How to use Blocktrades to convert SBD's (Steem Dollars) to Steem without a 3.5 day wait

First let me explain why you might want to convert your SBD's into Steem. SBD's have been in a rally condition where it's been up over $10 USD per SBD. According to the white paper, SBD's are supposed to trade within the narrow range of 0.95 - 1.05. I've seen it vary a bit more than that when I first signed up, but typically it was around a dollar.

For some reason it's gone way up, so I've decided to convert to Steem and power up some of it and maybe convert some of it back to SBD's once the price comes back down. You can of course hold SBD's and use them as is, but you should expect more for them in return if you do spend them.

The first step is to click on the "buy Steem or Steem power" button in your wallet.

This will bring up the Blocktrades window as it appears below. Your address of course will not be zoidsoft, but something different. It's important to wait until you see "Address is valid" next to your receive address before doing anything.

Notice the field that has bitcoin listed at top left. This is the field you want to change to SBD. Click on the down arrow. You will see a list that looks like this...

Select the one at the bottom of the list and fill out the remaining fields for the amount if you want an idea of how much to expect for your SBD's. Then when you're ready click on the "get deposit address" button. Once you've done this it will churn for a bit and then give you a display as shown below. It will say something about initiating trade, but this is a bit misleading, it's not sending yet.

You might want to monitor the exchange rate between SBD's and Steem when you're doing this so if you want to try again, click on the "Get a new Deposit Address" button to update the hash address that corresponds to the new exchange rate. The hash is displayed in the field called "Memo".

Now you have all the info necessary for the trade. Go back to your wallet and click on the down arrow next to your Steem Dollars field. This shows the following menu.

Note that you don't want to click on "Convert to Steem" here because that takes 3.5 days. Instead click on Transfer, which will bring the following fields up...

I have just made sure that I put in "blocktrades" (properly spelled or you lose your funds - the same goes for the hash). You will of course be asked for your password to initiate the trade. Then you will see a window that looks like this while waiting for your trade (which confirms very quickly).

At the bottom is a tab for transactions that are pending and completed. Then you will want to check your Steem balance in your wallet. It started out with a balance already...

Then I refresh my web browser and note a 0.668 increase in Steem...

That's all there is to it. Hope you found this helpful.

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Donations (public bitcoin address):

3FwxQsa7gmQ7c1GXJyvDTqmT6CM3mMEgcv

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