Converting SBD to Steem - Guide for Newbies

in #steemit6 years ago

A quick post for those of you who don't know how to convert SBD to Steem using Steemit's internal marketplace.

As your posts and comments start to earn money, you may need to convert SBD to Steem to "power up." This allows you to have higher voting power and more bandwidth. Don't worry. The conversion process is easy!


source

Step 1: Go to your Wallet

In the upper-right hand corner, click on your profile picture, then select "Wallet." Or you can go to https://steemit.com/@username/transfers. Just change out "username" for your name.
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Step 2: Go to Market

Click on the arrow next to the amount of SBD you have. Select "Market" from the options.
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Step 3: Place an Order

It might seem like a lot of information, but don't worry. If you're not worried about the technicals of how many orders have been placed in the last 24 hours or what the historical prices have been, it's simple.
image.png

When I place an order, I'm not speculating on what the market will do. I just want to make an exchange, and I want it now. Yes, conditions may change later, but if I want to pay for a share of @steembasicincome now and don't have the Steem, I want to convert my SBD at the current price so I can buy the share without waiting.

Focus on these three things

  1. Amount - How much Steem I'll get
  2. Total - How much SBD it will cost
  3. Sell Price - price at which someone has already offered to sell their Steem

steem market.PNG

Step 3.1

  • Put in the amount of Steem you want to acquire, in our example case, one (1)
  • Select the one of the sell orders to pay up to that price for Steem
  • It auto-calculates the price. Here it says I'll have to pay 0.91 SBD to get the 1.0 Steem.

When you've done that, click "Buy Steem."

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Step 3.2

Confirm the Order
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Step 3.3

Enter your ACTIVE password. Remember, for daily posting, you should be using your Posting password, not your Active one.

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Step 3.4

You can see the "Open Order" on the bottom of the screen. This means that the order has been placed, but it hasn't been filled yet. Once someone places an order to buy SBD at that price or more, the order will be filled.

HINT: When selecting the price I'm willing to pay, I normally select the 2nd one down. Then if other people buy the cheaper ones while I'm placing my order, my order still goes through immediately.

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Step 3.4b

The market reaches where you bid, (or your cancel the order and place a bid for a higher amount) and the order goes through!

The bid will disappear from the bottom of the Market screen since it has been filled, and the Steem you acquired is in your account.

Congrats, you did it!!!


source

Still have questions, feel free to ask in the comments section below.

If you found this useful, feel free to upvote, resteem, and/or comment.

@themanwithnoname


Note: Not financial advice. Converting SBD to Steem can cause you to lose value if market conditions change. Use at your own risk.

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This was very helpful, I was wondering how to go about this the correct way, also to @leighleigh for showing me this, Great work, and for explaining, it so clear.

This is just one way to do it. I think it's the quickest and easiest way. You can also send the SBD to @blocktrades and sell it there. You can use the proceeds to purchase Steem. Sometimes the prices there could be more favorable...or less favorable. Each exchange has its own prices. It might be worth looking into those options. This is just my preferred way. :)

Do you have a tutorial on how to get your money into your Hands. I have a Luno wallet ,can it be transfered, and back again.

I have not dealt with this yet. I'm not planning on taking money out for a while as I want to keep growing my account. If you can't find any information, check back with me and I'll try to find out for you. I imagine that if you wanted to get it out you could send it to Binance and convert to BTC. You could send that BTC to Coinbase and cash out from there. As far as easier ways...I'm not sure. If you look into it further, please let me know! :)

Thank you for this great post, so next step will be click "Power Up" and convert all STEEM to STEEM Power?
I have another question since newbie have some SP "borrow" from STEEM so in order to gain more than 15 SP we basically need to "return" those SP to STEEM before we start to gain more SP right?

Yes, so the next step is to power that up. You may not want to power up all of the Steem you get as it does have other uses, but in general if you're planning on being here long-term, powering up is the way to go.

And you're correct again regarding the delegated amount. Steemit gives you a delegation of 14.5 SP when you first start. As you begin acquiring SP and powering up Steem, that delegation will be decreased. It seemed to happen daily for me. So you might get up to 16, but then you drop back to 15. Once you're past 15, no delegation. But that does mean it's all yours and won't go down anymore!

Cool! Now I get clearer as I do notice whenever I get a reward on SP, the delegation part will always decrease and total up is 15 SP. I guess I just have to wait for more SBD and exchange 16 SP at one shot! :)
Thank you for your detail explanation again.

Yeah, that's one way to do it. I considered that. However, there are ups and downs in the value of Steem per SBD, so I just exchanged mine whenever I had it. averages out that way. Also, I know it's tough to feel like you're making progress when they take away just as much as you add, but it feels good to see your part of it growing.
However you do it will be great though! Keep at it. It gets better. :)

Yea I totally undestand it. It takes time to grow and build real followers! :)

Thanks this is really useful, and you were very quick too! Appreciated.

You're welcome. Glad it was helpful. Now when you're ready to do it, you'll be prepared.

Thank you! Were there any parts that you didn't know before reading the article or had you already done this?

no. I already know

Awesome! You're already ahead of the game. :)

Awesome job. Clear and quick. Perfect!

Congratulations you have been resteemed as part of #newbieresteemday's top posts for the day! ...

We invite you to use our tag to connect with more of our members. To learn more: Come Join Us!!! (Newbie Resteem Initiative)

Hey, you started an official account. Who's running it?

Yes... we have lots more planned too ;)

This is the account that we will be using to upvote newbies on our feed (or if we find them anyplace else)... and also resteeming them too..

Plus we are also resteeming good posts from our tag #newbieresteemday for the older members too. We are getting ready to do a contest too.

As to who is running it, right now we have the ABC's of Curation team of @amariespeaks @beeyou and @charisma777...

But since you asked, I have a couple of good ideas for you if you want to help with it too! Just let me know if you are interested and I will run it by the ABC's of Curation team and make sure they are ok with it (I'm sure they will be, as we all love the man whose name escapes us)

this is the "d" of the team ;)

Sure, you're welcome to reach out on Discord! themanwithnoname#9745

Arch, I have an invite pending to you in discord

accept it and send me a message so I can go over my thoughts

Resteem my post😁

Great guide; invaluable skills!

Thanks to @josephsavage, this post was resteemed and highlighted in today's edition of The Daily Sneak.

Thank you for your efforts to create quality content!

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