Transition Coin
Steem to USD
.........................................................................................................................
perhaps not THAT much..
but a little
Sometimes I want to cash out some steem
or SBDs
Not a lot but a little.
I used to use bitcoin as my transition coin
I'd sell Steem(or SBD's) on BlockTrades
buy bitcoin and have it sent to CoinBase.
then I'd sell the BitCoin and have the USD
sent to my bank.
not a lot..but a little
Then
THEN
the bitcoin transaction fees skyrocketed.
I could NOT send a little .
I HAD to send a LOT (for me)
and when I did.
the transaction fees took a LOT of it.
buy a $2 cup of coffee at Starbucks.
and spend 10$ of BC.
that stupid.
so I changed.
To LITECOIN.
the transaction fees are miniscule.
and it's FAST.
Just a little while ago I did that thing.
about $10 SBD.
almost before I could remove my fingers from the keyboard.
the LiteCoin was THERE.
in Coin Base.
With BitCoin it would take many minutes.
sometimes hours
one time it took several days.
A word to the wise is sufficient.
Fees, xaction time, etc., these are all reasons I feel almost every other crypto on the market is a better product than BTC.
I believe that BTC price appreciation is a demonstration of a)the founder effect, and b)ignorance of competition (related to a). I offer Ebay and Amazon as a metaphor for the future of cryptocurrency.
Thanks!
Thanks for sharing your experience and knowledge.
I'll take this into "account", hehehe.
woh.. thanks for sharing .. :)
I don't move my holdings around much, so it's interesting to hear your use case with Litecoin. Have you heard much about, or used, Bitcoin Gold or Bitcoin Cash? Interested to hear your thoughts about those, as they're both supposed to fix the high transaction fee problem.
Though, LTC seems to be doing that just fine for you.
I don't HAVE any holding.
All I have is steem.
I either leave it in my Account (SP)
or transition it into $$
at the moment LiteCoin seems the best way to do that.
Gotcha. Good on you for focusing on just one coin, it's paying off for you.
different people..different goals.
right now my goals is to help pay the rent
and work on my SteemDreem
Bitcoin some day will be beaten by its own children ( so called forks) for this very reason. But until then, you know, how its zooming.... All the human craziness.
different coins for different purposes.
I'm thinking that BitCoin should be held as an investment.
other coins should be used for money.
Thanks for sharing, informative.
Homer spitting that coffee after looking at the price
:DDDDDDD lmao
I've a question. Let's say I made some money on steemit and I want to take some of it out (dollars). Do I've to pay a fee for that? And did I understand it right that there are different ways to do so? I'm just trying to understand the whole system >.< because I think it's better to see it as an investment here
to take money out of Steemit you have to transfer it to an exchange...or BlockTrades (which isn't exactly an exchange in the investment sense)...there you trade it for some other coin because as far as I know there is no direct transfer from Steemit to USD.
THEN you trade that other coin FOR USD..then send it to your bank.
which coin you want to use as the transition coin is up to you.
ah ok I see. I understand now how it works. Thank you for the explanation I appreciate it.
Thanks for sharing it sir @everittdmickey