% LOST in Power Down to convert back into cash.
What is the exact % lost through transferring to currency?
I am not Seeking to Power Down, i am curious to find out how much it costs. Excuse me for asking such a basic question.
I imagine you transfer to Bitcoin and then sell your Bitcoin for local currency, and i am guessing it is around a 2% loss.
However, i am interested to hear from some people who have cashed up some of their Steem Power, and especially if anyone has a method to calculate the exact amount it cost as a %.
This photo is my own and i have the right to use it 100%
I am enjoying my time here very much, and am looking to grow my Steem Power for years.
Check out @roomofsatoshi. This is probably the cheapest way to convert Steem to Aussie dollars. I say probably because I haven't yet tried it, but there's no mucking around with other exchanges. It's straight from Steemit to your Australian bank account.
very interesting - i am not going to be cashing any up for a long time yet - but it is good to know the way to do it and curiosity had me about the exact costs people are paying. Thanks very much for your suggestion, Jason -all the best, David
Very cool! I didn't know about this. We should check the the price though and see what is the difference between their direct rate and the indirect rate which goes through bitcoin :]
Aaaah, interesting.
I feel like through blocktrades it was around 4-5%. Plus, if your using coinbase they'll charge you another 4% or so when you sell, so you lose around 8-10%. SUCKS...
interesting thanks for your reply- i am thinking that there must be a better way - we need a steem to dollars exchange set up through Steem.
Once you are in bitcoin, coinbase quotes their fees: https://support.coinbase.com/customer/en/portal/articles/2109597-buy-sell-bank-transfer-fees
So yes, like 5% or less. Most of the gain/loss in converting is actually just timing your sales correctly since the market whips around 10% every couple days. Plan it right and you've paid for your fees.
thanks mate- it helps to get professional advice - did you see the comment above for 'roomofsatoshi' what a great service for Australians.
Exchanges like bittrex charge about 0.25% for each conversion. You have to do one conversion which is from STEEM or SBD to Bitcoin. Then you need to sell your Bitcoin for AUD which will incur a fee. It's probably best to directly transfer your Bitcoin from exchanges like bittrex to one that pays fiat because every transfer incurs a fee, so if you transfer from exchange to your own bitcoin wallet first and then to one that pays fiat, you're going to have to pay that fee twice. Also, for bitcoin transfers, I think busy times during the week is the best and cheapest time to make transfers.
many thanks for your detailed reply -that is a big help.
It is sad to hear that they take away 5-10% of the money in the exchanges. I am from India, and that living room wallet won't work for me, I guess only for Australians.
Amazing Post.
If are interested to know about multiple accounts on steemit. Please read following post that can be helpful for you.
https://steemit.com/newbie/@stemy/should-we-create-multiple-accounts-on-steemit
Great question..I appreciate all of the answers too :)
great post @daydreams4rock
i will follow your account to see how are you doing;) please follow me