The Steem Economy - Tons of Ways to Spend Your Hard Earned STEEM/SBD!

4 months ago
72 in steem

This post is a guide for the different things you can do with the hard earned STEEM/SBD that you received by participating on the Steem Blockchain!

Buy Stuff

There are several online stores/shops that accept STEEM/SBD. Peerhub.com is an online store which accepts SBD, and sells tons of items including clothing and artwork. It is similar to eBay/Craigslist in that anyone can post items for sale, so there is a lot of interesting/unique stuff. @steemshop is a user that sells items directly on Steemit.com. You can read more about it here. SteemGyft.com allows you to buy Amazon gift cards.

Trade SBD <-> STEEM

The Internal Market allows you to trade STEEM for SBD or SBD for STEEM at the current market price. Many sites/vendors only accept one form of payment or the other (STEEM or SBD) so this allows you easily convert to whichever one you need.

The price of STEEM and SBD both fluctuate, so if you want to try your luck as a trader you can try to get more coins by buying low and selling high!

Invest/Hold

SBD tokens are loosely pegged to the US Dollar via the Steem blockchain mechanisms, so it is unlikely these will go up/down in value by a lot. Generally these are better to hold if you don't want your account value going up or down a lot. Note - it is still possible for these to lose value though. (They are not a guarantee.)

STEEM tokens however can go way up or way down, depending on the value that investors put on the tokens. Today, one STEEM token is worth about 25-30 cents. In the past, they have been worth as little as pennies, and as much as $4.00 per coin. Some day, if the value of the platform increases, they could be worth lots more!

Bitcoins (BTC) are very similar to STEEM tokens, except they have been around a lot longer and are much more established. In a lot of ways, STEEM is actually superior to BTC. One bitcoin (BTC) is currently worth about $1,500 USD. If STEEM becomes as big as BTC one day (or even bigger), then the few dollars worth of STEEM coins you own today could one day pay for your retirement! Dream big ;)

Gamble

Try your luck on the SteemDice game run by our very own @pharesim! There is also a fully automated STEEM lottery run by the @fasl account. Good luck, but never gamble with more than you can afford to lose ;)

Custom Avatars!

The user @shayne can create a custom avatar for your profile! See tons of cool examples and instructions on how to purchase your own here. This is a really awesome service. It is definitely worth checking out!

Cash it Out

If you want cash now (USD, Euros, etc.), there are various ways to cash out your tokens for 'real money'. There is currently no way to trade STEEM/SBD directly for cash, so you will first need to use an exchange to trade for an "intermediate currency" such as BTC. (BTC is the most common intermediate currency.) The intermediate currency can then be sold for cash.

There are many exchanges out there with various pros and cons (better fees, easier to use, more well known, etc.). You can research to see which one you like best, or just pick one and try it out. Some of the more popular ones accepting STEEM/SBD are BlockTrades, Poloniex, Bittrex, and Changelly.

You will need a BTC wallet to send the BTC to, which will most likely be the address provided by the website you select in the next step.

There are a few sites such as Coinbase and LocalBitcoins that will let you sell your BTC / intermediate currency for 'real money'. Depending on where you live and which currency you use, you may have to Google "how do I sell BTC for X" (fill in whatever currency you are trying to get - USD, Euro, etc.) to find a good site/guide to use.

It is recommended that you go through the whole process from start to end with a small amount of STEEM/SBD first, and then once you have successfully completed it and received your cash, you can repeat it with a larger amount.

Load a Debit Card

There are several debit cards that can be loaded up using BTC, and then used as 'real money'. Here is a guide showing how to load up a debit card using Cryptopay. Another similar guide was written for Bitwala. Another card service is Wirex. Note - the fees on these are generally high, but there is a convenience factor that is hard to beat!

Convert to Gold

You can convert your STEEM to gold, using a GoldMoney account.

Services

@elementm is a user that offers various services for STEEM, such as writing a haiku for your spouse, or covering your favorite song :) You can read more about it here.

Visit a Coffee Shop

There is a coffee shop called "EINSTEIN KAFFEE Bistro Potsdam" in Potsdam, Germany that accepts STEEM as a form of payment. It is located at Kurfürstenstraße 12 Potsdam 14467. You can read about it here!

Power it Up

If you power up your STEEM to STEEM POWER, you will gain more influence on the site and earn higher curation rewards from your votes. STEEM POWER also earns interest for as long as you hold it! (15% of the new coins that are minted by the blockchain are given to STEEM POWER holders as interest.) SBD cannot be powered up directly, but it can be exchanged for STEEM on the internal market, which can then be powered up.

Disclaimer

This post is a list of suggestions on ways to spend your STEEM/SBD, but there are no guarantees that things will work. I am not personally endorsing any of the sites/products/tools that are listed here. If you run into issues, you can comment here and I will see if there is anything I can do to assist, but most likely you will need to work it out with whichever party runs the site/product/tool that you are trying to use.

Thanks for Reading

I hope you found this guide useful and have some new found ways to spend your STEEM/SBD!

There are probably tons more that others have used / heard of. Feel free to add more suggestions in the comments!!

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Sort Order:  trending
66
  ·  4 months ago

Woah, definitely going to resteem this!

I was going to share it around even before I noticed that I was mentioned in it! lol

@shayne

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72
  ·  4 months ago

Yeah, I didn't know you were offering this service until you shared the link the other day. After checking out your work, I am very impressed. I hope a lot more people find you through this post and you can get more of your work out there for people to see :)

42
  ·  2 months ago

Wow! This is great from a newbie like me! Thanks!

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25
  ·  15 days ago

Totally! In days I've gone from discovering cryptocurrencies to discovering cool sites like Steemit and people that will help you trade (e.g. @quickfingersluc) Loving the disruption!

70
  ·  4 months ago

I also sell digital files of the printable versions of the some of the art seen on my blog. I've been at it for months, but haven't had much success. Sold one unit so far!

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72
  ·  4 months ago

Cool. You may want to try putting it on peerplays, and then blogging a link to the item in the store 😀

50
  ·  4 months ago

Many thanks for the mention here. The Steemshop is small right now, but in time it will grow. We will be announcing some changes to the system soon in order that people can quickly find what they want to buy.

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72
  ·  4 months ago

Awesome!

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25
  ·  3 days ago

Great

60
  ·  4 months ago

Resteemed! This has some good information about the many ways to spend/convert/use steem/SBD!

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72
  ·  4 months ago

Cool, I'm glad you found it useful. Thanks for Resteeming! :)

42
  ·  21 days ago

First thing I read after I got approved. :D

41
  ·  18 days ago

I'm loving the helpful and informative posts like this. I'm a real noob here so I need all the help and Info I can get right now!

51
  ·  3 months ago

Now if only I could write a decent post.

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72
  ·  3 months ago

You don't necessarily need to write posts to be successful. There is a lot of value to add by commenting.

37
  ·  2 months ago

Resteemed! Very informative, thank you for writing this @timcliff.

25
  ·  2 months ago

Great post! Thanks for this

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72
  ·  2 months ago

Welcome!

67
  ·  4 months ago

Congratulations @timcliff!
Your post was mentioned in my hit parade in the following categories:

  • Upvotes - Ranked 7 with 331 upvotes
  • Comments - Ranked 3 with 51 comments
  • Pending payout - Ranked 2 with $ 129,07
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72
  ·  4 months ago

Awesome!

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67
  ·  4 months ago

Well done!

38
  ·  2 months ago

I am a newcomer and this is the very first post I've read!

Wow this was very helpful and insightful, thank you.

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72
  ·  2 months ago

Cool! I'm glad you found it helpful :)

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25
  ·  2 months ago

very educative and inspiring. i am also a newbie here but i already feel like i am, part of a large community.

25
  ·  2 months ago

Our 1st Rendevous with Steem and what a better way to start then to land up on your Blog! So much to look forward to and we are super excited as we have been writing blogs, posting & selling our collection of pictures, providing extensive travel related articles on other websites where our hard work was overlooked and not rewarded but Steem looks like its going to be a whole new ball game.

This is really going to be fun and we are enjoying it already as we have a lot to offer to the community and we will as the time goes by!

Cheers & God Bless!
Nat & Nelly ;-)

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72
  ·  2 months ago

Cool, welcome :)

68
  ·  4 months ago

Well written! It is posts like this one that really help newcomers understand our economy and terminology.

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72
  ·  4 months ago

Thanks! I'll be adding it to the welcome page the next time I make updates 😀

72
  ·  4 months ago

Excellent post lord @timcliff valuable information you have shared, lots of variable, thank you very much for all this data.

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72
  ·  4 months ago

Thanks @jlufer! I'm glad you found it useful :)

57
  ·  4 months ago

Awesome post. Answers the question I've had for quite a while!

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72
  ·  4 months ago

Cool! I'm glad you found it useful :)

51
  ·  4 months ago

Awesome! Do you know if any photography stores accepts Steem, Bitcoin, or any other crypto online?

Thanks much

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72
  ·  4 months ago

I don't. The folks in the #price channel of Steemit chat might though 😀

60
  ·  4 months ago

Cool. I was also thinking of writing a similar article but you're done it so I'd just resteem it. Steem on!

61
  ·  4 months ago

informative post, wink nod :) ....very good work

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72
  ·  4 months ago

Thanks!

64
  ·  4 months ago

Feel free to add more suggestions in the comments!!

Openbazaar you can pay with steem directly

62
  ·  4 months ago

Thank you, @timcliff
You can also convert Steem to gold, through a Goldmoney account.

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72
  ·  4 months ago

Cool, thanks. I will add this.

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74
  ·  4 months ago

Hmm any thoughts about GoldMoney vs something like Digix?

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72
  ·  4 months ago

Not sure. I've never tried either. If you have a post with info on how to use Digix with STEEM or SBD, send me a link and I'll add it.

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62
  ·  4 months ago

Goldmoney accepts both BTC & ETH, @kevinwong

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62
  ·  4 months ago

You're welcome, @timcliff. Your post catalysed the Indian & Chinese personal gold standard.

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72
  ·  4 months ago

Interesting. How did I catalyze that? :)

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62
  ·  4 months ago

You wrote about how to use STEEM/SBD around the same time that I read Roy Sebag's Medium post on jewelry.
Serendipity, I suppose. 😊

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72
  ·  4 months ago

Nice :)

54
  ·  4 months ago

Excellent list, very helpful. Thanks! Followed :)

67
  ·  4 months ago

That's so great and helps me a lot ! Danke !

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72
  ·  4 months ago

Awesome! Glad it helped 😀

69
  ·  4 months ago

Good list, checking all out

58
  ·  4 months ago

Thanks for the valuable information!

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72
  ·  4 months ago

Welcome!

51
  ·  4 months ago

Thank you for making such a concise list :)

I sell kilos of kratom on PeerHub for $80 less than I do for cash on my main website ( http://kratom.rhizohm.co )!

My offer is here: https://www.peerhub.com/items/7393

I wrote about it here: https://steemit.com/business/@aaronsuncamacho/when-kilos-collide-with-technology-and-the-dea-backs-down#

Steem Onward and Upward!

PS: If you don't know, Google will educate you about kratom... Believe the people not the propaganda.

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72
  ·  4 months ago

Interesting. Thanks for sharing!

70
  ·  4 months ago

Thanks for all the useful info! Go Steem Economy!

66
  ·  4 months ago

Thanks for your very informative post and I am sure I will use the information in the future to spend steem or SBD thanks my friend @timcliff

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72
  ·  4 months ago

Welcome :)

55
  ·  4 months ago

Resteemed! I have thousands worth of magic cards, pokemon cards and books I've been wanting to sell. Turning it into SBD then Steem is awesome!

57
  ·  4 months ago

Thanks for sharing! We are sure it could inspire many new wiki articles in our Economy and Commerce categories on Steem.center

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72
  ·  4 months ago

Cool!

40
  ·  4 months ago

Should i cash out my rewards right away? was there some benefit to holding on? why does it ask me to cash out in my wallet

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72
  ·  4 months ago

Are you referring to the 'redeem rewards' at the very top of your wallet?

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40
  ·  4 months ago

yeah

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40
  ·  3 months ago

so what happens if i dont click that?

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72
  ·  3 months ago

They just sit there waiting to be claimed. Until you claim them, they won't be a part of your balance.

65
  ·  4 months ago

People should know for this. Upvoted, resteemed…

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72
  ·  4 months ago

Thanks!

71
  ·  4 months ago

Good consolidated info. Love to gamble on @fasl lottery once a while when I'm on.

59
  ·  4 months ago

Mentioning @shayne, you practically mentioned us too @timcliff. He is now are pride! Hoping you grace #steemgig or #steemgig too soon. It is evolving but really slow. Hopefully, we get to reach goal of 5,000 #steemgigs for the beauty of steemit especially on the outside and for potential steemit growth and use for SBD and steem like you mentioned. The ideas for a #steemgig are endless and can be really fun and creative too, like this one by the old dog @kus-knee: https://steemit.com/steemgigs/@kus-knee/the-old-dog-begs-i-need-help-in-a-specific-cat-egory
We are also offering our #steemgig to every steemian for free by linking steemians in need to steemians indeed and you have been there to help when called upon.

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72
  ·  4 months ago

Sure. How can I help? Notifications don't work for me, but I read all replies that I receive on Steemit, and I check Steemit.chat once a night.

58
  ·  4 months ago

Thanks for the mention!

60
  ·  4 months ago

UPDATE
Your article stated:

There are a few sites such as Coinbase, Circle, and LocalBitcoins that will let you sell your BTC / intermediate currency for 'real money'.

As of 12/2017, you can no longer buy and sell bitcoin on Circle. A sad loss, but I thought you might like to know the current status of Circle.

See https://techcrunch.com/2016/12/07/circle-removes-ability-to-buy-and-sell-bitcoin-as-it-doubles-down-on-mobile-payments/

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72
  ·  4 months ago

Ah, thank you. Sad indeed. I will update the post.

56
  ·  4 months ago

wow! this is so much information,
followed and resteemed :)

54
  ·  4 months ago

I'm saving and putting it all into powering up now. Thanks loved your thought. Resteeming it.

37
  ·  22 days ago

great post thanks for sharing

25
  ·  last month

Thanks so much for this lovely article @timcliff . It's my first day on steemit and your article is a big help! . I am definitely going to follow you :)

25
  ·  6 days ago

Wow Thanks a lot man :)

25
  ·  yesterday

Thanks for this. Helpful. I was in a team who won a hack in London last month. I though I would share the xperience from going from the hack to the ICO we are planning. There might be some other stuff too.

25
  ·  3 days ago

Great post, thank you for the info.

25
  ·  4 days ago

Thanks for this useful post! I definitely will have to investigate and learn much more about steem, I just landed :) but this helped me a lot. Thank you!

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72
  ·  4 days ago

Cool :) Your welcome.

37
  ·  last month

Thanks for giving me insight on how I will my Steem Dollars if I achieve my goal. This will help me plan my future. I was invaluably assisted by this article. I shall try to follow up similar articles.

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37
  ·  last month

Timcliff thanks for supporting me. May God bless you.

25
  ·  last month

Wow. Thanks for sharing! It's very helpful for a newbie like me!

32
  ·  26 days ago

Thats very educative. Thanks. Keep it up!

28
  ·  last month

Thanks...post anda bisa membantu saya...
Good job....

25
  ·  11 days ago

Thank you so much. it helps a lot for new user like me to better understand how steem works.
Thanks again.

25
  ·  27 days ago

Gracias por la informacion.. :)

56
  ·  3 months ago

Good info, keep it coming.

54
  ·  3 months ago

Shared. Resteemed, I mean. Thanks for the info!

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72
  ·  3 months ago

Welcome :)

56
  ·  4 months ago

Very informative! Thanks for all the advice.

69
  ·  4 months ago

Thanks for shareing this great info ! 😊👍

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72
  ·  4 months ago

Welcome!

49
  ·  2 months ago

amazing thank

36
  ·  3 months ago

Rich in content, good post.

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72
  ·  3 months ago

Thanks!

33
  ·  2 months ago

Great intro for a beginner steemer like myself. Thank you

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72
  ·  2 months ago

Welcome!

27
  ·  2 months ago

thanks men , really helpful as i am new to this

38
  ·  3 months ago

Great article. Thanks a lot for sharing.

25
  ·  22 days ago

Very useful, thanks for the post

25
  ·  28 days ago

It good. Thank you