I will like to share with you how I got my steem dollars into my PayPal account.
First, I sent my steem dollars to poloniex with a memo copied from poloniex into my steemit transfer form.
Once I confirmed the SBD is in my poloniex account, I went ahead to exchange it for bitcoins.
This became available immediately as bitcoins in my wallet.
Then I signed up for an account with Localbitcoins.com. On Localbitcoins.com there are options to either sell or buy bitcoins. Before I could carry on with either buy or sell bitcoins, I had to fund my wallet with bitcoins. Click here if you want to sign up for a Localbitcoins.com account
On the front page, there is a wallet address unique to me which I needed, to be able to carryout this transaction.
So, I copied this wallet address, and and headed to poloniex to transfer my bitcoins balance to Localbitcoins.com.
I clicked on withdrawal and pasted the wallet address into the address section. Then I entered the amount of bitcoins I wanted to transfer.
Once I clicked on withdraw, my poloniex account immediately reflected the transaction but it took about 10 minutes for the bitcoins to appear in my Localbitcoins.com wallet. A times it can take up to 30 minutes. This is because the process requires three (3) confirmation point to authenticate the transaction.
At this point since I wanted the dollar equivalent of my bitcoins, I clicked on sell bitcoins at the top of the page.
Depending on the region you are, you can decide to get you money as cash-in-hand, transferred to your bank account, to your PayPal account and many other options.
On this occasion, I need to receive my money into my PayPal account, so I typed PayPal into the search box. All those who carry out transactions in PayPal come up.
I had to go through the reviews and the trust levels and the rates they are offering before deciding on which of the buyers to go with.
Once I decided on the buyer, I did a test transaction of $20 equivalent of bitcoins. As I typed the amount, a corresponding bitcoins value was calculated. I then typed in my PayPal address and clicked send Trade Request.
Almost immediately, the service provider got in touch. A dialogue box became available to communicate with the buyer.
She sent $20 into my PayPal and once I had confirmed receipt, she asked me to release the bitcoins. and I released the bitcoins in my account to her. This took less that two minutes.
Trust is very important at this stage as there are risks on this type of transaction, mostly on the part of the buyer because, the PayPal will first need to be released before the bitcoins are released. In the image above, you can see a warning statement about the risk involved with the transaction.
Once I had established trust, I was then able to carry out a bigger transaction with the same buyer.
And that is it in a nutshell about how I was able to get my steem dollars from steemit into my PayPal account.
To sign up for a Localbitcoins.com account click here
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Happy Steeming!
