How to convert Steem to USD / EUR by riensen

steem · @riensen · Jun 30 '16 (edited)

$109.49

How to convert Steem to USD / EUR

![](http://i.imgsafe.org/55cdeb1d33.jpg)

Steem is a very young currency and as such you will need to follow a few steps to convert Steem to your local currency:
1. Earn enough Steem on steemit.com or via mining
2. Transfer your Steem to a Steem exchange and convert to Bitcoin
3. Transfer your Bitcoins to a Bitcoin exchange
4. Once you are fully registered at the exchange you can convert your Steem to your local currency and transfer to your bank account

![](http://i.imgsafe.org/55a2df1fea.jpg)

Earn enough Steem
---------------------
As the front page of steemit.com mentions with "Get 3$ Steem Power when you sign up" each new Steem member gets 10 Steem as a reward for joining the community.

https://i.imgsafe.org/57e3d64a2c.jpeg

You can see how much steem you currently have by clicking on your wallet. However, you cannot cash out your Steem until you have own at least 100 Steem and must wait until the 4th of July. This measure exists in order to prevent an abuse of the system e.g. by signing up multiple times.

![](http://i.imgsafe.org/55aa06f06f.jpg)

Transfer your Steem to a Steem exchange
---------------------
Once you own enough Steem you can transfer it to an exchange. CoinMarketCap is a respected institution for reporting volume of crypto coins on exchanges. Here you can see where most of the Steem is currently traded. I recommend to pick an exchange with the most volume as it will allow you to trade Steem with the most liquidity (at the time of writing Bittrex). There also exists other ways to convert Steem to Bitcoin e.g. via Blockpay or Blocktrades.us.

![](http://i.imgsafe.org/55acc64b79.jpg)

Transfer your Bitcoins to a Bitcoin exchange
---------------------
Steem at the moment Steem can only be traded into Bitcoin. You will need to convert your Bitcoin into your local currency by using a Bitcoin exchange.

The biggest exchange by volume are at the moment Bitfinex for USD and Kraken / Bitstamp for EUR. Usually you will need to provide proof of identity and address to these exchanges before you can convert Bitcoin or payout your currency to your bank account.

👍 rainman, roadscape, fuzzyvest, witness.svk, complexring, onceuponatime, samupaha, marginal, erath, berkah, indominon, donkeypong, asmolokalo, clains, friend5, vault, psylains, pinky-jangra, twiceuponatime, tshering-tamang, garycovington, cryptoctopus, void, trung81, newerasparky, cass, msutyler, craig-grant, chitty, ossama-benjohn, grittenald, hcf27, gregory-f, judyhopps, fintech-jesus, talanhorne, modeprator, anonimau5, trevorjenglish, nenad-ristic, tyanderson, naiya-cassidy, arskiss, brandonp, pseudonymous, dmitry.meshkov, riensen, zach-beckett, inboundinken, modernbuddha, materia, alexsm, edrivegom, cybercodetwins, timd, ebenezer, akaninyene-etuk, elkemi, steemster1, vladikras, plasticfuzzy, michaelmatthews, superbeni, nipunaeka89, and 56 others
👎 mrdsoft

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@cryptoctopus · Jun 30 '16

well done sir. That will help the people who are not yet "crypto-initiated" to get their bounty.

👍 yuda-susanto, riensen, vladikras, mikebluehair23, mineisjesus, erioni, dtrevor, theroliyogi

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@riensen · Jun 30 '16

Thanks, I appreciate it!

👍 riensen, mineisjesus

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@chris4210 · Jun 30 '16

Please also add the option BlockPay!

We at BitShares Munich are working hard on giving everybody a new cool platform to spend their earned Steem Dollars in real life!! You an now pay for your meal with Steem Dollar and BlockPay!!

https://steemit.com/bitcoin/@kencode/blockpay-being-rolled-out-in-de-fi-is-ru-tu-cn-ca-and-us-so-far
https://steemit.com/smartcoins/@kencode/steem-dollars-sbd-added-to-blockpos-today 

We also built an android app where you can manage your Steem Dollars with a few simple clicks.
https://steemit.com/crypto-news/@kencode/smartcoins-wallet-roadmap

BlockPay will start with an international Ambassador program within the next month to promote and sell the BlockPay app worldwide. You can help us already and send us a mail at info@bitshares-munich.de

cheers Chris 

Co-Founder of BitShares Munich

👍 andrew-bernbeck, riensen, mikebluehair23, dtrevor

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@riensen · Jun 30 '16 (edited)

Thanks for the comment. I have now mentioned it in an edit.

👍 riensen, mikebluehair23

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@beccas12 · Jun 30 '16

this is interesting! However, I just signed up and after reading this post I went to my wallet and saw that I do not have the 10 steem I am supposed to get when signing up? Is this an error or did you stop giving away steem?

👍 yuda-susanto, riensen, mikebluehair23, buge

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@riensen · Jun 30 '16 (edited)

Hi there, this seems like a bug to me. It also says on the front page that you get 3 USD when signing up- see this image: 
https://i.imgsafe.org/57e3d64a2c.jpeg


You have two options:
1. If you are not sure if this is a bug than post to https://steemit.com/hot/steemit-issues
2. If you are sure that this is a bug than you can post your issue here with screenshots and a description: https://github.com/steemit/steemit.com/issues

Thank you!

👍 riensen, mikebluehair23

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@aircoin · Aug 12 '17

Its not a bug, IT CLEARLY says $3 OF STEEM POWER.
Yes I'm a little bit late but just to clearfy any issues.
SteemPower is when you vote, how much your vote 'weights' / adds to the post, comment....

👍 cervinecanine

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@yuda-susanto · Jun 30 '16

nice tutorial for begginer

👍 yuda-susanto, riensen, yudasusanto1, mikebluehair23

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@riensen · Jun 30 '16

Thank you :)

👍 riensen, mikebluehair23

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@grittenald · Jul 1 '16

Exactly what people are looking for. Nice write up!

👍 mikebluehair23, nataleeoliver

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@ebenezer · Jul 18 '16

Thanks for the wonderful information

👍 mikebluehair23

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@michaelmatthews · Aug 15 '16

What is your favorite Steem/BTC exchange?  Poloniex?

👍 michaelmatthews, mikebluehair23

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@trillionaire · May 18 '17

Nice!

👍 mikebluehair23

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@jmcmeekin · Jun 20 '17

$0.02

Fantastic. Very useful advice. I hope that I will have earned enough Steem to do this also.

👍 mikebluehair23, hamzaanwar3, dope-tech, madhushiva, evan-koser

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@dali.soh · Jun 29 '17

what about steem dollars?

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@shawlang · Jul 9 '17

It seems like a long process.

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@steemsteamsteme · Jul 28 '17

Useful info thanks. Followed. I Invite you to follow my page as well. -pete

👍 steemsteamsteme

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@techprezz · Aug 3 '17

Nice work dude... really helpful  Thanks!

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@lad4ibk · Aug 21 '17

very simple and precise...followed, up voted

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@tochukwumadubuko · Sep 1 '17

great and simple explanation, even a kid gets along fine,with this

👍 bukkots.com, tochukwumadubuko

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@blacktranquility · Dec 6 '17

$0.05

**how to cash your steemit money?
I will keep these articles updated in my websites:**

[How to withdraw the money you earn at Steemit into USD in your PayPal or bank card?](http://blackpaperxyz.zdhweb.com/2017/11/how-to-withdraw-money-you-earn-at-steemit-usd-paypal-bank-card.html)

[The Tools I Am Using to Withdraw Steemit Money into PayPal](http://blackpaperxyz.zdhweb.com/2017/11/steemit-usd-paypal.html)

[How to Buy Bitcoin via PayPal?](http://blackpaperxyz.zdhweb.com/2017/11/buy-bitcoin-via-paypal-at-virwox.html)

👍 blacktranquility, siraniks, hamzaanwar3

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@rockpower · Jan 22 '18

Alright

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@theinspiredlife · May 3 '18

Aaahhh very helpful post!I'm sharing it to a friend!

👍 theinspiredlife

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