Update: Blocktrades or Crypto Exchange?

in blocktrades •  5 months ago

Update $113.00 more in hand using an exchange.

That compared to $253 loss plus fees on Blocktrades.

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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.

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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?

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Coinomi

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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 ?

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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.

Thanks, my best friend, thank you so much for giving you such a nice new post so much thank you so much your posts are so beautiful that you can post very beautifully from your post.

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?

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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

Block trade just sucks.
Don't you know about the steem market? you can also trade steem there for sbd.

Welcome back sir after a long time. we miss you sir. keep coming everyday

For exchanging 2933 Steem ($4253.00) need $253+ fees .....Thats huge and not profitable...Its loss exchanger......

Excellent decision @bytzz, you are a man of good calculation

The experience led you to have a good calculation @bytzz
you're thinking before making any decision and that's good

thank you so much your posts are so beautiful that you can post very beautifully from your post.you have great information provided about blocktrade and crpto exchange

So changing an exchange can do wonders. I am happy to see you have saved $113. :)

Nice work....and you have great information provided about blocktrade and crpto exchange...thanks to sharing..!

I dont have much steem. Should i try it with lower amount of steem?

It really takes effort to do those exchanges. In this age, we are so used to instant transaction where cost may increase to have this convenient. Definitely a great effort in finding alternative to save extra cash. Enough for a big buffet for your whole family with your saving!

Thank you very much for your nice information with a great example.
Though I had previously exchanged with the Blocatraders but decided not to do it more. Thanks again.
@hafizullah

@bytzz
Here I got a new experience. I have got to learn a lot in this post Thank you very much.

@one-step1