Steem Coin Buy Guide | Paypal, Credit Card & SEPA
This guide will show you how to buy STEEM cryptocurrency whether you are from the UK, USA or any other country. In the following we explain two of the best buying and trading options currently available and how you can best store your STEEM.
Are You Late To Buy STEEM?
STEEM didn't have one Initial Coin Offering (ICO) and was first available to the public on April 18, 2017 at a price of $ 0,75 on cryptocurrency exchanges. On January 3, 2018, STEEM hit an all-time high of $ 8,5 per coin and a market capitalization of $ 2,1 billion.
"Steemit”Is the STEEM social network. It is becoming more and more important and already has an impressive 950.000 users. However, one must not forget that social platforms like Facebook have 2,2 billion active monthly users and there is still a long way to go before Steemit will be successful as a social network. So far, the cryptocurrency community has been hiding behind Steemit, but if the social network is to really challenge those like Reddit and Facebook, it has to achieve mass adoption. The exciting thing about Steemit is that it has the potential for mass appeal and the cryptocurrency can introduce 100 million people for the first time.
The STEEM project is still in its infancy and it's not too late to buy STEEM coins. The most important consideration when buying a cryptocurrency is the purchase price. If you think high discounts are a good measure of the value of a cryptocurrency anytime, we can recommend the ATHCoinIndex to observe.
How much could STEEM be worth?
Nobody knows how much a cryptocurrency can be worth and there is still no proven method to properly value cryptocurrencies. What is certain, however, is that STEEM will battle for dominance with Facebook and Reddit if it is a success.
Reddit is in some ways an outlier for social media in terms of valuation; the company is still private but it raised $ 200 million in its last round of funding in July 2017. However, this has valued the company at $ 1,8 billion. Facebook however, at the time of this writing, has a value of 462 billion dollars.
If you think Steemit could be the leading social media platform in the future, then it has the potential to achieve a rating similar to Facebook. It all depends on how dominant Steemit can be in the social networking space, and if you think social networking users will agree that they should be paid for their posts, then helping STEEM may not be a bad idea.
The Team of Bitcoin-News.one is not 100% sure how high the STEEM coin could go. We know that a system in which contributors are rewarded for the value they create is far fairer than the existing system imposed on us by traditional social media platforms. Maybe the masses see it the same way, maybe they don't.
How To Buy STEEM - Our Top 2 Ways
We'll show you two ways to buy STEEM. Which of these two options is suitable for you is entirely up to you.
- Buy STEEM with normal currency (e.g. USD, GBP or EUR). In order to purchase the cryptocurrency in this way, you must have accounts with Coinbase and set up a cryptocurrency exchange. After purchasing, 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 cryptocurrencies (e.g. Ethereum or Bitcoin). If you already own Bitcoin or Ethereum and just want to know the best cryptocurrency exchange for STEEM, skip the Coinbase chapter.
Create a Coinbase account
Key data on Coinbase:
- Established: Coinbase was founded in 2012 and is the world's most popular cryptocurrency exchange.
- Important supporters: Venture capital firm IVP, which was involved in the latest financing round, was an early investor in companies like Netflix and Twitter. Other investors are companies like the New York Stock Exchange.
- Easy handling: Coinbase is known for its easy to use user interface. Perfect for cryptocurrency newbies!
- Low minimum deposit: You can invest in cryptocurrencies on Coinbase from as little as € 6.
- Regulated: Coinbase is one of the few cryptocurrency exchanges that are regulated.
- Insurance: Client funds are insured and segregated. US customers are even insured up to an amount of US $ 250.000.
- Deposit methods: Credit / debit card, bank transfer and PayPal for US customers.
- Tradable cryptocurrencies: Bitcoin, Ethereum, ETH Classic, Bitcoin Cash, Litecoin, 0x and more coming.
- Methods of customer support: Email and FAQs.
My Coinbase account is ready, now what?
Nice job, phase one is done.
Unfortunately, you cannot buy STEEM directly through Coinbase. You need to make a cryptocurrency exchange. To do this, you need your money first Convert to Bitcoin or Ethereum on Coinbase. You can then exchange your Bitcoin or Ethereum for STEEM on another cryptocurrency exchange.
- Go to the Buy / Sell page in your account.
- Add a payment method to your Coinbase account.
- Choose your deposit method: You can, for example, make a transfer to the "bank account" - this method has lower deposit fees, but the transfer takes between 2 and 5 days to be credited to your Coinbase account. However, you can also pay in immediately using a credit / debit card. With both methods, 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.
- Once your account is funded, select Bitcoin or Ethereum in the Buy / Sell section of Coinbase.
- Enter the amount of crypto you want to buy.
- As the payment method, select the currency wallet you have deposited into (in this example we used EUR).
- Complete your order by clicking "Buy".
Check out our Coinbase Guide if you are interested in getting Ethereum and Bitcoin on Coinbase with the lowest fees to buy. However, it takes a little longer and involves transferring your funds to the sister exchange Coinbase Pro. We recommend using Coinbase Pro and saving yourself some fees.
Once you have successfully bought 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.
Creating a Binance Account
By now you should have a bit of Bitcoin or Ethereum in your Coinbase account and have your STEEM wallet ready. The next step is to create a cryptocurrency exchange account. Here you exchange Bitcoin or Ethereum for STEEM.
One of the largest cryptocurrency exchanges that STEEM is traded on is Binance. Binance is one of the most popular exchanges in the world and we can't find any good reason to buy your coins anywhere else.
Key facts about Binance:
- Largest in the world: Binance is the largest crypto exchange in the world!
- Huge selection of cryptocurrencies: Binance offers you the opportunity to exchange for over 100 different crypto currencies. STEEM is just one of them.
- User-friendly: Switching from crypto to crypto is extremely easy and we believe that this was one of the main reasons Binance's explosive growth was happening.
- customer Support: Binance offers multi-language support for emails.
How do you transfer cryptos from Coinbase to Binance?
Your Binance account should be ready to go. Whether you have your Bitcoin or Ethereum on Coinbase or in another wallet, you have to send your funds to Binance to exchange them for STEEM Coin. The following steps are required for this:
- Log into 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 deposit address for Binance. Just copy this address. We took Bitcoin as an example.
- Log into Coinbase and go to the "Accounts" tab.
- Click the "Submit" button for the cryptocurrency you are using.
- Paste your Binance deposit address into the "Recipient" address field and enter the amount you wish to withdraw.
- Click "Next" and complete the transaction. Your Bitcoin and Ethereum should appear in your Binance account shortly.
Do you have crypto in another wallet?
- Just send your crypto to your Binance deposit 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 the “STEEM / ETH” or “STEEM / BTC market”.
- You will then see a trading screen. Select the "Market" tab (so you can buy at market price). Then enter the number of STEEM Coins you want to buy, you can also use the percentage buttons to use a certain percentage of your balance on Binance to buy coins.
- As soon as you have clicked on "Buy", your trade will be processed and your STEEM Coin will appear in your Binance account.
How can I withdraw STEEM from the Binance Exchange?
You should have your STEEM Coins on Binance and your Steemit account ready. Bitcoin-News.one recommends that you withdraw your coins from the Binance Exchange and keep them in your Steemit wallet. Binance has tons of cryptocurrencies and is a popular target for hackers. Plus, having control of your own crypt is probably better than trusting Binance Exchange to keep your crypt safe for you.
To do this, just follow the steps below:
- Sign in to Binance.
- Navigate to “Funds” and click the “Withdrawals” button.
- Select STEEM from the drop down list and you will see that you will need a STEEM withdrawal address and a MEMO.
Find your STEEM Withdrawal Address and MEMO Address:
- Sign 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 begins with the letters STM.
- Your STEEM payout address is your Steemit.com username.
- Once you have your withdrawal and MEMO address, simply enter them into the Binance withdrawal form and hit "Submit".
💡Top tip: Binance charges you a withdrawal fee to remove your coins from the exchange. Before withdrawing, you can check the withdrawal fee here!
The Bitcoin-News.one Team is excited about the potential that STEEM has. In contrast to most other cryptocurrency projects, Steemit is a working product with almost a 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 cryptocurrencies. The fantastic thing about the social platform is that a casual user doesn't know that it is a blockchain-based platform. But you will almost certainly be interested in making money and that is how you will be introduced to STEEM cryptocurrency. For Bitcoin-News.one, Steemit's real strength is the potential for mass adoption of cryptocurrencies and widespread adoption.