Trading Bitcoin to Steem on Steem-Engine
I've been happy trading on Steem-Engine for a while trading tokens like CCC for steemp and that kind of thing. I thought I was kind of getting the idea of prices based in steem until I started trading BTCP.
BTCP is a pegged a pegged token which means that you can trade it like BTC on the Steem-Engine exchange and withdraw it out for regular bitcoin if you want. Deposits and withdrawals to a pegged token have a 1% fee but once you have a pegged token (or any token) you can trade it on the exchange without a fee.
I used to seeing all pricing and trading in BTC and can figure things out pretty well but seeing the price in steem for the BTCP token was confusing at first.
For example the highest buy price at the time of this writing is 56000 and the lowest sell price is 68887 steem. How does this compare to the market value of .00001645 BTC?
Buyers: 1 BTC / 56000 steem = 0.00001786 (or 1786 sat)
Sellers: 1 BTC / 68887 steem = 0.00001452
This is confusing at first glace but I had to remember that this is trading as steem as a base. The buyers are trying to get a little bit more for their steem at 1786 sat and the sellers are trying to get more for their BTCP and only pay a below market price of 1452 sat for steem.
So if the market is at 1645 sat what steem price would be good to list at on this exchange?
1 BTCP / .00001645 = 60,790 steem.
Any buy orders listing below that steem price would be purchasing BTCP at below market value.
Depending on where the market goes this could end up being a good deal.
The pot of gold under the rainbow
I think trading is fun. Like anything else it does take some effort but as the market picks up having more exchanges is always a bonus.
Hopefully this is helpful. Perhaps at some point there will be trading supported as bitcoin as a base as well on Steem-Engine so some of us old timers can more easily acclimate.
If you want to see a more unaltered version of the digital art you can look at my post at: Unnamed Exchange Review
Thanks for reading! I always value your support and comments. The picture was taken by me with my Galaxy S9+ and modified in software. Text and graphics copyright lightsplasher & litesplasher.
Yeah. I do this with LTCP sometimes. Initially it took me a hot minute to figure it all out, but once I got it everything is easy.
This is a pretty quick and easy link that I use for BTC/STEEM:
https://currencio.co/btc/steem/1/
Thanks for posting this very nice link. I've found it really handy. :)
No problem! Thanks for the vote!
Trading BTCP/LTCP on steem-engine is tough because of the large spread (probably a natural effect of low volumes). Trading these for profit is probably best done elsewhere :-(
I primarily use steem-engine to convert these for STEEM which i use to trade other tokens. So, I am willing to forego max value for the convenience of acquiring STEEM to trade with (in the exchage I'm going to trade it).
When I'm not in a hurry, I just set a sell at the current value and wait for the bidders to come. If I'm in a hurry, I will gradually drop the ask until someone bites.
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