Recently encounter a few friends asking me how to convert SBD to Steem and Power Up, I hope this post can help them as well as other new members too. I'll try to keep this as simple as possible for easier understanding.
All your post-payout and curation rewards, Steem Backed Dollar (SBD), Steem and Steem Power (SP) are kept within your wallet, and everyone has one wallet within their profile.
Step 1 - Locate Your Wallet
Your wallet is in your own profile, kindly find the Wallet tab next to your setting and click it. Within your wallet, you'll find your current amount of STEEM, SP and SBD available to you
Step 2 - Understanding what is STEEM, SP and SBD
Steem and SBD are basically tradeable tokens both internally and externally, SP is your voting value (the higher your SP, the more value it gives out). Only STEEM is able to power up SP and your post-payout rewards are usually in 37.5% SBD and 37.5% SP, 25% goes to voter's curation rewards of your post.
Step 3 - Need STEEM to power up, but how to get?
As step 2 mentions, your post-payout reward only rewards you SBD and SP, so where do I get more STEEM to further power up my SP? Simple, we will need to buy some STEEM in the market; all you need is to find the small arrow beside the figure of SBD and find the Market option.
Step 4 - Market
Okay don't panic with all those Buy orders, Sell orders and Graph Chart. We need to get some STEEM, so just head over to Buy STEEM section and if you were looking to sell STEEM in the future, head over to the Sell STEEM section.
Step 5 - How To Buy?
Based on the image above, there are few key elements to look at.
Lowest Ask: This indicates the price that currently the market is asking for to get STEEM using SBD. It will go up and down every few seconds.
Available: The available amount of SBD you currently have
Price: The price that you are willing to pay for to get STEEM using SBD
Total: This is where you put your SBD amount that you are willing to spend
Amount: This will auto-generate the amount of STEEM you are able to get following your buying price
Once you are satisfied with the price, click on the Buy STEEM.
Once you click on Buy STEEM, it will prompt out a confirmation stating that you will be getting "X" amount of STEEM for "X" amount of SBD under the Price you set.
As you can see that I've set $0.6100008 as my price, but the lowest asking price is at $0.617170; the price will go up and down every few seconds, so I'm bidding to buy STEEM at a lower price than the market. It's up to your preference whether you can wait for the market to dip or you need STEEM urgently.
After clicking ok, it will prompt another login for security purpose for this transaction and it will create a Buy order within the market. Let's say if market price dip until $0.60, which passes my $0.6100008 buy order, it will auto-buy at my buying price and payout directly back to your wallet.
Check your wallet history, it will show you something like this.
Step 6 - Now I got my STEEM 😆, how to Power Up?
Congrats, now that you successfully bought your STEEM, is time to power up. Head over to your STEEM, hit that small arrow shown and click on power up. It will then prompt another pop up asking how much STEEM you would like to power up.
Key in the amount you would like, and hit that ok button which again prompt you the same login security verification as before like buying STEEM. Once you authorized everything, voila you got your SP powered up!
Once you hitting the 500SP, you get a voting power bar that lets you control the amount of vote you wanted to give out. I'll write another tutorial once I get my 500SP mark, 120SP to go 💪🏻 and remember to keep powering up. Powering Up = Long-Term benefit, Cash out = Short-Term benefit. Think twice 😉
I hope this tutorial helps you get a better understanding, few free to ask me any question on the comment section below. Hope you enjoy it, upvotes and resteem if you find it helpful to you and others as well. 😁
Click here to sign up for free,
you can thank me by upvoting later and start earning Steem yourself
Thanks for reading, upvote & resteem if you enjoy it 😁
Yeah bro need to power up. steem is doing well
Yes, steem is over the moon 😆
@OriginalWorks
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Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.Congratulations! This post has been upvoted from the communal account, @minnowsupport, by AaronLeang from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP. Be sure to leave at least 50SP undelegated on your account.
still new and got no SBD to spend yet. your post will come in handy when i have SBD later!
Haha no worries, your post-payout will be coming soon 😏
Great ! This is just what I need thanks @aaronleang :) resteeming this !
Thanks @deborism, glad the post help 😆
Upvoted and resteemed. Thanks for the detailed step by step guide!
No problem 👍🏻, let me know what else you would like to understand more 😊
This will be very useful to me in the future.
Thanks for posting this.
Your welcome 😆 glad it helps
thank you sir for this wonderful article......I wasn't aware ssuch existed
Don't mention it 😆, I'm here just to help out.
I just got my first awards today after being on a week! I converted all the steem dollars to steem and then powered up. Thank you for the tips. I plan to reinvest all my awards into more steem power
Your welcome 😆, yes reinvest = long-term benefit, cash out = short-term benefit. 💪🏻
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Much needed guide for someone new like me
Thanks for sharing
Glad the tutorial helps you 🙌🏻
Can you post another tutorial regarding how to exchange from steem to some other coin like BTC or Litecoin?
Sure, I will do more about it. Thank you for suggesting 😊
Thanks for the informative post. Had just done my 1st power up yesterday.
I saw that on Busy.org's settings, one can enable voting power slider and change default vote percent to 1, 25, 50, 75, 100.
https://busy.org/settings
That is only available to 500 SP and above, <500SP no effect on your vote %.
You are right. I change it to 1% and upvote your reply. It still upvotes 100%. 🙂
thanks for sharing
Thank you for sharing as I’m a newbie at Steemit!