How to use BlockTrades to exchange cryptocurrencies

in blocktrades •  16 days ago

Welcome back, readers!

Last week we went over how to use our service to purchase a Steem account. This week it's all about trading Steem and SBD.

Starting with a good amount of Steem (and Steem Power) is very important to earning cryptocurrency with your new Steem account. Not only does Steem Power control how much new content you can post, but it also affects the value of your upvotes and the curation rewards those upvotes earn. It can often be a challenge for new minnows to earn enough to get over that first hump where their posts will get noticed, but with BlockTrades you can accelerate the process by purchasing additional Steem or Steem Power.

Purchasing Steem

When you first visit https://blocktrades.us there's a lot going on, but don't worry because I'm here to break it down for you!

First things first: we know we want to purchase Steem for our new account, but what will we buy it with? This is the information you will enter for the "Send" box.

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Our service selects Ether (ETH) as the default coin type. Click on it and you will see a list of all of our supported coins.

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In today's example we will be using Bitcoin (BTC - be careful not to get it confused with Bitcoin Cash, BCH!) but these instructions can very easily be followed for any other trading pair.

The box to the right is where you'll choose the type of coin you wish to "Receive" from your exchange. We're buying Steem today, but if you click on it you'll find you can also purchase SBD, Steem Power, a 90-day Steem Power delegation (similar to a lease), or other cryptocurrencies as well.

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But wait, why is my "Receive" amount an estimate? And what is this "Deposit limit?"

Our exchange is continuously monitoring active trades across every blockchain, as well as other exchanges, and aggregating this data every 30 seconds. As a result we can give you up-to-the-minute prices on all supported cryptocurrencies, but these numbers are in a constant state of flux. Generally speaking nothing is going to happen that will suddenly devalue your transaction, but we want our customers to not be surprised by small discrepancies in the output amount.

"Deposit limit" reflects the amount of cryptocurrency we have on hand that is available for immediate purchase. We maintain a sufficient amount in each of our "hot" wallets to cover most transactions, and we monitor these balances closely, but situations can arise where we run out of a particular type of coin. The "Deposit limit" lets you know exactly where we stand, and it gives you a reasonable expectation of service: as long as you do not exceed this amount your transaction should process instantaneously.

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Go ahead and play with the numbers a little - you can type an amount into either field, and the alternate one will update to match the trade.

Once you've figured out how much to send you'll need to enter "Your receive address" - in this case it will be your Steem account name since we are receiving Steem, but if you are looking to purchase another type of coin it will be a receiving wallet address or relevant account name.

A special note for customers who are transferring to a wallet hosted on an exchange:

Some exchanges use a common receiving wallet to take in cryptocurrency then transfer it to the wallets of their individual customers. In cases like this they will give you a "memo" to include with your transaction, and you will need to enter that where it says "Receive memo" so that our system lets theirs know where to send your cryptocurrency.

Alternately, on supported blockchains, you can use this field to attach any memo you like to your output transaction.

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Make sure everything is correct and click "Get Deposit Address." This will lock in the coin mapping and the receive address, so if you've made a mistake and need to correct something please make sure to refresh the page and start over.

The page will then generate either a unique address to send your cryptocurrency to (BTC, BCH, Dash, Doge, ETH, LTC, XMR) or give you a common address with a unique memo (BTS, Steem) along with instructions to follow to initiate your exchange.

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Did you know?

You can reuse this address as many times as you like: it's been saved in our system, and at this moment we have no intention of ever retiring old addresses. A good practice is to test the mapping with a small amount of cryptocurrency to ensure that it works the way you want and then to save this address and continue to reuse it when you want to make this type of exchange again. By not generating a new address each time you will not only reduce the chances for making typos, but it will also minimize the number of things you need to keep track of.

That's all there is to it! As soon as your transaction is confirmed on its blockchain our system will automatically send you the coin you selected earlier.

Trading Steem/SBD

If you're looking to trade Steem or SBD the process is almost identical, but we have included support for SteemConnect to make the transfer even easier.

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SteemConnect is a secure way to transfer your Steem to our system without having to sign in to a second website or expose your keys. Simply make sure you have the amount set correctly for the "Send" coin above, enter your Steem account name, and click "Transfer Using SteemConnect"

This will guide you to a secure page where you will be asked to confirm your transaction to blocktrades and then enter your Steem account password.

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You can also create a transfer the "old" way by selecting the "Manual Transfer" tab and following the instructions from there, but I personally find SteemConnect to be a lot faster and more convenient.

That's all we have for this week! I hope this guide helps new Steemians use our service, and if you have any lingering questions please let us know in the comments or contact us at support@blocktrades.us

Stay tuned: next Friday we'll be going over how to register your email address with our service and some cool benefits this will net you.

Best regards.

The blur effects and doodles on these screenshots were created with GIMP, the GNU Image Manipulation Program, a free software under the GNU GPLv3+ license, available freely for private or commercial use.

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Thanks you for informatiom

I had made my transaction through litecoin and the transaction shows failed in blocktrades ..what to do now ,how to get it back
@blocktrades-help @blocktrades

Thanks for the tips! Way easier than using an exchange!!

Thank you for this very informative post @blocktrades. I have used your services before and have found them very reliable.

Given our Steem Community has 3 different "cryptos," do you have any links to "strategies" involved in buying one or the other and timing? Specifically, for example, we can all use BlockTrades to simply convert BTC directly to Steem Power.

Is there any benefit, instead, to purchase SBD or Steem and go through the conversion process to Steem Power?

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There is effectively no difference. When "transferring" SP it's actually powering it up from our account into yours, so it's the same process with one less step.

Sometimes you may see slight discrepancies in the prices on our website, but this is simply an artifact from the timing of our system and how it calculates the conversion numbers for the front page. Steem and SP are fixed at a 1-to-1 value, so there will be no difference between the two.

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OK, thank you for the response @blocktrades-help. Probably should have mentioned in my original message that I was first made aware of this possibility of a "strategy" in a post by @exyle (if I am understanding correctly, he is one of the top Witnesses, so presumably his input carries some "weight") ...

I am quite sure he refers in there to some sort of benefit to purchasing SBD and then sort of "strategy" from there vs. simply buying SP through BlockTrades. However, it is not "spelled out" clearly (to this reader at least) exactly what the step-by-step process would be ... That said, it almost certainly needs to be linked to timing of some sort, i.e. buy one, wait for some "price signal," take the next step, etc.

Steemin’ along and on the move ... Posted using Partiko Android

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I sent 94bitshare to be converted to steem but up till now I have not see any steem in my account ,unlike before what is happening

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Hey, sorry we didn't see this comment until just now!

Send us an email to support@blocktrades.us including your BTS account name or the specific transaction hash if you're still having trouble.

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CAN YOU LIST DGB

Thanks for the information. Do you think 1 SBD will ever be worth 1 SP again?

Edit: Problem solved thanks a lot :-)

That's all great,but..what about fees?Last time they were to high for me to use Blocktrades.(longer time ago)

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We don't so much charge "fees" as we offer prices for trading pairs. Some of the price that you are quoted is the transaction fee to complete the trade, but our front page at https://blocktrades.us calculates all of that in real time to provide you with a clear expectation of what you will receive for your trade.

I used @blockheads-help for buying steemit coin really its very easy.

nice work carry on and trasfer rewards for new users , God bless you

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You can use localbitcoins also

I use the services of blockades for withdrawals, and I vote for witnesses @blocktrades😍. Please help me😎

@blocktrades-help, Hi! it's really working, but it's not connected why?

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I'm not seeing any transactions from your Steem account - please contact us at support@blocktrades.us with some details about your transaction (such as the tx hash or the address/memo you sent to) and we will be happy to help get this resolved.

Greetings, I just started to follow, it's great work to do, excellent all your contributions, greetings and blessings

Thank you for the Tips @blocktrades-help

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Love for you from Pakistan

This is very easy and convenient. You've made it explicit to use.... I guess I will be making use of this.. Thanks for sharing 💗🙌

Please yesterday the 30th June 2018 i sent 4steem to get an equivalent of ethereum coin but till now i have not recieved any ethereum coin in my wallet. I made used of the blocktrades website and i sent the 4steem to this account on steem. Please i will like to know what is causing the delay. Thanks

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I show a successful output for this trade.

Is your ETH wallet hosted on an exchange? Sometimes exchanges take cryptocurrency in through one address and then forward it to your actual wallet, and if this is the case then there might be a delay in their system.

You should also check that your ETH wallet is synced.

If you are still having trouble then please email us at support@blocktrades.us and we can look into this further.

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Ok, I will do just so

i have use platform blocktrades six time, easy to used, express process. recomended to all.. thank you very much @blocktrades

proses doge pen 1.PNG

#blocktrades thank you so much for the great trading exchange service .love and respect

@blocktrades-help Please help me check this eth tx: 0x10b7bff2bca8e5fcd7e0a2dfb3ce2306942af25f1f2182be8da672b65a56e5d5. It's pending for 2 hours.

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There's a lot of congestion on the ETH blockchain recently that we unfortunately have no control over, and it's looking like we're all going to have to wait this one out.

Please see our official blog post for more information:
https://steemit.com/blocktrades/@blocktrades/ann-ethereum-transactions-taking-longer-due-to-congestion-expect-delays

Thank you for this very helpfull

Thanks for providing me all information ,m just looking for use to blocktrades for buying steem power.

Thanks for thie detailed post because most of the new users find it confusing at first when they try to swap a currency for another.

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Localbitcoins can also used for exchanging currencies

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Follow and upvote me also

@blocktrades I just transfered few hours ago 0.0165btc to exchange to 63.509 Steem after the btc transfer was successful to the generated btc from blocktrades.us the transaction to get my Steem failed, please what is going on. Screenshot_20180703-105014.pngScreenshot_20180703-105453.png

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The Steem blockchain froze last night, or something to that effect. And our Steem wallet, as a result, has been offline until just recently. Between this and the ETH issues we're working hard to get everything caught up, and we should have the backlog resolved within the next couple of hours.

I'll make sure to check into your transaction, but if you don't see it completed in the next couple of hours then send us an email at support@blocktrades.us

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@blocktrades-help thanks. Steem received.
Quality customer service! 😍😘😍😘😍

Thanks for posting this. I appreciate some "hand-holding" for BlockTrades because I've been confused on a few occasions. In particular, I don't understand how to sell or trade Bitshares (BTS). You and many others have been very patient and given clear instructions to help me. I find plenty of information on how to acquire BTS, but how do I get rid of BTS? I was under the impression that BlockTrades was my BTS wallet since I acquired BTS by trading other cryptos entirely using BlockTrades. Now I have created s separate Bitshares wallet on bitshares.org, but how do I deposit my BlockTrades BTS into Bitshares.org wallet?

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BlockTrades is not a wallet, more like a currency exchange at an airport than a bank.

What have you been entering for your "Receive Address" when creating BTS transactions? If it has been "blocktrades" then we'll need to track down any resolved transactions to get them transferred into your own wallet. You will need to have your own personal BTS wallet to manage your funds.

I think we've spoken by email before, so I will check any transactions I can find that are associated with your email address. If you could email me again with your BTS wallet name and the names/addresses of your source wallets (the ones you have used to send money to us) I can try to locate all of the BTS transactions that have been deposited to "blocktrades" and manually transfer that to your new BTS wallet.

what is price 1 steem power?

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Steem and SP exchange at 1:1 when you power up or power down through your Steem account, and as a result our prices for each are generally the same (minus maybe some rounding errors... but you can check 1 BTC -> Steem and 1 BTC -> SP on blocktrades.us if you want to see specifics)

Its a very useful information and we appreciate that you took the tine to show and help us how to manahed ours rewards!

@blocktrades I have always trusted your writing. Fantastic blog as always :)

Nice post, i haven't been on for awhile and just notice 5 months ago you gifted me some steam, thank you very much and i hope to repay the favor one day. I have also started following you. Once again thank you for your gift.

Well, thanks. blocktraders. Very useful information for crypto invester