Like many Steemians, I have been using some of my payouts to fund my day to day living, while I get on doing other things. In my case, I usually work on projects that benefit humanity in some way but which do not generate money - so Steem is a great way to help me do that. Therefore, it's valuable to know the lowest cost way to convert Steem/SBD and other crypto into Fiat currency such as GBP/USD/EURO for use in the traditional banking system.
I posted 4 months ago about how you can use uphold.com to convert crypto into fiat currency and have it paid to your bank account with minimal fees. I'm still recommending to use that service today too as I still haven't found anyone as cheap (plus uphold has proven reliable so far too).
What is new though is that they new support a few other crypto currencies, including BAT (Basic Attention Token), Bitcoin Cash, Bitcoin Gold and Dash. BAT has very low transaction fees, which means that you can now transfer crypto to them with very low transaction fees. Currently it costs around $1 to send any amount of BAT from Bittrex to Uphold... Compare that to the cost of sending Bitcoin and even Litecoin and you can see it's a cheaper option.
Overall, this means that the total cost of converting crypto to fiat is now even lower! Nice!
You can also buy crypto with fiat at uphold too, though you may have to pay a bank transfer fee at the bank side of the transaction as they don't currently accept credit/debit cards for that purpose.
The only other thing to mention is that the Uphold signup process involves receiving an SMS message that some have been having problems getting to function correctly.. However, Uphold provide a simple alternative which is to use an app (authy) on desktop or mobile device to authorise directly - which so far has worked for me and my friends 100% of the time.
Do you have any better options? Maybe a cheaper/faster way to convert to/from fiat when needed?
Wishing you well,
Ura Soul
View My Witness Application Here
I have been looking for an alternative for Bittrex for a while now since they don't accept new members for now. Can you please confirm that this still works? And all you do is convert SBD to Litecoin on Blocktrades (where no account is necessary) and you then send it to ur Uphold wallet (where you can then exchange it to GBP and send it to your British Bank account)? Also, is there a step-bt-step tutorial video or blog post of this anywhere? Many thanks for this awesome post @ura-soul!
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Yes, that all still works as far as I know. I don't have a tutorial of it, but maybe I'll make one soon. :)
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I will check out Uphold. Although at the moment my main requirement is to find an easy / cheap route to buy steem or SBD with UK pounds.
I have so far been using the UK bank to Blockchain.info / Coinbase to Bitcoin to steem route.
That route has now more or less collapsed as fees on the Bitcoin part of the process have gone skyhigh.
I have a small amount of bitcoin stuck at Blockchain.info - I am quoted fees there between 25% and 50% to move to steem - with unknown transaction fees.
Peer to peer seems to be optimal route to go. So if anyone wants to sell steem or SBD for UK pounds at CoinmarketCap rates with no fees do let me know.
Happy to do payment by Paypal, BACS or Amazon Gift Card.
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I would send fiat to Uphold and then convert it into BAT and send it to Bittrex - to then convert it into Steem or SBD. Another option is to convert it into Litecoin in Uphold and then send it to Blocktrades which will then send Steem/SBD to wherever you like.
You might be able to convert the Bitcoin into something else with lower fees, if you have enough at blockchain.
I might be able to help you with buying some STEEM later today, you can mail me at [email protected] to discuss if you like. :)
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Hi @ura-soul, I've just got back in - will email you shortly.
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Thanks for this. Signing up for Uphold.
Sorry I missed yesterday evening. Email sent in case you want to do any direct steem trading in future.
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Thank you! I'll also read up on your older post. Happy holidays!
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Thanks, you too!
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Am positive that Steem and SBD will break records by going above projections in 2018.
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We shall see!
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I like your post ... if I have time I would love to learn to you .. if you have time please visit my block and I am very thankful to you. .
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Thanks! Having bitcoin is great, trying to get it out for fiat is not, same has been happenning to me with altcoins, so this was quite useful, at least for me. Gracias!
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You are welcome!
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I predict it will be higher or lower than it is now :)
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Getting in and out of Crypto is still kind of a weak spot :P Thanks for this tip I will try it out!
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This is great! QuadrigaCX is currently the only way to change things back to fiat in Canada that I know of. I can’t wait to get verified and check this out.
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Thank you for this information. You saved me a ton of time by telling me out uphold. Resteemed.
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