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.