How-To/Walkthrough/Tutorial: Power Up SBD to STEEM POWER

in steemit •  2 years ago  (edited)

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So you want more Steem Power? Great news! I've previously written about investing in the Steem blockchain by powering up SBD to Steem Power, and often get questions in replies about how to do this. In this tutorial, I will show you two ways of powering up your Steem Backed Dollars to Steem Power, to invest in the community and increasing your voting power and curation influence, and I will actually do some of the powering up as part of the tutorial.

The two ways to power up SBD into Steem Power

  1. Using the internal market
  2. Using an exchange, like @blocktrades

1. Using the internal market

Under your SBD, you will notice the option of going to the "market" internal to the Steem blockchain:

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This will bring us to the following page, where we'll be focusing on the left side of the market, since we are buying Steem with SBD

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In this case, I'll be spending 5 SBD to buy Steem, so I enter 5 into the SBD field, which at current rates will give me 5.64 Steem. Once done, I click on the "Buy Steem" button.

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After confirming and then inputting your Steem password, you will see a confirmation:

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After the trade is successful, you'll see your new Steem reflected in your wallet:

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Remember, we're powering up SBD into Steem Power, so now to finalize this, we need to convert our recently purchased Steem into Steem Power, done in our wallet, by clicking on "power up"

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And voila, you will notice that my Steem Power has increased by a little more than 5

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2. Using an exchange like blocktrades

The second way to convert SBD to Steem Power is more direct, and skips the intermediate step of Steem. Using, for example, blocktrades.us, I will convert 5 SBD directly to Steem Power. After entering 5 SBD and inputting your username, you can select "Get Deposit Address":

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You will have the option of using Steem Connect or making the transfer manually. I opted to use Steem Connect for this transaction:

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After connecting my Steem account with Steem Connect, the SBD has been converted into Steem Power almost instantly and is reflected in my wallet:

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A few things to bear in mind:

  1. You will notice a slightly different exchange rate from my internal market transfer and the blocktrades transfer. Part of this is that as I was doing it, the exchange rates fluctuated. But aside from this, there are typically small variations between the rates on the internal market and on an exchange. Do you research to find out which is best at the time

  2. If you want to speculate on the price of Steem, you can convert SBD to Steem and hold, later powering up the Steem to Steem Power at a possible more favorable rate. User beware, because this can also work against you if you time it incorrectly.

Questions? Let me know. Other tutorials you'd like done? Let me know!

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  ·  2 years ago (edited)

Your one of my favorite youtubers and p9litical commentators David, wish I could give you more than 1 upvote! So awesome how onboard you have been with steemit, you’re one of the main people that got me here! Wow, look at that buy wall on your trade!

@davidpakman okay great post
question is there a reason you specifically go from SBD to SP?
is there a benefit to powering up from SBD vs STEEM?
thank you for your time and knowledge
<3 kel

you can power up from either, but post rewards are paid out in SBD, so that is what many users have available to power up.

ahh got it
thank you mucho
Keep up the quality steemin
:)

Odd that you can only power up STEEM and not SBD internally.

2.13% @pushup from @davidpakman

you write a great post because you used best thinking of steemit... i think it is an informative post....

SBD to Steem and Power upppp, can't preach this enough!! Good stuff here pakman!!

That's a very useful post.It will help a lots of newbie like me.Thank's for the post.

Thanks so much for going over that process.

Sneaky Ninja Attack! You have been defended with a 13.96% vote... I was summoned by @davidpakman! I have done their bidding and now I will vanish...Whoosh

This is definitely a useful post for those who have just began on steemit and have earned some SBD. It is always better to power up to reap the benefit of increasing price of steem in future.

I am doing this since the start. I have powered up my steem using sbds that i have many times.

You got a 5.68% upvote from @bid4joy courtesy of @davidpakman!

You got a 4.61% upvote from @minnowvotes courtesy of @davidpakman!

You got a 27.03% upvote from @ipromote courtesy of @davidpakman!
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Bravo trus sahabat,is then bes beautiful for stemmit

This post has received a 8.01% upvote from thanks to: @davidpakman.
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Wow.. This was very helpful @davidpakman, I've always been looking for ways to invest here on steem.. I'll try this. Already saved the page

Been trying to power up today but can't seem to access blocktrades. Anyone else having that issue?

Hmm I have not had this issue, have you tried anything like logging out and back in again/ refreshing to see if this resolves the problem??

Sometimes it gets stuck for me, i sometimes have to right click the market button and open it in a new window and let it load.

thanks for sharing! i will start following your exciting posts! Checkout my posts as well

You got a 92.29% upvote from @nado.bot courtesy of @davidpakman!

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You got a 41.92% upvote from @allaz courtesy of @davidpakman!

thank you .. you have shared your experience distemely. i am very proud of you. rarely because people share their success experience. many thanks. this is very precious for beginners distemely.

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thenk yu, @marzukirizki

Very informative post from @davidpakman.You have taught us all.THANKS

Thanks for sharing! Links to your post were included in the Steem.center wiki pages about Bittrex and Steem Dollar (SBD):Links. Thanks and good luck again!