[Newbie Guide] How to buy Steem

last year
72 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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Sort Order:  trending
33
  ·  2 months ago

Hi, thanks for this article. Apparently things have changed. When I click 'buy' I am transferred to a BlockTrades site with an empty UI. What I want to know is, to what address do I need to send the bitcoins I have in my external BTC wallet. Or alternatively how does BlockTrade know where to send it. And how do I get BlockTrade to work.

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72
  ·  2 months ago

I posted an updated guide here. I will be updating the link on the "Quick Start Guide" to point to the new one soon.
https://steemit.com/steem/@timcliff/how-to-buy-steem-guide

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32
  ·  20 days ago

Thats good question demanding aswers expecially We the beginners. Thanks for the prompt.

52
  ·  2 months ago

@timcliff I don't see the deposit link in the wallet. Am I missing it or it is removed? Help

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52
  ·  2 months ago

I get it, it is simply "Buy" now. Right?

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72
  ·  2 months ago

Correct. The website has changed slightly since I created the guide :)

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52
  ·  2 months ago

@timcliff Thank your for confirmation. Learning a lot using steem and investing at the same time :)

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72
  ·  2 months ago

Double check that you are logged in, and looking at your wallet. It should say "BUY STEEM OR STEEM POWER" near the top. If you still don't see it, send me a screenshot of what it looks like on your screen.

25
  ·  2 months ago

Nice article, very simple and easy to understand. Interesting that loading funds must go through BTC. I assume there are no transaction fees for the transfer between wallets, unlike banks. Is this correct?

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72
  ·  2 months ago

Thanks! It is. Technically you can use bitcoin, Ether, or Bitshares - but BTC is the main one. I would love to be able to go straight between USD and STEEM.

I'm not an expert on BTC, but I believe all BTC transfers do have transaction fees. When you buy STEEM via the interface on Steemit.com, the fees are already factored in.

STEEM transactions have zero fees though, which is really nice :) Once you have STEEM tokens, you can transfer them to other users without paying any fees for the transaction.

41
  ·  2 months ago

Thank You I bought bitcoin from ezBtc & just waiting to receive bitcoin to my steemit wallet

25
  ·  last month

Uh oh, I forgot to choose btcusd before sending. I hope they get it okay.

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72
  ·  last month

What did you send, and to where?

32
  ·  4 months 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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72
  ·  4 months 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
  ·  4 months 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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72
  ·  4 months 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
  ·  last year

I upvoted You

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72
  ·  11 months ago

Thanks 😀

25
  ·  2 months ago

Good manual, thanx. But one question. Why is the Steemwallet not real time synchronized like other cryptocurrency wallets? I can see how much Steem I have bought, but not what it is really worth at this moment.

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72
  ·  2 months ago

You mean the estimated value? The current implementation uses the 3.5 day average from the witness price feeds.

25
  ·  3 months 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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72
  ·  3 months 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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33
  ·  3 months ago

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

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72
  ·  3 months ago

There are also options to buy with Ether or Bitshares.

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25
  ·  3 months ago

Thanks Tim

52
  ·  2 months ago

How to use the "Internal Market"? It is cheaper to buy in the internal market for investment. How will I deposit US$ so I can buy Steem here?

What is SBD?

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52
  ·  2 months ago

I got my answer from FAQ. To other newbie like me, SBD is Steem Dollars. :)

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72
  ·  2 months ago

The internal market is only for trading STEEM <-> SBD. In order to purchase from USD, you will first need to buy bitcoin. Once you have bitcoin, you can use it to buy STEEM via your wallet.

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52
  ·  2 months ago

I figure it out.

I hope steem will accept USD to Steem direct transfer instead of going through bitcoins. Cut the middle man (bitcoin) :) straight to steem.

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72
  ·  2 months ago

Everyone wants it. Very few entities can do it though, due to very strict government regulations. In the US it would cost several million dollars for the compliance fees to setup an operation to support it.

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52
  ·  2 months ago

Hopefully in the Steem roadmap as the value continue to progress.
Somebody got to do it.

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72
  ·  2 months ago

It is not something I think Steemit, Inc. Is going to do. It would need to be some other company that is registered as a money transferer, like Coinbase.

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52
  ·  2 months ago

I understand and thank you for sharing.

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72
  ·  2 months ago

SBD are STEEM backed dollars. There is more info on this in the FAQ.

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52
  ·  2 months ago

@timcliff Thank you sir.

51
  ·  4 months 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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72
  ·  4 months ago

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

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51
  ·  4 months ago

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

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72
  ·  4 months 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
  ·  4 months ago

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

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69
  ·  4 months 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
  ·  4 months 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
  ·  4 months ago

so what happens now? is it forever lost?

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69
  ·  4 months 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
  ·  2 months ago

Hello, I'm new here and very interested in purchasing some steem. I would like to use the Changelly website to do it. I'm confused as to what address to use for the purchase. Do I use the memo address on the changelly site for the Steem to be deposited? and is it the private key (starts with "5") or the public memo (starts with "S")?

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72
  ·  2 months ago

Sorry, I have not used that exchange before, so I don't want to answer and give incorrect advice. If you use the search in the upper right, there are probably a few guides that people have written specifically for Changelly and STEEM.

25
  ·  11 months ago

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

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72
  ·  11 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.

29
  ·  2 months ago

It sounds complicated, i want to buy steem someone help me.

47
  ·  2 months ago

really nice

50
  ·  last year

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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72
  ·  last year

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!