I’ve only been using Steem for a couple days now, but so far I love it! Well, kind of...

My “introduce yourself” post was very successful, so I decided to liquidate my $1K in earnings from it. (Realistically, that figure reduces to around $400 after curator rewards and STEEM Power holdings are satisfied.)

I decided on using the exchange Bittrex to convert from Steem Dollars (SBD) to Bitcoin (BTC). My plan, upon acquiring the converted BTC, was to then cash out in fiat currency.

(I usually hold crypto as an investment, but I’m going to college in a few weeks and would prefer not to eat ramen 24/7.)

So, how’d I lose the money? No, it wasn’t a Ponzi scheme! I just wasn’t paying attention…

Instead of depositing the Steem Dollars (SBD) in my SBD wallet on Bittrex, I sent them to my STEEM wallet. No big deal, right? More like a $400+ mistake…

Save yourself! Know the difference between STEEM and SBD.

While Bittrex has responded to – and is working on – my support ticket, I’m still skeptical that my funds will be returned. (Don’t worry, I’m not blaming the exchange! This gaffe was totally my fault.)

Here's Bittrex's response to my support ticket...

Long story short, always send small “test” transactions to your wallet before moving large sums of Steem Dollars there. And, most importantly, realize the difference between Steem Dollars (which can be converted to STEEM) and STEEM (which can be converted to STEEM Power for optimal reach and influence on the network).

Please, don’t be an Andrew!

Happy earning,
Andrew Demeter