Some of you, may have been making a killing with Steemit and some of you might not actually be familiar with bitcoin. Some of you may have no idea how to bring this money into a form that will be accepted by merchants. Conversion to bitcoin and then conversion to Fiat is one solution. This puts money in the bank, but then you will need to go to a machine and get the bank. And if you are traveling this is not practical.
# Setup Google Authenticator
Open your smart phone and go to the app store, get Google Authenticator. Install it.
# Open Accounts
Open new tabs for each website here. You will need them both open in the following steps.
Second thing you need to do, is open an account at http://bittrex.com or some other STEEM or STEEM BACKED DOLLAR (SBD) to bitcoin exchange; and open account at http://coinsbank.com.
You can get nice long passwords from http://grc.com/passwords.html. Copy the ALPHA-Numeric one and store it in a file. When you need it you can copy and paste. The browser will probably offer to remember your passwords for you. Great you can leave your password backed up in a couple of harddrives. You'll only need it if you change browsers or get another device. Don't invent your own password. People have a tendency to invent the same ones!
# Setup Second Factor Authentication
In order to mitigate the unlikely event that you're password might get used by someone else. Get second factor authentication, using Google Authenticator, find 'Second Factor Authentication' on each of bittrex.com and coinsbank copy the long private key meant for Google Authenticator on both sites. (note which site goes with which private key) and hide that peice of paper somewhere. Scan both of these codes in to your smart phone's instance of Google Authenticator. You'll wont need this paper ~~unless~~ until your phone dies.
# Get verified
Start the the verification process in both Bittrex and CoinsBank. Answer all questions truthfully. The more you're verified the cheaper things are and the higher the limits will be.
# Deposit
Setup a deposit of STEEM or SBD from the wallet section in Bittrex. Click on "Wallets" and you will see a long list of cryptocurrencies with a '+' and '-' on the left of each one. Use the search box to find what 'SBD' or 'STEEM' depending on what you have and what you want on your credit card.
A instructions will pop up telling you that the 'Registered Acct' is something (in the case of BitTrex.com it will be bittrex) and you need to include a memo code. Go log into Steemit using an Active key, Owner key, or Master password.
Go to 'Wallet' and in the STEEM (or STEEM DOLLARS) section choose transfer. Enter the 'Registered Acct' for the user id and the memo in the memo that BitTrex gave you.
# Trade
After a few minutes, the currency will appear in BitTrex. You may want to log out and have a cup of coffee, or go shopping. When you come back, you'll need to login to BitTrex again. Click on the name of the currency, either 'SBD' or 'STEEM'. You will see a graph of the price of the currency you have in terms of Bitcoin. Maybe it is rocketing to the moon or maybe it is crashing down to Earth. If you already have bitcoin, you can just send your bitcoins to coinsbank in the next sectoin and skip this section.
In the 'SELL' Section enter the MAX number the amount of what you have. In the Price section enter the BID price in bitcoins you see above. The PRICE is the value of one STEEM in bitcoins. One bitcoin has a value of 100s of dollars, so don't worry if the STEEM or SBD has a fraction. Click on 'SELL' and after some time you will get BITCOINS in your wallet in BitTrex.
# Create Card
Now over in CoinsBank, get yourself a virtual credit card, you can even get a platic one sent to you but if you're paying in person why not use cash? You will have to use the Authenticator to see the details, just copy these details and now you have a card you can use to buy things online.
@heiditravels @craigrant #bitcoin #travel