Recently encounter a few friends asking me how to convert SBD to Steem and Power Up, I hope this post can help them as well as other new members too. I'll try to keep this as simple as possible for easier understanding.
All your post-payout and curation rewards, Steem Backed Dollar (SBD), Steem and Steem Power (SP) are kept within your wallet, and everyone has one wallet within their profile.
Step 1 - Locate Your Wallet
Your wallet is in your own profile, kindly find the Wallet tab next to your setting and click it. Within your wallet, you'll find your current amount of STEEM, SP and SBD available to you
Step 2 - Understanding what is STEEM, SP and SBD
Steem and SBD are basically tradeable tokens both internally and externally, SP is your voting value (the higher your SP, the more value it gives out). Only STEEM is able to power up SP and your post-payout rewards are usually in 37.5% SBD and 37.5% SP, 25% goes to voter's curation rewards of your post.
Step 3 - Need STEEM to power up, but how to get?
As step 2 mentions, your post-payout reward only rewards you SBD and SP, so where do I get more STEEM to further power up my SP? Simple, we will need to buy some STEEM in the market; all you need is to find the small arrow beside the figure of SBD and find the Market option.
Step 4 - Market
Okay don't panic with all those Buy orders, Sell orders and Graph Chart. We need to get some STEEM, so just head over to Buy STEEM section and if you were looking to sell STEEM in the future, head over to the Sell STEEM section.
Step 5 - How To Buy?
Based on the image above, there are few key elements to look at.
Lowest Ask: This indicates the price that currently the market is asking for to get STEEM using SBD. It will go up and down every few seconds.
Available: The available amount of SBD you currently have
Price: The price that you are willing to pay for to get STEEM using SBD
Total: This is where you put your SBD amount that you are willing to spend
Amount: This will auto-generate the amount of STEEM you are able to get following your buying price
Once you are satisfied with the price, click on the Buy STEEM.
Once you click on Buy STEEM, it will prompt out a confirmation stating that you will be getting "X" amount of STEEM for "X" amount of SBD under the Price you set.
As you can see that I've set $0.6100008 as my price, but the lowest asking price is at $0.617170; the price will go up and down every few seconds, so I'm bidding to buy STEEM at a lower price than the market. It's up to your preference whether you can wait for the market to dip or you need STEEM urgently.
After clicking ok, it will prompt another login for security purpose for this transaction and it will create a Buy order within the market. Let's say if market price dip until $0.60, which passes my $0.6100008 buy order, it will auto-buy at my buying price and payout directly back to your wallet.
Check your wallet history, it will show you something like this.
Step 6 - Now I got my STEEM 😆, how to Power Up?
Congrats, now that you successfully bought your STEEM, is time to power up. Head over to your STEEM, hit that small arrow shown and click on power up. It will then prompt another pop up asking how much STEEM you would like to power up.
Key in the amount you would like, and hit that ok button which again prompt you the same login security verification as before like buying STEEM. Once you authorized everything, voila you got your SP powered up!
Once you hitting the 500SP, you get a voting power bar that lets you control the amount of vote you wanted to give out. I'll write another tutorial once I get my 500SP mark, 120SP to go 💪🏻 and remember to keep powering up. Powering Up = Long-Term benefit, Cash out = Short-Term benefit. Think twice
I hope this tutorial helps you get a better understanding, few free to ask me any question on the comment section below. Hope you enjoy it, upvotes and resteem if you find it helpful to you and others as well. 😁
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you can thank me by upvoting later and start earning Steem yourself
Thanks for reading, upvote & resteem if you enjoy it 😁
