What I Do When SBD Is Stronger Than STEEM....
....and my stash of SBD is too little to cash out?
I sold my SBD for Steem and Power Up.
This past week I've been reading some posts about SBD going down, upvote value dropped, volatile market et cetera et cetera. Hmm...Am not bothered at all. Firstly, I didn't invest a single cent into Steemit. Didn't even pay for the juices I had when @bitrocker2020 started his talks on Steemit 6 months ago. No free fruit juices nowadays 😪 but I am grateful for the first 34 bucks I cashed out . You can read about my experience here.
So, this morning @davidke20 came home from his breakfast and asked me how much SBD I have. About 6. I asked why? He said Steem Dollar price hiked up. Good time to buy Steem and power up. Ok....
Upon logging into Steemit, I claimed about 5 SBD. My wallet then had 11 SBD.
Then, @davidke20 said why not scale it? More question marks shooting out from my head. By scaling, he meant sell my SBD by stages. 1 SBD at a time. The sifus already know how to do this, so this post is for the newbies.
Why Power Up?
To my understanding, the more Steem Power I have, the higher the value of my upvote. You can check the value of your upvote here https://www.steemnow.com/@yourusername (change @yourusername to your username).
This is mine. My upvote value at 100% is worth 0.04.
So, if I vote your post, you get 0.04. If you have more Steemians with higher upvote value voting your posts, you get even more. Since we are in a community, by increasing our Steem Power will definitely be more beneficial to everyone. Everyone will get a bigger piece of the pie. And I feel good when I know I contributed a little more to help someone's earning increased by another 0.04 compared to my earlier votes of just 0.01.
The question is, why should anyone with higher voting power upvote my post, when I upvote their post it's only 0.04 cents? I have now 125.265 Steem. 375 more to go to reach Eliza's level. Am gonna work towards it 💪 slowly, but surely so that when if I upvote your posts you will earn more.
One of the benefits of having more Steem Power is able to control the weightage of our votes. Read @elizacheng's post here for more information. Now back to my topic....let's follow my journey on how I bought Steem and Powered Up.
How To Buy Steem?
At my wallet, I go to Market to place an order.
This is the Market, where you buy & sell Steem. In my case, I look at BUY STEEM. Click on the green text Available and immediately all your SBD will be placed in the box TOTAL or you can manually key in the amount of SBD you want to sell.
I placed my order by clicking the button BUY STEEM.
It asked for confirmation with which I used my Active Key.
Waited for a few minutes and once the order was completed, I could see in my wallet the amount deducted from SBD and my Steem showed a value.
How To Power Up
With some Steem on hand, I go to Steem and click Power Up
Click the Power Up Button. A rotating green circle will appear on the bottom left to show it is working.
Once I confirmed it with my Active Key, I could see the value from my Steem became zero & the value of my Steem Power went up.
So that was how I sold Steem and powered up which is the standard method if you want to sell all Steem in one sitting.
How To Buy Steem In Stages?
This afternoon when I was drafting this post, the lowest price asked was 0.763461, I created the first order by manually keying in 1 Steem & 0.754 SBD. Yes, manually key in at both sides. Once the order was placed, I created another order for 1 Steem at 0.74 SBD.
In total, I created 7 orders.
Then I went out for lunch 😄 and didn't come home until after dinner.
It's 11.35pm now. My first order got taken up 6 hours ago! I bought 1 Steem at the price I asked for 0.754SBD.
I will leave the rest of my orders until they get taken up. But if they don't, I'll still have my SBD. It's all 'win' and no loss here in Steemit. Today is a lot of 'wins' for me. I learned a new trick thanks to @davidke20, that is how to acquire Steem at a lower price, powered up to make my Steem Power slightly stronger and made this post.
My take away from my Steemit experience so far : Don't be greedy and be grateful, for I started with nothing but now I have something.
"upvote, resteem & follow"
Together, we Steem on.
https://steemit.com/introduceyourself/@francesaw/apa-khabar-steemit-community
I'm a member of Steem Malaysia - TeamMalaysia on the Steem Blockchain
FB Page : https://web.facebook.com/groups/Steem.Malaysia/
Hi @francesaw! You have received 0.1 SBD tip + 0.02 SBD @tipU
from @elizacheng :)
Check out new tipuvote! feature :)
Good write up, I've been waiting to change my limited sbd to steem, few days back always more than 0.95, felt not so good timing. When ur article pop up, then immediately exchange d 👍
@auleo Thanks for letting me know my post helped!
Thank you for this information. I was looking for it. Your explanation is very clear and understandable
@barbaarseevelien You're welcome. Followed you.
My order is placed! I hope I get a bit more vote power soon. Thank you again
That's great! You can write a post about it.
That's a good tip, learned something new today, thanks!
Likewise, can scale in with the other way round by buying SBD by stage. If position didn't take up, will still have Steem in hand.
Thanks!
Why you know so much even tho you so young? Your dad taught you so many things
One can only take maximum advantage of this when they have equal amount of SBD ans STEEM in hand. For example, 1 side have all the buy orders from SBD to STEEM going all the way down. The other side, having all the sell orders with STEEM to SBD all the way up. This is call straddle. Whichever side it goes, either up or down, 1 side of our order will strike. This is a very common technique used in trading breakout called STRADDLE, in all financial market. Specifically useful as crypto fluctuation is huge.
understood, cool tip!
@dxn welcome!
Thanks for this tip! 1SBD a time... Good idea!
@elizacheng Thanks for the upvote! You know I read tipu as in tipu in BM. hahahaha.
Same here... 😁
Thanks for the tip @francesaw. My steempower baru je 0.01... jiayou to us all.
I didn't go through the same steps as your to buy steempower... i went to blocktrades... hope it's the same process...
@carolfung never used blocktrade. Have to switch between windows and exchange rate different.
Thank you for this informative post.
Upvoted you. 👌
@only.ray Thanks for dropping by. Followed you.
@Ocd-Resteem @originalworks
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by francesaw from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
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