How do I convert my steem dollars to steem power? I was using the default 50/50 because I didn't know better. Thank you for caring about others.
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How do I convert my steem dollars to steem power? I was using the default 50/50 because I didn't know better. Thank you for caring about others.
50/50 actually gets you more $ right now with the Steem Dollar being worth more than $1 usd. So you're actually doing good there.
There are a few ways, but the easiest is to just use the 'convert' to Steem option which you find by clicking the little down arrow next to Steem Dollars in your wallet. This takes 3.5 days to complete and uses the avg Steem/SD prices over this period. Then you just power it up by clicking the little down arrow next to the Steem in your wallet.
You can also sell the SD in the internal market or sell it for BTC/ETH/etc on an external market like blocktrades.us, poloniex, bittrex, kraken etc and then buy steem...which you'd send back here to power up.
I can make a more full on guide for this one. But I wanted to at least get you some answer now.
Thank you , I' m a little slow getting this, But is steem dollars a middleman or go between steem and steem power. You just can't go from steem dollars to steem power. So why have steem dollars when there is a steem coin?
Steem dollars are their own unit of currency which is supposed to be with one usd. Steem is the only currency that can be powered up.
So the sd isn't really a middleman, just different with it meant to be more stable at holding it's value.
I'll try to expound more when I'm home from work. 😀
Thank you @sykochica .Sorry another question, So what are steem dollars good for or what can you buy with them besides steem? Other to confuse me, lol
There have been a few businesses around the world that accept steem dollars, but not many..yet. 😀 However there are people on here that accept or pay in steem dollars for goods and services. #steemgigs tag shows some of these.
The idea for the steem dollar is to have a currency with a stable value (even though it's been fluctuating more lately, it's supposed to be better 90 cents and $1.10.
These make it easier for businesses (or individuals) to price things. It would be rough to keep up with changes in steem price.
Having something with stable value is appealing for many that trade goods and services. It also gives users a way to hold their steemit earnings in a more stable way. 😀
You explained very well. Thank you.. Were Steem is the crypto that can change in value. Got it.
Exactly. Using slightly more official terms steem is the currency and steem dollars is an asset. The currency is controlled by the market and this asset has mechanisms in place to try keeping pegged to one Us dollar.
That's a good question.