Hello there people,
Today I hit another milestone as I've completed my first STEEM - USD withdrawal.
It wasn't that easy, but I have my rewards on my bank account... how cool is that?
They are now ready to be placed on the "Wedding Fund" so I can get married next year.
Now I just need to keep it going and next time it won't be so hard as I already figured it out.
First of all, I am in Portugal, so some methods aren't available here...
...but here is more on my experience!
How Did I Turn My Rewards Into Usable Portuguese FIAT?
Well, I'm going to go over what I did... Some Europeans without access to crypto debit cards may:
- Benefit from my experience;
OR
- Teach me about a more effective method!
So, let's start...
First things first, I accumulated some SBD from rewards until I hit a decent number.
When this was done, I took it to @Bittrex and sold it there for BTC.
After I got my BTC, I transfered the BTC to Bitstamp. I sold my BTC to EURO and then withdrew it. If anyone out there knows of a better method involving less "pit stops" and less transfers, then let me know.
If there is an easier way, I'd love to know about it!
Updating Operation Wedding:
Thanks to this milestone, I was able to get some funds onto my "Operation Wedding" and thus I will update my signature for the first time...
...FINALLY, not everything is missing, I have a good start right here!
About the amount, I got roughly $470 which is a great start... Now I'm going to accumulate more SBD rewards so I can continue to increase my "Cashed Out" amount on the signature and decrease my "Still Missing" field.
The numbers look way better now, and though it is a small start I can't tell you how happy and motivated I am.
STEEM is a HUGE BOON for the average man.
I'm happy I found out about it!
Cheers!
OPERATION STEEM WEDDING :D
Have to Cash Out: 5 SBD
Cashed Out: 470 USD
Total Wedding Cost: 20,000 USD
Gifts: @anjkara 5 SBD
Still Missing: 19,530USD
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Hurray! I look forward to a future when an exchange isn't even necessary.
Well, you can peer to peer as of now already.
A much easier way would be to sell your steem directly for litecoin on blocktrades and make it so that the litecoin is sent to Bitstamp/Coinbase/other fiat to crypto exchange.
That way you save quite a lot of money on bittrex and transaction fees as well as time.
Is there no fees when doing it this way on Block trades?
There are still fees but you loose a lot more going through bittrex since you have transaction fees, you end up paying the asking price a lot of the time and withdrawal fees too.
And the Litecoin over Bitcoin because the transactions are usually a cent or so as apposed to a couple of dollars.
Thanks! I don't have much SBD or Steem to withdraw at a time, so I was hoping to find the most efficient, low cost method.
Yeah somebody else also pointed that out to me, it is indeed the best choice, I'll do what you guys are saying next time.
OMG is it possible to die of embarrassment? You're evil, Max. Evil! XD
Embarrassment? Why?
You keep mentioning it. I'd rather you didn't x
Ok then.
thank you
Why not use blocktrades to transfer directly as BTC to bitstamp? One less process, and maybe less fees...
One big problem with cryptos os still the transfer fees, so usually, the less "jumps" you make on the transfer, the better.
Using blocktrades you get less BTC than Trading on an Exchange, but you dont pay the withdraw fee.
Do the math yourself, and see what Works better. It May look as small amounts, but when you start making more transfers they add up over time.
Yeah using BTC is tough sell because of the transaction fee. If bitstamp does BCH, I'd use that (last I checked was the cheapest of all choices going to a Fiat gateway.)
Indeed. So far 3 of 4 of my transfers were steem > bch
Thanks for the pointers guys! Much love!
That's indeed a lot of pitstops, but I see people already helped you out.
I myself start with blocktrades (will change to bitcoin litecoin or ethereum) and then send it towards coinbase or sometimes exodus. If I go to Exodus first, I can also pick Dash. In my Exodus wallet, I will have the possibility to gamble a little with a couple of different coins, do some shapeshifting. If I go to Coinbase, I can play with either litecoin, ethereum, bitcoin or the often pumped bitcoin cash.
If you play it right, you can do all this when sbd is high and one of the cryptos you transfer to, is dipping. Then wait for this crypto to rise again and then sell with 10 or 20 percent profit. Anyhow, I probably don't need to teach you this stuff.
Enjoy this feeling of turning Steem/ SBD to 'real' money and use it on a good cause.
Hhehehe... Real money... crypto guys get triggered at that term :D
This is soooo exciting, Sir Max!
First, I LOVE hearing that Steemians are using their Steemit rewards for real life stuff. Just brings it closer to mainstream.
Second, that you've made your first deposit to your wedding fund. How much more 'real world' can you get and with your very FIRST withdrawal of Steem funds!
HUGE Congratzzz on BOTH counts!!!
And let's get this down to zero fast. Cheering you on and Happy Dancing over here!!!
btw, 1: Mentioned you a bit.. have been since.. in earlier Challenge post. ;)
btw, 2: Will be following responses so I can learn how to withdraw when it's my time too. ;)
It seems that the most effective way is to use @blocktrades to get BCash, then use the BCash to sell for EURO and withdraw the Euro to the bank account.... you'll lose a couple bucks in the process but you'll get mostly everything.
Thanks for the kind words!
good luck! That $1,900 comes fast.
Not 1,900... 19,000 :P
Wow, I think my eyesight's a little off! doom
Convert your sbd to bitcoin/litcoin in blocktrades but put the bitcoin/litecoin address as the one in bitstamp. That should cut some of the loops.
Thanks for telling me about that in the Discord chat! Cheers!
hmmm can't help you on how to cash out. I can ask someone in Austria or @julimattos as she is in Portugal
Everything ran smoothly... Plus, I only noticed you hit 60 in Rep! Congrats! You'll surpass me in no time!
gratz on the milestone. its something special to take ur SP in the real life.
Yeah! Just arrived on the bank account... feels great :D
Awesome. It is so good to read this. Isn't that exciting?
I am happy to hear that your wedding is finally becoming a reality with this step.
You will get there one step at a time. Congratulations @spiritualmax
Thanks! Yeap, it really is pretty exciting!
Interactive messages. I withdrew the funds earlier. (at a more favorable rate). Now the "visa" imposed sanctions against some countries. This made the task more complicated.
But I used a proven method. He made the transfer of SBD through Litecoin to Dollars.
I know that for Europeans there are easier ways to withdraw funds.
I got it now... blocktrades to bitstamp and bitstamp to the bank... easy peasy :D
OPERATION WEDDING is On! Congratulations on your first cashout Rukka!
Congratulations! This is great news! I finally got my rewards deposited yesterday on steemit. I’m a minnow and just starts a week ago. Wouldn’t it have been more affordable to turn the SBD to ETH then Euro? I feel like the fees would have been less and you would’ve saved some money.
Well, next time I'll convert the SBD to BCash as it seems to be the better choice.
Thanks for sharing for your first STEEM - FIAT withdrawal experience
No problem! Hope yours happens soon!
Not binance? It's the one in your footer :P
no fiat yet.... ;P
He used bitstamp for the fiat part
i know i meant the binance part. they plan on adding the Euro option later on
Yeah but he could have used binance instead of bittrex. It surprised me because he was advertising it in his footer.
Hah that part is true. Wouldn't the easiest i mean less loops be using blocktrades and sending bitcoin directly to bitstamp?
Well, habit is hard to die and I've been using Bitstamp because of the EUR as well.
I wish you a wonderful wedding celebration. I'll have my first withdrawal by the end of the year
Thanks! Well who knows, it may happen sooner!
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