Photo Credit: @pinay (My Screenshot from bitLanders edited with Phonto & PhotoCollage iOS apps)
CryptoCurrency is not new to me. I first learned about Bitcoin from bitLanders.com in 2014. Modesty aside, I was the #1 topnotch user/blogger of the said platform (@junebride became inactive at that time). I was earning up to 0.035 BTC a day, totaling 3 BTC for less than a hundred articles back in 2015. Well so the story goes, the rest is history.
Now, I wonder if I could be one of the top earners of Steemit as well. Dream dream dream! LOL! Just kidding.
Here's what I do since I joined Steemit:
As soon as I received rewards, I always make it a point to check the Steemit "Market". Then, I would start buying STEEM and "Power Up". I only have one thing in mind -- to POWER UP.
Photo Credit: @pinay (My Screenshot from Steemit edited with Phonto & PhotoCollage iOS apps)
I didn't notice that we can change rewards setting to Power Up 100% when creating a post until @skynap suggested this to me.
I know of some successful Steemians cashing out (selling SBD to BTC to fiat) due to an up-surge of SBD/USD prices.
So last December 10, I checked the Steem/SBD prices at CoinGecko.
Guess what? I knew I was on the right track since day one after all. I use SBD to buy Steem even if I intend to "Power Up" or "Cash Out"!
This was how my computation turned out:
Date: 10-Dec-2017
STEEM: 1.8337 USD
SBD: 8.7668 USD
With 0.828 SBD I bought 4 STEEM at Steemit "Market".
Convert Steem/SBD to USD:
4 STEEM x 1.8337 = 7.3348 USD
0.828 SBD x 8.7668 = 7.2589 USD
7.3348 - 7.2589 = 0.0759 USD
Blockchain FEE:
SBD to BTC: 3.1 x 8.7668 = 27.178 USD
STEEM to BTC: 9.159 x 1.8337 = 16.795 USD
See the DIFFERENCE?
Photo Credit: @pinay
So my dear newbie Steemians, make sure to check Steemit "Market", compare fees, and double check if your RECEIVE wallet is available before selling your SBD! Sometimes Poloniex "temporarily disable" wallets. Coins.ph services are unavailable for more than a week now. And I believe that when SBD price is higher than Steem it is the BEST TIME TO BUY STEEM and POWER UP (for higher returns)! I won't change the default to Power Up 100% again unless Steem price is equal or higher than SBD.
And here's more... due to a recent blockchain FEE increase and subsequent delays in Bitcoin transactions, it would be better to sell Steem/SBD to ETH/LTC/DOGE/DASH for fiat and to BTS for investing! DOGE has the lowest fee and would work well with Australians (for fiat).
Photo Credit: @pinay
On the other hand, Americans and other Steemians using Coinbase can sell STEEM/SBD to ETH/LTC (for fiat).
I thought of cashing out after my first 3 months with Steemit. But my friends/relatives asked "how can we convert internet money (CryptoCurrency) into Philippine PESOS?" so I "sell" 5 STEEM to DOGE then 3 STEEM to LTC via @BlockTrades and Coinpot, "convert" to BTC and transfer to Coins.ph to show them how.
Photo Credit: @pinay (My Screenshots from Steemit and Coinpot edited with PhotoCollage iOS app)
Being my FIRST initiated transaction with a chosen trading site/wallets (BlockTrades/Coinpot), I always make sure to "test the waters" by throwing in a small amount first. In case I make a blunder, losing a small amount for me is but negligible.
Having been successful in selling Steem to BTS/DOGE/LTC/DASH/ETH, I will then try selling DOGE/LTC/DASH/ETH to PHP (Philippine Peso) via pinoybitcoinexchange.com or ETH to PHP via remitano.com.
Wait until you read my next blog guys!
By the way, this is becoming my favorite blogging discussion -- STEEM STEEM STEEM! LOL
[youtube 
]
I owe my debt of gratitude to bitLanders and most especially to its founder, Francesco Rulli for introducing me to the world of CryptoCurrency and the financial benefits we can derive from it. Watch above video interview with Francesco Rulli talking about Bitcoin and bitLanders back in 2015.
Thanks to my bitLanders friends @sam-muffins who used to blog about Coins.ph on other sites and @long888 who encouraged me to join Steemit.
RELATED POSTS:
- 6 Cash Outs from Steemit
- Buying STEEM and Powering Up
- Steem (STEEM) Cash Out
- Steem Dollar (SBD) Cash Out
ABOUT THE AUTHOR
Yvonne Novela a.k.a @pinay worked as an Executive Assistant in an Aviation company (Philippines) handling Billing & Invoicing, Aircraft Spare Parts Purchasing & Requisitioning, Technical Sales as well as Administrative management (read more).