(Disclaimer: Please allow me to apologize because I don't know how it works for other cryptocurrency exchange markets. I only use bittrex.)
I have no idea what cryptocurrencies are!
According to Google, cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
Not much big of a help. I still don't have an effing idea.
When I joined the steemit community earlier this year, I was clueless of blockchain, bitcoins, and other cryptocurrency-related-terms. As the time goes by, I came to know a thing or two by hearing simplifications from friends and from reading blogs of other steemians. That's the time I created my coins.ph account and my bittrex account. I tried to transfer Steem and Steem Backed Dollars (SBD) from my steemit account to my bittrex account. I had problems but that's when I learned more about world of cryptocurrency. (Check out my previous post about how I managed to finally receive my payouts in here.)
Here are the three things I learned is selling SBD in bittrex:
1. You can't sell all your SBD at one go.
If you have a large amount of SBD transferred in your bittrex account, you can't sell them all at once. You have to wait for all your SBD to be sold.
For instance, you tried selling all your SBD leaving you a 0 SBD balance. You might get shocked to check your bitcoin account balances and find 0.00000000 under 'Available Balance'.
Don't panic. That's because your SBDs were not sold yet. You may want to check your SBD account balance and see your currency under the column 'Reserved'.
At times, your SBDs are also sold by part if you tried selling a large amount. The equivalent bitcoins come in part by part, too.
2. The % Change in Bittrex isn't the basis for you to sell your SBDs.
At first, I thought as long as the percent change is green and high it means a good deal. Why? Because green means 'GO'. I've never been so wrong.
I sold my SBDs thinking that I could earn more because the percent change is much more than usual; however, the increase in the amount of SBD I sold were actually dependent on the current price of SBD. One should wait for the right moment to sell their SBDs to earn more. The right moment means high values for Steem Backed Dollars.
3.The Steem Backed Dollar's prices changes all the time.
As the saying goes, there's nothing constant in this world but changes. The SBD prices isn't steady. They always change so much so don't be disappointed. As I have mentioned in number two, you just have to wait for the perfect time to sell your SBD.
For the pat 24 hours, the SBD prices kept on going up. So if you want to earn more, the best time is the moment like 24 hours ago where steem reached 0.00108990. Check out some posts about the price hike below.
@tjpezlo's update on the increase of SBD price:
12 hours :SBD Price Action Update
10 hours: SBD Volume... All time high
8 hours: Update SBD
Don't be afraid to try and don't be shy to ask questions. There are a lot of steemians who're willing to help. Steem on everyone!
Congratulations. Not only have you mastered something you know nothing of. You have also done something most people hasn't in their entire life. Exchanges are not the average joes expertise. And you can demand any price you want there. In the case of sbd it would never happen though.
I wouldn't say I mastered it. Haha. I don't think I'll be an expert in cryptocurrency. I guess I can say I'm familiar with it now. Thanks for your comments.
Still you did it. It's not much different from Forex or a stock exchange. So it is a lesson in you probably wouldn't have learned without.
Aaww. Thanks @funkit! I appreciate it a lot. I hope I continue to learn more.
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Thank you!
I can't get over how many people don't know what CryptoCurrency is. It amazes me every day. It's good to know that I'm not late to the party as I just learned about it 2 months ago and am absolutely fascinated! Since then I've only met one other person who knew more than I did and that was just 3 days ago.
Well, it's nice to know more about cryptocurrency. I'm proud of myself for learning those. Thank you for stopping by!
I still don't quite get what keeps the sbd price up? Traders? Why?
I don't believe you. Lol. Your name's @crypto-p. You probably know a thing or two about it. Thank you coming by!
Thank YOU for being on Steemit, Krizia! Love. ^^
Waaah. Thank you for being here, too.
What's this? Lol. I'm confused.
What's what? I am really confused too.... I don't know!
You're funny @crypto-p. That's what. Haha. Are you making fun of me? Are you? Are you?
The reason that happened was because at the time you placed the order to sell, price changed or you put the other at a price nobody was bidding for. So it has to stay until someone offers to buy it at the price you put in and boom the order will be filled. This is actually a trading technique. Welcome to the world of crypto!!!
Thank you @yourhelper! That's exactly right. You said it better than I did. Thanks for dropping by.