Strategies for an Effective Cash out of Steemit Earnings
Probably, some of you have cashed out your Steem Dollars while the market is on their reds, and missed to take advantage of the bullish trend. Do you cashout out of impulse? Out of fear that Steem Dollar's price would go down further?
Having an effective cashing out strategy will help you maximize your Steemit earnings. The following tips are based on my personal cashing out approach. It may have worked for me, but may not be effective for you. Nevertheless, I hope the following points will give you an idea on how to establish your own way of cashing out and I hope that you can apply them to your next cashout.
Knowing the purpose of cashing out. Surely, all of us have different reasons why we wanted to cash out our earnings from Steemit. But before even thinking of converting your Steemit earnings in a liquid state, it is best to have a proceeds allocation in order to avoid exploiting your virtual wallets. Have a detailed list of the things you want to buy or the activities you want to do along with their respective needed amount. Having a plan on where your proceeds should go would help you maximize the earnings you’ve worked hard for several days or weeks.
Set a target of your steemit cashouts (weekly, bi-monthly, monthly), but consider the market timing. To do this, you have to be updated with Steem Dollar’s Price. You can check it at coinmarketcap.com or through an app called Blockfolio. When you see that SBD is on its downtrend, don’t sell out of panic. Consider delaying your cashout a little bit longer to catch SBD at better prices.
Collaborate with a friend to lessen transaction fees. There are two Cryptocurrency exchanges where you can trade your Steem dollars namely Bittrex and Poloniex. Bittrex has a fixed transaction fee of 0.001 BTC, while Poloniex has 0.0001 BTC transaction fee. Though Poloniex has ten times lesser transaction fee than Bittrex, it is proven to be a rip-off exchanger. If you have no trading accounts of these two, I am pretty sure you're doing your cashout through Blocktrades. Though Blocktrades is an instant exchanger, it fails to show the exact amount of transaction fees and the exact SBD to BTC conversion. Furthermore, some people who tried both Bittrex and Blocktrades attested that the latter subjects relatively high transaction fees. Thus, it is best to tap a friend who have a Bittrex account and do cashouts with him.
Set limit, do not cashout all. Always leave some SBDs on your wallet. You’ll never know when will the price rise. So better be prepared by those times and take advantage of the market when it is high.
These are only a handful of tips on how to maximize your Steemit earnings. If you have other suggestions, leaving it in the comment section will be highly appreciated. Perhaps, our fellow Steemians could learn from it too.
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yes I agree with you.. but for now I have nothing to cash out because I have no income for almost 6 days.. absurd huh.. its ok.. I know it won't last .. paasahin ang sarili? hahaha.. its a good tip for both newbie and those steemian who are not really aware to this kind of strategy... saving is important.. if you spend for not necessary things better keep it for now.. rushing cashout because you are afraid that instantly steem is losing its value? the 5 value of SBD is better than before.. it doesn't even reach $1.. Tiwala lang...
Yaaay makaka ipon ka rin :D Well said! I can still remember trading SBD at $1 or less. hahahha Once aakyat lang ng kaunti, hooraaay na! we're very blessed how SBD remained at almost $4-5. okay na yun kesa balik $1 ulit hahaha
tama.... basta mka ipon ako ulit.. nag iipon ako pang aral ko ng event organizing..
i know you can do it! makakaipon ka rin! :D
Yes thanks for sharing these helpful tips master @smaeunabs. Yeah your right even though I cash out some of ny earnings I still leave half of it for the possible of SBD getting higher in the next day.
hopefully it will go sky rocket again ahahahah but still, we are thankful :D
Yes shei as what my afam told me it will reach until 15. Alright aiming for that.
woooow hopefully ate. hold lang ta ani hahahah
Kapit lang besh shei..hehehe millionaire lage ta
I’m still at my “HODL” state waiting for the perfect timing. While waiting for sbd to bounce high again, I’m taking advantage of the lower steem value to power up. Thank you @smaeunabs!
Right! It is best to power up while steem are cheaper. :D The market is bouncing back again, hopefully, magtuloy-tuloy na ito :D
Wow great tips @smaeunabs . Lodi na jud eyy . I should follow these tips from now on hihih thanks for sharing sheila mwaaaah :*
yaaay i'm glad you learned from this :D Kaso baba na kaayo sbd gyud hahahah
Wow this is so informative, it is helpful to a newbie like me. :)
i hope you can apply this to your next cashout :D God bless!
Very helpful post @smaeunabs. As what you've said:
I think I need to sort out what my purpose for cashing out would be before doing so. I have not cashed out yet because the value of sbd is quite on the down low. Well, will be minding those tips you listed before receiving my first hard earned coins. :)
kasagaran kay pang art materials akong paliton sa akong cashout gyud ay hahahah lage ubos pa kaayong sbd run. kapit lang, kay sayang gyud kaayo karon ka mucashout basin ugma maoy pagsaka sa sbd, kapila nako kasuway ani :D
Art supplies maka broke. Murag way barato nga art supply. Tanan mahal haha.I'm planning to buy new sets of pens pud. Mahala pud oy. Lagee, no to temptation. Dapat delayed gratification.
Guilty!
Pero dami na din akong nabili. Hahaha
yaaaay congrats :D
Points taken mdm! Hahah naka ka guilty shei! Charet, though I have already planned where to spend it, still my timing wasn't right and the "so-i-thought" good technique kay di mao. Hehehe pero thankful gyud kayko sa steemit. ❤️
pwede raka makiride in nako puhon sa next cashout man. kaso baba gyud kaayo ang sbd run huhu