Trying to cash out your Steem Dollars? Think twice. Transaction fees and exchange spreads alert!
I was trying to transfer my Steem dollars(SD) across into my e-wallet to convert back into fiat currency.
For those of you who are new, make sure you give your withdrawal some thought. Even though SD are pegged to the US Dollar, they are not as liquid as actual greenback digital US dollars and need to be exchanged on exchange (through Poloniex/Bittrex).
https://bittrex.com/
https://poloniex.com/
There is a bid/ask spread and transaction fees. These are just some considerations that you should take when you are withdrawing your SD.
SD functions exactly the same as Steem, as a cryptocurrency that is. The only difference is with the nature of Steem(gets diluted) whereas SD earn interest. Don’t make the mistake and think if your SD value is $200 per se, that you ll get a neat $200 out, as you ll be clearly disappointed.
Make sure that you check the cross rates and spread before selling your Steem or SD on market tickers and at various exchanges.
Yeah, that's good reminder for newbies like me :) thank you
Glad you enjoyed the heads-up @thedanmit
It should tend towards $1 under most market conditions, since you can always convert 1 SBD to $1 worth of STEEM.
well, in theory, i agree, but in reality it was at $0.80 per SD on Poloniex today @bacchist - have you tried it ? Im talking about the USD price not tending to 1USD worth of fiat currency
The Exchanges that trade STEEM rates are also different from the internal steem market which i find interesting- tickers say $3.01 and internally its $3.40 @bacchist
That's because the internal market shows the price in SBD
In my suggestions ,exchange your SD steem transfer to poloniex or bittrex , then exchange your steem to bitcoin and sell them at localbitcoin , sell them more higher price :) :p