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RE: NEVER EVER USE THE "CONVERT TO STEEM" BUTTON! ALWAYS ALWAYS GO ON THE INTERNAL MARKET
As a newbie I had no idea about how this all worked and I’m sure I would have made that mistake. I guess it’s a good feature for when it’s lower than $1 but you think they would have a warning before the conversion.
This idea was recently discussed among Steemit developers. Hopefully they'll implement it.
Seems like it would be a pretty simple fix. I’m loving the app at the moment though!
I exchange SBD for BTC in Bittrex when BTC prices are low with respect to average, them buy Steem when BTC goes up.
Seems like a good way to stay ahead of the curve. I’m still growing my account and haven’t even thought about converting or trading or selling or whatever other options there are. Just got my first reward from posts and comments.
Let me make a correction on this strategy.: I had never used the internal market. I was not even aware of it,due other confusing internal links of Steemit. Recently I started to use it, and I find I can get more steem and fastest than Bittrex. Hence, now I would send to Bittrex only to invest in other cryptos, but not for exchanging them to Steem. Of course if I were to sell, them I would do it against btc and eventually into steem. I want reach 1,000 the fastest. Large amounts of steems behaves as Black Holes regarding followers. And the more followers you suck in, the more gravitational pool you will have.
Dear @justinmora, I'm very new to Steemit, just registered 2 weeks ago. I was thinking about exchanging SBD to BTC when BTC prices are low, but could you please tell me what is the difference between buying Steem or Steem Dollar when BTC goes up? Why is buying Steem better than buying Steem Dollar?
Thank you very much for your reply in advance :)
Let's go by parts in function of my current knowledge: You buy Steem to Power Up, so you can get more steem and SBD.
If you buy BTC with SBD when BTC prices are down, then you can latter get more Steem when prices of BTC are up. The more steem you power up, the more potential to improve your cash flow of Steem and SBD you will have.
Thank you so much for your explanation :) That's very kind of you!
@cryptoctopus For first time i had convert SBD to Steem but take it 3 days, as after so many days later i could realize that i am a looser because SBd value 7 or 8x !
That sucks, lessons learned I suppose.