How I Turned $$$ To STEEM: Simple Process
HOW TO GO FROM 💵 to STEEM
I wanted to get more money in my STEEM account but wasn't sure about the process. So I went through it and decided to write down the simple steps that helped me.
This is just what worked for me:
1) Sign up for a Coinbase.com account.
2) Connect your Coinbase account to your bank.
IF you are concerned about the reach that Coinbase will have then use Ally to create a free checking account. They are a great bank and you can deposit just enough there.
3) Purchase either Bitcoin or Ether.
It would be great if you could purchase STEEM directly but you currently can't do that. You will need to purchase Ether (ETH) or Bitcoin (BTC). In the rest of this I use ETH but the same will work for BTC.
4) Create a Bitshares account.
Go to Bitshares and click "TRY ONLINE EXCHANGE" > "CREATE NEW ACCOUNT" > "USE WALLET MODEL". Then you will fill out the screen to get your account created.
5) Purchase STEEM with Ether / Bitcoin directly on Bitshares by sending it from Coinbase
The next two screens show you the address you can use on Coinbase to send your Ether and get it converted directly to STEEM.
You can take this address and go to Coinbase to withdraw. Once that is done and sent then you will have STEEM in your Bitshares account.
6) Withdraw the STEEM to your STEEM account name
The last step is to just send your STEEM to your account and then you can POWER UP!! 🔥
There are probably other ways to do this but this one has worked well for me. It seems that getting money over to STEEM (or any cryptocurrency ) is not super easy.
Hope this helps and I am just providing this as a reference. Attempt it at your own risk! 👍 😀
nice tutorial, thanks
Yep! Glad it was helpful!
I am a total noob. All else equal -- will you make more $$ on posts if you power up with steem you transfer in?
Great question!
The amount of Steem you have does not directly impact the amount you make on a post. That is determined by the votes you get.
It DOES impact the amount of value you add to a post when you upvote it. One way to see this in action is to look at new posts in any category. You will see that most have 1 vote (the author) and the values are all over the place. Click through to their account and look at their wallet. The ones with a lot of Steem power will start off with a higher value initially from their own vote. You and me probably start WAY under a dollar when we make a post. 😀
Ohh ok. I had toggled off the upvote for my own post checkbox. I wasnt sure what to do with it. That makes sense.
It is common practice to upvote your own post so you can keep that there. The thing to watch is your voting power but I made a chrome extension that will show you that on Steemit and you can download it here.
Just starting out here on steemit. I like how all of it works so far and the people here like you writing articles like this is very helpful on knowing where to start. Thank you very much for the hard work!
No problem! If you haven't yet, I would suggest reading through the White Paper. It is a little outdated but the concepts and ideas behind it help so much in understanding the foundation of this ecosystem.
I will give the white paper a look. Thank you again.
I found it confusing at first but then once I did it the first time it was fairly simple, the thing that does suck is having to transfer the funds to two exchanges before being able to transfer it into dollars. Though I haven't added Steemdollars to my account yet but it seems like it is the same process but in reverse. Good tutorial for noobs
Yes. Getting from crypto to USD (or the other way around) is not an easy task. I think that is one obstacle to getting more mainstream with crypto. We will get there!
Some people just don't get it, there is some type of work involved in anything you do to get paid. And this is easier than many things out there. But as the ones we know see us getting paid, it will catch on and then people they know will see and so on. That is how I found this site.
Very true! Glad you found it and joined us! Still an early adopter for sure! 😀
Is there a way to use steem dollars to buy steem ? And would that be a smart move if im trying to grow not withdraw?
I would ask why you want steem dollars. In my opinion if you wanting to grow and you are talking about the Steem ecosystem (and not just crypto in general) then I would suggest moving to Steem Power.
If the Steem dollar is actually above $1 (which is currently is) then I would do all my posts at 50%/50% and then take the Steem dollar you earn and exchange in on the market for Steem. Then use that to Power Up.
Yeah thats what i meant sorry not very good at wording what im thinking lol but thanks for the advise i do the 50/50 so now i should go buy steem with steemdollars and then use that to power up ok thanks a bunch
Thanks my estimated account value went up right away so i should do this every time i have atleast $2 in steem dollars ?
Well... You can do it at whatever amount you want and I am not one to give financial advice. 😀
The simple rule is that as long as SBD is above a dollar then you can get more for your money by going 50/50 and then selling on the open market. The witnesses will do their best to move it back to $1 (because that is the purpose of it) but until then I would go 50/50 myself.
Glad you saw an increase! 🔥
Ok got it thanks
This is awesome ! Thank you!
👍
Helpful detailed information. Bitshares is pretty good.
Yes. I love Bitshares and the idea of it being decentralized and on a blockchain. I am not sure why anyone would not use it if you love the idea of cryptocurrency!
Lately I have been playing with shorting the bitUSD and the HERO with small amounts. Just trying to learn. Fun stuff!!
Thank you Sir for this. As I really wondering how I will process my earnings when time comes that I need them to place in my bank account.
Sure thing! It is a little bit of a process but it is definitely doable!
Thank you for your manual and descriptions
Sure thing!
Great tutorial !
Thanks! 👍