Steemit 101 - Cashing out Steem into your bank account

So this is part 2 of my blog on withdrawing your Steem into your bank account, I'll take it right now you have opened a bittrex account and have sent the steem you want to withdraw to bittrex. If you are just joining this blog on Part 2 then please click here to go through the first steps needed. Next we are going to convert that steem into bitcoins, in order to do this their's a minimum amount you need to have, your Steem as a minimum must amount to 0.0005 bitcoins which will depend on the current market price as to what that is in Steem.

Let's convert your Steem

First on Bittrex click on the Bittrex logo in the top left of the screen if you are not on the homepage.

Now on the homepage in the search box type 'steem' to bring up the 'steem-btc' market.

Next click on 'Steem-BTC'.

Now in the 'SELL STEEM' area on the right hand side fill in the boxes then click sell steem. Once the buy order is complete your BTC will be available to move to coinbase.

Time to make a Coinbase account

Ok so head over to Coinbase by clicking here and create an account with them, I'm not going to go through the coinbase verification with you but follow the steps and add either a bank card or bank account, I suggest a debit card.

You are going to have to make a purchase on coinbase in order for Bittrex to recognise your account so I suggest you make a small purchase of bitcoin on Coinbase just to verify your account $1 or so.

Time to send your bitcoin from Bittrex to Coinbase

Ok for this part you are going to need your address to send to on Coinbase so first on the Coinbase hombase click 'accounts'.

Next to bitcoin on the right hand side click 'rename' this will need to be done regularly as this address changes in order to keep up security. When the address appears copy it, I'm not going to show my own address on here.

Let's send your bitcoin to Coinbase

Yes I know it get's tiring but we're nearly there. Back on Bittrex go back into your wallet and search for 'BTC'. I won't give pictures for this as we have done it before for Steem, if you are lost check the previous blog. If you are now in your wallet click on the '-' beside BTC.

On the next page enter your Coinbase address you just copied and enter it here and the amount of bitcoin you are transferring to Coinbase and click withdrawl. Then confirm and that's it your Bitcoin are on the way to your Coinbase wallet!.

Last step! Withdraw from Coinbase to your bank!

Right people we're nearly there, the last step is selling the bitcoin and sending
to your bank account. So on the Coinbase homepage click on 'buy/sell'.

In here click the 'SELL' tab.

Finaly here fill in how much you would like to sell in bitcoin to your own currency, i.e. back into the currency of whatever bank account or debit card you opened.

After that click sell and that's it your bitcoin is now on it's way to your bank account via whatever account you have linked to Coinbase!.

Success!

So that's it you now know how to withdraw your hard earned Steem back into your bank account to spend as you please!. I do hope this blog has helped all you new steemians in answering the probably the most asked question I've come acrross on Steemit.

As I have said before I wouldn't advise withdrawing as Steem tokens are a very nice long term investment but if you really want to now you know how!.

For more help blogs check out:

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Steemit 101 - Cashing out Steem into your bank account - Part 2