Where To Trade Your STEEM BACKED DOLLARS: BlockTrades VS Changelly
Hey guys
Lot's of new people around here lately, no?
If you are one of those people, allow me, @shayne, to welcome you to Steemit.
I know that many of you are just trying to figure out how this website works: how to gain followers, how to network, how to make money -- and if that's you, I've made a whole series, Beginners Guide To Getting Started With Steemit, that you should check out:
- INTRODUCTION
- The Introduceyourself Or Introduction Post
- Commenting and gaining a Following
- A STRONG AVATAR
- Be mindful who you follow
- Posting
- BONUS!
But for those of you who've been able to acquire a little bit of Steemit cheddar and are looking for somewhere to spend it -- fear not! I have the answers to your burning questions, along with step-by-step direction, in this video:
But this leaves you with one last question...
Which Exchange Do I Use???
To answer this question I'm going to use two crypto exchanges that are both super easy to use, and go over what the pros and cons and how you can choose which one to use.
I don't put Poloniex on this list because I live in Washington State, US... and they've banned them for some reason.
Anyway, first up:
Changelly
@changelly
PROS
- Great user interface.
- Very easy and fast... when they aren't "experiencing issues with our exchange partner Poloniex" that is.
- Responsive customer service, in my experience.
- Often the best rates.
CONS
- When "experiencing issues with our exchange partner Poloniex", transactions can take quite a long time -- hours, at times.
- Sometimes inexplicably stops trading STEEM and SBD, forcing users to other exchanges.
BlockTrades
@blocktrades
PROS
- Great user interface.
- Always fast.
- Always has STEEM and SBD available.
CONS
- Almost never the best rate.
- Not exactly focused on user experience or service.
My Process
Usually, when I'm about to trade some SBD, I will open up both exchanges in different browsers.
Sometimes, @changelly isn't even trading SBD that day, so I head over to @blocktrades and do my business there.
If @changelly is having troubles with its "exchange partner Poloniex", I will go to @blocktrades unless the exchange rate is waaaay better in favor of @changelly, in which chase if I'm not in a hurry I'll use @changelly.
But when both exchanges are accepting SBD and there's no expected disruptions, I'll have the transaction I want to make already open in Steemit and I'll copy the amount I want to exchange and enter it into both exchanges to see who has the better price. Whoever has the best price wins -- usually @changelly.
What do you think?
That's about it, guys.
There's not really a whole lot more to it.
What exchange do you use to cash out your Steemit earnings, and why?
Wow this will be helpful for me in the future. Thanks!
I used my first couple of SBD for promoting a post of mine (which I will propaply not do again so fast)
I was looking into Bittrex for exchanging SBD since I might get stack a bit more on USDT for possbile dips.
But not sure yet...
Didnt know you could use changelly also which makes things a lot easier and maybe I just do that.
As always very helpful post. Thank you
Yeah, I'm generally a big fan of @changelly. Only problem is sometimes they are delayed because of their exchange partners or they aren't trading Steemit assets temporarily. Other than those problems, they have great rates and are super fast and responsive.
I find it really strange that poloniex would be banned in any state, let alone Washington!
Thank you for this thoughtful post which helps minnows like me navigate on Steemit. While i am not really worried about the monetization aspects (and related aspects like exchanges), the aspects about posts, followers etc. are going to be helpful. Thanks
When you have time, please do take a look at my blog where I tried my hand at writing - a chain of thoughts on solitude - inspired by my wildlife picture instead of just putting the picture. Thanks for your guidance and commetns
https://steemit.com/life/@vm2904/solitude-not-lonliness-a-boon-not-a-bane
Regards,
A minnow
Great advice as usual, and good information to have for one day when I've got a few spare Steem Dollars I want to go shopping with. What would your advice be on which are the best crypto wallets to use? Do you have different wallets for each currency, or do you keep all your eggs in one basket to make things easier to start with? Are there wallets which hold multiple currencies at the same time?
I use Coinbase for a small amount of funds that I might want to spend. When those wallets get a certain amount of funds in them I'll skim it off into my KeepKey hardware wallet. The KeepKey allows you to exchange between the 5 cryptos that they carry: bitcoin, litecoin, ethereum, dogecoin, and dash.
Thanks for the advice, I guess that will be the first item on my shopping list when the time comes to start stashing my loot!!
I think the developers of both changelly and blocktrades must partner together and combine force to create an overall great user experience that will rival the likes of shapeshift.io with their expensive rates and crappy customer service.
I might have looked into shapeshift a long time ago and was like "... wtf???" and went looking for a friendlier option lol
My hope is that you are right and these user friendly exchanges like @changelly and @blocktrades become the norm.
I always like to LEARN more Everyday about the Cryptos and Exchanges.
Outstanding information! Thank you for sharing.
Poloniex is probably banned in Washington because it would be used to launder all the bribes ;)
You're thinking of Washington, DC. Shayne is in Washington state, which (if you're not an American) is way on the opposite side of the country. Oh, I'm sure its governments have their own bribes, but not nearly as large as those at the federal level.
Great and informative post.Thanx for sharing @shayne