How to get my Steemdollars?

in money •  8 years ago 

How can I transfer these Steamdollars to my PayPal Account?

money steemit steem steemdollar transfer
8 years ago by

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      ·  8 years ago 

    As far as I know unless I've blatantly missed something you can't, steemdollars are an entirely seperate currency, what you could do though is sell them for steem and then for Bitcoin and then perhaps sell them for your local currency if you know somebody trustworthy to trade with.

    Paypal is generally considered a bad idea for trying with cryptocurrency though because of reversible transactions, just a heads up.

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        ·  8 years ago 

      so, how do I get them? for what can I use them?

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          ·  8 years ago (edited)

        Go to your wallet > Click on the drop down arrow where your steem dollars balance is > market

        You should then be able to sell your steem dollars for steem and then transfer your steem out of there, steem dollars are just a peg to the dollar currency, they can be used in the steem store I think but I tend to just sell them for steem, not entirely sure why they're there to be honest but I hope the little tutorial helped.

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            ·  8 years ago (edited)

          It's a complicated process right now that requires a few steps:

          1. Transfering STEEM and/or SBD (Steem Dollars) to an Altcoin Exchange like Poloniex or Bittrex.
          2. Use the Altcoin Exchange to convert STEEM/SBD to BTC
          3. Setup an account on a BTC/FIAT exchange (like Coinbase or one within your country) and link it to your bank account.
          4. Transfer BTC from Bittrex/Poloniex to a BTC/FIAT exchange
          5. Use BTC/FIAT exchange to sell the BTC and then transfer the funds into your bank account

          Steps 3-5 can be ignored if you just want to hold Bitcoin, which can be used to shop online many places (like overstock, newegg, or digital gift cards from gyft).

          It's a lot better than it was a few years ago... but it's all still a bit of a pain.

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