Remember on my last post that transaction fees greatly reduced the potential amount to be cashed out from your Steem Dollar using the Coins.ph and Blocktrades combo?
(Link: https://steemit.com/bitcoin/@rigormortiz/a-mistake-in-converting-steem-dollar-to-fiat-currency)
Now, I found a solution to avoid this type of wasted transaction fees.
My previous post on "How to Withdraw Cash from Steemit" (link: https://steemit.com/philippines/@rigormortiz/how-to-withdraw-cash-from-steemit-philippines) may be set aside and we can do this new and improved method (method 2) posted on this article. But it might took you many process, but please be patient. . . cause as we can see on the chart below are the comparison (and perks) of this new method.
| Method | Steem Dollar (SBD) | Dogecoin (DOGE) | Bitcoin (BTC) | Philippines Pesos (PHP) |
|---|---|---|---|---|
| 1. BlockTrades to Coins.ph | 3.360 | n/a | 0.0006238 | 327.79 |
| 2. CoinPot and Blocktrades to Coins.ph | 3.360 | 2169.21428571 | 0.00088937 | 467.35 |
*conversion amount as of March 8, 2018, 6:00pm Philippine time
You see the big difference on how much you will get in Pesos between converting Method 1 and Method 2? For this, we can positively assume that BlockTrades get a transaction fee for processing Bitcoins, but not on Dogecoin.
Now the question is: how to maximize withdrawing your Steem Dollar to Pesos using Method 2?
The concept is that we will convert our SBD to Dogecoin first.
To do this:
1. Register to CoinPot. The link is: http://coinpot.co/
2. Upon completion of your registration, sign-in to your account. . . and on the dashboard you will notice Bitcoin Core, Bitcoin Cash, Dogecoin, Litecoin, etc etc, just like the following image:
3. Click on the drop down window of Dogecoin (view window summary). Click Withdraw dogecoin.
4. A pop-up window will appear. Just copy your dogecoin address.
5. Now go to blocktrade.us. The link is https://blocktrades.us/ . Set Steem Dollar and its amount to be converted to Dogecoin. Take note that this should be equal or less than your Steem Dollars (SBD) that you have on Steem Wallet.
6. On the same window (blockTrade.us), paste your wallet address that you had copied from CoinPot. Then click Get Deposit Address.
7. Scroll down just below of that same BlockTrades page. Click on Manual Transfer. Copy the Account Name and the Memo. The two should be pasted to Steemit (on your wallet).
8. Go to Steemit > Wallet. On your Steem Dollars, click the drop down menu and select Transfer.
9. A pop-up window will appear. Paste the Account name to "to" and the memo from blocktrade.us. Then of course, type in your desired amount to be cashed out (it should be the same amount that you had type on BlockTrades).
10. Confirm your password.
11. Just wait for your Dogecoin to be transferred to your CoinPot.
Converting Dogecoin to Bitcoin
12. The concept here is to convert your Dogecoin to BTC, then BTC to pesos, since Coins.ph only exchanged Bitcoin to Pesos (and vice versa).
If the Dogecoin is already transfrred on your CoinPot, then we shall continue.
13. On CoinPot's home page, go to Dogecoin and click again the drop down menu, but this time, click "Convert Dogecoin to. . ."
Notice that they mentioned "NO FEE FOR CONVERSION", and that's great!
14. Just fill-in the Amount to be converted. Make sure it is from DOGE to BTC. Just follow the following picture and you will get the idea. Then type your password and click Convert.
Transferring and Converting BTC to PHP through Coins.ph
Wait until your Dogecoin is converted to BTC on CoinPot. Then. . .
15. Go to your Coins.ph account. Copy your Peso Wallet Address.
16. Go back to your CoinPot again. On your dashboard, click the drop down menu on Bitcoin Core, select Deposit.
17. A pop-up window will appear. Paste your Peso Wallet Address (from Coins.ph) to Withdrawal Bitcoin Core Address. Fill-in amount of BTC to withdraw. Enter password.
18. Go to your email to confirm your transaction. Click on the provided link.
19. And then wait for a few minutes (or hours, because mine took an hour) for your money to go to your Coins.ph account.
If that happened, congrats! We're done.