Steem Coin Buying Guide | Paypal, Credit Card & SEPA
This guide will show you how to buy STEEM crypto currency, whether you are from the UK, USA or any other country. Below we explain two of the best ways to buy and exchange currency at the moment and how best to store your STEEM.
Are you too late to buy STEEM?
STEEM had no Initial Coin Offering (ICO) and was first available to the public on April 18, 2017 at a price of $0.75 on crypto currency exchanges. On January 3, 2018, STEEM reached an all-time high of $8.5 per coin and a market capitalization of $2.1 billion.
"Steemit" is the social network of STEEM. It is gaining more and more importance and already has a remarkable 950,000 users. However, it should not be forgotten that social platforms such as Facebook have 2.2 billion active monthly users, so there is still a long way to go before Steemit will be successful as a social network. So far, the crypto-currency community has been behind Steemit, but if the social network is really to challenge the likes of Reddit and Facebook, it must achieve mass acceptance. The exciting thing about Steemit is that it has the potential for mass appeal, and for the first time, the crypto-currency can introduce itself to 100 million people.
The STEEM project is still in its infancy and it is not too late to buy STEEM Coins. The most important consideration when buying a crypto currency is the purchase price. If you think that high discounts at any time are a good measure of the value of a crypto currency, we can recommend you to watch the ATHCoinIndex .
How much could STEEM be worth?
Nobody knows how much a crypto currency can be worth and there is no proven method to correctly value crypto currencies yet. What is certain, however, is that if STEEM is successful, it will fight with Facebook and Reddit for market dominance.
Reddit is in some ways an outlier for social media in terms of valuation; the company is still private, but it has raised $200 million in its last financing round in July 2017. However, this one valued the company at $1.8 billion. Facebook , on the other hand, has a value of $462 billion at the time of writing this article.
If you think that Steemit could be the leading social media platform in the future, it has the potential to achieve a similar rating level to Facebook. It all depends on how dominant Steemit can be in the social networking arena and if you think that social networking users will agree that they should be paid for their contributions, then supporting STEEM may not be a bad idea.
The Bitcoin-News.one team is not 100% sure how high the STEEM Coin could rise. We know that a system where contributors are rewarded for the value they create is much fairer than the existing system imposed by traditional social media platforms. Maybe the masses see it that way, maybe not.
How to buy STEEM - Our top 2 options
We show you two ways to buy STEEM. It is entirely up to you which of these two options is suitable for you.
- Buy STEEM with normal currency (e.g. USD, GBP or EUR) To purchase the crypto currency in this way, you must set up accounts with Coinbase and a crypto currency exchange. After the purchase you should also consider how you want to store the coins. In the following we will explain the individual steps in detail.
- Exchange STEEM for other crypto currencies (e.g. Ethereum or Bitcoin) If you already own Bitcoin or Ethereum and just want to know the best crypto currency exchange for STEEM, skip the Coinbase chapter.
Create a Coinbase account
Key data for Coinbase:
- Established: Coinbase was founded in 2012 and is the most popular crypto currency exchange worldwide.
- Key supporters: The venture capital company IVP, which participated in the latest round of financing, was an early investor in companies such as Netflix and Twitter. Other investors include companies such as the New York Stock Exchange.
- Easy to use: Coinbase is known for its easy to use user interface. Perfect for crypto currency novices!
- Low minimum deposit: You can already invest from 6€ in crypto currencies on Coinbase.
- Regulated: Coinbase is one of the few crypto currency exchanges that is regulated.
- Insurance: Client funds are insured and segregated. US clients are even insured up to an amount of 250,000 US dollars.
- Deposit methods: Credit/debit card, bank transfer and PayPal for US customers.
- Tradable crypto currency: Bitcoin, Ethereum, ETH Classic, Bitcoin Cash, Litecoin, 0x and more coming.
- Customer support methods: e-mail and FAQ's.
My Coinbase account is ready, and now?
Good work, phase one is complete.
Unfortunately you cannot buy STEEM directly from Coinbase. You have to do a crypto currency exchange. To do this you first have to convert your money on Coinbase into Bitcoin or Ethereum. Then you can exchange your Bitcoin or Ethereum for STEEM on another crypto currency exchange.
- Go to the "Buy/Sell" page in your account.
- Add a payment method to your Coinbase account.
- Choose your deposit method: For example, you can make a transfer to your "bank account" - this method has lower deposit fees, but the transfer takes between 2 and 5 days until it is credited to your Coinbase account. However, you can also deposit immediately by credit/debit card. With both methods you enter your payment details and complete the transaction to fund your account. After submitting, just sit back and wait. After your deposit has been credited to your account, you will receive an email.
- As soon as your account is loaded, choose Bitcoin or Ethereum in the "Buy/Sell" section of Coinbase.
- Enter the amount of crypto you wish to purchase.
- Choose the currency wallet you deposited in as your payment method (in this example we used EUR).
- Complete your order by clicking on "Buy".
Have a look at our Coinbase Guide if you are interested in buying Ethereum and Bitcoin on Coinbase with the lowest fees . However, it takes a little longer and includes the transfer of your money to the sister exchange Coinbase Pro. We recommend to use Coinbase Pro and save yourself some fees.
Once you have successfully purchased Ethereum or Bitcoin on Coinbase, you are ready for the next step.
Setting up the STEEM Wallet
We recommend that you use the official Steemit wallet to store STEEM.
Create a Binance account
In the meantime you should have some Bitcoin or Ethereum in your Coinbase account and have your STEEM Wallet ready. The next step is to create a crypto currency exchange account. Here you exchange Bitcoin or Ethereum for STEEM.
One of the largest crypto currency exchanges on which STEEM is traded is Binance. Binance is one of the most popular exchanges in the world and we cannot find a good reason to buy your coins elsewhere.
Important facts about Binance:
- Largest in the world: Binance is the largest crypto stock exchange in the world!
- Huge selection of crypto currencies: Binance offers you the possibility to exchange into over 100 different crypto currencies. STEEM is just one of them.
- Easy to use: Switching from crypto to crypto is extremely easy and we believe this was one of the main reasons for Binance's explosive growth.
- Customer support: Binance offers multilingual support for e-mails.
How do you transfer cryptos from Coinbase to Binance?
Your Binance account should be ready for use. Whether you have your Bitcoin or Ethereum on Coinbase or in another wallet, you must send your funds to Binance to exchange them for STEEM Coin. The following steps are required:
- Log in to your Binance account.
- Select "Money" and click on "Deposit".
- Make sure you choose Ethereum if you have Ethereum on Coinbase, or Bitcoin if you have Bitcoin. If you send to the wrong wallet, you can lose your money!
- You will then see your inpayment address for Binance. Simply copy this address. We have taken Bitcoin as an example.
- Log in to Coinbase and go to the "Accounts" tab.
- Click the "Send" button for the crypto currency you are using.
- Enter your Binance inpayment address in the "Recipient" address field and enter the amount you wish to withdraw.
- Click on "Next" and complete the transaction. Your Bitcoin and Ethereum should appear in your Binance account shortly.
Do you have crypto in another wallet?
- Simply send your crypto to your Binance payment address.
How do you exchange Bitcoin or Ethereum for STEEM on Binance?
Now it is finally time to buy our STEEM Coins.
- Navigate to the Binance homepage and select "BTC Markets" if you have Bitcoin on Binance, or "ETH Markets" if you have Ethereum. Then simply search for STEEM in the search bar and click on "STEEM/ETH-" or "STEEM/BTC Markets".
- You will then see a trading screen. Select the "Market" tab (so you can buy at the market price). You can also use the percentage buttons to use a percentage of your balance on Binance to buy coins.
- As soon as you have clicked on "Buy", your trade will be settled and your STEEM Coin will appear in your Binance account.
How can you withdraw STEEM from the Binance Exchange?
You should have your STEEM Coins on Binance and have your Steemit account ready. Bitcoin-News.one recommends that you withdraw your coins from the Binance Exchange and store them in your Steemit wallet. Binance has plenty of crypto currencies and is a popular destination for hackers. In addition, controlling your own crypt is probably better than trusting Binance Exchange to keep your crypt safe for you.
To do this, simply follow the steps below:
- Register with Binance.
- Navigate to "Funds" and click on the "Withdrawals" button.
- Select STEEM from the drop down list and you will see that you will need a STEEM payout address and a MEMO.
Find your STEEM payout address and MEMO address:
- Log in to your Steemit account.
- Click on the profile icon and select "Wallet".
- Click on "Permissions" - once you are done, you should see your MEMO address. This starts with the letters STM.
- Your STEEM payout address is your Steemit.com username.
- Once you have your payout and MEMO address, simply enter it in the Binance payout form and click on "Send".
💡Top Tip: Binance will charge you a payout fee to remove your coins from the Exchange. You can check the payout fee here before the payout!
The Bitcoin-News.one team is excited about the potential that STEEM has. Unlike most other crypto currency projects, Steemit is a working product with already nearly one million users. We use Steemit ourselves and recommend trying it out.
It is true that Steemit can only be considered a success if it attracts at least 10 million newcomers to the world of crypto currencies. The fantastic thing about the social platform is that a casual user does not know that it is a block chain based platform. But you will almost certainly be interested in making money and will be introduced to the STEEM crypto currency this way. For Bitcoin-News.one, the real strength of Steemit is the potential mass introduction of crypto currencies and the broad acceptance.