Learn how to effectively use your WALLET & how to cash out your earnings!steemCreated with Sketch.

in #steemit7 years ago (edited)

By watching this tutorial you will learn exactly how the Steemit Wallet works and more importantly, how to gain access to your earnings.

What do I cover in this tutorial?

  • The difference between Steem/Steem Dollars/Steem Power

  • How to use the main features of the wallet, including Powering Up and Powering Down

  • How to transfer Steem or Steem Dollars to people on the Steemit platform

  • How to transfer Steem or Steem Dollars to the Bittrex Market (https://bittrex.com) where it can be traded or cashed out as Bitcoin

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HOW TO TURN YOUR BITCOIN INTO CASH?

Once you have converted your Steem or Steem Dollars to Bitcoin (as described in the tutorial video) there are a few ways you can cash out to fiat currency.

OPTION 1

Local Bitcoins offer a service which will connect you with the nearest person wishing to buy Bitcoin in exchange for cash. Through this site a meeting place is arranged and the transaction happens peer to peer. No paperwork. No fuss.

And better that this, you are most likely going to have things in common with the person buying your BTC, often leading you to interesting new opportunities and an increase in knowledge surrounding the huge and constantly evolving subject of cryptocurrency.

OPTION 2

There are a growing number of Bitcoin Exchange shops around the world now. Here in central Bali there is a Bitcoin Exchange shop which I have used several times. It's simple but they give you a rubbish exchange rate and take 3% for the service. Also, you are obliged to hand over your passport details to use their service.

The exchange shop will keep a permanent record of your transactions with them, on a shared database. Not so desirable when the tax question surrounding Steemit comes to light.

So if you have a choice, go for option 1.

But if you are looking for convenience and don't care about the on-line 'paper trail' then Option 2 is for you.

You can find your nearest exchange centre using coinmap

Here you can see the world overview of Bitcoin exchange centres
world overview.jpg

And here you can see my old stomping ground London and all it's potential places to cash out
London overview.jpg
http://coinmap.org/#/map/51.49976691/-0.07690430/12


I filmed the exchange process at my local Bitcoin Exchange in Ubud, in order that others might learn from my experience.

Please let me know if you can think of anything I have missed out from this tutorial & remember to share with those who are still learning.

Seek to help others and you will find that soon others are helping you!

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Make sure to follow @steemtutorials if you are looking to get easy access to all these tutorials in one long list!

You can also access this list through Discord: https://discord.gg/FFNnYh8

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Thanks for the cool tutorial, I am sharing all this helpful posts as much as I can! Upvoted, resteemed and followed!

Much appreciated :)

Thanks heaps !! So helpfull !!

My pleasure to provide it for you. Keep following for more :)

thanks for sharing! that's helpful!

nice post and video, thank for sharing.

really helpful info, thanks, there are also Bitcoin ATM's now https://coinatmradar.com/

Thanks for the link.

There are two here in Bali.

Thank you for this tutorial! I knew most of the things but needed something clean and clear explaining the whole process until the end. Splendid job! :)

Thanks for the comment :)

Appreciated

handy lesson - i hope to cash out in about a year - am now following you in support

appreciate the comment & follow

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yeah... I know exactly what you mean.

Thanks for the tutorial!

My pleasure :)

Thanks so much for this; it's been challenging for me in getting the hang of it here; very helpful!

Totally understood. I was there once and there were no tutorials back then!