How to Convert your Steem or SBD to Fiat (USD - EURO), using Blocktrades & Coinbase
steem·@katerinaramm·
0.000 HBDHow to Convert your Steem or SBD to Fiat (USD - EURO), using Blocktrades & Coinbase
I don't like spending my steem or steem dollars. Proof is that I have been powering up all the amounts in the last year, since I got here. However, life has its ups, downs and turnarounds. The last few months I have been trying to raise some money for some personal issues that need to be worked out. (medical stuff .. it is not worth to elaborate) Today I need to pay my electricity bill, so I decided to transfer the SBDs that I have in my steem wallet, to my bank account. This transfer is giving me the opportunity to show you the way I am exchanging steem to fiat (in my case Euros) through blocktrades, an intermediate cryptocurrency and then via coinbase. - Attention! If you try this, please do it with a small amount first, to try this process out. There may be easier, alternative ways to do it - so please do your own research in advance - --- What you will need: 1. A steem wallet with some funds (you can earn steem by writing blogs or upvoting / curating other blog posts - more info at the end of this post) 2. A [blocktrades](https://blocktrades.us/) account - this is optional, but if you sign up, you get to see all your transactions. 3. A [coinbase](https://www.coinbase.com/join/5a3a813709d6c103d20c8f84) account. If you use this referral, we both earn $10 of free Bitcoin after your successful transactions of $100 worth of cryptocurrency. Of course you can also visit coinbase.com and not use any ref :) 4. When you create your coinbase account, you need to confirm it in order to be able to transfer money. You will be asked to use an id or a drivers license to confirm your identity. You will also be asked to add a bank account or credit card. These are necessary steps for transferring the funds. <center> </center> ---- Contents: *[1] Why I exchange SBD and not STEEM* *[2] BlockTrades for checking amount* *[3] Coinbase for creating one time receive address* *[4] Blocktrades to enter one-time address and receive the memo for the transfer* *[5] Steem Wallet to finish the transfer* *[6] Receiving the funds at Coinbase* *[7] Transferring from Coinbase to Bank (SELL operation)* *[8] Important Information* --- #### [1] Exchange SBD or Steem? ---- At the moment this message is being written, [1 SBD equals](https://coinmarketcap.com/currencies/steem-dollars/) $0.99 , while [Steem equals](https://coinmarketcap.com/currencies/steem/) $0.43 I strongly believe that the price of steem will increase overtime, therefore it is best to spend my SBD, because their value will probably not change much any time soon. (SBD is pegged to have an approximate value of $1<sup>[source](https://steemit.com/faq.html)</sup>) [2] BlockTrades I have already created a [Blocktrades](https://blocktrades.us/) account, so I log in and check out how much Litecoin I will receive for the amount of 130 SBD that I wish to trade <center></center> ---- ##### [3] Coinbase ---- You visit Coinbase, log in, and you click on accounts and then on Litecoin (because that is what we will be receiving) and then on 'Receive' to get a wallet address <center></center> You will see a message > Only send Litecoin (LTC) to this address Sending any other digital asset, including Bitcoin (BTC), will result in permanent loss. Attention! This address should be used once and only for Litecoin Click 'I understand to continue' You copy the address <center></center> --- #### [4] Head over to blocktrades again, where you enter the address and receive a memo that you should use for the steem transfer ---- Paste the address at the field: *Your receive address* <center></center> Then click 'get a new deposit address' There is an option to steemconnect, but I always use 'manual transfer' <center></center> You see the fee that you pay for the transaction, and you see that you need to send the amount to @blocktrades - and enter the memo as it appears --- #### [5] Move over to steem again! ---- You need to go to your wallet and click transfer to steem or sbd (in this case sbd) To do that, move to your wallet https://steemit.com/@**change-to-your-username**/transfers <center></center> After that, cross check the amount and the memo to make sure everything is correct <center></center> Click on **next** > and then **confirm** > and then **ok**. *You may need to enter your Master Password to confirm this transaction* **You are almost done!** Blocktrades will receive the amount and do the trade for you. --- #### [6] Receiving the amount --- The transaction will appear as 'completed' at blocktrades and you will also will receive an email <center></center> At your coinbase account you will that the status is pending, it may take a while <center></center> --- #### [7] Selling the amount ---- When the amount is received you will see it in your account <center></center> Then you can go over to 'sell' (prerequisite: You need to have a bank account or credit card connected before this step) - https://www.coinbase.com/sell You choose the Litecoin Wallet and enter the amount you wish to sell. *The bill I wish to pay is 86 Euros, so I will be selling a bigger amount, because there will be coinbase + bank fees till I receive the amount* <center></center> Afterwards, I click on 'Sell Litecoin Instantly' and Confirm this action, before I see the successful image! <center></center> - Remember to Withdraw the amount! ---- #### [8] IMPORTANT!! ---- If you have never done this before, make sure you initially make a small transfer to see how it works. You are responsible for your own actions. Please make your own research before proceeding to any specific exchange method. There may be a ton of different options to do it, better, with fewer fees - if you have something to share, please do so below. This guide is created n for 3 reasons (a) to show that it is possible to change steem / steem dollars to fiat currency (b) to show an easy way that everyone can do it (c) to have it as a guide for me, because sometimes I tend to forget details if I do not use something very often! --- *If you are new on steem, maybe this [collection](https://steemit.com/steemit/@katerinaramm/my-collection-of-useful-steemit-posts-by-katerinaramm) of useful posts can answer some of your question in advance!*
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