The Quickest Way to Go From Steem Dollars to Power Up
As a newbie Bone Fish, not even a Red Fish or a Minnow, you waited and waited the long 7 days before you got your first Steem Back Dollars (STB) or just a few cents. You kept those cents until you had a dollar or more and then thought...
What do I do with Steem Back Dollars?
Well, if you are desperately in need of some real payout, you could trade it on an exchange and eventually take the steps to have something where you could buy something in the real world.
M'eh, I can find more money on the street.
Or, you can play the long game and build up your STEEM POWER, which if built up enough, will get you higher payouts on your posts.
Influence tokens which give you more control over post payouts and allow you to earn on curation rewards.
Well, that sounds like a long shot and I've got nothing better to do with this free money, so let's do that!
Alright, well you need to take your 1) Steem Back Dollars and convert them to 2) STEEM and then 3) Power them up to STEEM POWER.
Well, that seems simple, what's the first step?
Make a Choice
The first step is to choose whether you want 1) Convert to STEEM or 2) trade on the Market.
If you choose the Convert to STEEM option, then the Steem Back Dollars automatically get converted into STEEM. However, this takes 3.5 days to happen and the price of STEEM will fluctuate in that time (like the recent drop from $1.9 to $1.5 in one day).
If you choose the Market option, the transaction will go through as soon as there is a Seller of STEEM willing to meet your price. This could take a few seconds, if you place your market order quickly. And then you'll be on your way to powering up!
Um, the Market option seems a lot quicker and possibly a better chance to trade at a good price.
Make Buy Trade
After selecting Market, you will see two options. Either to Buy or to Sell. We want to Buy STEEM with Steem Backed Dollars. The current price of STEEM is set when you open the Market page. The value can be changed, but then you risk not offering a price that will be accepted by a Seller of STEEM.
You need to enter in the 1) amount of STEEM you would like to buy.
The amount of Steem Backed Dollars 2) needed to purchase the STEEM automatically updates based on the price and the amount you want to buy. It is probably good to write down the maximum amount of SBD that you have or at least keep a second browser tab open, if you have a short-term memory issue or children distracting you.
Finally, you click the 3) BUY STEEM button to start your order.
Confirm Trade
You will get a popup to Confirm Your Order and then a login screen.
A notice will appear on top of the Market screen to let you know that the order has been placed.
Woo hoo!! All done!
Wait for the Order to Complete
Well, then you have to wait for the order to complete.
As I stated, this could take a few seconds or even longer. In your Wallet, you can see the STB that are getting ready to be converted to STEEM. Clicking on the link will take you back to the Market.
Well, what if I don't want to wait?
Market Orders
Sometimes, the market doesn't work for you and your trade just sits.
For example, my test order took less than 10 seconds to complete. But, the order I created to take screen shots for this article has not processed. I made my order when STEEM was at $1.58, but then the market moved it above $1.60.
I can keep track of the current price on the Market screen by the third column labeled Trade History. These are the actual trades that have completed. I can see that the value of STEEM is going up. So, I can either wait for STEEM to go back down or I can cancel the order and try again at the higher price.
Okay, the trade went through! Am I done now?
Power Up
The final step is to convert your STEEM to STEEM POWER. And that last step is as easy as selecting 1) Power Up and then the amount that you want to power up.
That's it!
Instead of waiting for 3.5 days for it to happen, you have STEEM. No exchange or other gadget needed. You are on your way to having all the STEEM POWER you need to make a monthly income off of STEEM and live like a crytpo rock star!
And I upvoted and resteemed for other young minnows like me
That's the way to do it!
I did it!!!! I am so excited. Thank you so much for your help today!
You're welcome!
Thank you for sharing this valuable information. I hope all of the new users will POWER UP!
It seems like the wise thing to do for a new user.
Ahhh! Thank you sooooo much! It seems pretty easy and not so intimidating now that I've read your blog!
This is a great post. I always do blocktrades, but will try the marketplace. I always thought it looked intimidating, but you make it look easy. Thank you. You got a new follower.
I wasn't sure what the market option was, until I complained on an article about the 3.5 day wait period. Someone said to just do it on the Market.
I guess blocktrades would be the next thing for me to look at.
I'm going to try the market tomorrow when I build up a little more sbd. Thanks for the tips.
I'm A Little Fish dedicated to all the minnows
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