How to buy Steem and power up (how I do it)

in steem •  6 months ago 

Note that there may be waiting time between some steps, especially waiting for orders to fill.
This method has the fewest fees, I believe.
Step 1. Create a pro.coinbase.com account
Step 2. Create a bittrex.com account
Step 3. Deposit USD (or your nation's currency) to coinbase (this takes a week)
Step 4. Set a limit order to buy LTC on the LTC/USD exchange very near the current price on coinbase
Step 5. Go to the LTC/BTC exchange on bittrex, click deposit, and copy the LTC wallet address
Step 6. Withdraw the LTC from coinbase to the bittrex wallet address
Step 7. Set a limit sell at a nearby price to the current one on the bittrex LTC/BTC exchange
Step 8. Set a limit buy on the Steem/BTC exchange
Step 9. Withdraw steem to your Steem username as the address (no @)
Step 10. Approve the security email from bittrex
Step 11. From your steemit.com wallet, click next to the Steem for a drop down menu that includes Power Up, and power up!

To the moon, friends.

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Why bother with the LTC middle part? You expose yourself to extra fees (the trades) and the potential price fluctuations. Otherwise it is similar for me... Although I go via Bitstamp and Binance... I just prefer alliteration!

  ·  6 months ago (edited)

I was told that transferring btc still incurs miner fees from the chain itself. LTC has them, too, but much lower. The bittrex exchange fees are lower than the btc chain fees. I haven't tested this.
Relevant article: http://bitcoinfees.com/

Transaction fee comparison chart:
https://bitinfocharts.com/comparison/transactionfees-btc-ltc.html

What are the binance and bitstamp exchange fees?

It looks like BTC transaction fees are around $0.50 more than LTC transaction fees, and since the exchange fees are 0.25%, that means that you should choose the LTC method for sums less than $200?
Of course it's also worth noting that BTC transaction fees can skyrocket, so pay attention to it! :)

  ·  6 months ago (edited)

From memory the Bitstamp BTC withdrawal fee is zero (as far as I remember, they pay the miner fee... but I'm not sure!).... and the Binance STEEM withdrawal fee is 0.01 STEEM. Neither of them has receiving fees... and the maker/taker fees are 0.1/0.2 percent I think... although, I would need to double check the fee schedules!

Of course, when BTC miner fees are high, then I wouldn't use it (actually, I would use the same LTC bridge that you did, just with different exchanges). Although now, I might consider the BinanceJE fiat bridge that has opened up...

Anyway, if you don't have a Binance or BinanceJE account already, these are referral links. I can't remember what the benefits are though...

EDIT: Bitstamp trading fee is 0.25%

EDIT2: BTC fee is roughly 40-45 cents, but Lightning might change this balance!

And you're in Europe, right? I'll recommend this to my friend.

Posted using Partiko Android

Yes EU... but I think Bitstamp is also good for UK.

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  ·  6 months ago Reveal Comment