How to Sell your SBD with Bitshares

in #utopian-io6 years ago (edited)

How to sell your sbd with bitshares.png

You have worked hard to earn those SBDs in your wallet. Now you are evaluating your options on how to sell your Steem Backed Dollars (SBDs).

As you notice with crypto markets, the price you sell at is the ultimate value of your crypto. So it makes sense (and cents) to evaluate different selling options before you decide.

One such option to sell your SBD efficiently and effectively is with Bitshares.

Besides a currency, Bitshares is a decentralized exchange that allows you to buy and sell numerous cryptocurrencies and tokens. One such crypto is SBD.

SBD.png

You can sell your SBD for USD, BTS, and OPEN.BTC.

Besides being efficient and effective, this option for selling your SBD is great if you want to know the EXACT price you are selling your SBD for. And sometimes the Bitshares market prices are higher than other markets as well.

And with the most recent update to Bitshares, selling your SBD with Bitshares is even easier than before.

Here is the three-step process for selling your SBD with Bitshares [RUDEX Option]:

sbd13.png

Access your Bitshares account and click the upper right hand corner and click "Deposit (Beta)" like so:

SBD1.png

The following Deposit screen will show up:

SBD2.png

Scroll down to find "SBD" in the list and click on in and a screen like this will pop-up:

sbd3.png

This means that you will be using the RUDEX (like OPEN for Openledger) as the gateway to transfer your SBD over to the Bitshares network.


sbd14.png

Access your Steemit wallet and click "Transfer" by where your SBD are in your wallet.

sbd4.png

Copy from clipboard or type in "Rudex" into the "to" form like so:

sbd5.png

Next, press the copy from clipboard blue button on Bitshares to get the memo field like so:

sbd6.png

Paste it into your memo field on Steemit and type in the amount of SBD you want to send like so:

sbd7.png

Double-check everything and press submit to submit the transfer.

Roughly one minute later your SBD will show up in your Bitshares account as RUDEX.SBD like so:

sbd8.png

O heck yeah the RUDEX.SBD is in your wallet, now it's time to sell it on the Bitshares marketplace.


sbd15.png

Click the "Trade" button in your dashboard next to the RUDEX.SBD like so:

sbd9.png

The RUDEX.SBD market will show up. Take notice of the spreads and the prices. Sometimes it may be better to wait a few hours to let more buy orders come in.

sbd10.png

If you want to sell now, go ahead at click the highest bid price [the highest someone is willing to buy RUDEX.SBD from you].

And then click your balance to pull up the max SBD. And the screen will show up similar to this:

sbd11.png

Click Sell.

Double-check the information is correct and click "Confirm" like so:

sbd12.png

And congratulations you have just sold your SBD into BTS with Bitshares.

You can now use those BTS to purchase other cryptos, exchange into BTC, or hold as in investement.

With the Openledger gateway down for SBD & STEEM at the moment, this is one, new way to sell your SBD with Bitshares [RUDEX option].

This concludes this tutorial using the open-source Bitshares network to sell your SBD on.

Hope this provides value and helps you navigate this interesting crypto landscape. Remember this is just one way to sell your SBD.

Much love and appreciation for taking the time to read. Hope it helps.

Image Sources:

  • Blog headers created by myself
  • Screenshots by myself from wallet.bitshares.org

Namaste

@chiefmappster



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You're very welcome. Thank you.

Appreciate your time.

This is a good analysis. I think i learn a new way to transfer sbd.
Thanks for this @chiefmappster

You're very welcome, glad to hear it helped you out.

Much appreciation for taking the time to read.

Namaste

Nice info and well laid out

Thank you kind sirrrrr, appreciate you buddy.

Hey Chief,
another amazing write-up, just been getting deeper into open ledger and I love it.
So, it seems they have recently diasbled the option to deposit opne.SBD, or rather temporarily disabled it.
I can't find the Rudex option - is the open SBD gateway route the only one I could use right now?

Thank you so much appreciate that. RUDEX and Openledger are "competing" gateways for the Bitshares network. So if use openledger you won't be able to use the RUDEX option.

Nothing against Openledger but access Bitshares with https://wallet.bitshares.org/ and that way you can have access to all the gateways. To find RUDEX on that site you just click Deposit Beta in the upper right hand corner and STEEM and SBD will show up and that will use the RUDEX option. You can also go into Deposit, then select RUDEX as the Transfer Service. Just make sure there is enough liquidity in the RUDEX.STEEM and.or RUDEX.SBD market so you can sell at a reasonable price.

That helped me further.
Thank you man.

So am I to understand that there is no way to get my steem sbd's onto openledger at this time?
The rudex market seems dead and the gateways for their competitor have been disabled - i have a funny feeling. You think it will ever open again, or do you not recommend openledger for trading steem and sbd?
Thanks again man

edit: selected the wrong currecny, rudex sbd is alive but not spectacular. how to get into open sbd? only buying sbd on the platform itself?

You're very welcome.

Yep you are so right the RUDEX market is still getting awareness and liquidity.

But you can use the Blocktrades method to get your SBD and STEEM in openledger (which is a gateway to Bitshares). Link here for that post: https://steemit.com/utopian-io/@chiefmappster/how-to-sell-your-sbd-with-bitshares-or-blocktrades-method

I hope it will open up. As a lot of people use the Openledger gateway for STEEM and SBD. I am still waiting on 44 STEEM I sent Openledger two weeks ago.

Hope this helps

Did you write a post about buying Steem through Bitshares as well? Or an article about Bitshares in general? Thanks.

Thanks, that's great.

You're welcome :)

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