If you are sending your SBD to Bittrex you may be missing out... I was. (Revisiting selling SBD on Blocktrades)
7 years ago by mikepm74 (66)
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Just watched a video on this from @joeparys
Had the same "breakthrough" on how much those little commissions are worth added up.
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interesting! I was not aware of Joe, I will definitely go take a look at what he's got going on.
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I have pretty much ignored blocktrades mainly because I switched to using my ETH funds to buy other altcoins directly because of the insane fees with transferring BTC (ETH much cheaper!). I also don't want to cash out any steem .... I plan on keeping it here powered up! I will still take another look a blocktrades just in case. Thanks for the info!
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Yeah, I think blocktrades would be best with bigger transactions.
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Definitely going to check it out on my next transfer
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hmm... I always felt like the rates weren't the best via blocktrades, but when you put it that way..... I really want someone to write code to calculate the fees for me so I can make my decision on the spot... damn maths, makes me kinda wish I decided to care about math a lot sooner
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Yeah I've been doing the bittrex thing for sure. One benefit is that you can send small amounts to bittrex at a time and not have to pay fees on each transaction.
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Exactly! The math is a pain in the ass. I have to have about 7 tabs open just to figure out one transaction. hahaha
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the short story is... "If you want to turn your SBD to ethereum or dash, maybe just use blocktrades"
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What a great point and one thing I never really thought of. I just figured the fees at blocktrades where so high it wasn't worth it, but you make a very good point by the time you pay all those fee's it's probably just cheaper to use blocktrades.
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I think so. Sometimes it is difficult to do the math when dealing with decimal places. But at the very least, they are competitive and convenient. And I have never had money go missing from a Blocktrades Transfer. That's not something I can say about the exchanges.
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When converting SBD to Steem... do you do that through the internal market or through Bittrex?
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No if you want to convert SBD to Steem the internal market is likely always going to be the best option. I certainly would not pay fees to Bittrex to do it.
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Thanks Mike... I just wasn't sure if the Internal Market was skewed by whales playing the Steem->SBD side or not... I tried to work it out but the maths broke my brain.
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Mmm, what a delight to read this post. Just when I'm starting to explore my options. Thank you Mikey for this educational and entertaining post!
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you are very welcome. As with everything Do Your Own Research and make sure you are comfortable with the trades you are making!
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Thanks @mike74 for a lesson on how to hold on to a little more money when you trade.
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I hope it helps!
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Now you have made me wonder...about using blocktrades to send bitcoin directly to my quadriga wallet...or if that is even possible? It would certainly save a few steps going through bittrex!
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As long as you have a wallet address to send to I am sure you can send it straight to your wallet from Blocktrades. I would send a small amount first, just to be sure it goes through, before sending a larger amount.
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Thank you for the idea to minimize the go between transactions...it really never occurred to me before. I will certainly try it out with a small amount first. Even if the fee savings are low or none ...or for whatever reason slightly higher...the convenience alone will be worth it. <3
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That's a good idea. I'm not sure why I didn't think of sending straight to a wallet...
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steem is also on binance now.
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yaa thanks for shere this now i do not sending drictly any sbd in bittrex.....
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Coins mentioned in post:
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Really helpful post. Thanks.
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I went back and forwards with this for quite a while and decided that Blocktrades was the best (for now, and for ME) just for it's simplicity and speed! Although going SBD->BTC is never great just due to BTC charges!
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