When you work hard to blog and comment, it is exciting to start making some SBD, but what now? Here are the different ways you can use your SBD.
I have been delegated 1,000 SP to help new Steemonians find Steemit Success. Over the month of September I will be posting daily about different strategies, tips and tricks to help you become the best Steemoninan you can be. You can start at the beginning if you want.
- Day 1: Getting Started With Steemit (30 Days Of Steemit Success)
- Day 2: The Key To Posting & Commenting (30 Days Of Steemit Success)
- Day 3: Be Cool (30 Days Of Steemit Success)
- Day 4: How To Make SBD When Starting Out (30 Days Of Steemit Success)
- Day 5: How To Make Your Posts Stand Out (30 Days Of Steemit Success)
- Day 6: The Most Important Thing About Blogging On Steemit (30 Days Of Steemit Success)
If you were active your first day on Steemit and got a few cents on a reply or blog, your first payout is imminent. I doubt you'll be rich... or even have enough to cash out and buy a bag of chips, but it is the start. It doesn't matter how small your payout is, it doesn't matter. The fact you got paid anything to do the same things you do on other social media for free.
The rewards won't be huge in the beginning, but it is still important to know what to do with your SBD.
When you earn SBD from your posts or comments, there are three main things you can do.
1. Use market to exchange SBD to STEEM and Power UP
Turning your SBD into STEEM is the best thing you can do. You want to power up. Especially early. When you make a few SBD, convert it into SP.
Here is a great video from @vegansilverstack about how to use the market to exchange.
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2. Use Outside Exchange
You can transfer your SBD to another exchange and trade it... For example you could send to Bittrex and sell it. You could use BlockTrades and deposit SBD and have Bitcoin, Ethereum or other deposited into your wallet. I use BlockTrades to convert to SP directly which is very easy.
Here is a video from @JerryBanfield about how to use Blocktrades.
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Tip - My suggestion is to invest everything back into your Steemit it account. Set a goal of something like 500 SP before you take any out. I invest 80% of my SBD back into my SP. The other 20% I trade for Ethereum, BTC or OMG when they are low or as a safe haven. Then I try to invest back into Steemit when STEEM is real low.
3. Convert and Wait
You can safely convert your SBD to STEEM using the option "Convert to STEEM". If you do this there is nothing to worry about, but it takes 3.5 days. It is the simplest solution, but you don't have control over what price you convert at. If you use one of the above option you can make the trades when the price of STEEM is down and the price of SBD is holding around $1.
TIP - Try to use one of the above options to have more control over the price you get when you trade. Do this option if you are lazy. lol
KEY THINGS TO REMEMBER
Whenever you are transferring your SBD or any crypto, make sure that you double check your addresses and details. If you are using Blocktrades, it is important to make sure you copy and paste the right addresses and blocktrades correctly. Double check everything. You don't want to send 50 SBD and lose it in the process because you didn't double check.
When I mentioned the price of STEEM you can easily check it and the rewards you are going to get paid on STEEM.Supply. The site is awesome and I use it every single day. When you check the price of STEEM and it is down, that is when you convert your SBD. Let it build up a little until then and you will get more bang for your buck. You are going to accumulate SBD if you stay active and converting it to SP when the price of STEEM is low you will be able to buy more since SBD is pegged to be around the value of a US dollar.
Today's Question
How much of your SBD do you convert to STEEM Power? How do you do it?
The best comments will be 100% upvoted and added to the eBook for 30 Days of Steemit Success.
Thank you for reading Day 7: The Most Important Thing About Blogging On Steemit. This blog is part of a project that @dragosroua and @alexvanare supporting. I am deeply appreciative of their support for my project. The 30 Days of Steemit Success will be a series of blogs posted daily on Steemit to help new Steemonians. All of the blogs will be put together to create an eBook that will be available for download in October for all Steemonians for free.
To my followers, you are the Power behind my STEEM. Thank you!
As a newbie, I convert every cent to Steem Power, because I trust that Steemit is the next big thing happening in social networking. I do it using the built-in market place. Of course, I always try to buy when the price is low, but is had to make any assumptions regarding the evolution of the exchange rate.
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Awesome! I agree it could really be the next big thing. Thanks for the great reply and you got a new follower.
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Thanks for the series.
I used to power up all the SBD(which is still small though) until friends i brought to Steemit asked me on how to cash out the hard earned SBD!
I am now accumulating some SBD so that i can cash out and write a post for people in my country Uganda.
After i do that cash out, i will continue my Power Up process so that i can gain Steem Power.
I will resort to your 80% Power Up and 20% other coins as i experiment with them(i am a newbie in crypto).
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That is a great idea and I think you have a great strategy. Knowing how to cash out could really help people in an emergency. I'm a newbie in crypto too, just about 4 months, and that is kinda why I pull 20% out. I put a good chunk of that back when STEEM hit a buck a couple months ago. The rest I like to trade a little. It is fun and I enjoy learning about the process too. Thanks for the great reply and I will be using this in the book. You got a new follower too!
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I am also a newbie so we are all learning a lot from this platform.
Thanks for believing in me by following me.
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Nice post @walkingkeys, i mostly use https://steemit.com/market to convert SBD to steem and it is easy to use and also so quick, i also use changelly for once but at changelly we need at least 15$ SBD for minimum excahnge but at steem market there is no minimum so i prefer steem market is great way to change your SBD to steem. thanks for sharing
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I've started using the market a little. It is easy if you get past the first round of intimidation with the graph and stuff. Thanks for the reply.
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That's what I use. LoL. Not lazy, just not very trusting and do not want to screw it up, so I use the non screw up method.
I did the "STEEM DOLLARS" Convert to steem option twice for $3.000 each time.
I did the "STEEM" to power up twice for $1.500.
I don't really know what it did or what happened. But that is okay. I started with nothing, now I have something.
ain't steem a wonderful place, from nothing to something.
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Lol. I did the same thing when I first started because I didn't want to mess it up either.
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Vary informative and useful post. Resteemed so that my followers can see it.
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Thank you very much!
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Am a newbie here and I find this post very helpful. I can do with some. Explain to me thoroughly how to convert my SBD to SP
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Thanks!!! Welcome to Steemit. Watch the first video, it shows you step by step.
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Currently I have been converting my SBD to SP but now I am thinking of transferring some of it to BTC, although I am not sure how to do this yet but I think its high time I started.
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