasterCard.

What you need

• Steem Dollars in your steemit.com Wallet.
• An exchange service that you can transfer your Steem Dollars to and convert to Bitcoins.
• A Goldmoney account to deposit your Bitcoins to.

If you don't have an exchange account yet to exchange your Steem Dollars to Bitcoin then go ahead and setup an account at: http://poloniex.com which many people here on steemit use.

If you don't already have a Goldmoney account yet then use this link to get a 10% gold deposit bonus of up to 1 gram free.

Once those are both setup let's continue.

Transfer your Steem Dollars to your Exchange account

1. In Poloniex click on Balances then Deposits & Withdrawals.
2. Type in SBD in the search box and under Actions click on the Deposit link.
3. Copy the text in the Memo box. Example: 1a2345678cd90asb
4. In steemit.com go to your Wallet and click on the dollar amount for Steem Dollars and select Transfer.
5. In the To field type: poloniex (must be in all lowercase)
6. In the Amount field type in the amount or Steem Dollars you wish to transfer.
7. In the Memo field paste the information you copied in Step 3 above and press the Transfer button.
8. To Authenticate put in your steemit password and press the Sign button.
9. After about 10 minutes go to Poloniex and click on the Balances tab and select History and see if the transaction is complete.

Sell SBD (steem dollars) and Buy BTC (bitcoins)

So now you have Steem Dollars sitting in your Poloniex exchange account. This is like a bank where you can keep a number of crypto-currencies on deposit and play the market or you can simply exchange your Steem Dollars to Bitcoin so you can deposit it into your Goldmoney account.

1. In Poloniex click on the Exchange tab. In the SELL SBD box you should have the amount that you transferred displayed.
2. The Price is the amount that someone was willing to sell Bitcoins for and you can change this amount if you want to try to get a better price. Go down to TRADE HISTORY and see what the most recent trades were. Most recent is at the top. If you want to sell your SBD quickly then look at the top of the BUY SBD box. The best deal for you is at the top also take in consideration the number of SBD they want to buy. You might need to buy from multiple people.
3. Once you got the Price typed in and Amount then click Sell. Once your order sells then you will have a balance of BTC (Bitcoins).

Deposit Bitcoin to your Goldmoney account

1. Go into your Goldmoney account and click on Deposit then Additional Options and press Next.
2. Click on Cryptocurrencies and press Next.
3. Since Dubai is the only vault that accepts Bitcoin press Next.
4. Put in the amount of Bitcoins you want to transfer and press Process.
5. Copy the address string of letters and numbers.
6. Go over to Poloniex and click on Balances and Deposit & Withdrawals.
7. Type in BTC or click the Hide 0 Balances box and click on the Withdraw link for Bitcoin.
8. Paste the address string into the Address box that you got in step 5.
9. Type in the Amount you want to transfer and include the Transaction Fee and press the Withdraw button.
10. It will take a few minutes for Goldmoney to receive your transaction and notify you. You don't have to wait at the deposit screen anymore.
11. It will take 1 or 2 days for the Dubai vault to verify your deposit and deposit gold into your vault.

Here is a good background done by our very own Hive account@dollarvigilante back in 2015 with the founder of Goldmoney, James Turk:

Congratulations you did it!

Take note: If you transfer a large sum of Bitcoins you might need to prove where you got your bitcoins. Goldmoney is publicly traded on the Toronto Stock Exchange and follows strict KYC and other currency laws.

Personally I would start with a small amount just to make sure it is working for you. I transferred $200 worth of Steem Dollars and ended up with 3.95 grams of gold in the vault with a value of $174 USD which to me is great! I didn't get the best exchange rate from SBD to BTC because I wasn't patient and wanted to see if I could do it.

If you have any questions or you see anything I missed please comment so I have time to edit this. Thanks.