How To Exchange Your Steem Dollars To Steem Power In Few Seconds
So you earned some Steem Dollars and now you want to invest it in Steem Power for the better future of yourself and steemit.
To do so, If you are using centralized exchange (I'll get back to it soon) such as Poloniex or Bittrex - process you would be doing is:
You would register an account with them.
You would send SBD to that exchange and convert it to Steem.
Then you would send back that Steem to your steemit account and would power up.
In above process, there are drawbacks. Let me mention a few.
Making account/Logging in, verifying transactions. Gosh! I hate it.
Fees! Fees!! Fees!!! That's enough.
The problem with centralized exchanges is that your money is at risk the moment you send.
Now, couple days back I had 135 SBD's in my steemit wallet and wanted to power up my account. At that time Poloniex had blocked SBD transactions (Thank God it did!) and I didn't choose Bittrex because of its high fees.
So I had to choose another alternative, and chosen Blocktrades.
You won't face any of the above problems with Blocktrades because it's a decentralized exchange, while the Poloniex, Bittrex are centralized ones.
Centralized exchange :
Centralized exchanges are easy to use, easy to access and they provide advanced trading functionalities like margin trading and others. However, they also represent a security risk for your funds.
Cryptocompare
Decentralized Exchange :
A decentralized exchange is an exchange market that does not rely on a third party service to hold the customer's funds. Instead, trades occur directly between users (peer to peer) through an automated process.
Cryptocompare
So which is better?
For faster exchange of funds use decentralized exchange.
For advanced trading functionalities use centralized exchange.
Of course, as I was just looking to exchange SBD to Steem Power, it was no brainer to chose deX (Decentralized Exchange short name) BlockTrades.
Blocktrades supports major mainstream cryptocurrencies.
- Bitcoin
- Bitshares
- Dash
- Doge
- Ether
- Digix DGD
- Litecoin
- Steem
- Sbd
- Steem Power
And some more cryptos about which I have no idea.
Converting SBD To Steem Power In Minute.
Go to Blocktrades.us
In send tab select Steem Dollar and enter the amount you want to send. In receive tab select Steem Power, the amount you will receive will be calculated automatically at the best rate.
In the last tab enter your receiving steemit username.
Note : Make sure your deposit doesn't exceed suggested deposit limit.
- Now, click on get deposit address. And you will receive your deposit address. Like this:
Transfer preferred amount to blocktrades.
Wait... for few seconds/minutes and you will automagically receive Steem Power in your steemit account.
iThis will seem even more easy when you will do it yourself.
If you have any doubts/suggestions feel free to comment here or contact me @libert on steemit.chat
Great article, thanks!
Your welcome mate
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Great going @royalmacro, helping the community.
I'm the winner of the "I'm not going to upvote you 🐋 Do it yourself! #9 Contest"
Just gave a whale vote courtesy @htooms's for your efforts (Check out his blog)! thanks and keep up the great work @jznsamuel!
Thanks for breaking it down
Could you give some tips on when to power up/down in relation to steem price? Thanks!
That's out of syllabus question for me.
Man, what a coincidence it is!! I just have been preparing for a post with same title and half of it is already completed.. Anyways, it was what I wanted to share as I don't see very large no. of users (specially newbies) using this amazing service of @blocktrades ..just in few seconds, you can convert your SBD to SP.. Where in a process in Steemit you are to wait for 3.5 days first for SBD to get converted into Steem and then power up..
Thanks for sharing..
You might like to edit the title to 'few seconds' 😂
Haha I edited lol
its good to know this, because doesnt the process normally take weeks to get steem power? or did i read that incorrectly?
It takes 12 weeks to power down steem power, which will convert your steem power into steem.
Hope that resolved your query :)
Ah, no my question was, how much does it take normal steem to become "steem power" i had read somewhere that it was 13 weeks , that was my main issue - i dont wanna power down i wanna power UP!
Normal steem does not become steem power automatically, you have to convert it to steem power by going to your steemit wallet>>steem>>select power up from drop down menu.
And power up is instant.
If you wanna power up with steem dollars, follow the guide I posted.
Hope that resolves your query.
Great going @libert, always helpful.
I'm the winner of the "I'm not going to upvote you 🐋 Do it yourself! #9 Contest"
Just gave a whale vote courtesy @htooms's for your efforts (Check out his blog)! thanks and keep up the great work @jznsamuel!
Thanks a lot mate!
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Is it possible to convert Steem power to Steem Dollar in an easy way like this one?
You have to power down steem power first. Then you can convert steem to steem dollars through blocktrades.