Update: Blocktrades or Crypto Exchange?
Update $113.00 more in hand using an exchange.
That compared to $253 loss plus fees on Blocktrades.
If I had traded my liquid Steem balance via Blocktrades, it would have cost $253.00 plus fees, and I would have been done in minutes. I chose the slow, patient way and got $113.00 more in my pocket.
I sent the same 2933 Steem to a thieving underhanded exchange. I don't like exchanges. I put it up for sale, sold it all into bitcions, then sold the bitcoins for dash with each trade having a small fee. Then I sent three transfers of dash to my wallet over the course of three days due to limits. Each transfer had a small fee. and I still made money compared to the integrated Steem exchange called Blocktrades.
My dash is arriving and I have the total cost comparison.
Time is money
it is true what they say about time being money. It is also true that patience is a virtue, and I used a bit of patience, taking several days to change my Steem into dash coins.
Using the same values at the time of my last post: Steem @ $1.45 and Dash @ $2.53
Blocktrades:
2933 Steem ($4253.00) goes in and 15.8 dash ($4000.00) comes out = $253.00 plus fees.
or
Crypto Exchange
2933 Steem ($4253.00) goes in and 16.25 dash ($4113.00) comes out = $139.00.00 including fees.
Savings = $113.00
But in reality, I had sent the Steem to the exchange and sold it over a couple of days, waiting for higher prices, then bought Dash with orders that were awaiting lower prices.
Truth is, I got .45 more dash that I would have on the day of last the last post.
I got $113.00 dollars more than I would have.
ahah good information!, is to think before acting.
You have made a smart move! Your experience will surely help us to avoid those fees.
Blocktrades often cost much fees. They should reduce some fees. After all crypto exchange is better for saving money. Sir @bytzz which wallet you are using to hold your dash or other crypto?
Coinomi
Thank you sir.
Really man. That's smart bussiness.
Does that mean blocktrades is charging us a lot of fees for transactions?
What's the fun of exchange through blocktrades then ?
It is not the fees but rather the false quoting of prices. They give you less than they should for the coin you are selling. Then they charge you a higher than market value for the coin you are receiving.
Hmm! Smart and wise thinking. Very glad you split this for us, sir. Thank you!
Wow!
I dont have much steem. Should i try it with lower amount of steem?
Not on blocktrades.
but still you have paid 153 $ fee, and that is a big amount sir,
upvoted and resteemed
Great calculation and effective experience @bytzz
Great experience...
By using crypto exchange you saved $113 . Your sharing experience will be helpful for us
You are more than clever mate and that's a good thing.
Thanks for sharing your experience