❓Answering Common Questions: How to Exchange my Steem Dollars for Steem? 💸
With Steem Dollars being so high lately, I've been getting questions on how to use Steemit's Internal Market.
This guide will walk you through using Steemit's internal market, cover why it's better to use it versus another exchange and lastly discuss some reasons why you might want to exchange Steem Dollars for Steem (or vice versa.)
Q: How do I exchange Steem Dollars for Steem using the internal market?
- Click the your portrait at the top right of your screen. The in the drop down selections choose wallet.
- Click the dropdown next to Steem Dollars (or Steem) and click Market.
- Click the Available button and the Lowest Ask button.
- Click Buy Steem and you're done!!
That's it!! You should see the Steem show up in your wallet pretty shortly. (There are things that can happen to delay this, like having someone buy everything at the price you used. Definitely don't worry though.)
These steps don't guaranty you to get the best price. I simply sells ALL of your Steem Dollars at the current lowest price.
Q: Why use the Internal Market over others outside of Steemit?
- ZERO FEES!!! Anytime you transfer anything out of Steemit to anywhere, there's a fee. Then there's another fee for making a trade.
- Sometimes you can find good 'deals' with it having lower traffic. Prices can lag a bit behind other exchanges, letting you make a trade a slightly better price than elsewhere.
- The internal market only exchanges Steem for Steem Dollars and vice versa. So If you're looking to trade for another cryptocurrency, you'll need to go somewhere else.
Q: Why would I want to exchange my Steem Dollars for Steem?
- First off...this is always up to you. So nobody can come back and say @sykochica make me lose money...lol.
- If you feel that the Steem Dollar price is going to come back down (remember that it's supposed to be $1 USD) you can exchange them for Steem. This of course means that you think Steem will hold it's value (or go up) more than the Steem Dollars.
- The opposite is also true. If you thing the price of Steem is going to go down, you can exchange them for Steem Dollars. This of course means that you think Steem Dollars will hold their value (or go up) more than the Steem.
- You can trade back and forth between these where you buy low in one and sell high in the other. Then rinse and repeat. It can get you some extra Steem/SBD out of it. (This can also LOSE you money.)
Many months back I wrote dozens of other guides in this type of format. You can find the last one HERE where you'll also find links to all the previous guides. In the near future I'll get a nicer list together of them all.
Leave a comment if there is a guide you're looking for. If I can't find you a link for a good one (mine other someone else's) I'll likely just make one for you.
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Exchange
Great will use this feature but one question bro is this provide the best rates from other exchanges
Unfortunately this method doesn't guaranty getting the best rates compared to other exchanges. Though frequently it's not terribly far off compared to the average price of Steem and [Steem Dollars(https://www.worldcoinindex.com/coin/steemdollars] on World Coin Index.
But the easiest way to compare the price of the internal market to others is to divide the Steem Price by the Steem Dollar price. This decimal can then be directly compared to the price shown on the internal market and determine if it's better or worse from an external market. Now for a full calculation we would need to add in any incurred fees for that other market (fee to sent funds there and fee for the trade.)
Lately Bittrex has had the best Steem and Steem Dollar prices, but I'd heard of some people having issues there recently with signing up new accounts as well as not wanting to provide personal information that's now being asked of users.
Now that's the post everyone Needs to know about !!
Nicely and simply explained with each step how to do it
Great for all steemians
Kudos !!!
Thank you!
I rather enjoy putting these types of guides together, preferring to keep the short and to the point. I've found that the long, in depth guides tend to just be too much and/or confuse things.
i too prefer short and on point articles no one has got time to read
Thank you so much! I had a very dear friend get rather frustrated with me for transferring a few Steem to SBD through blocktrades as I saw in a video tutorial today... I'm trying to figure all of this out without bugging him as much as possible... it did cost me. Knowing it can be done internally without any fees is so helpful! Thank you!!!
I'm happy to help out!!
I'm going to have a guide out rather soon on moving through things like bittrex, poloniex and blocktrades. Also hoping to get some idea of the lowest fees with that being such a problem lately..but I'll have to see what I can find. Though, I've seen a lot of people moving things to LTC or ETH instead of BTC (which can still be sent to coinbase and cashed out to your bank) to get lower fees.
If it's helpful..one of my old guides walked through sending from Steemit --> Coinbase --> your bank: https://steemit.com/steem-help/@sykochica/answering-common-questions-how-do-i-spend-money-from-my-steemit-wallet
Feel free to ask if you have questions...will try to help out.
Thank you so much for this! I am sure it will help others as well as it helped me! :D
More than happy to! I know there's a lot of people wondering about this, so figured it was time to get back to writing some short and sweet guides again. :)
Thank you it is the easiest way to convert sbd into steem it helps me i used bittrex to exchange it.
Happy to help out! :D
Oh yea..you were getting hit by fees going both to and from bittrex. If you're happy just holding it as steem you'll be saving a nice little chunk!
it was so simple and easy to learn with step by step approach thanks you so much for putting this post in front of us
I'm glad it was helpful!
I found the short, simple guides tend to work better. I plan to write more of these. So feel free to ask if you can't find an answer for something. :)
This has been something I've been so confused with! Thanks for clearing up some of my confusion! :)
Absolutely! Happy to have been helpful! :D
Oh yea...it's so quick and easy. Also nice to avoid those $20 btc fees happening right now! :)
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Thanks its hard to find a good list of tutorials and guides for the marketplace even with search I appreciate your efforts some things are worth duplicating multiple times this is one of those tidbits.