Since Binance lists STEEM but not SBD, this is how you sell your SBD there anyway
A few days ago I posted a trick on how to transfer funds cheaply from Bittrex to Binance, which was mostly because I discovered it when I wanted to sell some SBD for some altcoins that I couldn't get on Bittrex. Now that Binance has listed STEEM, but not SBD, I have found a better method with fewer jumps.
THE NEW WAY
Before I would send my SBD directly to Bittrex and sell it there, and then trade or transfer it for whatever I fancied at the time. But now Binance has listed STEEM, and I no longer have to go through Bittrex.Except... Binance doesn't let you sell SBD! No fear, there is a way!
Simply use the internal STEEM/SBD market! At first I thought this would fetch me a bad price, but upon doing some calculations it seems like the prices aren't bad at all! I actually made a small profit.
See through the internal market you can simply sell your SBD for STEEM. Once it's turned into STEEM, you can transfer it to Binance and sell it for the current price there. Since STEEM is fast and the prices are similar on both the internal market and Binance, you won't lose (much) this way. Like I said, I actually got a slightly better price!
This way is even cheaper than what I posted before, because it doesn't involve the XVG conversion and 0.2 XVG withdraw fee from Bittrex. Not that it matters too much as those costs were tiny anyway, but foregoing this former method and choosing this new method sure is a lot faster since it requires less actions and jumps between exchanges.
So even though Binance doesn't list SBD, you can simply convert to STEEM and sell that and it works just as well. Additionally, since I am buying Nano/XRB now with my SBD, I am very happy to see it listed on Binance also. This saves me another 'jump' to Kucoin! Yay!
I was excited about this, so I thought I would share!
Wow I actually did not knew binnance steem wallet is now operational last time I check it was unavailable , thanks for the info
I'm not sure about now but I was able to use the wallet yesterday
Seems ridiculous that they’d list Steem and not SBD. But shows just how little care for Steemit itself that anyone trading Steem on an exchange has. Interesting I guess.
I thought it was weird too, but maybe they will add it later, it should be easy to do
Is it weird? My understanding is that SBD is supposed to be a token specific to Steemit. It's supposed to be pegged to the dollar (even if it has wildly strayed from that recently). My understanding is that SBD is not intended to be a vehicle for investment, but Steem is. So, with that understanding, I would not expect to see SBD on exchanges outside of Steemit. (But I'm way new to all of this, so who knows.)
What you’ve said is true in the original Steemit theory, but SBD doesn’t have to just be the pegged Steemit specific token. It can act just like any other altcoin and with the price pumps on other exchanges, this has been the case.
I just thought that by listing Steem, they’d SBD too, but I guess not.
To me, the plan (of pegging SBD to $1) is sound - otherwise, why bother with the third coin/token? My biggest question is, how does steemit practically execute the pegging? Clearly that didn't happen, at least recently - but what was the plan to make it so?
They can change the code to keep it pegged if they want to.
I can see arguments for both sides, but as an author who has been insentivised by the higher SBD to write quality content on Steemit, I don’t want an instant peg.
I think by pegging it, we’ll see a huge drop off in activity which will have a huge negative effect.
I had heard that Steem was available on Binance, but I hadn't yet looked into the details. (Still waiting on my verification for the site.) So just to clarify - is there a fee involved in moving Steem over to Binance? And did you notice the reverse - what kind of fee to move Steem from Binance to Steemit?
Thanks for the info!
Nope, there is no fee to send from Steemit to Binance. For withdrawals Binance charges 0.01 STEEM so not that bad
That's fantastic. Thanks!
Miss @pandorasbox have you tried using Bitshares. Bitshares is the best exchange every, because it's decentralized and is built by the same guy who built Steem; Daniel Larimer (The Heavy Weight Champion Of Blockchain)
Yes, I actually just wrote a post about it two days ago!
But if you want to buy altcoins, Bitshares doesn't offer many of them
Yeah, that's the only shlep, however you can use you Bitshares key to purchase many more altcoins on https://crypto-bridge.org/. It's so cool, because crypto-brige pegs your coins as assets to the Bitshares network @pandorasbox..
Good way to do it especially if you are very active on Binance. Of course, Im a big believer in just hodling Steem right now because I think its a big year and its going to have a giant jump. Thanks for sharing.
Thanks for this information
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