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Recently, with the help of some posts here, I managed to transact 12 Steem Dollars to my bank account as Indian Rupees. There are many Indian newbies here, so I created this post just to help them and to clear confusions regarding currency transactions.
Before starting please note that the method I am going to explain here is tested myself. There could have other alternative ways too. And the screenshots used here are captured from my phone and not from PC.
First of all, you must have a Bitcoin address to receive money as bitcoins. To obtain Bitcoin address, I used ZebPay mobile app. ZebPay is basically a bitcoin exchange to buy and sell Bitcoins in India. In ZebPay app, create a new account with your details. To get Bitcoin address, you need to submit your Pan card details as well as bank account details.
Verification of the details submitted would be completed within working days. You will get the Bitcoin address, once your account is verified. Secondly, you need an account in any exchanges out there to convert SBD to Bitcoin.
Creating an account in Blocktrades is simple and hassle free. But having an account can help us to track our transaction history easily.
Under send, choose Steem Dollar and select bitcoin under Receive. Paste your Bitcoin address in the Your Receive Address box.
Now go to http: Click on Steem Dollars dropdown and choose transfer option. In the to field, type blocktrades. In the Amount field, choose your amount of SBD to be transferred. Also, paste the copied memo to the corresponding field. Click on Submit and you may need to log in with password again for security purposes. And your SBD will get transferred successfully. Now go back to http: You can also look into the bitcoin transaction from there.
You may see 'unconfirmed transaction' message but no need to worry, bitcoin will be credited within few hours. You will get notification from ZebPay app once you receive your Bitcoins. Open the app, sell the received bitcoin to get it converted to INR.
Go to account section of ZebPay app and withdraw the converted money to your bank account. It would take one working day to get money into your bank account. India is embracing blockchain in a very admirable manner.
Hope most nations follow suite. Followed you back, hope you can as well. This could have been a little confusing otherwise but you have made it very easy for me to cashout when I become a millionaire in here: Excellent post Rashid thank you!
Thanks for this mate. What is the least amount of Steem dollers that can be transferred through blocktrades? Today transcated 6 sbd what I got is. Finally what I will get is only 6 Rs. Please follow me and look into my posts as well. Thanks a lot rashidckk , the post was indeed very useful as the steem platform is quite new and we Indians are still figuring out to make the best and most optimal use of this platform.
Your post was very informative and will help many Indians like us. Let's look into the requirements. Copy your Bitcoin address from ZebPay app. Clicking on Get Deposit Address generate a memo. Copy that memo to your clipboard. This way you can easily get Steem Dollars to your bank account as Indian Rupees. Authors get paid when people like you upvote their post.
Thank You Very Nice Information. Hope this helps get more people on steemit. Hello, excellent post, lots of help. Thanks for the info Detailed post with screenshots. Appreciate the time and effort. Any alternative of block trade which has lowest fees. Thanks for this post. Thanks for greatest helpful post. I would be using the same method. God bless you mate! Great source of information. Hey really great post Your post is so nice and amazing.
I really helped me. For that i upvote. Very helpful and detailed post. Thank you so much! Thanks for this post! I'm new to cryptocurrencies and still trying to figure out everything.