Long story short, if you post on steemit, you get bacon. Long story long, how I cashed out SBD and bought a bacon sandwich.
For the first time in my Steemit experience I used earnings from my blogging to make a real world purchase. It was a fantastic feeling. I still have some lightness in my limbs. It’s a real high. Since this was my first experience cashing out I likely paid more than was needed, and received less than I could have, while working harder than I had to. I have been wanting to cash out some of my earnings for a while now. I set up a couple of different wallets on exchanges and watched youtube videos about the process. I read blogs on #Steemit and decided that I wanted to do this weeks ago. It’s been a real rollercoaster watching the value of SBD crash, and now begin to climb again in the time since I started piling up SBD.
After reading many blogs about how to cash out I have to say, this post is for historical purposes, it’s meant to document a moment in time and should not be considered advice. This post IS NOT MEANT TO BE FINANCIAL ADVICE.
Among the wallets and accounts I used to buy a bacon sandwich with earnings from the steem blockchain the first was a CoinBase account.(I get $10 if you use my code)
CoinBase has an option to connect to your bank account. If I had a checking account instead of a savings account I would have been able to end this post here. Because CoinBase will not connect to a savings account I ended up going through extra steps.
When I cashed out SBD I used @blocktades. I am unsure if this is the only way to begin the process, but since the steem blockchain is open source it seems like anyone with the know how could design an sbd exchange. I opened my Steemit wallet and chose the sell option from the Steem Dollars drop down menu, this took me to blocktrades.us.
Once on blocktrades I chose to sell 15 SBD for 0.20956619 (25.80) LiteCoins. I had found my LiteCoin wallet address on Coinbase and copied it. Then pasted it into the LiteCoin field on BlockTrades, then clicked “Get deposit address” button. At this point the SBD is traded for Litecoin through BlockTrades, they take a percentage. SBD was being traded at 2.440 or so, which would have made the value of the SBD close to $36. So Blocktrades took about 4 SBD for their efforts.
Once the LiteCoins arrived in my CoinBase wallet I swapped them for fiat currency. At this point if I was a different sort of person, I would have been able to easily send the fiat to my checking account. Instead I traded the fiat $25.31 for 0.00324447 BTC BitCoins. Then I sent the BitCoins to an exchange named VirWox.
VirWox is an exchange site. You can deposit all sorts of currencies into their exchange then swap them for other currencies. I deposited my BitCoins into their exchange, then swapped the BitCoins for SLL. After that I swapped my SLL for US dollars and asked VirWox to deposit the money in my Paypal. $20.56.
For those of you who are following along closely you will have noticed that what was 15 SBD became $20.56 USD in my paypal. For the final step I sent $20 USD from my Paypal to my Starbucks Card. Starbucks has an app which allows it’s users to place mobile orders using their membership card to pay, I ordered a Double Smoked Bacon sandwich.
SBD becomes bacon, and the world is a better place because of blockchain technology.
Thanks for reading this far!
If you enjoyed this post you may like one of the other blogs I have written.
You can find them here, or here, or here.
I am a member of these Discord channels which support community and connections on Steemit.
PALnet
SteemUSA
Steem Star Network
Written with StackEdit.
Seems to me that you should have skipped Coinbase altogether.
You could have used Blocktrades to convert your SBD directly to Bitcoin deposited at the Virwox exchange address.
Doing your first crypto trade/conversion to fiat is a HUGE learning curve, so CONGRATS!
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Duly noted.
It's a bizarre experience for certain. With lot's of potential for losing everything if you don't paste the proper address.
I didn't realize that I could skip CoinBase until you just pointed it out. Makes sense to cut out as many of the middle markets as possible.
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Another way to save some fee costs, is to open an account @ https://www.huobi.pro as they just started trading Steem and you do not need any ID to open an account, only a cel phone.
You would have to sell your SBD for Steem on Steemit's internal market first, as Huobi does't have SBD listed. Then transfer the Steem over to Huobi. Then sell it for either Bitcoin or Ethereum.
You'll get a better rate than what Blocktrades gives you.
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Looks like the land of the free restricts access to this sort of communist propaganda... or terrorist... or economic fake news... or whatever we hate these days I forget.
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Congrats and well played.
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Many thanks! I feel a sense of accomplishment.
Cryto to calories unlocked.
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Congratulations! I haven't tried this. I need to study the process, too. I'm glad you were able to enjoy your earnings!
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In the process I figured out that there is no need to take down my earnings as LiteCoin and instead I can take them directly as BitCoin.
The thing I need to figure is how to lower the cost of using @blocktrades.
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I know someone told me once about a cheaper way to transfer. I'll look for that info.
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Congrats on doing it, and that is the most well deserved bacon sandwich haha.
I would still have been livid for losing $14 dollars because the exchanges force us to use shitty coins in the first place just to get a cash out. slower -> more expensive and have no real world use, are the coins they demand we hop through just to get money which in this case you worked damn hard for.
No better than the normal banks at least the banks are upfront about gauging you. With crypto it seems you never know how much you are going to pay just that you are.
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Now I have to say that's alot of work for some bacon, but holy moly did that make laugh!
Steemit pays out via bacon :)
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Exploring a little as I look to convert my SBD to Paypal then use it to buy Sterling Silver to make jewelry from I found that duckduckgo offers a coin to USD conversion tool. Pretty cool! I just used it to figure out that cashing out Etherium was my best option, of the three I checked.
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