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RE: A complete video guide on how to cash out from Steemit (converting SBD to GBP, but works for other currencies too!)

in #steemit7 years ago

You sir are a scholar and a gentleman. I am brand new to crypto and steem so I have been doing a lot of reading on this exact process and for me it was all quite mind boggling ( I'm the sort that would make the square peg fit into the round hole) After watching your video it all became quite clear and it all made sense to me. I appreciate the time you spent doing this.
It seems there are quite a few steps and needing four accounts over all,( steem, betrix,cryptopay, and regular bank act) seems just a bit excessive. I understand however . If only there was a way to go from steem to another site and from there do everything in one, trade sbd for other crypto and transfer to a fiat bank. If anyone has a good recomndation for here in the US I'd love to here it.
Anyway thank you I've upvited you because of the massive clarity you shed on this issue for me keep up the great work

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Update: so it turns out you can upgrade your Bittrex account to trade in fiat currencies. Since it still needs to be transferred to another account to be sent to a bank (I assume) I doubt I'll make use of the feature myself. Might be useful for your needs though?

Thanks for your kind words, I really appreciate you taking the time to comment. I completely agree with you, it's a really convoluted!

I'm not at all good with numbers, and easily experience data overload so I'm glad I've actually worked out how to do it.

I really hope there is an easier way, or that one will be developed soon. Whoever cracks it would make a killing, you'd think. Then again, I think lots of people like the anonymity of there being separation between the different exchanges of currency. Not me though! Also I ended up with something like a 3% charge all told, by making various different exchanges. Someone's making money out of inefficiency in the system!