Newbie guide to quickly exchange steem dollars

This is the second part in a series to find out how to convert steem dollars to Euros on my bank account. It turns out this is not hard at all. Note that there are other ways than the one described below, using exchanges, but the moment I see something like the image below I run away scared.

It’s too complex for a beginner. There’s also an issue that steem can’t be traded everywhere and there is no easy way to exchange steem dollars to euro. So the plan is to first convert the steem dollars to something else and then have that something else be converted to euros. The last step I will explain in an upcoming post. There are several services available to help us with(litebit, anycoindirect, btcdirect ). For the first step I chose Litecoin for reasons that are outside the scope of this article but it could be any popular coin such as Bitcoin or Ethereum.

The first step is to convert the steem dollars to Litecoin. And with that comes the requirement to store the Litecoin somewhere. Again, to keep things easy I chose Jaxx. It is a simple wallet with a good interface and it supports many coins. Head over to Jaxx website. Download, install and run the application.

We only want a Litcoin wallet at the moment so choose ‘Custom’.

Next select Litecoin. (Or any other coin which fits your needs)

Coins have a tendency to fluctuate a lot and it’s not easy to picture the value of coins. Therefore the user interface offers to automatically convert the coin value to a fiat value. My fiat is Euro so I chose Euro.

As with any crypto it is wise to regularly backup your wallet, after all this is your money. Jaxx uses a twelve word phrase to protect the restoring.

Keep the words somewhere secure

And confirm them

An extra security measure is a PIN

Again, confirm your PIN

Next you should see your empty wallet. Never so happy to see an empty wallet ;-)

The next step is to move/trade/convert some steem dollars to our new wallet. To do this I used the easy and straightforward service of https://blocktrades.us. It is not necessary to create an account. It can be interesting to see a history of transactions, but to keep it plain simple it is not necessary. It’s really simple. Select the coin to convert from, the coin to convert to and an amount you wish to convert.

Click on the ‘Get Deposit Address’. You will be given a deposit address. Copy this address and head over to your steemit wallet. Click on your steem dollars and a popup opens. Select ‘Transfer’.

You’ll get a new popup. Here you need to enter the transfer details as shown below. In the memo you need to fill in the deposit address that blocktrades gave you.

Hit submit and check the history at the bottom of your wallet. Here is the transaction you just made.

Now take a look at your Jaxx wallet. You should see the transaction pop up here. It might take a couple of minutes for everything to sync.

The transaction is yet unconfirmed. This takes an extra bit of time but should end up confirmed.

That’s it, it’s that simple. The steem dollars have been traded to Litecoin. Next story will be to convert the Litecoin to Euro on my bank account.

Stay tuned...