BlockTrades adds support for directly buying/selling STEEM

in steem •  3 years ago  (edited)

Buy/Sell STEEM with cryptocurrency on the BlockTrades "instant exchange" web site (http://blocktrades.us)

BlockTrades (http://blocktrades.us) has added STEEM to its "instant exchange" engine,
allowing users to directly buy and sell STEEM with many popular cryptocurrencies including
Bitcoin, BitShares, Dash, Doge, Ether, Litecoin, Nubits, Peercoin, and OPEN.USD. Other pairings
for STEEM will be added in the future based on demand.

Unlike a traditional exchange, users don't need to maintain a balance on BlockTrades. Instead, you simply send in the desired amount of crypotcurrency you wish to spend, and BlockTrades transfers to your wallet an equivalent amount of the cryptocurrency you are buying. This protects users from possible losses that can occur when they hold cryptocurrency on a exchange that is vulnerable to attacks by hackers.

Purchases can also be made very rapidly (speed is dependent on the underlying confirmation speeds of the currencies being converted between) and large transactions do not tend to move market prices the way they do when placing an order on a traditional exchange.

BlockTrades Pricing Algorithm

BlockTrades' market engine scans across many market paths over a number of different cryptocurrency exchanges to find the best price for purchasing one cryptocurrency with another one. For example, to purchase STEEM with Litecoin, BlockTrades search across more than one hundred market paths to find the best possible price at the current time and desired quantity.

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Hello blocktrades, I would like to know if you would be adding SMD to your exchange on the 4th?.. It would be great if you could trade SMD for BTS, BTC, ETH or LTC

Yes, we will definitely add SMD.

Amazing!! thanks.

I'm new with exchanging Steem. And I've read a lot but still it's not clear the easiest path. Is this the easiest/most financially sound and best path to take if I want to exchange STEEM into US dollars?

  1. open simple bank account
  2. use blocktrades to convert STEEM into Bitcoin
  3. Use something like BitShares to convert Bitcoin into US Dollars?
  4. Or Coinbase?????

I opened several accounts: Coinbase, BitShares and I got an app, Breadwallet for my iphone.
It's clear I have no f#$#*ing idea what I'm doing. A really clear, non-technical route would be really appreciated....
I feel that for the newbie, Coinbase is much easier to use than BitShares, but I want to use BitShares because it's Dan's baby and I respect him. However, I spent over ten minutes on BitShares trying to find the "sign out" or "log out" button, and I never found it. I cleared my browsing cache instead of wasting more time.......incredibly non-user friendly, unless, there's something I'm unaware of...
Thats all. thanks...

Hi, stellabelle. There is no sign out on the BitShares web wallet, because you never login. Instead, you have to unlock your wallet to spend funds. The wallet automatically relocks after a certain amount of time (the default is fairly short I think, around 5 minutes). Also, I wouldn't personally use a public computer to login to an account where I kept money, but that's just me.

I don't use public computers. I'm not sure why you thought I used them. Ok thanks that answers one of my questions.

Sorry, it was the part about clearing the browser cache that made me think that.

de nada. teru teru bozu.

As far as converting bitcoin to USD, Coinbase is probably as good as any other choice.

Ok thanks

If you don't want to deal with KYC laws, and don't want to trust an exchange to hold your money, consider using Bitsquare:

https://bitsquare.io/

If you'd like to retain complete privacy, consider using the Mycelium wallet:

https://mycelium.com/

Built into the wallet is a decentralized exchange, which matches up local buyers and sellers of bitcoin.

  ·  2 years ago Reveal Comment

I was asked recently on bitsharestalk how to make a direct URL link to select the input/output coin pair (in fact, IIRC, it was what that URL would look like to buy STEEM with BTC) that would be suitable for embedding into a web page, for example. The basic template is:

https://blocktrades.us/unregistered_trade/input_coin_type/output_coin_type

So for BTC to STEEM, it would be:

https://blocktrades.us/unregistered_trade/btc/steem

Yes, this is what I asked to you! Great!

Yes, it was your question on bitsharestalk that inspired this comment, but I accidentally never pressed the post button to reply to you there (too many browsers windows open, I guess).

One time, blocktrades was taking a long time (a whole 5 minutes) and I called their support number. Someone answers by the second ring. I tell him my transaction was slow. He looks it up and says "thank you so much for calling, my cat pressed a button and there were a bunch of transactions stacked up"

I got my coin within 15 minutes.

A++ service and support :)

Thank you for implementing this, Dan. I transferred some and it works like a charm, as always. Metatrades and CCEDK are very reliable also, but Blocktrades is always my preferred way to transfer value in crypto.

Thanks for the kind words, and your business! Looks like you're our first official purchaser of STEEM too.

Thanks - that's a great honor! In 10 years from now, when STEEM and BitShares have both shot past the moon en route to Alpha Centauri, and BlockTrades is the equivalent of Visa and Western Union put together, I want a framed certificate saying that I bought the first STEEM on BlockTrades. I'm going to auction it and donate the money to charity.

  ·  2 years ago Reveal Comment

This is fascinating.

BlockTrades has always been my favorite way to instant trade because of its reliability. Thank you for your work!

Can you give a short answer about the fees involved to buy from your platform? (just for the records of steemit)

This question is not really as simple to answer as it might sound. The pricing algorithm is one of the most important parts of an "instant exchange" system such as BlockTrades, because it's a vulnerability point that can potentially be exploited by a clever hacker attempting market manipulation. I know of at least one instant exchange (not us) who suffered losses because of pricing problems. This is one of the reasons why we keep this code closed source. It's also not "fixed in stone" and we do occasionally make changes to the algorithm, although that doesn't happen very often.

We use a pretty complicated algorithm to compute our base rates (a good part of the computational load on BlockTrades is related to determining the correct price based on analysis of "live" markets across multiple exchanges and across hundreds of markets on those exchanges). By multiple markets, I mean we look across multiple buying paths to obtain the output coin with the input coin. For example, if a user wants to buy STEEM with Bitcoin, we not only look at direct markets such as Bitcoin->STEEM, we also look at indirect paths such as BitCoin->BitShares->Steem, Bitcoin->CNY->BitShares->Steem, and many more. Our spread is also affected by the liquidity we see on all these markets. For low-liquidity markets with high spreads, this is the dominant factor in the cost differential between buying and selling a particular pair of coins on BlockTrades.

After we calculate the base spread, we can manually configure a plus/minus adjustment to the spread on individual market pairs based on our desire to hold either coin in our inventory. The system can also makes dynamic adjustments to the spread we offer based on how much of both coins we currently hold and how much we want to hold.

Finally, we also charge a fixed "transaction fee" which is basically the cost to send the output coin to a customer. This is a strictly nominal fee that we try to match to the price the output blockchain network charges us, typically 0.01 USD or less. The only reason we charge this fee is prevent an attack that tries to drain our inventory (this wouldn't gain the attacker anything even if we didn't protect against it, but some people will do anything for attention).

Hi
When I sell access block trade from my Steemit account and sell Steemit for bitcoin, where does the bitcoin go? I don’t have an account on block trades separate from my Steemit account. Thanks

I'm really glad to see this. Didn't BlockTrades just start a crowdfund as well? I see BlockTrades being very beneficial in this ecosystem.

We haven't done a crowdfund, but we are planning to do an IPO as soon as we find the time (hopefully sometime in the next couple of months). STEEM is one of the biggest holdings in our portfolio of cryptocurrencies, so we'll certainly help out where we can.

When you guys crowdfund, count me in. Blocktrades is a business that not only has a chance for good future profits, but also it's incredibly important for our infrastructure.

I put together a step-by-step tutorial here to help newbies walk through the process.

Buying STEEM with Bitcoin Through BlockTrades.us

Hey i don´t know how i can transfer my steemit to an exhange account can anyone help me?

If you want to trade your steem, blocktrades.us is probably the easiest way (we support a bunch of different trading pairs for steem). If you want to trade on a regular exchange though, OpenLedger or Bittrex both support trading to BTC. I haven't used Bittrex, but to send it to OpenLedger, you send to "openledger" with a memo of "open.steem:xxx" where xxx is your OpenLedger account name .

Hi
When I sell access block trade from my Steemit account and sell Steemit for bitcoin, where does the bitcoin go? I don’t have an account on block trades separate from my Steemit account. Thanks

Our system doesn't require you to have an account on our site, although it's recommended. Our system can send the bitcoin to your bitcoin wallet or to an exchange where you hold bitcoin (we don't hold customer funds like a normal exchange).

Okay, thank you. So when I sell Steem on your site it will ask me where to send it before the transaction or after?
Thanks

You tell it before you make the transfer. You specify a "receive address" where you want us to send the coins.

Very good, thank you for your help.

bro I had 1.000 Steem Dollar Withdraw from your account. I did not get my money in hand. So if you give me Steam Dollar please, it would have been better. Otherwise you send me your Coinbase Account. We have transferred the account to you @mdfardushkhan100 If you send us your coinbase account, please copy this Bitcoin Address -3Lf49KazMboF7U7Qk8dWeUA8kGwQcmBZBx If there is any mistake, please forgive us. Unfortunately, My Steam Doller returned. My friend sent Bitcoin address. Wait for you. Please protect my application. Please give my thing back to our brother.

I usually try both "blocktrades" and "Shapeshift". But Shapeshift is much slower and sometimes it take up to 7 hours. Is any one facing same difficulty If anybody knows about the reason please let me know.

Upvote @shamuel blocktrades

Fine thread. Good to see I'm not the only one that is thinking about this. There's a lot of exchanges out there. I found that coinmarketcap.com gives quite a decent overview. Besides coinmarketcap.com there is: https://www.coincheckup.com The site is my go to place for crypto investment analaysis and indepth coin research. Check: https://www.coincheckup.com/coins/Steem#analysis To watch Steem Analysis

Already I've expected this
Estimate is more confident

@blocktrades
You are doing this a very great and convenient step.So the people can buy steem easily.I appreciated your work that you are doing something different