Sometimes I even forget about the internal market when I'm trying to accomplish a certain goal and I'm pretty sure that a lot of people don't know about it or don't know how to use it to their advantage. The goal I was trying to accomplish today was to convert my Steem Back Dollars to STEEM. I wanted to just hold the liquid STEEM in my wallet encase the price spikes way up. At this time I'm not going to power that particular amount up. Steem Backed Dollars have been trading way above $1. Today on CoinMarketCap it was showing $1.50. I decided the best course of action was to trade that to liquid STEEM.
I knew there were issues with Poloniex and I haven't been on my Bittrex account for awhile. The SBD market is pretty thinly traded over there anyways. I was suddenly like "Oh yeah, there is the internal market!" That way I don't have to send the coins somewhere else and wait around. Plus I just wanted to keep the STEEM in my wallet over there anyways. If you haven't been to the Internal Market you can go to the following link.....
https://steemit.com/market
It is someone confusing for a n00b but all the links in the order book are clickable and then you have a little link under there for how much you have available. So if you are selling your SBD for STEEM you can click on that if you want to sell it all.
Once I executed my trade I ended up with $116 worth of STEEM where if I would have transferred out to Poloniex or somewhere I would have spent more time and maybe ended up with $112 worth of STEEM. I'm not saying the Internal market is the end all be all but every time I have used it I have seemed to come out a little ahead of where I would have been if I would have transferred the coins out somewhere else. It is thinly traded right now but it is something you should keep in mind and have as another tool for crypto domination!
In my opinion Steem Backed Dollars aren't going to stay this high forever. Because of the way everything is set up the price of that will be pushed back toward $1 and I feel that STEEM couple shoot up in the near future possibility past $2. If that happens I will consider converting the STEEM back to SBD for safe keeping depending on where the price of that is. Good luck and I hope this helps understand an additional tool to use!
Thank you for reading my post and please consider following me @brianphobos