I've been looking at a lot of users' wallets recently as I evaluate accounts for the Minnowbooster whitelist, and one particular pattern keeps popping up. It looks like this:
This is a record of a user trading SBD for STEEM on an external exchange, and it drives me a little bit nuts. I don't dislike @blocktrades; they're obviously a key player in the success of the platform, they're heavily invested, and supportive of the community. I don't want to take money away from them. But every time you do this you're paying them an exchange fee that you don't have to.
There's a better option: the Steemit internal market. There are two easy ways to get to it.
The internal market allows you to trade SBD for STEEM, or vice versa, with other users without paying a fee. It's only for trading between those two currencies - to trade into BTC or ETH or whatever you'll still have to go through an exchange, and that's where you should be giving Blocktrades your money.
When you first open it up it can be a little intimidating, but it's actually very simple. There's a lot of information here but I'm going to explain what you're looking at.
Let's start by ignoring everything above "BUY STEEM" and "SELL STEEM." The pretty visualizations can help people who want a good picture of the market as a whole, but we're just here to get a good price for our STEEM.
We're going to choose the side that corresponds to which direction we want to trade. Use the left side to trade SBD for STEEM, and the right side to go the other direction. If you want to be super-lazy, you can just put the amount you want to sell in the "Amount" field and hit the button. The price fields are automatically filled in so your order will be filled quickly, and you'll still get a much better price than going through an exchange.
Any buy order with a price above the sell order at the top of the list will fill immediately. Any sell order with a price below the buy order at the top of the list will fill immediately. You set the price just by changing the "Price" field on whichever form you're using.
If you're just a little bit patient, you can usually do even better. In this case we've got a really big order holding the top of the Sell side, and a fairly big order holding the top of the Buy side, so you'll want to put your order in to be ahead of them. But a Sell order put in at 1.1448 will probably fill quickly, and the same is true for a Buy order at 1.1444.
When you set your order it takes the currency you're selling out of your wallet, and when the order is filled the currency you're buying shows up in your wallet automatically.
At the time of this post, selling 1 STEEM would get you 1.088 SBD on Blocktrades, and in order to buy 1 STEEM you'd have to pay them 1.207 SBD. Compare to around 1.144 either way on the internal market and you can see this can make a pretty big difference in either direction.
I would have thought thats the obvious option for the majority of us that are on here. I'm surprised it isn't.
That's how I did my first power up, I was so excited I did a post about it. It's great to know I did it the right way. This should definitely reach majority of the users, I think the exchange fee would drive me nuts too!
Great post Tim! Hope you had a lovely weekend, here's to a fantastic week ahead!
I can see why, if you bought in via Blocktrades, you might just go ahead and keep using it without ever even knowing the internal market was there. And there aren't official instructions for it anywhere, as far as I can tell.
Good point. Now they know.
Xo
I always use internal market for Steem and SBD exchange. Blocktrades is a great platform. I use it frequently
Steemit needs to work on the funds issue. FreeWallet a pretty big crypto wallet got rid of steem in March. I think they were having transaction problems. Might have been some bandwidth issues.
I will use BlockTrades to send SBD to my BitShares account so I can make some trades on it.
But when you first join those options need fixed. Buy, Sell, Marketplace. They just need a Steem-SBD Convert button & then something for the external withdrawal.
Quite the sell wall! Someone doesn't like their STEEM! 😜
Yeah, I don't remember ever seeing one that big when I was actually there to trade. Someone betting heavy on SBD:STEEM coming back into balance.
Wow!This is the first post on trending that is actually decent content and was not boosted hugely by bid bots. Well done! I didn't know about using the internal market so this was useful for me.
This is in deed a very powerful sharing as most people would rather go the "easy way" using Blocktrades, not having to deal with the intimidating internal market page...
Thanks for the information, it shall help many.
Namaste :)
Interface design matters. If they just had a simple box for doing the default trade and an "advanced" link for the full market there would probably be twice as many users.
Excellent point in deed! I can only agree. Thanks for sharing, namaste :)
I experimented with this when I first got here. Once, I was surprised it even let me set the rate... SBD was less valuable compared to steem, then and I put a ratio of 1:1...surprisingly, I did get the steem I placed an order for. It happened one other time, but after setting my rate, the transaction refused to go through. Haha
It's very handy and sweet.
It should always let you set the rate. Whether anyone fills the order is another question. But you can let your money sit in there for as long as you like in hopes that someone does.
Good post on the internal market, @tcpolymath. But keep in mind that @blocktrades doesn't usually have the same rate of exchange as the internal market. Sometimes it's better on blocktrades vs the market, and sometimes it's the reverse. The best way to get the best deal is to check both of them at the time you want to exchange your sbd/steem.
Wow thanks for useful advice.I had no idea that they are charging that much.I guess I just lost some Steem because my lack of knowledge.Luckly thanks to you sir Im not gonna make this mistake ever again😭
I've never noticed this! The market page always seemed a little daunting for me. Thank you for explaining it!
This is a great tip for those who are unaware of the internal market. It must have sucked to loose a bit of money each time you traded SBD to Steem, so I'm glad this post allowed more people to get it for a better rate at the internal market :)
Thanks for the explanation!
I actually was not aware that there is a difference in these trades - especially not that there is a fee ...
i keep everything in steem power :)
wow .., this is a very interesting article for me the beginner .., this article is full of information about SBD and STEEM its final i know about the difference between the two. thanks for the information sir @tcpolymath
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It is the most logical and reasonable option in the internal market, it is the one I have been using for a long time when it comes to SBD/Steem, in the same way it is good information for those who do not know, in fact when the exchange is of SBD or Steem for another Crypto in blocktrades use Litecoin or Dogecoin because the commissions are lower.
Yes I am always posting when there is a huge flux in the price between SBD and STEEM
I actually bookmarked this post and found some time to read it. I thought I could save a little money. But to be honest this is the only way I can sell my SBD for Steem. So I kind of need the manual for selling it on the exchange 😀
I don't really need that manual, cause I'll stick all my assets within the blockchain.
Super , 2 % Pro Steem
Incompris 90%
Comprend Rien 8%
Steemit support , 4xplications sont pkus que Nul !!!
Besoin de Nettoyage !!!
Point 1
Point 2 ...
Que ce soit comprensif sous Toutes kes langues etnpas que les Enculer d english
Steemit only EnglishShit
Super !!!!
Avez vous compris quelque chose ???????
Besoin de Personne Fremch qui sorait expliquer Steemit en 3-4 points important
Le reste ....
MERCI D AVANCE