I just did my first transfer of Steem Dollars to Bitcoin via Blocktrades. And yes. Steem DOLLARS, not just STEEM.
Here is how I did it.
I used Coinbase as my wallet.
Step 1: Get your Bitcoin Wallet Address at Coinbase. Copy that address.
Step 2. In Block Trades Select Steem Dollars on the left. And Bitcoin on the right. And your Bitcoin Wallet Address at the bottom.
Step 3: Get instructions from BlockTrades
Here you will be given where to send the SD. In those instructions there will be a memo section that you will need to cut and paste. (I blackened mine out. Don't know if I need to do so. But you get the point.)
Step 4: Fill out Form on Steemit from your wallet.
Fill in where you are sending the SD. How many SD you are sending and then the memo you are cutting and pasting. (I blacked out the memo. Maybe unnecessary, but I'm new at this.)
Step 5: Receive confirmation email from Coinbase and then check Coinbase.
I got an email immediately saying the Bitcoin was deposited into my account. So I checked and it was there. (But still pending. And I will transfer it to my checking account when it is available.)
Step 6: Dance because you just received money from blogging.
(Relax. No screen shot of that.)
[Update] Step 7: Transfer money by SELLING Bitcoin to US.
And look at that I will have cash in my checking account by Friday.
Awesome.
Thoughts on this.
1. I'm still in denial that I have earned around $500 US from blogging in less than a week. (I'm not even looking at Steem Power in that calculation, so really I could DOUBLE that amount and not be lying.)
2. Consequently, I feel like I am playing a little with Monopoly money.
3. I didn't get 1 to 1 exchange. I got 80 cents on the dollar.
4. I don't care about the 20% loss. See number 2 above.
5. The exchange rate HAS to be in ones calculation.
6. I know that most people here are saying POWER UP! I am a teacher by day. I need cash. I am leaving Steem Power. But if I can take the $8 and use it to buy a coke and popcorn when my daughter and I go see The BFG this week. You're darn skippy I am going to use this money.