If you want to buy STEEM, this guide is for you. It’s the easiest way to get your hands on some of the cryptocurrency that powers Steemit, a social media platform where people are rewarded for creating and curating content.
Cryptocurrency is a form of digital currency that uses cryptography to secure and verify transactions. It’s decentralized, meaning that there isn’t any central authority like a bank or government managing it.
This tutorial will teach you how to purchase steem cryptocurrency, whether you’re from the United Kingdom, the United States, or anywhere else in the world. We’ll show you our two favorite methods to get your hands on some, as well as how to keep it.
Is It Too Late To Invest In STEEM?
Steem did not have an initial coin offering (ICO), and it was initially made accessible to the public on April 18, 2017, when it was valued at $0.75 on cryptocurrency exchanges. The Steem currency reached an all-time high of $8.5 per coin on January 3, 2018, with a market value of $2.1 billion. At the time of writing, Steem currency is available for half the price of its all-time high, which is a very good deal.
Despite the fact that Steem’s social network, Steemit, is gaining momentum and has a sizable 950,000 members, we must keep in mind that social networks like Facebook have 2.2 billion active monthly users. If Steemit is to thrive as a social network, it has a long way to go, and it is still early days. Yes, the bitcoin community has embraced Steemit, but broad acceptance is required if the social network is to really compete with Reddit and Facebook. The interesting thing about Steemit is that it has the ability to reach a large audience and expose bitcoin to hundreds of millions of people for the first time.
The Steem project is still in its early stages, therefore it’s not too late to invest in the cryptocurrency. The price at which you purchase any cryptocurrency is the most essential factor to consider. If you believe that looking at all-time high discounts is a good indicator of a cryptocurrency’s worth, we suggest ATHCoinIndex.
How Far Could STEEM Climb?
The reality is that no one knows how far a cryptocurrency may rise, and no one has devised a tried-and-true technique for correctly valuing them. What is obvious is that if Steem is a success, it will compete with Facebook and Reddit for market domination.
In terms of value, Reddit is a bit of a social media anomaly. Although the business is still private, it received $200 million in its most recent financing round in July 2017, valuing it at $1.8 billion. Facebook, on the other hand, is worth $462 billion as of this writing.
If you believe Steemit will be the most popular social media network in the future, it has the potential to be valued at a comparable level to Facebook. Everything hinges on Seemit’s ability to dominate the social network sector. Supporting Steem may be a good option if you think that social network members would agree that they should be compensated for their efforts.
TotalCrypto doesn’t know how high Steem might rise. We do know, however, that a system in which contributors are compensated for the value they produce is much more equitable than the current one forced on us by conventional social media platforms. Perhaps the general public will view it this way, but perhaps they will not.
Our Top 2 Ways To Buy STEEM Are Listed Below
We’ll teach you how to purchase Steem in two different methods. It is entirely up to you to choose the best option for you.
- How to Purchase Steem Using Regular Money (for example; USD, GBP and EUR). You’ll need to sign up for Coinbase and a bitcoin exchange to do so. Setting up several accounts is inconvenient, but it is the only option.
- The second option is for individuals who already own Ethereum or Bitcoin and want to exchange it for Steem. We’ll teach you how to choose the best exchange and acquire some bitcoin.
Purchasing STEEM in US Dollars, Euros, or British Pounds
This is the choice for you if you’re purchasing bitcoin for the first time. To receive your Steem, you’ll need to establish an account on Coinbase and a cryptocurrency exchange. Then you should think about how you’ll keep your coins. Isn’t that a lot? Don’t worry, we’ll take care of everything.
Investing in Crypto?
Already own Bitcoin or Ethereum and want to purchase Steem on the best cryptocurrency exchange? This is the one for you. Simply skip over all of the Coinbase information in this tutorial.
How to Open a Coinbase Account
The Basics of Coinbase
- Coinbase, the world’s most popular cryptocurrency exchange, was established in 2012 and has a long track record.
- Serious Backers: IVP, the venture capital company that participated in the most recent financing round, was an early investor in companies like Netflix and Twitter. Companies like the New York Stock Exchange are among the other investors.
- Simple to Use: Coinbase is known for its user-friendly UI. This makes it the ideal cryptocurrency exchange for beginners.
- Small Minimum Deposit: On Coinbase, you may deposit as little as €6 in bitcoins.
- Coinbase is a regulated cryptocurrency exchange, making it one of the few.
- Insurance and segregation of money: Customer funds are insured and separated. Customers in the United States are even covered up to a balance of $250,000.
- For US consumers, deposit methods include credit/debit card, bank transfer, and PayPal.
- Cryptocurrencies that may be traded include Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
- Email and FAQs are two methods of customer support.
Interested in investing more than $100 in STEEM via Coinbase? There’s good news! By joining up via Total Crypto, you will also get a $10 bonus!
Do you need assistance with account creation? Simply read our in-depth Coinbase tutorial!
My Coinbase account is up and running. So, what’s next?
You did a fantastic job getting phase one out of the way. Unfortunately, you won’t be able to purchase Steem directly via Coinbase; instead, you’ll need to utilize a cryptocurrency exchange. To do so, you must first convert your funds to either Bitcoin or Ethereum on Coinbase. Later, this will be traded for Steem on a cryptocurrency exchange.
On Coinbase, the Quickest Way to Buy Bitcoin or Ethereum
If you want to purchase Ethereum and Bitcoin on Coinbase with the lowest costs possible, check out our Coinbase tutorial. It does, however, take a little longer since you must move your money to Coinbase’s sibling exchange GDAX and purchase your bitcoin there instead. We suggest that you use GDAX to save money on fees.
You’re ready to go on to the next stage after successfully purchasing Ethereum or Bitcoin on Coinbase.
How To Create A STEEM Wallet
To save your Steem, we suggest utilizing the official Steemit wallet. We’ve written a separate post that explains how to set it up and get started.
Register for a Binance account.
You should have some Bitcoin or Ethereum in your Coinbase account by now, as well as a Steem wallet set up. The next step is to open an account with a cryptocurrency exchange. You’ll be able to exchange your Bitcoin or Ethereum for Steem here.
Binance is one of the most popular cryptocurrency exchanges for trading Steem. Binance is the most popular cryptocurrency exchange in the world, and we can’t think of a good reason to purchase your coins anywhere else.
Facts about Binance:
- The World’s Largest Crypto-to-Crypto Exchange: Binance is the world’s largest crypto-to-crypto exchange!
- Binance has a huge selection of cryptocurrencies. You can get your hands on over 100 different cryptocurrencies. One of them is STEEM.
- Friendly to the user: The crypto-to-crypto trade is the most straightforward we’ve ever encountered. We believe that this is one of the major reasons behind Binance’s rapid rise.
- Customer Assistance: Binance provides email support in many languages for????????
On the world’s biggest crypto-to-crypto exchange, you can get Steem.
Do you need assistance with creating a Binance account? Take a look at our Binance guide.
What Is The Best Way To Transfer From Coinbase To Binance?
You should now be able to use your Binance account. You must transfer your Bitcoin or Ethereum to Binance to trade for Steem coins, whether you have it on Coinbase or in another wallet. Simply follow the instructions below to do this:
- Go to your Binance account and log in.
- Click “Deposit” after selecting “Funds.”
- If you have Ethereum on Coinbase, be sure you choose it, or Bitcoin if you have BTC. If you transfer money to the incorrect wallet, you risk losing it!
- Then you’ll see your Binance deposit address. Simply copy and paste this URL. As an example, we’ve utilized Bitcoin.
- Go to Coinbase’s ‘Accounts’ page after logging in.
- Select the coin you want to send and press the send button.
- In the ‘Recipient’ wallet address box, paste your Binance deposit address and the amount you wish to withdraw.
- Continue to complete the transaction. In a few minutes, your Bitcoin and Ethereum should appear in your Binance account.
Do You Have Crypto in a Different Wallet?
- Simply transfer your cryptocurrency to your Binance account.
On Binance, how can I trade Bitcoin or Ethereum for STEEM?
Now is the moment to purchase our Steem.
- If you have Bitcoin on Binance, go to the homepage and choose ‘BTC Markets’, or ‘ETH Markets’ if you have Ethereum. Then, in the search box, type STEEM and choose the STEEM/ETH or STEEM/BTC market.
- After then, you’ll see a trade screen. It may seem difficult at first sight, but don’t be put off; we’ll teach you how to proceed. Simply go to the ‘Market’ tab (this enables you to buy at the market price). Then type in the amount of Steem coins you’d want to purchase. You may also use the percentage buttons to purchase coins with a certain proportion of your Binance balance.
- Your transaction will be completed after you click “Buy,” and your Steem coins will show in your Binance account.
What Is The Best Way To Withdraw STEEM From Binance?
Your Steem coins should be in Binance, and your Steemit account should be ready to start. TotalCrypto suggests removing your money from the exchange and storing them in your Steemit wallet. Binance is an obvious target for hackers since it houses a large amount of bitcoin. Furthermore, having ownership of your own cryptocurrency is generally preferable than relying on an exchange to keep your cryptocurrency secure.
Simply follow the instructions below to do this:
- Binance may be accessed by logging in.
- Go to ‘Funds’ and choose the ‘Withdrawals’ option.
- When you choose STEEM from the dropdown menu, you’ll see that you’ll need a Steem withdrawal address as well as a MEMO.
Getting your MEMO and Steem withdrawal address:
- Go to your Steemit account and log in.
- Select ‘wallet’ from the profile icon.
- Once you’ve done that, you should be able to view your MEMO address. STM will be the first letters.
- Your Steemit.com username is your Steem withdrawal address.
- Simply enter your withdrawal and MEMO address into the Binance withdrawal form and click “submit.”
? Top Tip: If you want to get your coins off of Binance, you’ll have to pay a withdrawal fee. You may check the withdrawal cost here before you withdraw!
There you have it: the simplest methods for purchasing and storing Steem. The TotalCrypto team is very enthusiastic about Steem’s future. Steemit, unlike most other cryptocurrency initiatives, is a functioning platform with over a million members. We utilize Steemit ourselves and highly suggest that you do so as well.
True, Steemit has to recruit tens of millions of new bitcoin users in order to be deemed a success. The best part about the social network is that a casual user will have no idea it’s built on blockchain. They will, however, almost definitely be interested in making money and will be exposed to the Steem cryptocurrency in this manner. The real strength of Steemit, according to TotalCrypto, is that it has the ability to introduce cryptocurrencies to the people, resulting in broad adoption.
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
Frequently Asked Questions
How do I sell Steem?
You can sell Steem with a service like Changelly.com, which will convert your Steem to a cryptocurrency of your choice.
Will Steem go up?
Steem is currently trading at $0.19 USD per coin, but there are no guarantees that this value will stay the same in the future.
Is Steem publicly traded?
Steem is not publicly traded.
- when to buy bitcoin 2021
- future of cryptocurrency 2021
- why is cryptocurrency valuable