Why use Poloniex to convert Steem if you have BitShares!?

"How can I convert some of my steem into EUR?"

That was the question my wife asked me yesterday. Since I never transferred any of my steem to EUR I had to think about it for a moment and finally said to her ...

"First send steem to Poloniex, than exchange steem into BTC or ETH and finally send the BTC or ETH to anycoindirect.eu in order to get EUR."

I thought about that a bit longer and than corrected myself.

"Forget about Poloniex, use Bitshares instead! It is faster, more secure and most important the transaction fees are much lower."

Source: Pexels.com

Since I never converted any of my steem into EUR, I decided to test this workflow myself and will show the transaction flow (steem on steemit.com to EUR on my fiat account) going forward.

Step1: Open a Bitshares account (It's free!)

If you haven't do so already you need to open a Bitshares account. You can do so via the BitShares2-light desktop app (download on Bitshares.org) or via the BitShares web wallet. Visit the BitShares Telegram channel if you have any problems with creating an account.

Step2: Get the STEEM deposit address from your BitShares Acount

Great, first step done. In your BitShares account find the DEPOSIT/WITHDRAW tab and choose STEEM under Deposit. Copy your address and memo using the button to prevent any manual error.

Step 3: Transfer STEEM from Steemit.com to Bitshares

Since I love my precious STEEM I will only transfer a small amount (5 STEEM) in order to show the end to end transaction flow. With the BitShares deposit address and memo, go to your wallet on steemit.com select Transfer STEEM on the dropdown menu and enter the information from your BitShares account.

A couple of seconds later you see the STEEM on your BitShares account.

Step 4: Exchange STEEM to BTC on BitShares

Unfortunately anycoindirect.eu doesn't accept STEEM, that is why we need to go through all the process in converting STEEM to BTC and is stated in this post, in my opinion BitShares is the best platform to get that done.

In BitShares (I use the client app BitShares2-Light) go to the exchange tab and select BTC since we want to sell our STEEM and get BTC in return. (Make sure your wallet is unlocked as it otherwise doesn't allow you to make the exchange).

Step5: Transfer BTC from BitShares into anycondirect (you might use another provider)

Back on the Deposit/Withdraw Tab in BitShares you should see under the BTC tab the new BTC amount we got from the STEEM exchange.

The final step is a regular transaction from BitShares, in my case to anycoindirect where I sell BTC in order to get EUR!

Unfortunately the BTC amount I want to store is to small to complete the Transaction but that is no problem, the BTC I got is very safe on my BitShares account!

I hope that guide was useful to you! If so than please let me know in the comments and if you like it please don't forget to follow and to resteem.

Thank you!