With the current spike in SBD (currently at around 10USD for 1SBD on bittrex) we have seen a rise in complaints on our server from people using the CONVERT TO STEEM option in the wallet and getting a terrible return. We want our minnows to be well informed and make good decisions, and profit off this spike as much as possible so here are some tips!
DO NOT USE CONVERT TO STEEM, instead use the internal market and you will get a much better return so you can power up effectively.
The convert option will exchange at approximately 1:1 or even less and there is no easy way to calculate what you will get. On the internal market you can be certain of the amount of STEEM you will buy before accepting. Any time SBD is over 1$ you should sell on the internal. Any time it is under 1USD you should use convert.
Steps to exchange SBD to Steem
While prices are this high the best thing to do is click the menu under your steem dollar balance and choose market.
On the BUY STEEM side fill in your total amount of SBD you want to spend and it will autofill the amount of Steem you can buy.
The STEEM price is autofilled but if the market is moving fast you may need to adjust this price to be a little higher than the lowest sell price (illustrated by the red box).
Click buy steem and enter your private active key.
Check your wallet to see that the transaction has gone through, sometimes this may take a moment.
Also when SBD is high make sure you are setting your post payouts to 50/50 before submitting them so you can earn some of that sweet SBD.
Now that you have those STEEM you can choose to hold or power up! We recommend powering up!
If you have any other questions or this tutorial is unclear to you we are always willing to answer questions on the PAL discord: https://discord.gg/gP8m4RZ
thanks for information it is helpful because lot of new user doing this .
You rock sir for refreshing and very much guided us in running circumstance. these are the technical points generally steemians specialy newbies doesnt know. so due to your this post we learnt much. amazing endeavors you have for the promotion and development of this plateform, I realy appreciate your work. indeed much obliged.
Thanks for your valuable post. It’s really important to us.
Steemit should delete 'Convert' option. There is no need for it if market exist. In this way they are only confusing people!
Indeed, only use it when SBD are below 1usd!
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Thanks for sharing this important information.
Could of used this info 3 days ago!!!!
lol Thank you!
listen up people don't let ignorance cost you!!! I just traded 15 sbd for 8.741 steem!!!
Namaste!
Sorry to hear about this Jesse, I wrote this on Aggroeds request because another user contacted me about it as well, it's really not an obvious thing. At least now you know!
Thanks for this information.
Thank you for this clear info! Unfortunately, I was using the convert to steem option. I will use this method going forward.
still trying to wrap my mind around all this! Your info helps out a lot! Thank you
This would be useful information if I had any SBD to convert. I'm a new user and it looks like I was just a bit late to benefit from the price increase. What WOULD be helpful are some posts with pointers on how to be a more productive member of Steemit.
This is truly helpful! As a newbie, the first thing I’ll do is to choose the easiest option and that is to click the Convert to Steem option. I did not know that there is an internal market which is more efficient, so I really appreaciate that I was not “scammed”. lol
I will be getting my first SBD soon so your post was eye-opening indeed. Lastly, I think of powering up after converting to Steem as what you recommended. Thank you so much!
As a new steemian I was testing all the features that the system has to offer. Literally 1 day before the spike, being 6 days old or so to the platform, I used the convert to steem option. I knew this was a bad idea from the get go, but I wanted to try all the features. Figured why not. Then the next day price sky rockets. I wrote about it here last night. It shows the difference in returns and boy is it a difference. While I had already read not to do this, I wanted to utilize the feature to understand from experience.
It also leads me to one question: When is/will the convert to steem option EVER be a good/smart idea? That is one question I can't seem to find and answer to.
In any scenario/situation that I try to think about, in every case, waiting the 3.5 days is never desirable unless there was no sell orders in the internal market and you are desperate in-which case you still have to wait 3 days.
Yeah, no one want's to lock up their funds 3 days on steemit with the market available to trade instantly, so that Convert to Steem option is useless. This isn't the bank where we're all in a financial straight-jacket getting interrogated and waiting for them to let us, MAYBE, do what we want with our money.
Most likely it's there for legacy reasons from the beginning of the platform. Just like the auto-upvote yourself check box is outdated but still there. [the "I love me" checkbox!]
I actually thought to myself that the convert to steem option might be a legacy option. It makes sense
"Any time SBD is over 1$ you should sell on the internal. Any time it is under 1USD you should use convert".
So if sbd is under 1$ it is fine to use convert, but as you say the orice could jump during conversion. I guess it's just a button for lazy people or those who don't want to learn how to use the market!
The 3day wait time locks up the price and the SBD, so not a good idea to use it at all. The market can move during 3.5day period and that isn't fun with larger amounts.
Thanks for this great information..
@minnowsupport thanks for great information sharing,sbd is up to going
great analysis of crypto currency
Bitshares buy/sell option works very fast as well.
I think you mean Blocktrades. However, they charge some transaction fee.
Have an important discussion.I really like your posts.
lol yeah I was doing that before, but after it hit 0.5 SBD/STEEM i understood how the system works
Thank you, this information is helpful
Thanks for this simple tutorial, I can bet many don't know about the 1:1 SBD to STEEM conversion. That's like a trap.
Meanwhile this is the best time to buy more steem, because by the time SMART MEDIA TOKEN is ready, STEEM will FLY
it should be write there in a column in wallet ...because everyone is not going to read this blog...lots of steem will go in waste...
@khaled-dz read this man !
That's what's up.
Funny that you mention this because I just converted 1.67 SBD into roughly 10 Steem and powered up!👌
bundle of thanks for such a handy tips. no doubt about internal markets are very useful. my experience with Bittrex is not good. thanks @minnowsupport you are helping minnows. Hats off for @minnowsupport!
Yeah, found out the hard way...
Take my advice, if you are unsure, just leave it and let it build. Essentially it is just figures on the computer until you know how to physically get it out. The last thing you want is to tentatively give something a try and find out you pressed the wrong button/option and because of that you have potentially lost hundreds of dollars, maybe more...
I did not know this, thanks very much for this information!
this a bit late for me, as 4 days ago I converted all mySBD to Steem through Steemit, I thought it would be best to keep it within Steemit but no for my 20SBD I got 14 steem, was very puzzling for me, until my friends in Eco train explained it to be, feeling hard done by though.
Thanks!!!! i need this info<3
very useful information; thnx~; full voted
Thanks for this. I was going to write a post about my experience, and still might, but will be linking to this one.
I'd previously just done 'convert to steem', and with the price points previously it had always been about what I'd expected. So when SBD picked up a little I did a larger block. BIG mistake. If I'd known about the market and that it was the way to go, I'd have come out with about 200 more Steem than I got. Live and learn though, and I've managed to convert quite a lot of SBD into Steem in the last few days through the market, thanks to @ryivhnn for the instruction on finding it
Thanks for this. I was going to write a post about my experience, and still might, but will be linking to this one.
I'd previously just done 'convert to steem', and with the price points previously it had always been about what I'd expected. So when SBD picked up a little I did a larger block. BIG mistake. If I'd known about the market and that it was the way to go, I'd have come out with about 200 more Steem than I got. Live and learn though, and I've managed to convert quite a lot of SBD into Steem in the last few days through the market, thanks to @ryivhnn for the instruction on finding it
Thank you for letting us know @minnowsupport ! This is very informative especially for a newbie like me. Resteemed !
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I just got back to steeming, is this new to the site?
Wow, this is very helpful, thanks - was just about to convert my hard-earned 50 SBD to Steem!
Been to Pal discord twice, now, and can’t figure out how to use it/send questions - it says it’s ‘read-only’ and my ‘invitation expired’. Kindly, advise how to proceed 🙇🏻
Please what is the advantage of powering up now? Will you get more Steem or just steempower power for powering up? Thanks @minnowsupport for sharing this.
Congratulations @minnowsupport!
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Yeah I wish I saw this a week earlier. Was also screwed over in exactly the same way and made a blog about it.
Would have made an extra 100 bucks if i would have known. 2x 3 SBD and once 20 SBD :(((
That was some amazing insight @minnowsupport
Keep up the good work! ReSteeming now!!
@minnowsupport Thanks for sharing this important information.
And thanks for your help and support in this community
Thank you
Thank you! The learning curve on how to do things can be steep at times, so the information and help put out is much appreciated!
tip!
his happened to me. As soon as I heard that the SBD went up, I converted all my accumulated SBD for the option to convert Steem. I lost even!
Exactly what I was wondering! Thanks for the tip :)
To market, to market to buy some steem. Home again, home again bloggity blog.
Great work
Some people don't notice and they fall victim
Thanks for the education! I haven't looked into this system so closely yet, but this is a very good introduction. Who knows, maybe somebody likes my articles and I even have something to convert in a few months :-)