Steem Dollar "Convert to STEEM" Option
Buying STEEM with STEEM DOLLAR
Members are trying to power up their STEEM DOLLARS everyday. Even new members. Of course to do this , they must first purchase STEEM with their STEEM DOLLARS. So far so good, right?
We have an internal exchange where this can be done, you can even send STEEM DOLLARS to your favorite external exchange that have STEEM/STEEM DOLLAR trading pairs. So, my point is this should be an easy transaction...an easy way to "convert".
Using the "Convert to STEEM" Option
This option, "Convert to STEEM", very recently has caused plenty of confusion and actually some controversy regarding the withdrawal of STEEM dollars. See, when a member has intention to turn their STEEM dollar into STEEM for the sole purpose of powering up, the selection of the "Convert to STEEM" option is being used by some members. And with this selection, a one week wait is required before their STEEM is powered up to STEEM POWER.
Is the " Convert to STEEM" option really necessary?
This is a question that needs to be answered. We have access to the internal exchange to buy and sell STEEM/STEEM DOLLARS. We can also send to external exchanges that have the trading pairs active to buy and sell.
The process of powering up can literally be done in a few minutes. So, there should be zero reason for complaints regarding 1 week powering up of their recently purchased STEEM with STEEM DOLLARS.
Education
I have finished listening to Free Talk Live, where this was discussed. The narrative being, steemit.com has a delay in withdrawing STEEM DOLLARS-one week. Obviously, the process is completely wrong when withdrawing STEEM DOLLARS/STEEM. It's very easy to send STEEM DOLLAR/STEEM to your external exchange by simply selecting "Transfer" to the exchange account name and providing your memo address.
We should consider taking out selections that may add confusion to members.
Nice article like always!
Quick question, how much SP does one need to actually be able to give money with one's upvote?
I have 25 SP and my upvote does not even give 1c? And that is with my voting power being 100%
I have had previous conversations saying they had .01 upvotes while being 99% in voting power at 100 SP.
learning how to buy Steem and do trades with digital currency is quite difficult when you first start and for the not very tech savvy! Its post like yours that help people get going so thank your for this information
Thank you for this info , once again !
I did not give it any thoughts yet
So is there an easy way to get real spendable money from Steemit? I have not found one yet. I thought we were earning something tangible.
Ok. good question. You can earn steem dollars by authoring posts. You can then send your steem dollars to poloniex/bittrex to sell for bitcoin.
The reason is, say the price of Steem doubles in a day or two. If you think the price is going to continue to rise then doing the conversion could give you a better price than the market. The conversion price a 7 days median price which mean you would be getting you Steem at a cheaper price than the current price. It's a gamble be can come in handy. I used during the initial run up form $1 to over $3 dollars in two days. It happened so fast I was able to get a better price for my Steem than if i just bought it immediately.
I just listened to FLT stumble all over themselves and complain about this exact problem.
You and I understand that. Other members seeking to power up quickly or even to cash in SD have chosen this option. That leads to complaints over a 7 day wait, which could have easily been avoided if they did not select the convert option.
Is steem, bts, eth, and bitcoin the only coins you can buy steem with?
This was really helpful. I just did the convert without realizing I didn't have to. Thank you!