[Newbie Guide] How to buy Steem

10 months ago
71 in steem

The moment my brother @dogguy told me about Steemit, I instantly wanted to invest! Luckily, I had a brother who knew a lot about Bitcoins, and I was able to invest through him. After exploring the site for a bit though, I decided I wanted to learn out how to buy more Steem/Steemit without having to bug my brother every time. 

After going through it myself, I realized that it is a complicated process if you haven't done it before. For people who don't have a Bitcoin savvy brother like myself to invest for them, a 'how-to' guide would be very useful. Here are the steps I went through. I hope you find them helpful!

To start with, here is the basic process: Step 1: Convert your money into Bitcoin. Step 2: Use your Bitcoins to buy Steem! (That's it!)

Here are the more detailed steps:

1. First you will need to signup for a website that allows you to buy Bitcoins. I personally used https://www.coinbase.com, because it has been around for a long time and is popular. If you don't have an account yet, it may take a couple of days to verify your identity before they will let you to make a purchase.

2. Once you are signed up for the Bitcoin purchasing website, login and purchase Bitcoins using the site's "Trade/Buy" interface. You can enter the amount in USD or in BTC.

3. After you have purchased your Bitcoins, login to Steemit.com, and open your wallet. Your wallet can be found by clicking on the "Wallet" link under your 'profile' picture icon. (It is in the upper right corner of the Steemit website.)

4. Inside your wallet, click on the drop-down next to "STEEM", and click the "Deposit" link.

5. Decide if you want to purchase "Steem" or "Steem Power".

6. The popup screen will have a "Wallet Address" near the bottom. This is where you will be sending the Bitcoins to make your purchase. The wallet address is the long series of letters and numbers, which is right after where it says "Send Bitcoin To". Copy this address to the clipboard. It is important that you copy the entire address, exactly as it is shown, without missing any of the letters.

7. Go back to the site you used to purchase the Bitcoins, and find the place where it lets you send Bitcoins. Enter in the wallet address that you copied from Steemit in the previous step. Enter the amount of Bitcoins you would like to send, and click the "Send" button to send them to your Steemit account. It will likely ask you to confirm. After that, you should see a success message showing the transaction was completed!

8. You will need to wait a little while for the Bitcoin transaction to confirm on the network. Most sites like Coinbase will show you the status of the transaction.  Periodically check back and refresh. Once the transaction is confirmed, it will show up in your Steemit.com wallet!

That's it! 

Thanks for taking the time to read this guide. I hope you found it useful! If you have any questions, please feel free to reply to the post.

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32
  ·  23 days ago

Tim, thanks for the tutorial. I now have steem power in my account. How do I transfer to another account or cash out? Nothing tells me how, but I am guessing I have to power down to steem and then use the steem to transfer to new location. Is that correct?
jim

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71
  ·  23 days ago

Hi @morgan1942 - yes, that is correct. You can check out your wallet here:
https://steemit.com/@morgan1942/transfers

If you power down, it will convert the Steem Power into liquid STEEM. (Your current liquid STEEM balance is 0.000.)

Once it is liquid, then you can transfer it to another user. There is a dropdown arrow next to the liquid STEEM amount where a "Transfer" button is one of the options. You just need to enter the username that you want to send to and the amount, then click "Submit". (You can add an optional memo too, which will show up as a message along with the amount.)

For cashing out, most users will use an exchange. Personally, I use Poloniex and Blocktrades. Many other users use Bittrex. These exchanges will allow you to convert your STEEM to bitcoin (BTC). Then you would use a site like coinbase.com or localbitcoins to convert the BTC into cash. There are a few guides that were written by users in the "Helpful Posts from Steemit Users" section of this page: https://steemit.com/welcome

I haven't converted it into a "user friendly" post yet, but there are a lot of links in the comments of this post which contain info on other things you can do with your STEEM (such as buying items from the PeerPlays store, or paying to have someone design a custom avatar.)
https://steemit.com/bounty/@timcliff/information-bounty-list-ways-to-spend-steem-and-sbd-usd1-sbd-per-qualified-response

If you have any other questions, just let me know :)

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32
  ·  23 days ago

Thanks Tim, very helpful. I wanted to be sure I could convert back before I fully funded this account. I will test it with a small amount so I am comfortable with the process. I use Bittrex and Poloniex as I like to split my risks
across several exchanges since I am new at this.
Regards,
Morgan
How do I give rewards?

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71
  ·  23 days ago

Sounds good!

When you upvote a post or comment, you will increase the rewards for the post. A lot of times if you don't have a lot of Steem Power, you won't see it actually increase though. When larger accounts vote on things, it has a bigger impact. Even though you don't see it increase though, it still helps. When lots of little accounts vote on something, it adds up :)

56
  ·  9 months ago

I upvoted You

50
  ·  10 months ago

Thank you for this! That's the one thing about #steemit I don't like, there isn't many resources for us newbies to read and learn how to do all this Cryptocurrency stuff! Thank you!

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71
  ·  10 months ago

Yeah, navigating all the crypto-currency / Bitcoin stuff if you are not already familiar with it is tough. I'm glad this guide was able to help!

25
  ·  9 months ago

How do I upvote this post as it's really helped me - thank you

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71
  ·  9 months ago

Glad it helped 😀
There is a little circle with an up arrow in it, at the bottom of the post, just above where the comments start.

51
  ·  27 days ago

Hi @timsliff. This did not work for for me. I transferred the bitcoin and I found details under Transaction...but the Steem Power I purchased is no where to be found! Where can go for help?

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71
  ·  27 days ago

How long ago did you do the transfer? BTC transactions can often take many hours to confirm.

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51
  ·  27 days ago

Transfer was completed 24 hours ago. BTW, thanks for replying!

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71
  ·  27 days ago

Do you have the info on the transaction where you sent the BTC to the address provided? If you do, try contacting the user @blocktrades and see if he can help.

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51
  ·  27 days ago

Yes. I sent the BTC from my desktop app. Okay, thanks for the advice!

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69
  ·  27 days ago

The problem is the fee paid by your wallet is too low for any miner to confirm it on the bitcoin blockchain.

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51
  ·  27 days ago

yeah I see....this is the first time I sent BTC....I have lots to learn. Thank you for the response!

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51
  ·  27 days ago

so what happens now? is it forever lost?

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69
  ·  27 days ago

No, the money is actually still in your wallet, but your wallet won't let you use it because it thinks your transaction will confirm. Here's one discussion about a way to handle this: https://bitcointalk.org/index.php?topic=1510877.msg15287316#msg15287316

25
  ·  14 days ago

Many thanks Timcliff. Are you able to tell me why there is a "change deposit address" button in the wallet? I just worry the coins may go missing if I click that . Also are you able to tell me what destTag is please.

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71
  ·  13 days ago

The change wallet address will just give you a different BTC address to send your BTC to. It won't do any harm, but there is no real benefit to doing it unless you want different transactions to be tracked on the bitcoin chain with different wallets. Most users have no reason to do this.

I'm not sure about destTag. Where do you see it? If possible, can you send a screenshot?

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32
  ·  3 days ago

Hello tim and thank you for this tutorial, so is buying bitcoin the only way to buy steempower?

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71
  ·  3 days ago

There are also options to buy with Ether or Bitshares.