GK's How to Change your Currency at Market Value
If you recently acquired your first Steem Dollars (SBD) and you're excited to get your hands on some Steem, keep reading. I joined roughly 2 weeks ago, at the beginning of the bitcoin insurgence and I know many of my followers will be recieving their first SBD soon!
Before we get ahead of ourselves lets discuss the wallet system. For your posts you gain 50/50 steem dollars (SBD) and SteemPower. This gets paid out to your wallet after 7 days based on the upvotes and curration it gets.
)Getting to Your Wallet
Click your Profile Image
Click "Wallet"
Scroll Down ... and Click "Market"
Conversion vs Market
Unless SBD are worth less than $1, it is not in your best interest to use the conversion feature.
This conversion was filled in the last 48 hours.
Fill convert request: 2.294 SBD for 1.105 STEEM
As you can see, the price of SBD is linked directly to the Dollar. Hence, SteemDollars. This means that if you want to get a proper valuation for your SBD, you have to go to the market.
Using the Market
The market may look a little less friendly, but you can very easily trade your SBD for Steem here. The fastest way is to input the amount of Steem you wish to trade, and offer it at the current asking price.
Alternatively you can attempt to play the market by choosing your desired price and waiting for it to come to fruition. For example, if you place an order for Steem @ 1SBD, then when the price reaches 1SBD, it will fulfill your order.
The culmination of orders and selling requests are what make up the walls of the image below.
This means that based on this snapshot, the majority of people want to buy Steem for 1SBD and want to sell for 1.2 - 1.8 SBD.
That said, you can never base your assumptions from a single snapshot. Please do your research.
Thank you!!!
there is also an option of 100% power up...this is if you want to invest in the platform.
Exactly, there's no reason to lose money in arbitrage when you can change @ market, or power up.
if you're not into trading..will you just be powering up?
I'd likely use the Market in the future.
Great advice. Thanks
GOOD-STUFF!
Thanks Heaps resteemed!
Sounds like I just saved you some cash! Best of luck, friend.
i know how to use the markets. I just found your advice easy. There are many people who have no idea. I like to share GOOD ADVICE!
Again I thank you for this article!
Excellent post @gktown - so at present I go to: http://coinmarketcap.com/currencies/steem-dollars/ and see SBD at $1.94 - so I have been thinking, man this is WAY over a dollar so use the market tool to convert to as much SBD as possible. I have a feeling I am looking at the wrong indicator, if you could please clarify / assist - thank you good sir!
No that is correct. That is why when using the conversion feature, I had to pay ~2 SBD for one steem. If it were at market value, It would have been 1.2 or so. Luckily I didn't convert very much, and when you do this, it just gives Steemit back a little bit of currency anyhow. Ultimately I just want to help spread the information so people can make good decisions. :) Thanks for the q~
I've just crossed that bridge myself, I'm after steem power ATM but onsite takes 3 days, and who knows what the market price is then. So I go to Bittrex try to hold out for a bit better btc price, and do the same BTC to steem. Or just do the best bid and then offer, bing bang and power up time :-).
Only small amounts so far 6 - 10 sbd, I'll try to get more sophisticated when its more.