How to convert SBD into STEEM using SteemConnect

in sbd •  3 months ago

SBD -> STEEM Conversions

Since SBD has been trading at around $1 USD recently, a lot of users have been asking about the conversion function. This post will explain how to use the SBD->STEEM conversion function with SteemConnect.

A special thank you to @eonwarped for filing this SteemConnect issue https://github.com/steemit/steemconnect/issues/316 and @fabien for getting it fixed, so that this method works as expected :)

Background

Conversions are a function built into the Steem blockchain that allows a user with SBD tokens to convert them into "approximately $1 USD worth of STEEM".

The way the conversion process works is that when someone initiates a conversion of SBD, it removes the SBD from the user's active/available balance, and moves it into their conversion balance. It sits in their conversion balance for 3.5 days. At the end of the 3.5 days, it takes the median price feed value from the witness price feed across the 3.5 days, and uses that median price to create $1 worth of STEEM in place of the SBD token.

More details on SBD can be found in the post SBD Explained.

Some Info Regarding Conversions:

  • When you convert SBD, you will not get your STEEM tokens for 3.5 days.
  • Once a conversion is started, it cannot be canceled.
  • It is possible to convert a fraction of SBD tokens (up to 0.001 precision).
  • There are many scenarios where it is more profitable to trade SBD for STEEM on the internal market. You also don't need to wait 3.5 days to get your STEEM when you use the internal market. It is assumed that anyone using the SBD->STEEM conversion function understands the mechanics and risks involved.

Steps to Convert SBD to STEEM Using SteemConnect:

  1. Determine the amount of SBD you would like to convert. The amount should be in the form 0.000. This includes at least one digit to the left of the decimal (which can be zero), and three digits to the right of the decimal (which can be zero).
  2. Generate a unique integer requestid value. The main thing that matters is that it is different than any other requestid values from other in-progress conversions under your account. You may want to just start with 1.
  3. Plug in your account name for owner, the requestid value, and the amount into this URL: https://steemconnect.com/sign/convert?owner=timcliff&requestid=1234567&amount=0.000%20SBD
    (Note: the %20SBD at the end is what comes after the 0.000 amount.)
  4. Call the URL in your browser.
  5. Sign using your account name and private active key. (Technically your owner key or master password will work too, but it is always best to sign with the lowest authority required.)

That's it!

Monitoring Conversions

You can check your in progress conversions using this URL: https://api.steemjs.com/get_conversion_requests?accountName=timcliff
(with your account name filled in).

The results will look something like this:

[{"id":72853,"owner":"timcliff","requestid":1234567,"amount":"0.001 SBD","conversion_date":"2018-09-01T13:47:18"}]

  
Your SBD that is in the process of converting will also show up in your steemit.com wallet:

After 3.5 days, your conversion should complete, and you will have your "approximately $1 USD worth of STEEM".

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Thanks, Tim :)
Any word on the return of the conversion button at steemit.com?
After HF20 has stabilized the SBD price maybe?

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Idk if there are plans to add it back. IMO it is an “advanced user” feature that causes confusion for a lot of “regular users”. From my experience dealing with support, it seems to be more trouble than it’s worth. For users who actually understand how the conversion works - using tools like SteemConnect (or other interfaces/tools that support it) should not be a big deal.

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Happy to hear an insider perspective.
People can always trade STEEM/SBD between themselves too.

Thanks for this guide, Tim! I doubt that I will personally be using it anytime soon since there's hardly any benefit compared to buying STEEEM on the internal market, but it's still nice to have the option. I will bookmark this post and return if SBD ever falls into the $.95 range or something like that.

Thanks for breaking down the process for using Convert function in SteemConnect, Tim.

For anyone interested, I haven't used it, but a "Convert SBD..." button has been added to SteemWorld, on the Balances page. It's one simple popup window if you push the button, and you'll probably be asked to enter your active key if you want to go on with it.

This is an amazing one. I've been used to exchanging it using blocktrades. Now I know more. Thank you @timcliff

I think it is just easier to use the market.

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Yes. Most users are better off using the internal market.

Ah so it seems the issues with the convert function in steemconnect are finally fixed :)
That makes my programm kind of useless now, but maybe it's still interesting for the not so techy users: https://steemit.com/utopian-io/@mwfiae/new-project-sbd-converter

It almost seems like you're the only person that understands the Steem Blockchain. lol
This was very interesting. I was thinking Steemit would add the conversion feature back that I heard they used to have but I guess maybe they don't need to.

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There are actually quite a few people who have a good understanding of the blockchain mechanics. I've learned a lot from many of the other smart people in the community.

I am one of the main people though trying to translate the techie stuff into "human talk" :)

yay!! thats my @eonwarped, and thank you for anotger great post @timcliff. now can you make steem hit the roof with your grand wizardry? please ? lol

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@timcliff hehe ... yay!! hey whaaa ? you are a magic-man whotttt? :)

Oh YEAH it totally does say that about SBD, it's ability to be converted at any time. Silly me... here I was wondering what 'in conversion' meant... this whole time! You learn something new every day! 😉

I am so grateful coming across this post, and I want to used this media to say @timcliff u are the best for giving or bring this though knowing people like me will need it. Most of our senior steemians may have not gotten this ideas. I am very very grateful.

Please, when u are talking about it take 3.5 days to complete the convention. Do u mean 3-4 days. Thanks

Take this opportunity to learn more and also show appreciation to our frd.

Posted using Partiko Android

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No, exactly three and a half days. Curious, why are you so interested in using the conversion function instead of just trading SBD for STEEM on the internal market?

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Will u love to teach me how to trade , cose I am not too sound on trading. Thanks

Posted using Partiko Android

I'm keeping my SBD in case of future pumps

Aghh I hadn't even noticed the conversion button had gone missing from the wallet!

Incidentally, did steem inc actually write a post formally announcing SBDs had stopped printing and why?

I trawled through the @steemitblog and found nothing.

PS I know the answer to the above question - Im just wondering if it was announced in anyway (just in case the clueless think its some kind of error).

Posted using Partiko Android

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It was not announced because it is just part of the blockchain rules. The SBD Explained post that I linked to has the explanation.

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Thanks - I already know why... I just feel as if it's at least worth a 'don't panic' mention from the Corporation in one of their regular posts - and a link to an explanation.

It's a pretty large part of the user experience after all.

Then again we both know that users of steemit arent a priority.

Posted using Partiko Android

I tought that the conversion function was removed from the blockchain, but I was so wrong... great to see it back available to people via the SteemConnect

Nice post @timcliff, very thorough! One day I'll actually have some SBD and I'll come back to this article. Following.

Steem the new Facebook? O_o

Actually I was search for the convert option in steemit yesterday I realized it was gone.

Thanks for this! 😎

@timcliff thanks for sharing this it's best for me to convert small amount of SBD into Steem.

Posted using Partiko Android

Thanks. Very usefull information.

This is a much needed guide which you have shared with us thanks for this update @timcliff keep growing

Added to steemconnect. But I do not know how to use it. I made it a beaver tree. But I could not.

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It is a little advanced.. What are you trying to do / why?

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For upvote more

I use the market but each day we can learn something new. Regards

I think that this can also be done from steemit wallet?

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No. It used to be, but it was removed.

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Oh. I see. Thank you for teaching me.

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