Hi Steemians, you should always follow this steps to get the most US Dollars (or any other fiat currency) from your Steem Dollars when you decide to cash out some of them. To get the most of your Steem Dollars, you should have an account on both Poloniex and Bittrex trading Platforms.
1.- Use Steem Prices (a contribution from fellow Steemian @jasonmcz) to monitor internal market and external market Steem prices.
2.- This is the IMPORTANT step, wait till the gap between the internal market and the external market is reasonably small. I've find out that a gap of 5% is reasonable, waiting for it to get smaller would be really complicated. If the gap is more than 10% I would recommend you to wait, cause anything more than 10% is not normal, that means the gap should narrow soon.
3.- Once you see the gap is not too big, buy Steem with your Steem Dollars in the Internal Market.
4.- Send it to either Poloniex or Bittrex, the one with the higher Steem Price at the moment. Considering the prices in the image above as example, you would gain 2 cents per steem by sending it to Bittrex instead of Polonix, this is why I recommend having an account in both trading platforms.
5.- Sell your Steem for Bitcoin
Finally you need to sell the Bitcoin for US Dollars in any exchange platform that allows fiat withdrawals in your local currency. Remember that the smaller the gap between the internal market and the external market the more Bitcoin you will get, and more Bitcoin means more US Dollars.
I know this may be obvious for some of you but I hope some of you find it helpful.
Nicely done Oumar I continue to be impressed with your writing here.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
hehe thanks a lot @raymonjohnstone
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
"buy Steem with your Steem Dollars in the Internal Market."
This takes place after one week (i think it's a long term)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Exactly as Enki says, buying steem in the Market will be immediate, you do not need to wait a week using the convert option.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hello @oumar Que Tal? Ud. esta en la ciudad de Mexico DF? Queria hacerte unas preguntas si es posible, gracias. Dejeme saber por favor.
@streetstyle
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hola @streetstyle, no, no vivo en la Ciudad de Mexico, actualmente me encuentro viviendo en Guadalajara, Jalisco. Me puedes encontrar en www.steem.chat como oumar. Saludos!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That is one option. Waiting for the one week conversion will generally guarantee a dollars worth of steem from your steem dollars. However this step is not necessary if you want to trade your steem dollars immediately for Steem or BTC. You can send either your SBD (steem dollars) or Steem to the exchanges listed above and trade for BTC, or you can trade your SBD for Steem on the internal market. https://steemit.com/market The 7 day wait is only if you choose to use the "convert" option. Trading is instant on the internal market.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit