How to Exchange Steem Dollars for Steem Power
How to Exchange Steem Dollars for Steem Power
Today I noticed that I have a surplus of Steem Backed Dollars in my Steemit account. So I decided that I better exchange some of those SBD for Steem Power. In today's video I'll show you how this is done using the Steemit Exchange which is integrated into our platform. It's very simple but follow along with today's video if you're having any trouble.
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That's it! It's also a great idea to go ahead and follow my channel so that you don't miss any upcoming posts. You can do that here: https://steemit.com/@brandonfrye
"And it SHOULD work" lol priceless :)
Didnt know steem power gains higher curation.
Thanks for that :)
Lol, let's click the button and find out what happens.... haha.
I try not to edit out those parts. :)
keep NOT editing those parts !
Thats exactly whats making it more fun to watch :)
Hi brandon 😀 another great video... they are really helping me out at the moment as I still am a little unsure of how this all works, I feel like such a newbie, I’ve never been part of a social media platform before but glad to start here! Keep the vids coming for us beginners thanks very much 👍🏻☺️
That’s great to hear. I will definitely keep them coming!
Do you think that SBD will go back down close to 1 USD?
Great question, I personally don't think so. As more and more people join Steemit the SBD and Steem currencies will become more valuable. That is, unless something changes with the circulating supply.
Oh so does SBD directly relate to the exchange value? Because it says its around $1 on the wallet page. (Tokens worth about $1.00 of STEEM, currently collecting 0% APR.) Sooo confusing.
Yeah, that's not been the case for some time now. It was originally planned to act like the TETHER (USDT) currency which is directly tethered to the USD. Luckily for us that hasn't held true and now we're making a LOT more from our posts, upvotes, curation, etc. :)
Well that's cool to know. :)
Okay so even though it's pinned the US dollar it doesn't really matter. As long as steemit increases in value the cryptos will most likely increase as well.
Yeah, I think that was the original idea but it hasn't really been pinned to the dollar for the last three months. Again, there could be a change to the blockchain (or circulating supply) to correct this but as it looks now I don't see it going back down. It appears to be increasing in value as more and more people use it. And I hope that trend continues. :)
No actually blockchain is actually continually producing more steemdollars than ever to restore the usd pef. In fact the 50/50 is not true and more of 70/30
I remember doing this months ago. :) But then I quit steemit, until now. haha
Lol, welcome back!!
To be fair I only came back because I saw the value go up. Glad I did though. I kinda like it here :)
Lol nothing wrong with that
It's a really nice tutorial.. Investing in steempower will really help in the future.
Absolutely, I recommend that everyone invest in their own accounts to bring themselves more power and more rewards. Plus, it's good for the entire Steemit community. :)
Thank you so much for this! Other than upvote bots, are there any benefits to keeping SBD in Steemit for an extended period of time? Or is it always more beneficial to exchange for Steem Power?
Great question @prettydecent. There are some utilities for SBD here on Steemit such as Steembay (auctions), SteemVoter (voting service), etc. But if you don't find yourself using your SBD then it's really better to keep it in Steem Power as that will help your curation rewards and voting power. Hope that helps.
Thank you so much!
Another great video helping new users on the Steemit platform. I will say that I transfer my SBD to Steem Power in a slightly different way. I generally click on the Steem Power Dropdown and click "Buy" It essentially takes you to the same page to complete the same task. Many different ways to skin a cat I guess you can say. Thanks bud!
Right, there's about 3 or 4 ways to get there. In the past I've done it the same way as you. I do like that they've added SteemConnect which makes it easier to transfer. In the past I had to go into my Steemit wallet and send a weird string of characters in the memo field.
I agree the SteemConnect option makes me a bit more at ease when transferring steem around in my steem wallet.
Thanks for this , as a new comer I was wondering how it was done !
Following you :) How do you acces the acces comment picker ?
Hey @crypto4iso, glad to hear from you! You can reach the comment picker at http://pick.esteem.ws :)
AHHHH Merciiii !
GREAT video! I know how to do this now, but when I first started I had no clue. You may want to think about posting this again with some different tags, especially in the IntroduceMyself (for new members) and perhaps some of the other categories that get a lot of activity. I'm fairly confident this is something a lot of users have NO clue on how to do. Thanks!
Thanks for the feedback @geoffreydemars, I appreciate it. And I don't like to use the IntroduceYourself category because I think it's best for the new users who are trying to gain awareness.. so I just leave that for them. I also like to search through that section to find new people and welcome them. But yeah, I'm sure a lot of people are wondering how to convert these currencies so I hope this helps. Thanks!
Thanks for another timely video Brandon. I'm just to the point of transferring some. You have a habit of knowing what my questions are!
Thanks @bigtom13, the Steemit intuition is real! :)