The Best Uses Of High SBD
Every day for the last few weeks I have been checking the price of SBD expecting it to fall. It did come down but suddenly increased in value again. I just checked coinmarketcap.com and SBD is shown as being the equivalent of 5.35 USD.
So what are your options when SBD value is high?
After all it is supposed to be close to the value of the US Dollar and I heard some of the experts saying that it will come come back soon to 1 USD. How soon is anyone's guess - I think it will be at least a few weeks or even months before they manage to peg it back to 1 USD.
The first option that the majority have exercised until now is to cash out the SBD. At the current rate you will get 5.35 USD less fees which means 100 SBD will mean over 500 dollars in fiat currency. That is a good amount of money for posting content and commenting on a social platform!
The second option is to convert it into Steem. This is a very sensible option since SBD is valued even higher than Steem which sits at 4.36 USD last I checked a few minutes ago. Once SBD goes back to its USD pegged value Steem will be expensive as it has always been valued higher that SBD. Hopefully Steem will continue to trend upwards in value with the bloggers rising popularity of Steemit.
It is expected to go much higher with the introduction of SMTs later this year with many saying that it will be 100x the present price. That means Steem will be valued between 100 USD and 450 SBD if you take account the last few months value of Steem.
The reason for buying and holding Steem is the present undervalued state of the cryptocurrency. By purchasing Steem with your SBD you will be buying what will be a coin of high value in the future, at a very cheap price. Even if it continues at the 4 dollar level you could be buying 1 Steem for 4 SBD a few months or weeks later.
But it doesn't stop there. Post to your blog regularly if possible at least once a day. As you keep earning SBD convert it to Steem at the time of payout. It is the cheapest and most economical way of acquiring Steem - no mining needed, and no need to spend any of your own money to purchase Steem.
You can easily increase your Steem Power by buying Steem and converting it to SP. This will also increase your voting power and credibility on the platform. A high SP is always beneficial especially when you would like to reward your followers and readers when they upvote your posts.
Once you have additional Steem you can also lease delegation of Steem Power through the lease marketplaces. This can increase your SP substantially over the course of the delegation.
Don't forget to be grateful for being a Steemit user and those who make it possible for us to earn these rewards. The team behind the development of Steemit and members of the community have a big role to play in the platforms success.
I hope you found the post useful and will take action by making use of the high value of SBD.
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i dont think it will go back to $1.00...
Indeed many wish that the value of SBD continues to stay high. Quite a few Steemit users probably cash out their SBD to help in meeting their daily expenses.
But according to design, SBD is supposed to be pegged to the value of the US Dollar, and what we are observing now is supposedly an aberration, due to various reasons.
The Witnesses are planning to correct that by making appropriate changes at the back end so that SBD goes back to its pegged value. The time that it takes to revert back to $1 could be weeks or months.
for one you can buy sbd on exchanges, secondly i don't see the reasoning behind moving it down to a dollar again aside from the people in charge getting pissy sbd is worth more than steem, but they should be happy about that because they can cash out better. it is not hurting the circulating usd supply since the system automatically adds new sbd every day to be paid out. when we transfer our sbd, we sell it to an exchange for another coin like bitcoin for instance. that usd is already in the real market and if we so choose to cash out then we are not cashing out money on the steemit block chain we are cashing out money on the exchange that is already there... i don't understand why they would lift the 100 sbd cash out limit if they want to go back to $1. It isn't effecting anyone negatively.. i don't know that is my 2 cents on the matter!
With the current SBD price I am all in on powering up my steem power. I'm a minnow with only 17 SP so I really doubt there is a better use for my SBD than this at the moment.
All the more reason why you must convert SBD to Steem because later it might become too expensive to buy.
Thank you so much for sharing this! My husband and I were just talking about how we need to invest in Steem now while it’s low. I have a feeling by the way this plattform is growing it won’t be long before we start seeing those high prices.
I am really grateful to be apart of such a rewarding plattform! 😊
This is the right period to be investing in Steem. Once Steemit goes out of beta and the SMTs also gain traction after being launched Steem is expected to grow 100x of what it is now.
I would say that even if it increases in value by ten times in the future, it is worth investing in Steem now - as it would grow much faster than say a bank deposit or a mutual fund.
That’s so awesome!! I really appreciate your insight on this!!
This has been my favorite option. I suspect SBD will return to $1.00 someday (I hope i'm wrong about that), so I've been investing as much as I can to STEEM - the real crypto of Steemit. Converting these to vests (SP) is even better, since it helps build influence on this platform. It's less liquid than STEEM, but it can be recovered with some patience. In the meantime, help that upvote value! @ironshield
Steem so much more affordable when the SBD value is high, so buy Steem when the SBD is high and Steem price is lower. Makes perfect sense.
Right now I am focused on converting my SBD to STEEM and then powering up my SP. Since I am new, I think it's best to focus on getting that Steem Power up so my upvotes are worth more!
Yes, it is the best time to increase SP by converting the SBD. Later it might be very expensive, although the SP component of the payout may increase.
Could you explain a bit more (maybe in another post) about the delegations of steem and lease marketplaces? :) Thank you!!! :)
Don't wait for my post on it. There's lots of information already on Steemit that you can access easily by doing a simple search.
If you will write one... I'll wait for yours! 🙂 The problem with simple searches on steemit is that there are so many posts about subjects and probably only 10% that actually GUIDE steemians. I tend to find someone with good info and stick with them! Less wasted time that way! (Unless you have a particular post that you'd personality recommend? I like word of mouth promo from good sources too!!! 🤗)
I'm all for high sbd! It's what kept my family afloat. We were in survival mode just recently here as my husband is out of work and we were waiting for our tax return. Thanks for your tip on converting Steem to SP too! Upvoted, followed and resteemed!! :)
Sorry to hear of your situation. Hope the present rise in value of SBD is of help to you. I think it will continue for a few weeks or maybe months. But it's design is to be equivalent to USD which they're trying to fix at the back end.
It's alright, a temporary situation, and we're making it through! 😊 I wish they would just leave it alone and let it skyrocket!!
I am pretty much powering up everything at the moment but will see how it goes in a few months and reevaluate
True, no one knows what the future holds!
That’s what makes it all so interesting
There are only 2 viable options to spend your hard earned sbd's on.
(Just Ed's opinion😊)
Those are some pretty good options too!
race car parts has my vote LOL
That's great advice! I hadn't realised you can sell sbd on the exchanges for fiat also. But I will stick to buying steem with it. I see the steem platform as an investment for the future. Crypto is only just beginning and I predict in the future it will increase in value as more people start to adopt it.
My reference in the post was to the Steemit wallet feature by which you can convert SBD into Steem. If you click the drop down next to the the SBD amount you will see "Market" where you can carry out the conversion easily.
yes, that's what i already do. i remember in november the price of steem dropped very low for a while. I am constantly watching that market now for good prices to buy stem with my sbd :)