TUTORIAL: How to convert HIVE to BTC using blocktrades - deposit to Coinbase
One of the first questions I was asking myself when I got to (back then) steem was .. ok, suppose I earn some tokens. How would I convert them to real money? Not for the profit per se, but for the fact that it could actually become 'real money'.
I did not know back then what to do, I started blogging and after some time I decided to give it a try.
The first exchange account I created was by Coinbase, it seemed to be the easier one. I found someone to use their referral (that earned us both 10$ :)) and I converted some steem to litecoin.
Since then I have converted some of my earnings to fiat, when there is a bill that I cannot afford to pay or when I absolutely need some extra cash.
This is the process that I follow, because Coinbase does not accept hive directly.
1. You will need a blocktrades.com account & a Coinbase account (or any other account will do, you will need a wallet address of the deposit coin)
Find the links to create them below
2. You will need hive
You will need an amount of hive to make the conversion. If all your hive is in the form of Hive Power then you need to power down (This will divide your hive power to 13 equal weekly amounts of hive)
3. You need a fresh mind
At first I noted all steps down with a pen on a piece of paper. Dont laugh, I did! I was too scared and I felt very insecure.
Make sure you understand the instructions and for the first time start with a small amount of hive.
So, breathe in - out and .. there you go!
4. Sign in all your accounts and have those tabs open
- blocktrades, coinbase and of course hive wallet
I will go for BITCOIN, even though the fees are quite high at the moment. Please do your own research and make sure you select a low fee coin, especially if you only convert your hive so that you can withdraw in fiat (euros, usd)
5. Go to Coinbase Dashboard / click on Send/Receive (upper right and make sure you select the Receive > Coin of your choice and copy the given address)
6. Go to https://blocktrades.us/en/trade and enter your address
Click on Get Deposit Address and then
Click on Manual Transfer (This is the method I use) - but you could also use hivesigner if you wish
7. Click copy on the memo and then go to your hive wallet where you will have to enter it as below
Make sure that you use the correct recipient and correct memo
Click on NEXT and then Confirm after you cross check
You may need to fill in your hive password again for security reasons.
That's it!
The amount is already on its way!
Check the transaction
- Your wallet will have the transaction of hive sent
-
Your blocktrades account will have the transaction as completed
- You will receive an email confirming the transaction! Coinbase You just received 0.00124426 BTC (€19.47 EUR) You just received 0.00124426 BTC (€19.47 EUR) from an external Bitcoin account. It may take up to 3 network confirmations before your Bitcoin is available to trade.
In a few minutes you will be able to see your transaction in your Coinbase account!
I wish you good luck and please let me know if the above was clear or if you need any help!
Create a @blocktrades account
https://blocktrades.us/en/register
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( In case you dont have a binance account, feel free to use my ref so that we both get a 10% on commissions! https://www.binance.com/en/register?ref=BVCQI4LF )
Thank you so much for visiting!
Please let me know of any comments on the above. Your feedback is always appreciated and valued
Disclaimer I do not provide personal investment advice so please make your own research before proceeding to any investment/trading actions. All information found here are for informational or entertainment purposes and should not be construed as personal investment advice.
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