Ok this post is for crypto noobs like me (and all my friends irl), who want to see proof that Steemit is for real. You can trade your Steem into Litecoin which you can then exchange for US dollars on Coinbase.
So first you have to make a Coinbase account. Coinbase is the only place I know where you can exchange crypto with US dollars. You might have to connect your bank account like you do with paypal. Long time ago I tried to connect my paypal account to Coinbase and it never worked. It seems safe to connect your bank account though. As safe as paypal...
Ok so first you go to your wallet and you click the "BUY STEEM OR STEEM POWER" button.
That will take you to blocktrades Where you can convert your steem to Litecoin. You can convert it to Bitcoin too, but Bitcoin has expensive transaction fees, and since you are just turning it into cash, might as well use any crytpo that is not going to be expensive to transact.
Type in the amount of steem that you want to convert
For this guide, I am going to be cashing out 3.636 STEEM which is worth $20.00 USD, at this point in time, STEEM being worth around $5.50. (Jan 29, 2018)
Next, go to your Coinbase account, and navigate to Accounts.
Scroll down to LTC Wallet, and click Receive.
Click Show Address and then copy that string of numbers and letters to bring back into Blocktrades.
Paste your Litecoin address in the long box
And click Get a New Deposit Address.
Scroll down and type in your Steemit account name, and click Transfer using Steem Connect
Click Continue.
Type in your Active Key that can be found in your Wallet on Steemit, if it is not already saved into Steem Connect. I thought mine was, but I am being prompted to enter it again. You can find it under the Permissions tab on the left, in the Wallet page of your Steemit profile.
(EDIT)
OK so if you are having SteemConnect problems like me, (I told my browser to save the login info but it didn't?) and when you type in the Private Active Key it says that the password is invalid, you can go back to the Blocktrades screen and click Manual Transfer.
Do as it says, the "memo" is the code that the bot uses to perform the transaction:
You can refresh the Wallet screen after you submit, and see that you sent a certain amount of Steem to the Blocktrades Steemit account bot who is going to exchange it for Litecoin and then send you that Litecoin.
Now you just wait for your Litecoin to arrive in the Coinbase account.
Ok so 3.636 STEEM was actually only like 17 bucks by the time i did the transfer. It takes about 5 minutes for the Litecoin to arrive. Now go to Buy/Sell, and sell the Litecoin to your USD Wallet on Coinbase.
As you can see, Coinbase makes all their money on the "fees" that they charge to turn crypto into cash. I suspect that the IRS closely monitors what goes in and out of Coinbase. If you turn more than a certain amount of crypto into cash, (i think $25,000) Coinbase will send you a W2 to pay taxes on those gains.
Once we get business to start accepting crypto we wont have to go through this mess.
Ok so once its in your USD Wallet, you have to click Withdraw that to your bank account.
Now go to the the ATM and withdraw the cash.
VERY cool! @ackza was just telling @misterdom how he can do a post with him later where he helps him use a Bitcoin Debit card and Blocktrades to cashout just $20 or $40 worth of Steem , so this is great to see posts like this!
BTC fees re relatively ow again due to fall in price, so fees at $10 arent so bad nd propel can do smaller amounts again 9if they are desperate really need, paying $50 to take out $40 is not the worst thing in the world... people are ok with that its jst the $20 transaction fees that make bitcoin unusable as a real currency that normal peopel can use for normal everyday purhcases, even billioanires just wanna spend $5 to $10 on something osmetimes, not every rich person wants to ALWAYS make super expensive big trasnactions, so yeah Steem is coming for bitcins marketcap, bitcoin cash is also going to rise this year thanks to new official government announcemet by oimpartial study that proclaimed bitcoin CASH the original bitcoin and bitcoin core is the fork due t how the hash power was allocted and otehr things, it amkes 10% sense too and you cannot argue with the evidence if u want to remain credibile, peopel only remain backing bitcoin core because theyre money is all stuck in there but bitcoin private will also get some traction! anyway man yeah misterdom and i are gonna do a post showing a cashout oen day soon where we do a Dtube video or just images showing us using bitcoi debit card to cashout!
I sell Steem/SBD to Dogecoin via @blocktrades and Coinpot.co if I want to withdraw Bitcoin to fiat because Dogecoin has the LOWEST fee. At Coinpot it is FREE to convert Dogecoin/Litecoin to BTC/BCH/DASH and also free to transfer 0.001 or more BTC to any external wallets. Long process but we can SAVE a lot. :)
Thanks Gnar Mon!
Awesome post! I was about to ask you dudes how this works, I ain't cashing out shit right now but I felt like I really ought to know how it works! Here in the UK it might be a little different, obv I need £ not $,
I am sure @stickchumpion knows the deal!
I love that you got the shot of the 20 at the end, IT'S REAL!! :)
Yea dude I suggest you do the same as @web-gnar and draw out a little bit. In the UK at the moment I have to use BTC at some point let me know when you want to do an experimental £20 or something and I will walk you through my proccess. In the mean time I am going to see how coinbase works in UK (I already have an account).
That is fantastic dude! Thanks! I will prob give it another month or two and then give it a try!
this was the first time that i have ever cashed any crypto out
I used WirexApp.com (UK based) before but now their cards are limited to European countries. They have virtual and plastic cards in USD/GBP/EUR. See my comment to @nicolcron below :)
@nicolcron I used WirexApp.com (UK based) to withdraw Bitcoin before instead of Coinbase because my country is not supported for Coinbase.
We can also HODL small amounts of cryptos (I prefer selling my Steem/SBD to Dogecoin because it has the lowest fee) at Coinpot.co or Jaxx.io wallet on desktop or mobile apps for exchanging to fiat later. :)
At Coinpot.co we can convert Dogecoin/Litecoin to BTC and transfer 0.001 BTC or more to any external wallets for FREE. Read this: https://steemit.com/cashout/@artgirl/finally-cashed-out-success
Since you are in the UK you can use https://wirexapp.com (for UK) instead of Coins.ph (for Philippines) and Coinbase (for USA).
• Steem or SBD to Dogecoin via Blocktrades and Coinpot (convert Dogecoin to Bitcoin Core)
• BTC to BTC via Coinpot and WirexApp
• BTC to USD or GBP or EURO via WirexApp
That is very helpful! Thank you for sharing that @pinay :) !!!!
You're welcome! :)
Oh that was from 0.001 BTC free to transfer to date. Remember Coinpot.co not .com :)
https://coinpot.co
A very simple and well presented explaination! Re-Steeming so all my friends that have just joined can see this.
right on!
it helps the beginners of steemit users a lot how to convert their steem or steem dollars to USD or btc or other litecoin :) nice information bro .
indeed
Great example for new members. I especially like the visual of you holding the $20.00.
Nice work!
thanks chief !
I cant get a Coinbase account because I live in Europe and I dont have a US driver's license .. I'm not sure what my options are .. I have to ask around here some more probably ...
Have you tried #WirexApp? It is a UK based company and is available in European countries. :)
I can't use Coinbase too because in Asia only Singapore is supported for Coinbase but we have our Coins.ph and PinoyBitcoinExchange so no problem for us. :)