The Hand Holding Guide to Transfering Steem Dollars into Bitcoin Using Bittrex

in #steemit9 years ago

Today I decided to try and transfer some Steem Dollars (SBD) into Bitcoin.

I have made it my mission to earn 1 bitcoin through Steemit (and maybe through some free bitcoin mining tools, but that's a topic for another day)

I searched how to transfer steem dollars into Bittrex and then how to transfer SBD into bitcoin here on Steemit and I struggled with what seemed to others to be the most simplest of instructions, so here is a really really step by step, hand holding explanation with screenshots every step of the way (it may seem way too detailed for some of you).

I even attempted a nurturing Steemit Logo to show my hand holding love!

This is the guide I would have loved to stumbled across for the complete newbie (or should I say Steembie) to getting some bitcoin from Steem Dollars.

Step 1


You will need to sign up for an account at http://www.bittrex.com. This is straight forward enough as you just need to register a new account. When you get to Bittrex.com, click on login in the corner



Step 2


There is a sign up option at bottom of login page...



Step 3


So easy to sign up, just choose a username and enter your password twice and hit submit.



Step 4

Bittrex will send a confirmation email you need to find and click the confirm link in that email. Then use the sign up details you just created to log in. When you look at the page initially when you first sign in, you may well think what I did, which was WTF and where is the blinking search button?



Step 5


You will need to click on Wallets



Step 6


And the search option is finally visible, yay!



Step 7


Type in SBD into the search box...



Step 8


And you will see the + and - icons. Press on the +



Step 9


As it is your first time, you will need to click on New Address.



Step 10


It will fill in the fields for Memo and Registered Account. The Memo is unique to every account. The registered account will be Bittrex. These details will show up in future log ins. Copy these details down...



Step 11

Now Go to the Wallet in your Steemit Account



Step 12


Locate your Steem Dollars...



Step 13


Press the little down facing triangle by the steem dollars and select Transfer.



Step 14


1: Enter Bittrex in the "To" field
2: Enter the amount you want transfer in the 'Amount' Field
3: Enter your unique Memo number generated in step 7
4: Press Submit



Step 15

You will need to confirm your Steemit master account details...



Step 16


You will see in your history that your transfer has been successful.



Step 17


Go back to your wallet on Bittrex, transferring SBD can take up to 10 minutes to transfer over.


Note: You can stop at this point to determine whether now its a good moment to exchange SBD to Bitcoin (but that is beyond the scope of my knowledge at this time and my mission to get 1 bitcoin)




Step 18


Go to Labs and select Auto Sell...



Step 19


Scroll down the list to SBD (its in alphabetical order so scrolling is required) and select Enable Autosell and this will transfer any Steem Dollars into Bitcoin automatically every time you transfer it to your Bittrex account. You can easily press it again and disable it.


Step 20


And volia I now have 0.015 Bitcoin - how exciting I have made my first foray into cryptocurrency (to find this amount I clicked on wallet and searched BTC).

I hope this step by step process helps you want to discover more about bitcoin and cryptocurrency, like it has me, but I need someone to tell it to me in really baby terms and I've not quite got my head around it all yet, but I'll get there.

Enjoy your bitcoins.

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thank you for providing this great guide for the layman to exchange some SBD for bitcoin. Still goin for 100% power up myself as I see steem reaching 10 dollarss by the end of the year. Have fun out there and good luck with your future posts!

I would also use the auto sell function with caution.

But I could feel how you hold my hand and huided me through selling my first SBD.

I like this very much but I personally wouldn't use auto sell unless you were pretty much clued up on the current price when you send it. I am a manual kind of guy who sells when the price is higher than normal.

A fantastic guide though, I wish there has been something like this for my first time!

I am a complete noob and stumbled across the autosell part. I'll have to take another look to see how to do it manually.

Manually is good because you can set them up for a price a bit above the current and just leave them there then when/if it goes to that price it will sell them for you. If you ever need a hand in that respect feel free to tap me up in chat. It's quite easy :0)

Thank you, I may well do that, when I have a few more SBD to spare. I have auto sold everything spare today.

Great article! What do you guys think of conversing STEEM in BTC or holding in the account and generating STEEM POWER with those money, developing the platform and the community? What is the long term vision?

I'm really not the right person to ask - I don't understand a lot about it myself yet. I am holding on to my Steem Power though, I like having a vote worth a few cents, so I'm just cashing the Steem Dollars.

Ok, thanks for the response. We will discover as time passes by what is best to do.

Really useful information! I hope I still remember it when I finally have enough steem dollars to make it worth doing. :-)