Why NOT to Sell Steem Dollar (SBD)

pinay (55) in blog • 7 years ago (edited)

Photo Credit: @pinay (My Screenshot from bitLanders edited with Phonto & PhotoCollage iOS apps)

CryptoCurrency is not new to me. I first learned about Bitcoin from bitLanders.com in 2014. Modesty aside, I was the #1 topnotch user/blogger of the said platform (@junebride became inactive at that time). I was earning up to 0.035 BTC a day, totaling 3 BTC for less than a hundred articles back in 2015. Well so the story goes, the rest is history.

Now, I wonder if I could be one of the top earners of Steemit as well. Dream dream dream! LOL! Just kidding.

Photo Credit: @pinay

Steemit is not all about blogging. This is a CryptoCurrency TRADING platform! I repeat, TRADING!

Here's what I do since I joined Steemit:

As soon as I received rewards, I always make it a point to check the Steemit "Market". Then, I would start buying STEEM and "Power Up". I only have one thing in mind -- to POWER UP.

Photo Credit: @pinay (My Screenshot from Steemit edited with Phonto & PhotoCollage iOS apps)

I didn't notice that we can change rewards setting to Power Up 100% when creating a post until @skynap suggested this to me.

I know of some successful Steemians cashing out (selling SBD to BTC to fiat) due to an up-surge of SBD/USD prices.

So last December 10, I checked the Steem/SBD prices at CoinGecko.

Guess what? I knew I was on the right track since day one after all. I use SBD to buy Steem even if I intend to "Power Up" or "Cash Out"!

This was how my computation turned out:

Date: 10-Dec-2017

STEEM: 1.8337 USD
SBD: 8.7668 USD

Photo Credit: @pinay (My Screenshot from Steemit edited with PhotoCollage iOS app)

With 0.828 SBD I bought 4 STEEM at Steemit "Market".

Convert Steem/SBD to USD:

4 STEEM x 1.8337 = 7.3348 USD
0.828 SBD x 8.7668 = 7.2589 USD

7.3348 - 7.2589 = 0.0759 USD

Blockchain FEE:

SBD to BTC: 3.1 x 8.7668 = 27.178 USD

STEEM to BTC: 9.159 x 1.8337 = 16.795 USD

See the DIFFERENCE?

Photo Credit: @pinay

So my dear newbie Steemians, make sure to check Steemit "Market", compare fees, and double check if your RECEIVE wallet is available before selling your SBD! Sometimes Poloniex "temporarily disable" wallets. Coins.ph services are unavailable for more than a week now. And I believe that when SBD price is higher than Steem it is the BEST TIME TO BUY STEEM and POWER UP (for higher returns)! I won't change the default to Power Up 100% again unless Steem price is equal or higher than SBD.

And here's more... due to a recent blockchain FEE increase and subsequent delays in Bitcoin transactions, it would be better to sell Steem/SBD to ETH/LTC/DOGE/DASH for fiat and to BTS for investing! DOGE has the lowest fee and would work well with Australians (for fiat).

Photo Credit: @pinay

On the other hand, Americans and other Steemians using Coinbase can sell STEEM/SBD to ETH/LTC (for fiat).

I thought of cashing out after my first 3 months with Steemit. But my friends/relatives asked "how can we convert internet money (CryptoCurrency) into Philippine PESOS?" so I "sell" 5 STEEM to DOGE then 3 STEEM to LTC via @BlockTrades and Coinpot, "convert" to BTC and transfer to Coins.ph to show them how.

Photo Credit: @pinay (My Screenshots from Steemit and Coinpot edited with PhotoCollage iOS app)

Being my FIRST initiated transaction with a chosen trading site/wallets (BlockTrades/Coinpot), I always make sure to "test the waters" by throwing in a small amount first. In case I make a blunder, losing a small amount for me is but negligible.

Having been successful in selling Steem to BTS/DOGE/LTC/DASH/ETH, I will then try selling DOGE/LTC/DASH/ETH to PHP (Philippine Peso) via pinoybitcoinexchange.com or ETH to PHP via remitano.com.

Wait until you read my next blog guys!

By the way, this is becoming my favorite blogging discussion -- STEEM STEEM STEEM! LOL

[youtube

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I owe my debt of gratitude to bitLanders and most especially to its founder, Francesco Rulli for introducing me to the world of CryptoCurrency and the financial benefits we can derive from it. Watch above video interview with Francesco Rulli talking about Bitcoin and bitLanders back in 2015.

Thanks to my bitLanders friends @sam-muffins who used to blog about Coins.ph on other sites and @long888 who encouraged me to join Steemit.

ABOUT THE AUTHOR

Yvonne Novela a.k.a @pinay worked as an Executive Assistant in an Aviation company (Philippines) handling Billing & Invoicing, Aircraft Spare Parts Purchasing & Requisitioning, Technical Sales as well as Administrative management (read more).

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7 years ago by pinay (55)

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jrlcentral (38) · 7 years ago

another very helpful post, Yvonne. though I still get confused with SBD, Steemians etc... I'm not even sure what's that amount displayed after the post?
anyways, I will figure it out later. make a chart so it will be easy for me to recall and understand. heheh
my biological memory and cpu needs an upgrade. heheh

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2 votes

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pinay (55) · 7 years ago

Maiintindihan nyo po yan pag nareceive nyo na first reward after 7 days :-D kung pinalitan nyo reward setting to Power Up 100% wala kayo SBD marereceive, mapupunta lahat ng $$$ na yan sa Steem Power (SP) 😊
Kung naka default 50/50, SBD at SP marereceive natin after 7 days old post natin. Hindi na kikita posts natin after that. Kaya vote lang po tayo sa new posts not older than 7 days. :)

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wreighyahh (44) · 7 years ago

Learned a lot frim your post po... Been powering up for a couple of days now.. Thank you po ng madami.. Have to learn the 100% power up settings..

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pinay (55) · 7 years ago (edited)

Welcome po! Wag nyo gawing 100% Power Up pag nagcreate post ngayong mas mataas SBD price. 😊
Ok yung Power Up 100% kung pantay lang price ng Steem/SBD or Steem price is higher :)

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wreighyahh (44) · 7 years ago

Ahhh ok thanks again

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skysnap (67) · 7 years ago

Now I see the reason behind why you're after STEEM over SBD :D

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pinay (55) · 7 years ago

Thanks! :-D

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pinay (55) · 7 years ago (edited)

OMG just noticed I typed your username without s gosh 😁

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johnwjr7 (53) · 7 years ago

Nice information. I'm still unsure of cashing out though. When I'm ready, I will do the small amount first also. When you cash out, do you get all the money at once or in payments?

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pinay (55) · 7 years ago (edited)

Yes, we get all the money. The DOGECOIN amount I received at Coinpot shown on my screenshot is the equivalent of 5 STEEM (based on currency exchange rate at that time). :)
The 3 STEEM I sold to LTC is in my LTC wallet I forgot to take screenshot before converting to BTC. We can convert BTC/BCH/DASH/LTC/DOGE at Coinpot but no deposit to BCH/DASH yet so I only tried selling Steem to LTC/DOGE and convert to BTC/BCH. My DASH balance at Coinpot is from faucet.

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pinay (55) · 7 years ago

I already tried pinoybitcoinexchange.com now I could top up my phone easily from PayMaya android app. 👍😊 https://steemit.com/cryptocurrency/@pinay/steemit-and-paymaya-philippines

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pinay (55) · 7 years ago

I already tried pinoybitcoinexchange.com now I could top up my phone easily from PayMaya android app. 👍😊https://steemit.com/cryptocurrency/@pinay/steemit-and-paymaya-philippines

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ailenepm (47) · 7 years ago

Already tried cashing out my sbd to dogecoin via blocktrades to coinpot, convert to btc to coinsph. Yes, fees are low but the problem is sending btc from coinpot to coinsph takes a lot of time. Thanks to you gurl for sharing this technique. My next goal powering up using my SBD earnings. :D

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1 vote

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pinay (55) · 7 years ago (edited)

Delay delay lang po talaga BTC ngayon kahit saan kaya try altcoins kaya lang ang taas ng minimum "sell" sa pinoybitcoinexchange :( sana mag ok na agad ulit Bitcoin.
Buti nga coinsph nag iemail lagi ang WirexApp wala :)

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ailenepm (47) · 7 years ago

sige try ko rin nga ang pinoybitcoinexchange :)

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pinay (55) · 7 years ago

Mataas pala minimum sell pag pay to bank account lang. Pag Gcash or PayMaya ok lang naman 2,000 DOGE sell ko :)

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ailenepm (47) · 7 years ago

masaya na rin ako sa coinpot gurl..yan na lagi ko gamit..may nakita ako post mo encashment thru jaxx wallet?okay din ba?mabilis lang transfer from blocktrade to jaxx to coinsph?pero mabilis na rin si coinpot now mgtransfer sa coinsph yung last transaction ko less than 48hours nareceive ko na bitcoin ko. :)

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pinay (55) · 7 years ago

Ah hindi ako nagttransfer sa Coinsph from Jaxx. Dogecoin to pinoybitcoinexchange ko lang yun gamit. Kung papunta coinsph Coinpot pa rin talaga ako. :)

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long888 (65) · 7 years ago

That's why we need you here on steemit because you know a lot of things hehe and besides I treasure my friends from bit gusto ko successful din tayo lahat dito sa #steemit

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pinay (55) · 7 years ago (edited)

Thank You! Bili nga sana ako Steem from my own pocket (Bitcoin then Steem then Power Up) before ako magpost dito eh yun bang at least $1 muna dapat vote value ko then post ako 10 photography a day so may $10 agad ako 😂

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pinay (55) · 7 years ago

Wala pala gumagamit ng tag na #cashout ginamit ko kaloka 😂

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dyinkfinity (49) · 7 years ago

Grabe clap clap talaga. Ang yaman mo na siguro ngayon. Hahahaha! Parang kailangan kong upuan to para maabsorb lahat. Hahaha

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artgirl (66) · 7 years ago

Onga I bet marami na ipon yan si madam. hahahaa~ Susunod tayo naman.

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dyinkfinity (49) · 7 years ago

Hahaha truu tiwala lang hehe

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bloghound (63) · 7 years ago

Ang galing!!!!!!!

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sam-muffins (45) · 7 years ago

Sis ano mai sa suggest mo, kelan ung magandang time na pag bili ng Steem Power?

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pinay (55) · 7 years ago

Bili po Steem pag mas mataas SBD price kasi marami ka mabili :)

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sam-muffins (45) · 7 years ago

Kunwari ngaun sis mataas b sbd price ngaun?

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pinay (55) · 7 years ago

Maccheck nyo po yun sa Wallet...SBD...Market yung "lowest ask" if below 1.000 ok magbuy :)

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sam-muffins (45) · 7 years ago (edited)

0.34 ngaun sis so ok parin?

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pinay (55) · 7 years ago (edited)

Ok pa rin kasi di naman natin alam baka mas tumaas pa lalong nawalan tayo chance 😅
Wag lang bili if more than $1 na unless power up lang habol no choice bumili steem or change reward setting to Power Up 100% pag nagcreate ng post yun lang options :) wala naman power up option sa SBD :) kailangan natin mag Power Up asap para magkaroon vote value :)

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long888 (65) · 7 years ago

#steem-untalented
#untlalented

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pinay (55) · 7 years ago

!originalworks

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originalworks (69) · 7 years ago

The @OriginalWorks bot has determined this post by @pinay to be original material and upvoted it!

To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!

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artgirl (66) · 7 years ago

Aha kaya pala.

Waitaminit. So is BlockTrades better than Poloniex? Maybe I should make an account with it as well. Magiging tatlo na yung gamit ko nyan, Binance, Cobinhood tas BlockTrades? Hala... Haha.

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pinay (55) · 7 years ago (edited)

Para sa Steemit BlockTrades mabilis kasi investor sya dito :)

May mali akong nasabi dito eh pero di na maedit old posts. Ok lang pala Power Up if lower than US$1 ang price ng Steem. Sabi nila SBD ewan nagcompute ng nagcompute ako habang pataas ng pataas Steem price paliit ng paliit SP eh kasi dinidivide pala sa post earning displayed per post.

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artgirl (66) · 7 years ago

Ah... tissue pls. wait lang di ko pa alam yan computation. hahaha~

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lapizlazuli (37) · 7 years ago

Ate @pinay diba pwede nman kahit wala account sa blocktrades bsta may steemit account? Natry ko n kasi di ako nagsign in pero nagpush through si trade..or automatic na ba na account mo sa steemit eh same sa blocktrades?

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pinay (55) · 7 years ago (edited)

Yes pwede po connected na sila dahil sa SteemConnect :)
Mas madali kaysa ibang exchanges. Ewan ko ba bakit yung iba Poloniex, Bittrex, Changelly pa :)

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pinay (55) · 7 years ago

UPDATE:

When is the Best Time to Power Up 100%?
https://steemit.com/steem/@pinay/best-time-to-power-up-100

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Why NOT to Sell Steem Dollar (SBD)

Here's what I do since I joined Steemit:

This was how my computation turned out:

RELATED POSTS:

ABOUT THE AUTHOR