Did you get a SHOCK first time converting BTC to STEEM on BlockTrades?
First time I used BlockTrades to gain more STEEM started with discomfort. After reading an article by @dioncrediblehulk, I felt the need to create a post on this topic.
You should always explore with smaller amount of money/values, before jumping into bigger numbers. That is what I did. I tested with 25 USD to experience if BlockTrades seemed legit and safe to use, but my experiences wasn’t that pleasant.
My first transaction from Gdax/Coinbase to BlockTrades took forever. It felt like I lost everything that I was going to invest in STEEM. After 30 minutes or so, I just started to search for other opportunities to invest in STEEM, and I logged out of my BlockTrades account. The next day I opened my STEEM account and found new STEEM in my wallet. I logged in on my BlockTrades account to check if this was true, and yes, I could see that the transaction was correct. By checking the time, I experienced that it took the process more than one hour to complete.
Whilst I was searching for other opportunities to trade and gain STEEM (before I experienced to receive my STEEM), I read another article about someone withdrawing STEEM and Steemdollars and deposit them on the Poloniex to experience the STEEM and Steemdollars to disappear. Sounds scary, and I started to loose trust in STEEM for a moment.
You can read about @dioncrediblehulk experience (right here), and how he warns everyone that uses Poloniex.
But then I started to wonder… did I get everything, or am I missing some STEEM. That question still remains in my head, and I do not know for sure if this is true. I’ve read some articles around this topic, and it seems to be that BlockTrades charges some fees. I calculated it to be a little less than 3,5 STEEM and looking at the picture, the numbers, it seems very close to what I calculated, but I am still not sure if it the amount is a 100 % correct.
So to my conclusion
I’ve used BlockTrades several times now, since my first time, and it has been all right, but I can’t take away the discomfort of the transaction taking such long time. But I do believe that BlockTrades serves a safe service for those who wants to use that service. The only issue is the big delay, but I think you will get used to it if you decide to use BlockTrades in the future. This issue does not appear if you are exchanging Steemdollar to STEEM or opposite. If I never should use Poloniex is not for sure, I think I will try to put in a smaller amount to see if the experience of @dioncrediblehulk is what he says it is.
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So what methods do you use to exchange and convert your STEEM? Let me know in the comments below and I gladly answer all questions.
Love,John
I've found transaction to be slow too. It's very unredictable and varies widely.
Thank you for answer and opinion @morningtundra! much appreciated!
Yes, It can be extremely slow and unpredictable. This might frighten many new people who are about to their first transaction.
I think users will be ok with latency if there’s trust in the reliability of the system. The latency is no worse that a credit card transaction in my experience.
That is a well made point!
But as many people believe how crypto works, that it should be fast, easy and reliable, It could be a shock for some... but I do agree with you, that it is actually no worse than a credit card transaction!