How to Buy Steem Coin
So, why is steem cryptocurrency so prevalent? This guide will discuss everything that you should know about the steem coins. Steem coins come from steemit, which is a social media platform that is blockchain-based.
Steemit is somewhat quite similar to Reddit, where clients can make and distribute their content on the web and get remunerated for it. The main difference between this and steemit however is that Steemit is a blockchain-based social media platform.
What is Steem Coin?
The Steem coin is a crucial digital money of the Steemit, and Steem Dollars and Steem Power are reliant on it. Steem is basically the main cryptocurrency that powers the steemit platform. Steem was initially released back in 2016 and since then, there has been a constant increase in the supply of it.
Steem is unique in relation to different cryptographic forms of money, as it doesn’t depend exclusively on mining to make new coins. New Steem coins are made by the Steemit network every single day. These are divided between the authors, curators, holders of Steem Power and miners.
Due to the increased creation of steem each day, the best advice is to get it converted and not store it for a lot of time. Rather than holding steem coins you should get them changed into steem power, steem dollars or a different form of cryptocurrency such as bitcoin.
Like Ether and bitcoin, is possible to buy and sell steem in the open market. Along these lines, you can either acquire Steem from the Steemit network, or you can get it on a trade such as Binance.
Where to buy steemcoin?
It is possible to purchase STEEM tokens on a few trades utilizing cryptographic forms of money, for example, Ether (ETH) and bitcoin (BTC). You can likewise use fiat money to purchase STEEM, for example, you can either purchase them from your steemit account directly or you can purchase them using Us dollars.
Getting steem coins from a third-party cryptocurrency exchange is the most convenient and easy way. Binance is the most reliable platform to buy steem coins from. However, to buy steem from binance you will be required to trade steem for a major crypto currency such as Ether (ETH) and bitcoin (BTC).
How to Buy STEEM
In order to purchase STEEM tokens, you first need to purchase ETH. Once you purchase ETH, you can then exchange it for STEEM. For this example, we will explain how to purchase ETH on Coinbase, one of the most popular cryptocurrency exchanges.
Use the link here or click the image above to get $10 in Bitcoin when you purchase or sell your first $100.Register on Coinbase
Step 1: Create a Coinbase account
Select the “sign up” tab and complete the form by entering the requested information, including:
- Your name (exactly as it appears on your photo identification)
- Email address
Step 2: Verify your account
- Issue your phone number
- Upload an image of your photo ID
- Verify your credit or debit card, or your bank account information
Step 3: Select the “Buy/Sell” option on the menu, once our account is verified
After verification, select the “Buy/Sell” option on the menu
- Choose “Ethereum”
- Input how much you would like to purchase
- Select the “Buy” button
Step 4: Confirm your purchase
- Select the “Confirm Buy” button
Step 5: Open an account on an exchange that accepts OmiseGo exchange
For the purposes of this example, we are going to use the Binance exchangeRegister on Binance
Step 6: Register your Binance account
- Enter your email address and a strong password
- Select “Register”
- You’ll receive an email to confirm your account
Step 7: Login to your Binance account
Step 8: Transfer ETH from Coinbase to Binance
- Under the “Wallet” tab, select “Deposits”
- Copy the ETH deposit address you are provided with
- Log back into Coinbase
- Select “Accounts”
- Click “Send”
- Enter your ETH deposit address
- Input the amount of ETH you want to transfer
- Select “Continue”
Step 9: Exchange ETH for OmiseGO Coins
- When your ETH has arrived in your Binance account, you can exchange it for STEEM tokens
- Select ETH currency
- Search for STEEM in the search box and select it
Select whether you want to “Limit” order (you can choose the amount of STEEM you want to purchase) or “Market” buy, which will autofill your order at the best price
Step 10: Select the “Buy” button
- Once you have chosen the amount of STEEM you would like to purchase, select the “Buy button”
- Your STEEM order will be immediately filled; your ETH will be transferred into STEEM
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Why buy STEEM cryptocurrency
You must be wondering why so many people these days are becoming familiar with STEEM cryptocurrency. There are a number of reasons this cryptocurrency has gained so much popularity in just a few years. Let’s look at a few of them.
Earning Steem from Steemit can be quite beneficial. Firstly, this is because, it is a decentralized platform. This implies that a voting system is used to make the majority of the decisions. Also, here clients who hold more STEEM will have a major effect on results of this voting.
There are two classes between which the voting on Steemit works, these are downvoting and upvoting. Now, it is obvious that the upvote of the users who have more steem will be stronger, hence having a greater influence on the vote.
It offers Anonymity
One motivation behind why a lot of individuals join the digital currency space is due to the privacy that is offered. Complete privacy is not accessible through banks, yet STEEM encodes all information and client subtleties to guarantee that nobody can discover who the account holder is.
Indeed, even the hubs utilized in this system that are engaged with affirming all exchanges have access to the users balance only. This is one of the main reasons that a lot of people prefer steem cryptocurrency.
It is Decentralised
STEEM and its platform is decentralized which means that there is no interference by any third party and the possibility of seizures is almost non existent. This however, is not the case in banks and thus, is one major reason that people have started preferring crypto currency such as STEEM. The only person who is able to access your funds when you store them on a platform such as Steemit is you.
It is Widely accepted
STEEM cryptocurrency is becoming popular in several countries such as Australia and America. It is completely legal in these countries hence people can easily trade their STEEM accounts for fiat currency.
How to Sell STEEM
Steemit can be sold for other forms of Cryptocurrency. To sell STEEM, follow these steps:
- Open an altcoin exchange account
- Fund your account with OmiseGo tokens
- Sell your STEEM tokens for another form of cryptocurrency, such as ETH or BTC
- Sell your newly purchased cryptocurrency for fiat currency, such as US dollars or Euros
- Withdraw your fiat currency from your exchange account to your bank account
By now, you must have learned what steem coins are and the way Steemit is powered through these coins. Along with steemcoin, it is also essential to have information about Steam power and steam Dollars and their connection with the steem coins.
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