You are viewing a single comment's thread from:
RE: transferring steem dollars to bitcoin using poloniex after messing up with blocktrades.us
Hi, looks like you selected OPEN.SBD when you wanted to select Steem Dollars. OPEN.SBD is a token traded on BitShares blockchain, whereas Steem Dollars is the token traded on Steem blockchain.
useful information. it was confusing to me why one would show bitcoin and not the other. no worries - in the end from my user perspective going to poloniex and just transferring steem (sbd) meant a lot more sense.
For BitShares currencies, we mostly offer access to other BitShares currencies because the transaction fee is relatively low so we can offer the best rates that way. We also allow purchase of Steem tokens with BitShares tokens, because Steem's transaction fee is zero, of course.
yeah you see for the first time trying person i think that's too much overload, because most people will want to then learn that as well and it's probably taken them a lot to get involved in the first place, every step, is another raft of knowledge that needs to be learned. i now will however investigate transaction fees! :) - which seem relatively low anyway. .. thanks for the advice!
Transaction fees have become a real issue for bitcoin transactions lately, unfortunately. It's easy to pay $5-$17 USD equivalent for a bitcoin transaction nowadays, if you're not careful.
holy moly. right so it's something i need to research, roger that! :)
I tried to do a Steem to BTC transaction and got the following error "permanent_output_failure_input_too_small" I was testing the waters by just doing a small conversion, but it seems that it is lost because of this? What should the minimum amount be to transfer Steem for BTC?
The minimum amount varies with the current cost of sending a bitcoin transaction. You could determine this amount by entering a value like .0001 in the BTC edit box on our web site (right now it's reporting 1.394 STEEM, for example, for that case). But I would not send this small an amount anyways, because most of the Steem value would be lost paying the transaction fee. So I suggest a value of 10 or more Steem right now.
Thanks for the reply.