For some of y'all this is really easy, common sense type of stuff. Steemit is a social network built on blockchain that pays rewards in cyrptocurrency, and a lot of people on here are here because they are already familiar with that kind of stuff. However, when it comes to your average girl next door (hey there!) 🙋, who may really want to join Steemit for the blogging, community and rewards, there may be a little confusion when it comes to how to turn $ you earn on here into real world dollars.
Thankfully, I happen to have a cryptoloving husband @rlamasb who has been able to help me cash my crypto out in the past using the Living Room of Satoshi here in Australia, like earlier in the month when I wanted to cash out my profit that I made on Ethereum:
However, I listened to enough Destiny's Child growing up to know that I shouldn't be depending on my husband for everything in life, especially when it comes to finances. I needed to be able to handle this shit on my own if I am going to start taking cryptocurrency seriously. So this little guide is one that I have put together to help people, similar to myself, who do not come from a tech-savvy background and want to know how they can transfer their Steem into their bank account.
Balances in Steem Power or Steem Dollars will need to be converted into Steem. For Steem Power this is done by clicking 'Power Down', although it will be released in instalments, not straight away. For Steem Dollars (SBD) this can be done through the internal marketplace in Steemit.com or by clicking 'Convert to Steem' in your Steemit Wallet.
Disclaimer: I will not actually hit send at the end to transfer into my bank, because I intend to Power Up all of my Rewards now, as I am thinking more long term, but I will still walk you through every step of the way
1. You will need to set up an account on www.bittrex.com
2. In your Bittrex Wallet click on the + sign next to Steem to Deposit your Steem from Steemit into the exchange. If you can't see Steem appearing straightaway on the first page of your wallet, search for Steem in the search bar on the top right.
3. This box will pop up to give you the memo and the account info that you need to use in your wallet on Steemit.com to initiate the deposit
4. Go into your account on Steemit.com, and in the Wallet, click on the your STEEM balance and hit 'Transfer', inputting the details from your Bittrex wallet as shown
5. Move back to your Bittrex account and when the Steem has cleared through, click on the underlined text hyperlink 'STEEM' and that will move you to the marketplace where you will then exchange your Steem for Bitcoin (so that you can transfer Bitcoin to real money after).
6. You will need to scroll down on the market page underneath the graphs to find this 'SELL STEEM' box. Select the amount of Steem you want to sell (hit Max for all) and then click the blue 'Sell STEEM' button
7. Woohoo! It sold and you now have Bitcoin! When you see this you can return to your Wallet (still in Bittrex) to see your bitcoin sitting there
8. For fellow Australians (Hi guys!) you can then use www.livingroomofsatoshi.com to send your funds into your bank account, which when they clear will appear like the screenshot I showed earlier from my ANZ bank. For other countries you will need to find the equivalent website, for the US I believe you can use Coinbase. To start this process I enter my BSB and ACC # and the number of bitcoins I want to sell
9. You will then be given an address to move funds accross, you will need to copy these details into your wallet on Bittrex
10. In your Bittrex Wallet click the - next to Bitcoin to initiate the withdrawal and enter the information from Living Room of Satoshi (or another website if you are not Australian)
So there you have it in 10 simple steps: How you can turn this money you are earning on Steemit into real money in your bank account. Cashing all your earnings out of Steemit.com isn't the reccomended thing to do by cryptolovers, as most prefer to invest into Steem Power to boost rewards on the site and look for a longer term profit, but it is nice to be able to have the option if you wanted to cash out all or part of your earnings. Some cash out to exchange for other coins, in order to make a profit in the market and then convert back into Steem.
Hope this was helpful for fellow newbies such as myself! Reach out to me in the comments! What are you guys planning on doing with your Author and Curation Rewards? Follow, Upvote and Resteem to show me some love 😍
If you are a newbie and want to check out some of my other posts. I have a Steemit How To: on writing a good post, another on how to use Streemian to boost your rewards and one on how to make more money from your posts.
Check out as well my first week highlights, and how I made $400 on one post
Thanks for reading and have a great weekend! 😊
