Whenever I thought that now I understand steemit fully, Steemit always surprises me. How vast was this community? How much can one imagine from steemit? How big players of this community support mini steemians to grow and support them to show their skills?
Today I am going to show one of the methods on steemit to earn even more sometime. Steemit Internal Market. Yes the same market which you use to trade your SBDs for STEEM to power up, but you may not have noticed that this internal market has the capability to make some profit for you. Using this internal market you are capable to do trading in between SBD and steem.
Before this trading idea, you have to keep in mind about the 3-currency system that steemit uses. Yes, you think correctly I am talking about 1. Steem 2.SBD and 3.Steem power. Many of us are familiar with this currency system on steemit. But I want that this blog should be equally benefited to new steemians also. So let's have a short eye over these currencies.
- STEEM: Steem is the currency of the blockchain on which steemit was built upon. You can use this steem to power up for steem power and also used to convert into SBD. It can be traded on the external exchange also.
- SBD ( Steem Backed Dollar): It is a token that is meant to be worth normally about $1 USD. This SBD can be treated as a Stable coin. You can also treat this that an SBD is a promise to pay “one dollar worth of steem” whenever you exchanged or redeemed. It can be traded on the external exchange also.
- Steem Power: It cannot be traded on an external exchange. You can treat steem power as a staked interest in steem. Of course, steem power, play a vital role in keeping steemit platform stable. Steem Power helps to restrict the amount of tradeable STEEM that is available to the external markets. SP holders gain an automatic stake in the Steem reward pool.
Steem power is necessary to increase your upvote value which in return gives you more curation award. This steem power can be converted to steem by a process called power down in which your steem power converted back into steem currency in an equal amount within 13 weeks.
Now come to the topic on which this blog was based, i.e using Steemit Internal Market for Profit making.
The big friend for you is the steemit“ Zero Trading Fees” On its internal market.
What does it signify? What is the importance of Zero trading fees? Zero trading fees always inspire you in making a trade for even a very small profit. Which is the main reason to be unavoidable when you are traded on external exchanges? They charged you with their service charge or trading fees. So you always traded when your profit is multiple times of this trading fees. But there are no such problems on the steemit internal market. Due to zero trading fees, you can switch your trading for even a small profit also. Do you don’t want to give thanks to the steemit platform for giving such opportunities?
But wait does not make thanks quickly as steemit have some more to enhance this flavor. You always want that whenever you placed your order on steemit it get quickly processed means a very low spread in between buy and sell remains so that your order get quickly processed. You find the same on Steemit Internal Market, A very low spread between buying and sell. I used to show spread of bittrexx and Steemit Internal Market for the difference.
Bittrexx Market :
Steemit Internal Market :
Now its time to really makes thanks to steemit and its community.
Lets trade . . . What to keep on mind before trading?
Without going much in detail of trading I would like to advise “trade SBD for steem when the price of SBD goes up, or of Steem goes down.”Or vice versa. Better when the price of steem is approaching to the price of SBD. This happens not very normal but it is seen sometimes. That's all
Guide to trading :
Let's buy or sell STEEM & STEEM Dollar through the built-in Internal market, this means you'll be exchanging either STEEM to STEEM Dollar or vice versa.
- Just move to your wallet section and click it, You will get an interface as shown below.
2.In between STEEM and STEEM DOLLARS, select any one of them and move forward to markets.
3.Place your order to buy/sell STEEM or SBD.
Follow me @ https://steemit.com/@tausifajmal
Hope this will help you. And my effort is worth something or at least help you to understand something.