Why you should trade on the Steemit internal market
Don't let your hard earned Steem rot in your wallet, but trade back and forth between SBD and Steem on the internal market!
Yesterday I started to trade on the internal market. Instead of just having my Steem sit in my wallet doing nothing, I thought this would be a great way to gain more money simply by buying, waiting, and selling again. The only thing you have to do is check the price of SBD/Steem every now and then, and trade when you can make a profit.
Steem is more volatile than SBD
What I've noticed at checking various prices of cryptocurrency on Coinmarketcap.com, is that the Steem/USD price is more volatile than SBD/USD price. As a matter of fact, SBD are designed to have the value of $1 USD worth of Steem, while Steem itself is at the mercy of supply and demand.
So, while SBD doesn't always have the exact value of $1 USD, it is still pretty accurate. Therefore, you can trade it back and forth for Steem and still have a good indication of how much profit you make after a trade. I think this is a good feature for people like me, who are new to trading cryptocurrencies. The stability of SBD makes it far simpler to have a good idea about what's going on. This is more difficult when you trade Steem for Bitcoin and vice versa.
Trading from your own wallet
Another big advantage of trading on the internal market is that your funds come directly from your wallet into the market. With many cryptocurrencies the way to trade is to first put your funds into an external exchange, trade, and then withdraw it to your own wallet again. Trading on an external exchange exposes your funds to potential security threats. For example, a while back the Poloniex exchange got hacked, which caused a lot of people to lose their hard earned funds. When you have your funds in your own wallet, this cannot happen. Therefore, trading on the internal market on Steemit is more secure than trading on an external exchange.
In conclusion, trading on the Steemit internal market can earn you some extra Steem without you having to put in much work. It is a safe and easy way for beginners to trade cryptocurrency and therefore it can serve a good purpose for people who are eager to learn about trading.
Let me know what your experiences are from trading on the internal market! As someone who just started yesterday, I would love to hear your opinion about it. Thanks for reading!
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I use Bittrex. You can set your asking price and leave your trade there until it gets filled. If you lose patience, you can always lower your ask price.
I assume you trade Steem for Bitcoin, then? The thing I don't like about that is that Bitcoin is also relatively volatile, while SBD is not.
Thank you for sharing that . I admit I don't pay as much attention to internal STEEMIT functions as I could . New light is always welcomed by me .
Glad I could help! Thanks for reading my post.
This post has received a 0.26 % upvote from @drotto thanks to: @banjo.
very good sir
Thank you
That sounds interesting but also complicated when you have never traded before.
Would you be willing to write a Steemit trading tutorial in Dutch please ?
Maybe with some examples.
That would be TE GEKKKKK :)
Groetjes
Hey @openheart, ik zou best een tutorial kunnen maken, maar dan lijkt het me handiger met een video. Heb je al gezocht voor tutorials in het Engels? Daar moeten er genoeg van zijn op Steemit.
Ik zal erover nadenken!
Ja ik heb gekeken naar engelse youtubes maar die gebruiken dan veel taal die ik dan niet begrijp :)
Dus dat schiet ook niet veel op :)
Toppie dat je erover na wil denken :)
I used to trade like this at least once a day. I made good profits but recently I got caught up too much on the exchanges except @poloniex
I am one of those who got hacked.
Thanks for reminding me :)
I'm sorry to hear that! Hopefully you've gotten back your losses.
No , I did not and this since may