I learned the hard way and converted 93 SBD to Steem on Friday wasting hundreds of dollars.
I had found out that SBD value had gone as far as $20 and I thought I was making the most of that by converting them.
I now know that I could have traded them on an exchange and got 8-12 times the value of Steem. I thought that by using the 'convert to STEEM button in my wallet, that it would convert it at the rate in 3 days time but it doesn't do that.
So whatever you do, do not hit the convert button. Either hold on to it or trade it on an exchange.
I've seen the light now. Please resteem and make sure nobody else does it.
Indeed only 'convert' when the SBD value is under a dollar!
When it is above, just use the internal market! This might take some figuring out at first, but is actually very easy!
I use the internal Steemit market and get a good rate. I bought 52 Steem for 9.5 SBD last night. Of course SBD could keep rising, but I'm happy with what I got.
How do you do that?
On the dropdown next to SBD select Market. Current rate is 0.19 SBD for 1 Steem. I find that if I slightly increase the rate I get a quicker sale. I've been doing this for a while to gain a lot of Steem. I did a video a while back about how to do it
Most useful video Steve. I watch the trade history on the right to see what is going through and then you can sometimes shave the numbers a bit to get a little more steem for your SBD.
Just to reinforce Steve's video for anyone watching - here is the key graphic - do not use Convert to Steem
Gonna resteem this as seems like important information.
sometimes learning the hardway is the best that can happen 93SBD today could might as well be 930SBD tomorrow then you'll know what to do know ;-)
thx for sharing
yeah converting uses the rate when the conversion is finally being processed.. I also learned it the hard way so now I uses exchanges.. I guess everything is part of the whole learning process on how someone becomes a successful person on Steemit.. how fast one can learn is how faster one becomes a whale
Sorry bro... I had the same challenge at first and wasted many dollars.
Thanks for the awareness campaign
It seems crazy right? or is that just me @dannyshine - upvoted and resteemed
No. I used the convert to Steem option in wallet
Yeah, never trust whomever does the conversion, they'll convert in their interest, not yours.