How to Buy STEEM Guide
A year ago when my brother @dogguy first told me about Steemit, I instantly wanted to invest in the project! Luckily, I had a brother who knew a lot about Bitcoins, and I was able to buy STEEM coins through him.
After a while I decided to explore how to buy more on my own, and I realized that it is a complicated process if you haven't done it before. I wrote this guide back in 2016 to try and help people through the process. Since then, the websites in the guide have changed, and a lot of people are still using the old guide - so I decided it would be good to post an updated version.
Short Version
- Step 1: Convert your money into bitcoin (BTC).
- Step 2: Use your bitcoin to buy STEEM.
(That's it!)
Buying bitcoin (BTC)
- First you will need to signup for a website that allows you to buy bitcoin. I personally use Coinbase.com, because it has been around for a long time and is popular. If you don't have an account yet, it may take a couple of days to verify your identity before they will let you to make a purchase. LocalBitcoins.com is another popular website. You can also Google "how to buy bitcoin" or "how to buy bitcoin in [your area]" to get alternative ways of purchasing BTC based on where you live.
- Once you are signed up for the bitcoin purchasing website, login and purchase bitcoins using the site's "Trade/Buy" interface. Different websites will have different ways of doing it. Here is what it looks like in Coinbase:
- After your purchase is complete, you will see the bitcoin appear in your BTC wallet.
Use your bitcoin to buy STEEM
- First, open your STEEM wallet. It is located in your profile menu in the upper right on Steemit.com.
- Click on the dropdown in your wallet next to STEEM, and click on the link to "Buy".
- This will take you to an external website BlockTrades.us.
- On the BlockTrades.us site, select "Bitcoin" from the send menu.
- Select "Steem" from the receive menu. (Note, you can also optionally chose Steem Power if you want the STEEM powered up.)
- Enter your Steem/Steemit account name for "Your receive address".
- Click the "Get Deposit Address" button.
- It will output a bitcoin wallet address. Copy this wallet address to your clipboard.
- Go back to your BTC wallet, and send the amount of BTC that you want to use to purchase STEEM to that address. Make sure the wallet address matches exactly with what is shown on the Blocktrades website.
- After you send the BTC to that address, you will need to wait a little while for the transaction to confirm on the network. Most sites like Coinbase will show you the status of the transaction. Periodically check back and refresh. Once the transaction is confirmed, it will show up in your Steemit.com wallet!
That's it!
Thanks for taking the time to read this guide. I hope you found it useful! If you have any questions, please feel free to reply to the post and I will do my best to answer.
Think of the devil and there he is. This awesome helpful blog couldn't have come anytime earlier. I am a newbie, yet to post my intro and was wondering today morning about this whole steem purchase thingy. And here it is, a comprehensive guide to buy steem. My mentor @firepower recommended me that I follow you to receive some great advise and blogs and how right he was.
Thanks @timcliff.
Did you end up buying any?
Awesome. You have a great mentor :) I really like @firepower!
Yup. @firepower, my mentor is just awesome !!! And I have reasons to believe now that so are you.
Followed & Upvoted
Follow back please :) and upvote one of my blogs thankyou ;)
@thecrytotrader
Already following u @topdog
As a fellow new member who is yet to swns his first post too, I hope to get great contents to read & upvote like am planning...good luck
Thanks this is the kind of post new members will need to keep referencing. I look forward to when people can buy Steem directly for fiat.
I'm a newbee and this is my first post at steemit - maybe I did not get it - why should someone buy Steem if he can earn it by posting, commenting, and so on. What can I do/buy with a Steem? or is it just the speculation on a higher price?
I just did an upvote on my own post !?!
Me too :)
Oh, that'll be the day. If ETH and LTC can do it, then STEEM can too.
Thank you so much @timcliff for the very informative post! 😀 I'd like to try to invest and follow your steps. As a matter of fact I've known to bitcoin and cryptocurrencies just this month. With all your posts I am learning a lot. My big thanks to you. It is worth following you! 😀💖
Awesome! Glad they are helping :)
You give us knowledge with all your blogs. That's what I am grateful of. 😀💖
Wow just 2 steps, that's seems easy!! Really nice guide to buy Steem easily. By the way, what do you recommend. Buying Steem or Steem power?
I like to keep around 80-90% of my STEEM powered up so I can have more influence in the platform, as well as earn higher curation rewards. I try to keep 10-20% in liquid STEEM though, so if there is a price spike I can cash in on some profits. A lot of times you can even sell on a spike then buy back in a dip and end up with more STEEM than you started with.
Good tip @timcliff, you're awesome man
Wow, that's a nice strategy. Thanks for letting me and all others know about it. :)
If you are able to use ETH instead of BTC you will save time & money. The transactions are faster and with much lower fees.
Good call, thanks for adding the tip!
Thanks for sharing ...
Very good guide especially to people new in the industry ^_^
Thanks for the tip!
You're welcome dear
have a nice day ^_^
Thank you, your steps are neat and easy to understand. That's very clever for you to invest in Steemit at such an early stage and STEEM has already risen over 400% in a year. Smart choice!
Well, I wish I could claim that I got in that early. Technically I bought in right when it was around $4 per coin :)
@timcliff what do you think is the future price of Steem in the next 24 months? Taking in account the growth of Steemit.com for the past months I feel it can grow to 1BN , 2 BN , 4 BN in Marketcap?
Actual it is at 500MIO $. I would like to have your take on that!
Cheers,
Christian
Sorry, I don't do predictions :)
I am still continuing to keep more in the site than I am cashing out though, because I do believe that in the long term my STEEM will be worth a lot more than it is today.
Appreciated ! I am just wondering how big this can be ! I guess addicted we are already :)
Yeah I guess so!!!
I am pretty sure I have been on the website every single day since I signed up last July. Yes, it is safe to say I am addicted :)
Oh, such a pity, never mind, Steemit definitely will have a bright future that many and many users are pouring into this platform now
Yeah, I have never regretted the purchase I made (even when STEEM dropped below 10 cents a coin). I always have and still do believe that there is a ton of upwards potential :)
Nice tutorial and I am sure it will help those who just want steem only. I would think those who already own bitcoin know how to buy any other crypto.
You'd be surprised. I had purchased BTC before (to play an online casino game), but it was still an extra set of things to learn to be able to use it to buy STEEM. I'm fairly technical, so it wasn't too bad - but I've tried to explain the process to many of my friends and a lot of them find it quite confusing. "Wait, you are telling me I need to use three different websites..."
Yeah, it's definitely not a one stop shop for crypto sometimes. I can see why non-tech people stay away
That was nice of you to write this article for the newcomers.. Looks amazing though probably only crypto traders would probably buy steem.. Most people come to make profit w/o investment.
Cheers and much love for the great post :)
Thank you for sharing this informative post to me.I do not know how to buy steemit before, this post could really help me to buy steemit and I think Steemit would rise so I would make use of my bitcoin to buy some Steemit. As Bitcoin is now hitting the record high, I think Steemit would have higher potential to rise when I hold it in current price.
I agree. One thing just to clarify - when you are buying the coins, you are technically buying "STEEM" coins. Steemit is a website that interfaces with the 'Steem blockchain'. The tokens are technically generated by the blockchain (not the website).