This morning I received my first SBD in my account!! YES I am now officially an earning Steemian!! I have read several posts about how to cash out my SBD, I tried one method but it didn't work for me because SBD was down for maintenance on the exchange. I figured out a method for myself and in just over an hour, my money was in my bank account. Next time I do this, I think I can do it faster - Even better, I ended up with more money than my Steem Dollars were worth!!!
WHAT YOU WILL NEED:-
LocalBitcoins.com Account
Paypal Account or
Bank Account
STEP 1
Open an account at localbitcoins.com if you don't already have one.
To get your wallet address, click on the bitcoin symbol near the top of the page.
Then click on Receive Bitcoins, you will see your wallet address, copy it somewhere, you will need it for step 2.
STEP 2
Go to your Steemit Wallet, scroll down to Steem Dollars, click on the small arrow next to your balance, then click on SELL.
You will then be taken to Blocktrade.us
Put in your SBD amount to SEND, make sure you set Bitcoin in RECEIVE, then add the Bitcoin address you just received from localbitcoins.com, then click on GET DEPOSIT ADDRESS. They are now ready for your trade, make sure you click on the SteemConnect tab, fill in your Steemit Username, then click on Transfer Using SteemConnect. You will then be asked to enter your Steemit Usename and password. Your trade will now be initiated.
The Bitcoin took about 2 minutes to reach my localbitcoins.com account, then confirmation took another 30 minutes. After confirmation is complete you will see your Bitcoin in your wallet at the top of the page, now we want to exchange that for cold hard cash. I wanted the cash fast, so I want to sell my Bitcoin to a buyer who will send money to my Paypal account.
Click on SELL BITCOINS near the top of the page, choose your currency, in my case it is GBP, choose your country, then choose how you want to be paid, in my case it was Paypal, then click search. You will then be presented with a list of buyers who will send you money to your Paypal account in exchange for your Bitcoin.
Here you can see the Traders reputation next to their name, the higher the better. The Price/BTC column in green shows how much they will give you for one Bitcoin, in our case, the higher that price the better but it depends on how much you want to trade, see LIMITS in the next column. I only had 32 SBD, only a small amount of Bitcoin, so I chose the trader at the bottom, whose limit started from £70. Click on SELL to initiate the trade. I can't show you the next page because I have already completed the trade, you will see a box with your currency code + BTC, type in the amount you want to sell, next to your currency code, the Bitcoin amount will automatically appear, adjust the amount in currency until you are happy with the amount of Bitcoin you want to sell. My trade took only 7 minutes to complete but the trader has 90 minutes to complete the transaction, as soon as the funds land in your Paypal account you can then release the Bitcoin from Escrow, just click the button.
HOW DID I MAKE MORE MONEY THAN MY STEEM DOLLARS ARE WORTH???
This morning when I checked the exchange, 32 STEEM to GBP was worth £102.05
Blocktrade would have took a fee when exchanging my SBD to Bitcoin, then sending it to my Local Bitcoins account.
I then sent the Bitcoin to my localbitcoins.com account, the Bitcoin was worth approx £108.87 on the exchange, localbitcoins.com would have also taken a fee.
I was able to sell my Bitcoin to a trader on localbitcoins.com for £130, this was because he was offering a higher amount to buy Bitcoin. So all in all, I made almost £28 more than my SBD was worth at the exchange.
And below you can see it in my bank account:-
I wasn't charged a fee in Paypal, I'm not sure if that is the normal. You can apply the same method if you want the funds sent to your bank account, just remember to initiate a trade with a buyer who is paying a higher amount for Bitcoin, that way you will always make a profit.
I hope you enjoyed my post, I don't normally ask for this, but we are a COMMUNITY and this post is beneficial to all who contribute on the the Steemit platform, so help each other and RESTEEM - RESTEEM - RESTEEM this post, we all need to stick together to make this platform GREATER :)
Thanks for reading
Nikki xx