So you have some SBD but you want to turn it into "real money" in the sense of fiat currency, such as for example US Dollars. This is easier than you might think!
In this guide, I will show you step-by-step how to do this.
The first step is to get some of your SBD out to an exchange where it can be converted into another currency.
Today, I will be using Bittrex, where I already have an account. To start this process, you need the wallet address for SBD in your exchange. Once you have this, go into your wallet and next to SBD, click the down arrow and then the "Transfer" button
This will pop up the following screen, where I will enter the exchange (bittrex) as the recipient, the amount to transfer (50 SBD) and the SBD wallet in the memo field, then click Submit
After hopefully not long, this money will appear in your exchange, and here are the 50 SBD in my Bittrex account.
Next, we need to convert the SBD into a currency which can be more easily converted to USD
The easiest currencies to pay out to USD are currently, in no particular order, Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, partially because of their inclusion on Coinbase. However, this is not a definitive list.
Because of Litecoin's speed and low cost, I would normally use that, but to avoid converting twice and to keep this tutorial simpler, I will use Bitcoin today.
So, I will go to the SBD/BTC trading page on Bittrex
%20BTC-SBD%20SteemDollars.png)
At this point, you execute a trade depending on how your exchange works. Since this tutorial isn't about that, I won't include specific instructions for that.
Great, so we've now moved our SBD out of Steemit, converted it to BTC, and now we must converted it to USD.
To convert to USD, I will move my BTC from Bittrex to my Coinbase account by withdrawing it from Bittrex using my Coinbase BTC wallet address:
After patiently waiting somewhere between a few minutes and a day depending on network saturation and transaction confirmations, the BTC will arrive in your Coinbase account.
Lastly, let's take that Bitcoin deposit, sell it for USD and transfer it to my bank account
What started at 50 SBD is now about $170 arriving within 2-3 days to my bank account
- Please let me know what other tutorials you'd like to see!
- You can check out my tutorial on converting SBD into Steem power right here