Steem-Engine Tutorial: Exchanging Tokens For Steem

The number of tokens on the Steem-blockchain is growing at warp speed. This is a quick Steem-Engine tutorial that shows you how you can turn a token into Steem and withdraw it to your SteemIt wallet.

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$#%*!

I'm sure this has all been said before, but as we all know, the SteemIt search engine is a perfect example of how it isn't supposed to be. In other words, it sucks.

I needed to explain to someone how to exchange DEC for Steem, and after wasting more than half an hour of my life searching for a tutorial, I decided it would be quicker if I simply wrote a quick one myself. It's probably not the last time I will need to explain, and this way, I'll always be sure to find it again without getting all worked up about the limits of searching for something on SteemIt.

In this example, I will be using DEC, but this method can, of course, be applied to any token you would want to exchange for Steem.

 

 

1 - Steemmonsters/Splinterlands To Steem-Engine

No need to explain that this part is only applicable when it comes to DEC.

The first thing you need to do, is getting your DEC out of your @steemmonsters/@splinterlands account and into your Steem-Engine wallet.

If you haven't visited Steem-Engine yet, no worries: since you have a Steem account, you also have an account on Steem-Engine. We'll visit that site later.

To transfer your DEC out of your Steemmonsters account, click the image that displays your amount of DEC.

A popup window will open.

In this window, you can see how many DEC you have in your Steemmonsters account (1).

In the field on the right (2), enter the amount of DEC you want to transfer out. (I don't want to sell the DEC in this account, so I'm only transferring out a small amount, for the purpose of this tutorial.)

Below the DEC-field, use the dropdown field to select 'Steem-Engine Wallet' (3).

Click 'Transfer out' (4).

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That's it for the first step. Let' go on to the next one.

 

2 - Your Steem-Engine Wallet

Go to https://steem-engine.com and click the login button in the top right corner.

I recommend you to install the Steem Keychain extension, but you can also log in using your Steem username and private posting key.

Once logged in, click 'Wallet' in the top menu.

 

You'll now get to see a list of all the tokens you own.

 

For each token, you can see a series of symbols on the right. Click the second one next to the token you want to exchange for Steem.

 

 

You'll be redirected to the Steem-Engine exchange page.

 

3 - Steem Engine Exchange

On the Steem-Engine exchange page, you get the option to either buy or sell tokens.

Since we'll be selling tokens, we'll be using the 'Sell' option.

 

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If you want to sell quickly, simply click on 'Highest Bid' at the bottom (1). The 'Price' field (3) will be filled in automatically.
You can, of course, choose to set your own price. To do so, fill in the 'Price' field manually.

Underneath the form, you can see your token balance (2).

In the 'Quantity' field (4), enter the number of tokens you want to sell.

Steem-Engine will automatically calculate how much Steem you will get, based on the price of Steem and the price of the token (5).

 

Click the 'Sell'-button to initiate the transaction.

Review your sell order details, and if everything is correct, you can proceed and click the 'Sell'-button again.

 

 

You'll be asked to confirm the sell order by either clicking the 'Confirm' button in the Steem Keychain popup, or by entering your private active key.

Go back to your wallet.

If your sell order has been filled instantly, you will find the Steem you received next to 'STEEMP' (Steem Pegged).

 

 

In case you have set your own (higher) price, you will probably have to be patient and wait until someone takes you up on your offer.

 

4 - Withdrawing Your Steem To Your Wallet

Once you have Steem Pegged, you can withdraw this to your own wallet.

IMPORTANT: you'll be paying a 1% fee on every withdrawal.

To withdraw your STEEMP, all you need to do is click the 'Withdraw' button in the top right corner of the page.

 

 

Yet, another popup window will appear.

 

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Steem will be selected automatically in the 'Token To Withdraw' dropdown field (1).

Your account name will be filled in for you too (3).

All you need to do is enter the amount of Steem you want to withdraw (2).
Below the 'Withdraw Amount'-field, you can see how much Steem you will actually receive. (Remember the 1% fee?)

Click the 'Withdraw Steem'-button.

 

Again, you'll have to confirm by clicking the 'Confirm' button in the Steem Keychain popup, or by entering your private active key.

 

5 - Check Your Wallet

That's it. You're done. You've exchanged your token for Steem.

Even though the transaction is processed almost instantly, experience has taught me that it can take a couple of minutes before you can actually see the transfer in the transaction history of your SteemIt wallet.

So be patient. If you followed all of the steps above, the Steem will have been transferred to your wallet.

 

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As you can see, my withdrawal (-1% fee) has been transferred to my wallet.

 

 

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This post was published on my MySteemWorld.com-blog and cross-posted to SteemIt using the SteemPress WP plugin.

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