Made My Mortgage Payment Using Only SPS Staking Rewards
This is first time selling any SPS. I have staked all my daily airdrops in their entirety. However, starting on 8/15 I have left my STAKING REWARDS liquid with the idea in mind to pay my mortgage payment this month using only the STAKING REWARDS. You can see above that I have accumulated $448.426 worth of Staking Income which is enough to pay my mortgage.
It was a rather complicated process to get the income into USD and into my checking account. I will show the steps here, and if anyone has a quicker and easier way to do this, please let me know.
The first step was to transfer my liquid SPS to my Hive Engine Wallet. You simply use the transfer option.
The next step was to sell the SPS for HIVE. However, it's not in HIVE at this point, it's in Hive.swap. There is no way to transfer out to another exchange directly from Hive Engine. You have to withdraw it to your HIVE Wallet.
You use the withdraw function and send it to your HIVE account. You see there is a 1% withdrawal fee charged by Hive Engine.
Once when I have the HIVE in my HIVE wallet I transferred it to the Bittrex exchange. PeakD makes this process very simple by allowing you to click on the HIVE box in your wallet. (Do not use the drop-down menu.) When transferring out to an exchange you have to make sure that you use the Memo given to you by the exchange in your deposit address. In case you are wondering why I didn't just withdraw my SPS to my Binance wallet, which is connected in the Splinterlands game, it was because as a US citizen I can't use the Binance exchange.
The next step was to sell my HIVE for Bitcoin. I have to do this because the only exchange I have attached to my checking account to withdraw USD is Coinbase. And Coinbase does not have a HIVE pair, I had to convert it to BTC on Bittrex.
Once I had the HIVE converted to BTC in Bittrex, I sent it to my Coinbase account.
And once I had the BTC in Coinbase I sold it for USD, then withdrew it to my checking account.
And the final step was to use the cash to make my next mortgage payment.
You can see at the beginning of this process, I had $448.426 in SPS and by the time it got to my bank account, there were only $418.74 thanks to all the transactions I had to make. But since the mortgage was only $408.76, I was still able to accomplish my goal.
Although the price of SPS is slowly going down, I am going to continue to stake my airdrop rewards and to leave my staking rewards liquid. It's a great feeling to actually use the game I love playing to provide me with a real monetary value.
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