Why use Poloniex to convert Steem if you have BitShares!? by tarekadam

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· @tarekadam ·
$234.86
Why use Poloniex to convert Steem if you have BitShares!?
![Screen Shot 2017-06-15 at 13.07.54.png](https://steemitimages.com/DQmUrh5yADmh3f7XQdqrR4jRW7QhegjSxRNn2236hWs7Fju/Screen%20Shot%202017-06-15%20at%2013.07.54.png)

## "How can I convert some of my steem into EUR?"
<br>

That was the question my wife asked me yesterday. Since I never transferred any of my steem to EUR I had to think about it for a moment and finally said to her ... 

**"First send steem to Poloniex, than exchange steem into BTC or ETH and finally send the BTC or ETH to [anycoindirect.eu](https://anycoindirect.eu) in order to get EUR."**

I thought about that a bit longer and than corrected myself.

## "Forget about Poloniex, use Bitshares instead! It is faster, more secure and most important the transaction fees are much lower."

![pexels-photo-260637.jpg](https://steemitimages.com/DQmTFsW39cn8K6j5Z3GNYKxNCVejygWYDs638phz6d4UHvU/pexels-photo-260637.jpg)
*Source: Pexels.com*

Since I never converted any of my steem into EUR, I decided to test this workflow myself and will show the transaction flow (steem on steemit.com to EUR on my fiat account) going forward.

## Step1: Open a Bitshares account (It's free!)
If you haven't do so already you need to open a Bitshares account. You can do so via the **BitShares2-light desktop app** (download on [Bitshares.org](https://bitshares.org/download/)) or via the [BitShares web wallet](https://bitshares.org/wallet/#/). Visit the BitShares Telegram channel if you have any problems with creating an account.

## Step2: Get the STEEM deposit address from your BitShares Acount
Great, first step done. In your BitShares account find the **DEPOSIT/WITHDRAW** tab and choose STEEM under Deposit. Copy your **address and memo** using the button to prevent any manual error.

![Gif1.gif](https://steemitimages.com/DQmXUHF2HUi2TMiXsj18NMrbgVUWgUDmutABCpWfYb76xmP/Gif1.gif)
 

## Step 3: Transfer STEEM from Steemit.com to Bitshares
Since I love my precious STEEM I will only transfer a small amount (5 STEEM) in order to show the end to end transaction flow. With the BitShares deposit address and memo, go to your wallet on steemit.com select Transfer STEEM on the dropdown menu and enter the information from your BitShares account.

![gif2.gif](https://steemitimages.com/DQmUepqgDbSbChimbiydAitHNcwAFr8HWRMboHu1msTzfxZ/gif2.gif)

A couple of seconds later you see the STEEM on your BitShares account.

![screen2.png](https://steemitimages.com/DQmU1NNRh6BNRnbJmadLNnFndZUM1EW71qhbph5Mw8eQz3B/screen2.png)


## Step 4: Exchange STEEM to BTC on BitShares
Unfortunately [anycoindirect.eu](https://anycoindirect.eu) doesn't accept STEEM, that is why we need to go through all the process in converting STEEM to BTC and is stated in this post, in my opinion BitShares is the best platform to get that done.

In BitShares (I use the client app BitShares2-Light) go to the exchange tab and select BTC since we want to sell our STEEM and get **BTC** in return.  (Make sure your wallet is unlocked as it otherwise doesn't allow you to make the exchange).

![gif3.gif](https://steemitimages.com/DQmYu5qBKWN6eaQ6cRFRTjKaTETgiuZzeytL6tTWhnjvRtP/gif3.gif)


## Step5: Transfer BTC from BitShares into anycondirect (you might use another provider)
Back on the Deposit/Withdraw Tab in BitShares you should see under the BTC tab the new BTC amount we got from the STEEM exchange.

![Screen Shot 2017-06-15 at 14.20.00.png](https://steemitimages.com/DQmfBd6EzbHutXZUbJhsGTxFDXuajQUqy34ZNowUQFD7fTU/Screen%20Shot%202017-06-15%20at%2014.20.00.png)

The final step is a regular transaction from BitShares, in my case to anycoindirect where I sell BTC in order to get EUR!

![Screen Shot 2017-06-15 at 14.31.19.png](https://steemitimages.com/DQmcKma2wyjVYz3hGUWhypRVM55RQw1o7Fh65p9AzXWGkxc/Screen%20Shot%202017-06-15%20at%2014.31.19.png)

Unfortunately the BTC amount I want to store is to small to complete the Transaction but that is no problem, the BTC I got is very safe on my BitShares account!


I hope that guide was useful to you! If so than please let me know in the comments and if you like it please don't forget to follow and to resteem.

Thank you!
👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 84 others
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@jojovdm ·
$5.23
Very interesting, thank you very much for the tutorial I will try for my next exchanges
👍  ,
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@tarekadam ·
Thank you, I think it is much better than using Poloniex but that is my opinion :-)
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@btswolf ·
$9.07
absolutely awesome !
thank you
👍  , , ,
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@tarekadam ·
Thank you @btswolf
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@the-ego-is-you ·
$4.11
If Bitshares and Steem both, but especially BTS, had a slicker looking and easier to navigate interface though... that would make user stats and prices explode.
👍  , ,
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@michaelx ·
$0.13
SO AGREE
👍  
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@oldtimer ·
$24.98
You forget to mention some liquidity too.
👍  ,
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@lepton · (edited)
Hi! Sorry for stalking you here :D but have you seen those logos I made for you couple days ago?
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@bailey0799 ·
$5.22
Retweeted for all my followers, just so they know an easier way of withdrawing!
👍  
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@tarekadam ·
Thank you! Very much appreciated.
👍  
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@bailey0799 ·
I'm even downloading the client to try it next time!
👍  
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@nanabegood ·
Tnx for the info..
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@tarekadam ·
You are welcome.
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@yetaras ·
$5.21
An interesting post for those who want to convert Steem or SBD into cash! Thank you for sharing!
👍  
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@tarekadam ·
Thank you for your comment. Yes the post is hopefully helpful for people who like to use Bitshares for this task rather than another exchange.
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@the-ego-is-you · (edited)
$5.19
Great. Let's get more Steemians to use Bitshares. It really is a radical platform, truly fit for cooperative agorism and blockchain revolution!
👍  
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@tarekadam ·
I agree!
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@freedomnation ·
$4.50
Not in the EU but will be doing this in the future, thanks.
👍  
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@funkit ·
$4.31
I much prefere it to polo.
👍  ,
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vote details (2)
@tarekadam ·
That is fine. Is there a reason you you prefer polo? I am interested to know why.
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@funkit ·
$0.11
Read again. I think it is better.
👍  
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vote details (1)
@grildrig ·
$5.04
Surprisingly, I just looked for it on the web the other day. My mother-in-law in Italy and I considered the possibility of transferring the Crypto-currency to the Eurocard. Thanks for the necessary information!
👍  
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@tarekadam ·
I am glad the post was helpful to you.
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@michaelx ·
$6.93
Great stuff, perfect guide, resteemed, shared, and upvoted!
👍  , ,
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vote details (3)
@tarekadam ·
Awesome, thank you @michaelx
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@kiporen212 ·
$5.19
Bookmarking this.  Thanks. Following now.
👍  
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vote details (1)
@joeyd ·
$5.19
Nice, wasn' t aware of anycoindirect.eu, will check that out.
👍  
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vote details (1)
@tarekadam ·
$3.68
I am in the Netherlands and  anycoindirect is a large provider here. Dependent where you live there might be different providers. But yes, check it out. :-)
👍  , , , , , , , , , , , , , , ,
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vote details (16)
@ionlysaymeep ·
meep
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@joeyd ·
I'm also in the Netherlands, but I was more familiar with bitonic.nl, it's always nice to have more options.
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@rangertx ·
$4.59
Thank you for this. I bought Bitshares about a week ago, but was confused about the Bitshares exchange.
👍  
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@tarekadam ·
You are welcome, Ok am glad the post was helpful.
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@rangertx ·
$8.71
Someone else told me they transferred Steem into bitshare dollars.  So you can use the exchange to go back to dollars or Bitcoin, correct?
👍  , , , , , , ,
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vote details (8)
@tarekadam ·
$4.99
You don't need to exchange steem into BTS before exchange to Bitcoin. You can exchange steem directly into Bitcoin. Give it a try, the fees are very low and doing some exchanges will boost your learning curve rather than to read from others. Just test it with a small amount.
👍  , , , , , , , , , , , , , , ,
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vote details (16)
@azlicr ·
Good post @tarekadam im'm following now please follow me
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@lichtblick ·
$4.86
Resteemed :-)
👍  
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vote details (1)
@tarekadam ·
$1.87
Vielen Dank @lichtblick :-)
👍  , , , , ,
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vote details (6)
@lichtblick ·
Sehr gerne @tarekadam :-)
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@btcmillionaire ·
$5.84
Interesting I have always used Poloniex - never thought about the fees!
👍  ,
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vote details (2)
@arorapuneet ·
Poloniex is best ..I am using poloniex over bitrex 
Poloniex is much secure ...my bitrex account got hacked but poloniex is best guys
👍  
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vote details (1)
@tarekadam ·
$1.77
I am referring to BitShares not Bitrex :-)
👍  , , , , ,
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vote details (6)
@arorapuneet ·
Hmm yaa gotcha ....btw thanks for d post
👍  
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@arorapuneet ·
$4.73
Btw nice one bro thansk resteemed it
👍  ,
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@royhamada ·
$0.56
thank you
👍  ,
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vote details (2)
@rival ·
wow, also this helped me. I must create a bitshares account. It will book it to every sepa account?
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@tarekadam · (edited)
$10.62
For SEPA (Fiat currencies) you need to go to e.g. Coinbase or others. You can't transfer digital currencies to an SEPA Account via Bitshares. ( Might come one day, who knows :-))
👍  
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@alpav ·
$0.39
I like this post, however "BTC I got is very safe on my BitShares account" is not exactly true. bitBTC is what is safe, but BTC (OPEN.BTC) is not more safe than on  Poloniex. May be a bit safer because OpenLedger (who keeps your OPEN.BTCs in custody) is not a US Corporation or may be a bit riskier.
👍  
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@bitcoin1488 ·
Thanks for the upvote. Found this post in my #googlesearch @bitcoin1488 So did an update.
https://steemit.com/steemit/@bitcoin1488/steemit-resteem-upvote-auction-also-on-ebay-as-a-reserve-auction
👍  
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@omar-hesham · (edited)
$0.03
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vote details (3)
@funkit ·
$0.02
What if I told you there is a shorter way?

From step 4, buy bitEUR instead of btc.

Step 5, request a fiat withdrawal via openledger.

👍  
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@miansaad ·
PlexCoin - The next cryptocurrency
https://www.plexcoin.com/?ref=IU0adKqOmj
👍  
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