Warning! Do NOT use Convert to Steem option for your SBD's!
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.
Indeed, only use it when SBD are below 1usd!
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!
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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