Why use Poloniex to convert Steem if you have BitShares!? by tarekadam

View this thread on: hive.blog | peakd.com | ecency.com

bitshares · @tarekadam · Jun 15 '17

$234.86

Why use Poloniex to convert Steem if you have BitShares!?

![Screen Shot 2017-06-15 at 13.07.54.png](https://steemitimages.com/DQmUrh5yADmh3f7XQdqrR4jRW7QhegjSxRNn2236hWs7Fju/Screen%20Shot%202017-06-15%20at%2013.07.54.png)

## "How can I convert some of my steem into EUR?"
<br>

That was the question my wife asked me yesterday. Since I never transferred any of my steem to EUR I had to think about it for a moment and finally said to her ... 

**"First send steem to Poloniex, than exchange steem into BTC or ETH and finally send the BTC or ETH to [anycoindirect.eu](https://anycoindirect.eu) in order to get EUR."**

I thought about that a bit longer and than corrected myself.

## "Forget about Poloniex, use Bitshares instead! It is faster, more secure and most important the transaction fees are much lower."

![pexels-photo-260637.jpg](https://steemitimages.com/DQmTFsW39cn8K6j5Z3GNYKxNCVejygWYDs638phz6d4UHvU/pexels-photo-260637.jpg)
*Source: Pexels.com*

Since I never converted any of my steem into EUR, I decided to test this workflow myself and will show the transaction flow (steem on steemit.com to EUR on my fiat account) going forward.

## Step1: Open a Bitshares account (It's free!)
If you haven't do so already you need to open a Bitshares account. You can do so via the **BitShares2-light desktop app** (download on [Bitshares.org](https://bitshares.org/download/)) or via the [BitShares web wallet](https://bitshares.org/wallet/#/). Visit the BitShares Telegram channel if you have any problems with creating an account.

## Step2: Get the STEEM deposit address from your BitShares Acount
Great, first step done. In your BitShares account find the **DEPOSIT/WITHDRAW** tab and choose STEEM under Deposit. Copy your **address and memo** using the button to prevent any manual error.

![Gif1.gif](https://steemitimages.com/DQmXUHF2HUi2TMiXsj18NMrbgVUWgUDmutABCpWfYb76xmP/Gif1.gif)
 

## Step 3: Transfer STEEM from Steemit.com to Bitshares
Since I love my precious STEEM I will only transfer a small amount (5 STEEM) in order to show the end to end transaction flow. With the BitShares deposit address and memo, go to your wallet on steemit.com select Transfer STEEM on the dropdown menu and enter the information from your BitShares account.

![gif2.gif](https://steemitimages.com/DQmUepqgDbSbChimbiydAitHNcwAFr8HWRMboHu1msTzfxZ/gif2.gif)

A couple of seconds later you see the STEEM on your BitShares account.

![screen2.png](https://steemitimages.com/DQmU1NNRh6BNRnbJmadLNnFndZUM1EW71qhbph5Mw8eQz3B/screen2.png)


## Step 4: Exchange STEEM to BTC on BitShares
Unfortunately [anycoindirect.eu](https://anycoindirect.eu) doesn't accept STEEM, that is why we need to go through all the process in converting STEEM to BTC and is stated in this post, in my opinion BitShares is the best platform to get that done.

In BitShares (I use the client app BitShares2-Light) go to the exchange tab and select BTC since we want to sell our STEEM and get **BTC** in return.  (Make sure your wallet is unlocked as it otherwise doesn't allow you to make the exchange).

![gif3.gif](https://steemitimages.com/DQmYu5qBKWN6eaQ6cRFRTjKaTETgiuZzeytL6tTWhnjvRtP/gif3.gif)


## Step5: Transfer BTC from BitShares into anycondirect (you might use another provider)
Back on the Deposit/Withdraw Tab in BitShares you should see under the BTC tab the new BTC amount we got from the STEEM exchange.

![Screen Shot 2017-06-15 at 14.20.00.png](https://steemitimages.com/DQmfBd6EzbHutXZUbJhsGTxFDXuajQUqy34ZNowUQFD7fTU/Screen%20Shot%202017-06-15%20at%2014.20.00.png)

The final step is a regular transaction from BitShares, in my case to anycoindirect where I sell BTC in order to get EUR!

![Screen Shot 2017-06-15 at 14.31.19.png](https://steemitimages.com/DQmcKma2wyjVYz3hGUWhypRVM55RQw1o7Fh65p9AzXWGkxc/Screen%20Shot%202017-06-15%20at%2014.31.19.png)

Unfortunately the BTC amount I want to store is to small to complete the Transaction but that is no problem, the BTC I got is very safe on my BitShares account!


I hope that guide was useful to you! If so than please let me know in the comments and if you like it please don't forget to follow and to resteem.

Thank you!

👍 thejohalfiles, blocktrades, lukestokes, enki, jaki01, tarekadam, joeyd, abdullar, vato, lichtblick, bitcoiner, zaebars, cm-steem, smailer, alienbutt, speda, felixxx, roelandp, isteemit, someguy123, btcmillionaire, dimimp, xanoxt, michaelx, gomeravibz, konelectric, m8586, tracemayer, yetaras, albertogm, pheonike, sokoloffa, uuuhha, on0tole, noggfresh, dmilash, snubbermike, vl248, burnin, marinabogumil, wthomas, rusteemitblog, ihashfury, blockchained, borishaifa, fbechstein, krishtopa, nadin3, grandpere, kralizec, andrew-bernbeck, anton333, always1success, konti, sveokla, orenshani7, shaunmza, tecav, hyiparena, allyouneedtoknow, elena-singer, raymondspeaks, victoriart, max-max, and 84 others
👎 stormuk69

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@alpav · Jul 6 '17

$0.39

I like this post, however "BTC I got is very safe on my BitShares account" is not exactly true. bitBTC is what is safe, but BTC (OPEN.BTC) is not more safe than on  Poloniex. May be a bit safer because OpenLedger (who keeps your OPEN.BTCs in custody) is not a US Corporation or may be a bit riskier.

👍 tarekadam

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@arorapuneet · Jun 19 '17

Poloniex is best ..I am using poloniex over bitrex 
Poloniex is much secure ...my bitrex account got hacked but poloniex is best guys

👍 arorapuneet

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@tarekadam · Jun 19 '17

$1.77

I am referring to BitShares not Bitrex :-)

👍 cryptoctopus, grandpere, ervin-lemark, cloh76, victoria2002, redpill

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@arorapuneet · Jun 19 '17

Hmm yaa gotcha ....btw thanks for d post

👍 arorapuneet

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@arorapuneet · Jun 19 '17

$4.73

Btw nice one bro thansk resteemed it

👍 tarekadam, arorapuneet

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@azlicr · Jun 18 '17

Good post @tarekadam im'm following now please follow me

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@bailey0799 · Jun 15 '17

$5.22

Retweeted for all my followers, just so they know an easier way of withdrawing!

👍 tarekadam

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@tarekadam · Jun 15 '17

Thank you! Very much appreciated.

👍 bailey0799

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bailey0799	0 B		67,465,921	100%

@bailey0799 · Jun 15 '17

I'm even downloading the client to try it next time!

👍 bailey0799

`author`	bailey0799
`permlink`	re-tarekadam-re-bailey0799-re-tarekadam-why-use-poloniex-to-convert-steem-if-you-have-bitshares-20170615t124953557z
`category`	bitshares
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properties (23)vote details (1)

voter	weight	wgt%	rshares	pct	time
bailey0799	0 B		63,417,966	100%

1 reply

@bitcoin1488 · Jul 26 '17

Thanks for the upvote. Found this post in my #googlesearch @bitcoin1488 So did an update.
https://steemit.com/steemit/@bitcoin1488/steemit-resteem-upvote-auction-also-on-ebay-as-a-reserve-auction

👍 bitcoin1488

`author`	bitcoin1488
`permlink`	re-tarekadam-why-use-poloniex-to-convert-steem-if-you-have-bitshares-20170726t205113482z
`category`	bitshares
`json_metadata`	{"tags":["googlesearch","bitshares"],"users":["bitcoin1488"],"links":["https://steemit.com/steemit/@bitcoin1488/steemit-resteem-upvote-auction-also-on-ebay-as-a-reserve-auction"],"app":"steemit/0.1"}
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properties (23)vote details (1)

voter	weight	wgt%	rshares	pct	time
bitcoin1488	0 B		0	0%

@btcmillionaire · Jun 19 '17

$5.84

Interesting I have always used Poloniex - never thought about the fees!

👍 tarekadam, btcmillionaire

`author`	btcmillionaire
`permlink`	re-tarekadam-why-use-poloniex-to-convert-steem-if-you-have-bitshares-20170619t114942396z
`category`	bitshares
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properties (23)vote details (2)

voter	weight	wgt%	rshares	pct	time
tarekadam	0 B		247,363,129,447	100%
btcmillionaire	0 B		51,403,358,774	100%

@btswolf · Jun 15 '17

$9.07

absolutely awesome !
thank you

👍 tarekadam, vato, the-ego-is-you, lepton

`author`	btswolf
`permlink`	re-tarekadam-why-use-poloniex-to-convert-steem-if-you-have-bitshares-20170615t124245052z
`category`	bitshares
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`created`	2017-06-15 12:42:48
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`body_length`	30
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`beneficiaries`	`[]`
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`post_id`	4,916,622
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`author_curate_reward`	""

properties (23)vote details (4)

voter	rshares	pct
vato	155,694,627,832	100%
the-ego-is-you	6,384,187,244	100%
tarekadam	221,746,179,625	100%
lepton	999,552,656	100%

@lepton · Jun 16 '17 (edited)

Hi! Sorry for stalking you here :D but have you seen those logos I made for you couple days ago?

properties (22)

`author`	lepton
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`category`	bitshares
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`net_rshares`	0

@tarekadam · Jun 15 '17

Thank you @btswolf

properties (22)

`author`	tarekadam
`permlink`	re-btswolf-re-tarekadam-why-use-poloniex-to-convert-steem-if-you-have-bitshares-20170615t124358517z
`category`	bitshares
`json_metadata`	{"tags":["bitshares"],"users":["btswolf"],"app":"steemit/0.1"}
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@the-ego-is-you · Jun 15 '17

$4.11

If Bitshares and Steem both, but especially BTS, had a slicker looking and easier to navigate interface though... that would make user stats and prices explode.

👍 oldtimer, michaelx, tracemayer

`author`	the-ego-is-you
`permlink`	re-btswolf-re-tarekadam-why-use-poloniex-to-convert-steem-if-you-have-bitshares-20170615t141328470z
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`author_curate_reward`	""

properties (23)vote details (3)

voter	rshares	pct
michaelx	43,763,692,324	100%
oldtimer	100,003,341,542	10%
tracemayer	31,693,883,364	100%

@michaelx · Jun 15 '17

$0.13

SO AGREE

👍 the-ego-is-you

`author`	michaelx
`permlink`	re-the-ego-is-you-re-btswolf-re-tarekadam-why-use-poloniex-to-convert-steem-if-you-have-bitshares-20170615t214708169z
`category`	bitshares
`json_metadata`	{"tags":["bitshares"],"app":"steemit/0.1"}
`created`	2017-06-15 21:47:09
`last_update`	2017-06-15 21:47:09
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`author_curate_reward`	""

properties (23)vote details (1)

voter	weight	wgt%	rshares	pct	time
the-ego-is-you	0 B		5,739,377,729	100%

@oldtimer · Jun 16 '17

$24.98

You forget to mention some liquidity too.

👍 oldtimer, the-ego-is-you

`author`	oldtimer
`permlink`	re-the-ego-is-you-re-btswolf-re-tarekadam-why-use-poloniex-to-convert-steem-if-you-have-bitshares-20170616t011312552z
`category`	bitshares
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`created`	2017-06-16 01:13:18
`last_update`	2017-06-16 01:13:18
`depth`	3
`children`	3
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`author_reputation`	467,238,930,346,592
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`author_curate_reward`	""

properties (23)vote details (2)

voter	weight	wgt%	rshares	pct	time
oldtimer	0 B		1,102,077,970,740	100%
the-ego-is-you	0 B		5,739,377,729	100%

3 replies

@freedomnation · Jun 15 '17

$4.50

Not in the EU but will be doing this in the future, thanks.

👍 tarekadam

properties (23)vote details (1)

voter	weight	wgt%	rshares	pct	time
tarekadam	0 B		216,706,493,725	100%

@funkit · Jun 15 '17

$4.31

I much prefere it to polo.

👍 tarekadam, redpill

properties (23)vote details (2)

voter	weight	wgt%	rshares	pct	time
tarekadam	0 B		216,706,493,725	100%
redpill	0 B		70,651,787	50%

@tarekadam · Jun 15 '17

That is fine. Is there a reason you you prefer polo? I am interested to know why.

properties (22)

@funkit · Jun 15 '17

$0.11

Read again. I think it is better.

👍 the-ego-is-you

properties (23)vote details (1)

@funkit · Jul 29 '17

$0.02

What if I told you there is a shorter way?

From step 4, buy bitEUR instead of btc.

Step 5, request a fiat withdrawal via openledger.

👍 jesta

properties (23)vote details (1)

@grildrig · Jun 15 '17

$5.04

Surprisingly, I just looked for it on the web the other day. My mother-in-law in Italy and I considered the possibility of transferring the Crypto-currency to the Eurocard. Thanks for the necessary information!

👍 tarekadam

properties (23)vote details (1)

@tarekadam · Jun 15 '17

I am glad the post was helpful to you.

properties (22)

@joeyd · Jun 15 '17

$5.19

Nice, wasn' t aware of anycoindirect.eu, will check that out.

👍 tarekadam

properties (23)vote details (1)

@tarekadam · Jun 16 '17

$3.68

I am in the Netherlands and  anycoindirect is a large provider here. Dependent where you live there might be different providers. But yes, check it out. :-)

👍 good-karma, xeldal, feruz, isaac.rodebush, bounties, reisman, steempoll, demo, esteemapp, tipping, irawandedy, b1czu, mysteem, carlos-cabeza, thecrazygm, thedailyroto

properties (23)vote details (16)

@ionlysaymeep · Jun 16 '17

meep

properties (22)

@joeyd · Jun 16 '17

I'm also in the Netherlands, but I was more familiar with bitonic.nl, it's always nice to have more options.

properties (22)

1 reply

@jojovdm · Jun 15 '17

$5.23

Very interesting, thank you very much for the tutorial I will try for my next exchanges

👍 tarekadam, jojovdm

properties (23)vote details (2)

@tarekadam · Jun 15 '17

Thank you, I think it is much better than using Poloniex but that is my opinion :-)

properties (22)

@kiporen212 · Jun 15 '17

$5.19

Bookmarking this.  Thanks. Following now.

👍 tarekadam

properties (23)vote details (1)

@lichtblick · Jun 19 '17

$4.86

Resteemed :-)

👍 tarekadam

properties (23)vote details (1)

@tarekadam · Jun 19 '17

$1.87

Vielen Dank @lichtblick :-)

👍 cryptoctopus, grandpere, lichtblick, ervin-lemark, cloh76, redpill

properties (23)vote details (6)

@lichtblick · Jun 19 '17

Sehr gerne @tarekadam :-)

properties (22)

@miansaad · Aug 4 '17

PlexCoin - The next cryptocurrency
https://www.plexcoin.com/?ref=IU0adKqOmj

👍 miansaad

properties (23)vote details (1)

@michaelx · Jun 15 '17

$6.93

Great stuff, perfect guide, resteemed, shared, and upvoted!

👍 tarekadam, michaelx, tracemayer

properties (23)vote details (3)

@tarekadam · Jun 16 '17

Awesome, thank you @michaelx

properties (22)

@nanabegood · Jun 15 '17

Tnx for the info..

properties (22)

@tarekadam · Jun 15 '17

You are welcome.

properties (22)

@omar-hesham · Jul 29 '17 (edited)

$0.03

👍 omar-hesham, minnowpond, minnowpond1

properties (23)vote details (3)

@rangertx · Jun 15 '17

$4.59

Thank you for this. I bought Bitshares about a week ago, but was confused about the Bitshares exchange.

👍 tarekadam

properties (23)vote details (1)

@tarekadam · Jun 16 '17

You are welcome, Ok am glad the post was helpful.

properties (22)

@rangertx · Jun 15 '17

$8.71

Someone else told me they transferred Steem into bitshare dollars.  So you can use the exchange to go back to dollars or Bitcoin, correct?

👍 tarekadam, cryptoctopus, xeldal, jesta, grandpere, ervin-lemark, cloh76, redpill

properties (23)vote details (8)

@tarekadam · Jun 16 '17

$4.99

You don't need to exchange steem into BTS before exchange to Bitcoin. You can exchange steem directly into Bitcoin. Give it a try, the fees are very low and doing some exchanges will boost your learning curve rather than to read from others. Just test it with a small amount.

👍 good-karma, xeldal, legiah, feruz, isaac.rodebush, bounties, reisman, steempoll, demo, esteemapp, tipping, irawandedy, mysteem, carlos-cabeza, thecrazygm, thedailyroto

properties (23)vote details (16)

@rival · Jun 23 '17

wow, also this helped me. I must create a bitshares account. It will book it to every sepa account?

properties (22)

@tarekadam · Jun 23 '17 (edited)

$10.62

For SEPA (Fiat currencies) you need to go to e.g. Coinbase or others. You can't transfer digital currencies to an SEPA Account via Bitshares. ( Might come one day, who knows :-))

👍 tarekadam

properties (23)vote details (1)

@royhamada · Jun 21 '17

$0.56

thank you

👍 tarekadam, royhamada

properties (23)vote details (2)

@the-ego-is-you · Jun 15 '17 (edited)

$5.19

Great. Let's get more Steemians to use Bitshares. It really is a radical platform, truly fit for cooperative agorism and blockchain revolution!

👍 tarekadam

properties (23)vote details (1)

@tarekadam · Jun 15 '17

I agree!

properties (22)

@yetaras · Jun 15 '17

$5.21

An interesting post for those who want to convert Steem or SBD into cash! Thank you for sharing!

👍 tarekadam

properties (23)vote details (1)

@tarekadam · Jun 15 '17

Thank you for your comment. Yes the post is hopefully helpful for people who like to use Bitshares for this task rather than another exchange.

properties (22)

voter	rshares	pct
xeldal	67,806,014,681	0.3%
carlos-cabeza	152,251,700	3%
good-karma	99,223,605,250	3%
mysteem	168,193,253	3%
demo	323,821,193	3%
feruz	3,038,724,295	3%
esteemapp	317,295,867	3%
reisman	334,831,896	2.4%
irawandedy	300,702,925	3%
bounties	344,888,493	3%
steempoll	334,750,543	3%
isaac.rodebush	413,398,011	0.3%
tipping	304,260,456	3%
thecrazygm	87,419,525	3%
thedailyroto	79,866,534	3%
b1czu	290,177,130	100%

`author`	ionlysaymeep
`permlink`	re-tarekadam-re-joeyd-2017616t64059963z-20170616t050710931z
`category`	bitshares
`json_metadata`	{"tags":["bitshares"],"app":"meep_bot/0.0.1"}
`created`	2017-06-16 05:07:12
`last_update`	2017-06-16 05:07:12
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`author_reputation`	754,962,855,156
`root_title`	"Why use Poloniex to convert Steem if you have BitShares!?"
`beneficiaries`	`[]`
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`percent_hbd`	10,000
`post_id`	4,981,893
`net_rshares`	0

voter	rshares	pct
ervin-lemark	1,766,820,513	9%
cryptoctopus	99,840,957,712	30%
grandpere	4,702,433,953	30%
cloh76	767,581,385	30%
lichtblick	3,898,375,217	1%
redpill	70,652,409	50%

`author`	miansaad
`permlink`	re-tarekadam-why-use-poloniex-to-convert-steem-if-you-have-bitshares-20170804t055827257z
`category`	bitshares
`json_metadata`	{"tags":["bitshares"],"links":["https://www.plexcoin.com/?ref=IU0adKqOmj"],"app":"steemit/0.1"}
`created`	2017-08-04 05:58:39
`last_update`	2017-08-04 05:58:39
`depth`	1
`children`	0
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`root_title`	"Why use Poloniex to convert Steem if you have BitShares!?"
`beneficiaries`	`[]`
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`percent_hbd`	10,000
`post_id`	10,718,438
`net_rshares`	514,201,600
`author_curate_reward`	""

voter	rshares	pct
omar-hesham	5,863,302,303	100%
minnowpond	941,258,234	1%
minnowpond1	292,181,389	1%

voter	rshares	pct
xeldal	67,796,117,296	1.2%
ervin-lemark	1,762,847,950	9%
cryptoctopus	99,840,957,712	30%
grandpere	4,694,002,212	30%
cloh76	767,581,385	30%
jesta	36,717,704,366	12%
tarekadam	226,804,854,584	100%
redpill	70,651,787	50%

voter	rshares	pct
xeldal	67,806,284,258	0.3%
carlos-cabeza	152,251,700	3%
good-karma	99,223,836,316	3%
mysteem	168,193,253	3%
demo	323,821,193	3%
feruz	3,038,724,295	3%
esteemapp	317,295,867	3%
reisman	334,831,896	2.4%
irawandedy	300,702,925	3%
bounties	344,888,493	3%
steempoll	334,750,543	3%
isaac.rodebush	413,398,011	0.3%
tipping	304,260,456	3%
thecrazygm	87,419,525	3%
thedailyroto	79,866,534	3%
legiah	61,597,991,844	100%