How to trade your hard earned STEEM/SBD to other crypto currencies using Blocktrades & Coinomi.

in #tutorial7 years ago (edited)

I have been here for 6 months and although I joined to learn about crypto I haven't actually done much of that.

With the year coming to an end soon I sat down the other day and thought about things I wanted to achieve before the year ended.

End of 2017 Goals.

  1. 2k Steem Power
    (Currently at 1,938 SP)

  2. Buy Bitcoin
    (Done!!! 💪 swapped 10 SBD for it and wowee. Go SBD you good thing you!)

  3. Buy 5 other crypto currencies
    (Bitcoin, Litecoin, Dodgecoin and Dash and once I get to it, Ethereum #5)

  4. Organise SteemPh Core's posting schedule for next year
    (Almost there.)

  5. Line up 1 charity for January 2018
    (Done, thanks to @immarojas)

  6. On board 2 more people on Steemit
    (I have 2 of my Facebook friends on to it. One has registered, one encountered technical difficulties, I told her to keep trying lol)

The biggest things on my list, my "difficult but not impossible" tasks was the crypto sections. Like I said I haven't learnt much about crypto and how to do the transfers or anything really so I needed to figure it out quickly before the year ended.

With the help and patience of my friends. I got there in the end

I'll tell you how I got there but read this article first.

I only just read it today and it really helped me understand what I was getting into and the story behind it.

Disclaimer


I'm am not a professional. I'm a total newbie at this and I'm still working my way through it. If anyone out there knows of a better way or a better exchange please, PLEASE I'd appreciate your input in the comments so we can all learn. Those newbies reading.. Please make sure to read the comments just in case. ❤

The Down Low

If you're not already on Steemit... What the hell are you doin? Go clicky that sign up button.

If you are already on Steemit, you're cheering because you can skip the getting your $¥£€ and swapping it for crypto part. You can swap your hard earned, fabulous Steem/SBD instead.

These steps are for you. Especially those who need it super plain to understand, like me lol.

You need a crypto wallet.

There's a few around but I signed up to these based on recommendations.

Your crypto wallet is like your bank account. Just like any bank accounts, this is where funds are directed to when you get paid and this is where you take money from when you need to send funds to someone.

This is the one I am using.

20171222_144510.jpg

https://coinomi.com

This crypto wallet is an app. I first had it on my Note 3 and then installed it on my Note 8 and was very happy that it didn't give me any dramas when I installed it on the new phone.

It's been working like a charm and love how easy it is to use and understand.

I also signed up to this one.

20171222_144444.jpg

https://blockchain.info

To be honest I haven't tried out blockchain.info much. In fact, I just tried to sign in and I've lost my password already or whatever key it needs, and I only opened the account a couple of days ago.. so...

Coinomi for the win!

You need to sign up to an exchange.

Exchanges are websites where you can trade your STEEM/SBD to other crypto currencies. Beware of crazy exchange fees. Looking right at you Bitcoin!

I signed up with Changelly but I've been using @blocktrades because it's so user friendly and they allowed trading with STEEM and SBD when Changelly took them off their list.

I love you @blocktrades Merry Christmas!

What now?

Now I'm going to show you how I buy my first ever lot of Ethereum.

1/ Go to https://blocktrades.us, enter in the amount of STEEM/SBD.

I feel like maybe 20 STEEM will do for now.

Then go to the box below and find Ethereum (or whatever crypto you want) and it Will show you how much of that coin you can get for your STEEM/SBD.

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2/ Now go to your wallet, in my case my Coinomi app, and click Ethereum.

This is how it looks on Coinomi.

Screenshot_20171222-153252.jpg

3/ I tap the Ethereum icon and I'm taken to this window.

If you swipe across the top bar you'll find other options including 'Send'. For this purpose you want the 'Receive' screen.

Screenshot_20171222-153320.jpg

I don't actually know how to get the QR code thing to work so I just copy the address down go back to the blocktrades.us and paste my Receive address in.

Screenshot_20171222-153943.jpg

4/ Now click 'Get Deposit Address' to receive the Deposit memo.

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5/ Go to tbe Steemit wallet and click the drop down menu next to STEEM and select Transfer.

MAKE SURE IT'S SENT TO THE CORRECT ADDRESS!

Add in blocktrades and copy the memo from the Deposit Address page and paste it in the memo section on your Steemit page.

CHECK ONE LAST TIME BEFORE YOU HIT SEND.

Once it's gone it's gone.

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6/ Go to the Coinomi app and wait for the Eth to show up.

The fastest transactions have been from Litecoin, Dash and Dodgecoin. Bitcoin took a while, Eth wasn't super quick but it sure wasn't like Bitcoin!

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There you go! Go crypto trader you!

And with that my crypto goals are ticked off!!

I would love to take this opportunity to Thank You all for your support these last 6 AMAZING months.

I am only able to secure my family's future like this because of this phenomenal platform and community.

You have no idea how completely grateful I am to Steemit for changing my life and helping me make my dreams come true.

I love you guys!!!

If I missed something or you have tips. Please leave a comment.

❤ Arly

PS. Total spend...
10 STEEM - Litecoin
10 STEEM - Dash
10 STEEM - Dodgecoin
20 SBD - Bitcoin
20 STEEM - Ethereum

Go Steemit, Goooo!

Sort:  

I like that you are comfortable with Coinomi.... I think that's the most thing and start making reliable profits in no time. Congrats!
I am trying my debit card with cex.io and coinmama but it takes forever for my verification now...

I dont know any of those 😢 But it sounds like a pain with the wait on verification.

Have you tried coinomi?

Haven't tried coinomi as I have Polo to exchange from one altcoins to another right now.. what I am looking at right now is to purchase Etherium from a credit/debit card so I can purchase Steem for it.
I have now a strategy where I can purchase Bitcoin thru banks or 7-11 outlets here in the Philippines, the fees though especially for micro-transactions with Bitcoin are quite prohibitive. I am looking for ways to do it with Etherium.

Great info, the explanation is so simple and easy ! But Will I be able to transfer from Coinomi to my bank account ?? (I am from India)

I'm in Australia and we use https://www.livingroomofsatoshi.comto withdraw our crypto. We enter in the amount we want and the crypto we want to exchange for it and it gives us a memo to enter in either in the Steemit wallet or through the Coinomi wallet.

I would say you need to find the Indian equivalent. I wish I could help more.

You already helped me a lot by providing basic knowledge :)

Investing like a pro! 💪💪💪

Have you started your 2018 list yet? If so you may want to consider adding

  • Learn how to use Bittrex/Poloniex/Binance exchange

That's the next step and in no time you'll be a master-trader like @precise @tjpezlo and @steemitph ^_^

I'm afraid I've got ages to go lol

I do have bittrex and poloniex but there's so many numbers... 😱😱😱 they are on the list tho.

Wow momi crypto investing journey goals! I am just getting started in that path myself. Happy Christmas in advance, just in case we both get too busy over the next couple of days.

Starting ?!!!! Are you kidding me? You're a pro at it! I'm jelly of your skills. Merry Christmas to you too ❤❤

Thank you for sharing this experience. i am in the very beginning of the learning curve :)

You're welcome! I hope it helps you on your journey.

I think it will :) and all the other things you do!! Thank you so much for it...

Wowoweee! Way to go, Ms Crypto Trader! 😉

Nice coinomi wallet, you've got several alts in 1 wallet.

haha thanks! yeh I do lol it's the only wallet I felt comfortable using... and I remember the password to... 😂

Once Mercury in retrograde is done I'm buying a new phone and putting coinomi on it.

It's done babe!!! Go go go! I hope you're enjoying your holidays!

Awesome. It's my birthday tomorrow so I can buy myself a phone as a present!

Or maybe I should wait til boxing day, see if there's a sale? Hmm.

aww Happy Birthday choo! Ohh boxing day sale. Tough choice!

😱 momi @bearone FTW!

hi ninong! haha just trying to catch up 😄 just a tiny bit lol

My 100% Upvote on this one! It is such a learning curve. I think I may have sort of figured out SBD, Steem and Steem Power, but have been terrified of trying any trades. When I get to my computer, I will read your post more closely, as I definitely need to know how to do this. My son gave me a little Bitcoin and it has gone up almost 5 times in value already. So what am I waiting for? Lol!

Thank you @dmcamera! Lol "May have sort of" I so get that lol it's definitely a learning curve.

I actually don't like trading. I feel like I'm going to have a heart attack some days from the nerves, but it's definitely worth learning. I see it as securing my family's future. The bitcoin is the perfect example of that.

Best of luck! You can do this !

I understand. For me it is some much needed retirement money, so that we can travel a bit. Yes, I can do it! If I did 57 days of @papa-pepper's selfie contest, I can do anything. LOL!

Between exchanges I have been using Dogecoin for the lowest fees and fastest transfers.

A lot of traders have been using this trick since the BTC blockchain has so many transactions going on and the fees are unbelievable.

I'm using SBD to fuel my acquisition of more alt coins. May I suggest Ripple and monero on your portfolio.

Coin Marketplace

STEEM 0.19
TRX 0.12
JST 0.028
BTC 64060.29
ETH 3471.63
USDT 1.00
SBD 2.52