Fast Steem + SBD Exchanges with Bitcoin, Ethereum, and Litecoin on Blocktrades!

in #blocktrades4 years ago

Blocktrades the fastest way I know of to change Steem and Steem Dollars to BTC, ETH, or LTC which then are easy to buy and sell with USD. How do I use to make these nearly instant exchanges of different online cryptocurrencies especially for withdrawing SBD fast?

I hope this quick tutorial will be helpful for you especially if you want to deposit or withdraw from Steemit quickly and even to power up SBD where you may even be able to save a little bit of money by bypassing the market and using BlockTrades to make your trade directly.

Will you read this post or watch the original video from YouTube to learn more?

Thank you very much to @gmichelbkk for converting the transcription of the YouTube video from GoTranscript into this beautiful post for Steemit, which is much faster to read than the video and has all of the highlights in screenshots!

BlockTrades tutorial for instant cryptocurrency exchanges

What currencies can you exchange on

Bitcoin is available, Bitshares is available with each of these different options within Bitshares.

Then you've got Dash, Dogecoin, Ether, Digix DGD, Litecoin, USD Tether, and then Steem and Steem Dollars.

If you'd like to send one of these, is a great option for that, and I'll show you exactly how to use it right now including how I'm actually saving or getting a little bit more money out of it.

We're on Steem right now, if you've got Steem Backed Dollars, there's a Steem to Steem Backed Dollars market.

The Steem Backed Dollar is equivalent or pegged at one US Dollar worth of Steem. Well, that actually depends on what the market price for it is.

Right now I have 43.36 SBD that I want to convert into Steem in my account. If I do it on the Steem market right now, I get 37.637 Steem.

But, if I use BlockTrades to do it, I actually get 38.77 Steem.

That’s the difference.

I'm literally getting an extra Steem, which was about two dollars and fifty cents when I made the video tutorial, but if I did that on a bigger amount, that would continue to be a bigger and bigger difference.

So what I do, I put in the currency I want to send in.

If you have Bitcoin and you want to change it into let's say Steem or Etherium, Dogecoin or Litecoin, you would then put Bitcoin in the "Send" field.

I have Steem Backed Dollars, so it is what I choose, and then I put it in what I want to receive.

Now, Steem Power will power it up directly in my account. As soon as it lands in my account, it will power it up.

This is the same basic process regardless of the currency you want to use, there are just different options down below.

So right here for this using Steem, all I need is my account name, which is just "Jerry Banfield."

You can get your account name just off your URL like this, you just take the "@" symbol out and put your account name there, that's what's nice about Steem, it's really simple to do this, like we have an address.

I hit "Get Deposit Address," and then it gives me the exact instructions to use.

It says, "Send any amount of Steem Backed Dollars to the account name "blocktrades" with this exact memo, and we'll convert it to Steem Power and send it to your receive address."

What I need to do now is go in to my Steemit account. I'll just go to @JerryBanfield, then I'll go over to my wallet. I've got my Steem Dollars sitting in my wallet and you could use that to go over the market, but what I want to do is use the "Transfer" option, and then follow the instructions that I was just given on BlockTrades.

I can hit this to send the entire balance.

Now, however you do this with something else, it will be the same basic process. You'll be given a couple of things to copy and paste exactly where you want them.

What I need to do for this is to copy "blocktrades" with no quotation marks, and then this exact memo.

Then, I'm pasting them in the "Transfer" window.

Then what I do is hit "Submit" and it's going to ask me for my password.

Now there will be a brief moment of uncertainty in any of these things you use, where there'll be a minute where you won't have anything.

Steem goes super-fast, the balance is gone, and I've sent it out to BlockTrades.

Now, BlockTrades will need to show me exactly what happened.

It says this output is 37.91 Steem Power. That's the final result that it says I'm getting on the output.

If I refresh my page on Steemit right here, I’ve got a new deposit and you can see that it literally took less than a minute to do that whole transaction, that's one reason Steem is so awesome.

It is rapid-fire fast. One minute ago I sent that 43 SBD, and now I got 37.971 Steem Power directly deposited into my account.

That's exactly how you do a trade with BlockTrades, and then you can have a receipt. It’s nice if you want to have all your receipts in one place for it. It might be a good idea to sign up, make a password and that way, you'll have all your receipts in one area for it. I'm going to sign up and make a password here on BlockTrades.

Now, if you're doing a different currency, all you'll get is different instructions.

If I do Bitcoin and I want it to be Steem Power, then all I am going to get is a Bitcoin address.

You can also see your exchange rate right here.

If you want to see how good the exchange rate is relative to somewhere else, you can just put in one Bitcoin and it will get you 1,100 Steem Power.

If you select Steem Dollar instead of Steem Power, it will calculate everything and notice how the field changes, it will get me 1,217 Steem Dollars right now.

Let's say if I want to go over to Bitshares, it'll get me 24,000 Bitshares.

You can just do each of these.

If I want Dogecoin, then you can see I get 783,999 Dogecoin out of that.

I can go over to Etherium for one Bitcoin, and I can get 10 Etherium.

You can put it in the opposite direction as well. Whatever you put on the left side, you need to be depositing. If you have Etherium, you need to be able to put that on the left side and you want Bitcoin, then you need to be able to put that on the right.

What you can do also is compare the exchange rates if you want to because BlockTrades needs to make money doing the transaction.

BlockTrades has the ability to give you a little bit lower exchange rate as a fee. What you can do is just check the exchange rate.

You could use something like Bittrex.

You can see that the last price for Etherium is 0.09298.

If you go over to BlockTrades, it's 0.0900.

So what you can see is that you're looking at a significant fee if you do BlockTrades.

After calculation, I find that the transaction fee currently on this particular estimate is about 3% to use BlockTrades.

Now, the market price was so different for the Steem Backed Dollars one that it was worth it for me to send that.

However, just note that if you have 100 Etherium and you'd like to exchange them on BlockTrades, this becomes a gigantic fee, versus doing it on Bittrex where you would get a significantly greater amount, hundreds of dollars more Bitcoin doing it that way.

For smaller transactions, it might not be worth the time to go put it on an exchange and get the very best rate. However, I've exchanged thousands of dollars before using ShapeShift and BlockTrades. They're both very similar. That fee does add up as you continue to do more and more.

You can easily check the fee that way, if you put it in terms of Bitcoin and compare it to an exchange. Then you can decide if it’s worth the convenience for you. You saw how fast that transaction was. If it's worth the convenience and you're happy with the exchange rate, then go forward with it and make a trade.

Thank you very much for reading this BlockTrades tutorial with me! If you found this post helpful on Steemit, would you please upvote it and follow me because you will then be able to see more posts like this in your home feed?


Jerry Banfield


Thank you for this tutorial. Yes, blocktrades is expensive, but its fast and allows to trade large amounts of coins.

Onward and upward. Abundance for all Steemians! Heading to Blocktrades now...

This is really awesome. the exchanging rate and the withdraw method is awesome. every thing is getting easier. Thanks @jerrybanfield

i need to bookmark this one.
i wish blocktrades would consider to lower the fees.
i think almost all steemian would trade using blocktrades if the fees is lower.

How high are the fees? I been using it every now and then and found them ok. Maybe i´m missing something?

Thanks! :D

This comment has received a 3.72 % upvote from @booster thanks to: @dontstopmenow.

This comment has received a 10.92 % upvote from @booster thanks to: @dontstopmenow.

Hey how come I got 2 different upvotes? Thanks :D

the esteem app let's you bookmark steemit posts, isn't it cool, already added this post as bookmark

i was going to go to block trades mysefl but i guess they kill you with the fees well i just have to keep on looking

up voted.for your nice comment

I wonder if we will end up with thousands of local currencies all valued relative to bitcoin, or if we will see bitcoin (or a competitor) become the dominant form of exchange worldwide

Time will tell...

do you think it is a good idea do buy steemdollars not that is neart to 1,10$ to sell it when it comes back to 1,50 or more ?

i invested my 0.0000027 steam power in this comment, good luck

thank you :) lets hope this way people answer it

Congratulations! This post has been upvoted from the communal account, @minnowsupport, by gloriacris from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.

If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.

If you are a trader I think it could be a very good trade. What do you think steemdollars value is in the longer term 6mos to a year.

I've noticed blocktrades is becoming increasingly more favored, especially among Bitshares' and Steemit' communities.

I love blocktrades. it's fast..don't need account in exchanges. But the fees / conversion rate is high. Better price in exchanges. but blocktrades is more convienient though.

Hi Jerry I'm trying to get some of my 20k+ YouTube subs over to Steemit, do you have any suggestions on how I can do this? I'm a musician and I just posted this

All my YouTube subs are also musicians so I'm trying to think of the best way to appeal to them

Just tell them they'll make easy #money.

I made this post to get everyone to join up to the groundbreaking #LBRY project.

They earn free #LBC coins just for joining, which is just as simple as putting your email address in.

People always need an incentive. Human nature I guess.

Thanks man I just signed up to LBRY via your link, I've been interested in it for a while

Yeah! This one going to be so exciting. LBRY will probably be something you can migrate to once it's up and running.

The beta is coming out in the coming week, but always good to get an early start with the above link.

Are these your YouTube channels?

I'm following you on YouTube. I'm a hobbyist musician - #Guitar :)

Yeh they are! It would be good to move to a video sharing platform with better monetisation. YouTube ad revenue is pretty poor really so hopefully LBRY can be a better long term option.

Where do you find the free LBC credits after you've registered? I did it and wasn't sure what to do next. Thank you.

I had a similar issue- not much info after you've confirmed the e-mail.

Sir @jerrybanfield effort is great but some things are still missing my purpose is not to discourage this post it will help many people.

i didn't get any upvote

Awsome very interesting i will try it

Hey, @jerrybanfield !
I know you eager to promote steemit, so I wonder maybe you can help me in the same cause, please?


Awesome post as always, Jerry!

Hi Jerry,

Just wanted to say thank you for your course and for helping me to be a witness. I truly appreciate it. BTW this is my witness page.


Great blocktrades tutorial...This is great for traders.

Do any steemians want to help build a MINING RIG with me? I live in Florida, right by the beach. Come vacation for the weekend and lets build a rig! I have a guest room that is ready :)

Jerry, I like the fact that your material is designed in such a way, that could serve beginners, intermediaries and advanced Steemians.
Everything in Universe should have a balance: for the fact that BlockTrades is so quick, you have to pay higher fees. Simple.........

I agree. I am new and I was able to understand exactly what I should do. How book mark or save this post?

The blocktrades is an amazing platform but sadly it has some outstanding fees and the exchange ratebis lower than on any other exhcnages like poloniex and bitrex.. Its like 20% below what the current price tag is.. And if you are trading low amount of sbd steem it even gets worse.
Polo was great bitrex has some high fees too but overall better than blocktrades.. Offside is the waiting time.. Yeah.

Yeah - Thanks for bringing this up - You do pay heavily for the convenience of using blocktrades.

Good to know, thanks!

thanks for information .Oh, you will rich soon.

Sadly this usually seems to be the case with decentralizedd exchanges. I think it is one of the hurdles still to be sorted.

Thanks for info, will look into this too!

Thanks for confirming other posts I've seen regarding the high fees.

Thankyou Jerry :) I really want to save as much as possible and this is really helpful for me. Very helpful, thanks ;)

Jerry this is a very good info. thank you very much.

Yep . . that's how I do it too! Whip fast. If you need something in a pinch, Blocktrades is fantastic. I don't mind paying a little extra if I am in a hurry. It's a trade off for convenience.

A side note: These transcriptions of your videos are excellent.

Just doing some flipping using Blocktrades like . .

Thank you for your detailed step by step tutorial on Blocktrades. I've first started used Poloniex at the beginning , and you know after the "black hole" things I switched to Bittrex, gonna try Blocktrades next, since Bittrex's charge is relatively high. Just a friendly reminder to all of you, please be aware and ensure the account name is correct when you transfer money, there is bay guy here register account name like bittrexx bitrex something like this, someone has already lost all his sbd like more than 5000 sbd because of this. Please ensure you type everything correctly before you make any transfer.

Good to know, thank you :)

It's kinda funny tons of people were asking me about this the other day that if I can do a breakdown, I'm like that's a lot of work... lol

Thanks Jerry for doing this, I'll send my peeps to your account, always brining that value! 💯

@jerrybanfield dropping bombs.. thx

BANFIELDDD!!!! You good boy you! Thanks

Been using blocktrades for a while. Always fast and easy. Also have great support! Definitely recommend them.

Thanks for this tutorial. Blocktrades is so much better than changelly....

I'm yet to try block trades, but it based on your tutorial, it looks pretty straight forward, so I may give it a go :)


I have to use blocktrades, polo sucks and bittrex too much fee

very good ...saved me some steem, thanks!

great info....thanks my friend

A masterful explanation of how we can better do transaction with Blocktrades. @jerrybanfield good job indeed and keep it up.
You are actually making steemit great and addng value daily. Thanks a lot.

Thanks for the info. Now i know. And for all the new steemers. Thanks!!

Great post Jerry. Thanks for sharing. I use Changelly...get much better rates!

You're right I will give that a try too!

Hey Jerry I like your videos on youtube, your videos got me to buy Steem and to sign up. Will you ever do a review on verge $XVG? Keep up the good work

Good idea maybe I will do some reviews of other currencies!

This is a very useful piece for newbies like us who needed ease of use and convenience as well as speed. You have also introduced blocktrades to me. I have already upvoted and I am a loyal follower of your posts.
Thank you

Great Tutorial. Keep up the good work.

I guess you also have to consider the cost of transferring one crypto currency from your wallet to Poloniex or Bittrex then transferring back to your wallet. Especially with BTC mining fees.

this will help more people understand how to get steem. very useful.

Hi Jerry. I am working on an idea mentioned by you on one of your blog about writing about the popular authors on Steemit. I wrote one piece starting with co-founder of Steemit 'Dan Larimer'. Please have a look and provide your feedback :

Thank you for your time and waiting for your feeback.

Awesome post thank you I upvoted!

great sharing.... :)

hi jerry i'm struggling in low upvotes can you upvote my poem? it helps me so much i you will thanks jerry more power :)

This is good to know. Not everyone does. Good info.

Jerry seems to be the first to always pave a trail as to how it will be done!

Thanks for sharing! A link to your post was included in the wiki page about Blocktrades. Thanks and good luck again!

Outstanding thank you for including it!

Great post, upvoted and resteemed.

great post @jerrybanfield

Always learning more every post @jerrybanfield. You made me joined Steemit

Posts like these ones are the ones I'm totally looking forward to find! Great write up! Thanks Jerry! Following you from this point forward, can't wait for your next post!

He really knows his stuff hands down very smart

Some awesome juice in here. Thank You for taking the time to share all this important info with us ❤

Great post, Thank you.

Thanks @jerrybanfield for sharing this amazing video tutorial on blocktrades.. now we don't need to depend on poloniex or bittrex any more.

Thanks for explaining about blocktrade exchange.

Great post @jerrybanfield too bad I didn't watch it before trying to withdraw from Polo last week.

very informative post thanks to share very easy ,rich and in detail.

Thanks for another great post Jerry

I agree. Blocktrades is pretty amazing. There was also the time when we were able to buy from blocktrades for much cheaper. Thanks for you help.keep it up.

nice job

Yeah, I used block trades to buy most of my steem

this is a pretty good info!

tnx for your review comment :)

Very useful share, thanks!

very nice Jerry thank you for the informations provided

I have used Blocktrades for Steem -Steem Dollars and more recently Steem-
Doge as i wanted a round about way to get my STEEM on POLO and couldn't do it directly with fail deposits for steem and Steem Dollars. It's always could to check the the price difference on exchanges.

good to know

Thanks for the info

nice job man good lock

did you read that in 1 minute? wow..

no 3 min man

Good catch!

thanks Jerry . Your content is always extremely helpful and valuable

well, i was doing some mathematical analyses and its only 99,2 % times, not always

Personal Opinion + Freedom of speech ;)


It already is a hot post! :)

Well now it is! Spiced it up:)

yup :D it is now

Very informational and educational video. Thanks Jerry, always something new!

I follow your every post jerry
Nice tutorial about
I called you a teacher & Guru of steemit platform 🖤♦

Thanks for the post seems to have pretty good rates.

got it @jerrybanfield
We appreciate and love you!
Thank you for the info

Thank you @jerrybanfield for sharing this detailed tutorial!

Thank for this post @jerrybanfield
I always learn something new from your posts

@jerrybanfield happy to first know about steemit from you on facebook.... Didn't know it was an awesome community until I did my research and finally decided to come on board.... Loved watching your videos as well as your achievements on facebook

Thank you so much for your information.

Wow! this is great. this has save me alot of money. thanks @jerrybanfield

Nice informative post.

It is really helpful for users who want to get steem and SBD from their bitcoin, etherium etc.

Was just searching about it.

However I don't have much bitcoin or etherium. So I am not in a position to exchange it, as I have just started with blockchain and cryptocurrency thing. :D

Will use Blocktrades after I earn sufficient SBD and collect some cryptocurrency.

Am always loving you informative posts. Thanks man

Great post. I can agree with you and others form their respective posts...blocktrades need to lower their fees.

Great post Jerry! Where are you from?

thanks a lot for this video tutorial. Happy to find another way to change alts or bitcoins. Thanks a lot once more

wow you manage to change my mind whale

Imformative post but @jerrybanfield can you tell us about the poloniex?
Can we transfer our bitcoin now ?
I will be vedy thankful to you if you can tell me that.

Good job, thanks for your post!

Jerry, you a machine! I am big fan of you! Keep doing it!

Thank you for the step by step tutorial... Really makes our life easier.. Keep up the good work.

Very Informative Post. Highly Appreciated . Here you Go again my Crypto Godfather.

What about poloniex 2 weeks and without answer?

I am still waiting too! Unbelievable!

brother can you help me earning upvotes :) im always watching your videos especialy about crypto

I thank you for providing us this information and I follow you with great pleasure.

Hi , can you tell me where I can get Steemvp from on here many thanks will also upvote post

BITCOIN, why u no go up ლ(ಠ益ಠლ)

Hello @jerrybanfield I have recently completed your course on Steem and Steemit and this was one of the topics on it. I thank you very much for making this kinds of posts and courses. It really helped me to understand Steem and other cryptocurrencies, and learn a lot. Keep it up and God Bless. :)

@jerrybanfield Excellent post , I understood and it was hard. You explained clearly and concisely, repost! Very useful post, respect !