My initial STEEM purchase stopped at LTC and (wtf is whaleshares and beyond bitcoin?)
My Plan
Was to buy $20,000 in steem power as an investment. Now I am a complete noob when it comes to cryptocurrency, but I'm not a fool when it comes to making money. Back in February I did a post asking if I should put $10K into my steem account or my wife's new wedding ring. I chose my wife because I had no real assistance on how to take the money out once my investment pays off.
Crossroads
I am at another crossroads. I now know how to withdraw on my conventional cryptocurrency accounts (BTC, LTC, ETH), so I feel a hell of alot more comfortable buying in. I have several wallets and have even tried my hand at trading without a loss.
The Reality
I want to buy steem and let it sit. I cannot just "buy steem" it seems. I used Coinbase to purchase LTC for my steem transaction. It turns out that coinbase has a weekly CC limit of $1000 which would require 20 weeks of purchasing. There's also a $10,000 limit on ach/wire transfer purchases which can take up to 14 days to clear. The real question is if there's a way to directly buy USD to STEEM? When I bought LTC to convert to steem, I was intrigued by the market and decided to leave it there for now.
The Alternative
I see the name Whaleshares and Beyond Bitcoin floating around but to be honest, I still don't know exactly what they are. Are they related? are they the same thing? Alls I can tell you is that they are altcoins. I am uncertain of the value on or off of Steemit. I'm so fucking lost just typing this lol. @VirtualGrowth I knew I would end up with more questions.
Normally I'd be on discord asking these questions, but my service sucks in the woods. It takes 2 min to upload a single photo on a post.
Steemit-Karaoke
Moto-Vlogging
STEEMIT MEET UP Austin
First World Problems
40 Hour Work Week Scam Exposed
Letting Your 5 year old Listen to Rap
There's Adventure in all of Us
I showed you how to pay rent with STEEM
I showed you how to turn STEEM into CASH
N-word etiquette on steem!
I took you to on #STEEMITAERIALTOURS
I took you to #STEEMITGUNCLUB
Animation by the one and only @xtrodinarypilot
STEEM ON & I WILL TAKE YOU PLACES
...mostly in Texas LOL
It would just be soooo much easier if there was a reputable exchange to buy steem on using USD (or any other fiat currency for that matter). Having to trade other coins for steem is pain in the butt!
Without a doubt. Not to mention the fact that you can lose money while waiting for btc to transfer. Let's create the reputable exchange. You can make us a badass commercial.
I'm in!
Agreed and this has been brought up numerous times at some higher levels of people. But it seems we don't have a solution ready given where we are currently. Hopefully one day we will have an easier way to exchange USD→STEEM & STEEM→USD sooner than later as we would all benefit from such.
Man I want in on this. I was just forced to cash out my city retirement so I'm looking to stick that money somewhere.
There are some other methods of getting cryptocurrency in exchange for USD such as bitcoins with a service like localbitcoins which may allow to to get more than your current limit.
As far as getting from USD to STEEM bitcoin (BTC) is the easiest to get and you may get litecoin and some others like you have which may be a better choice right now because of the bitcoin fork and some exchanges disabling bitcoin deposit and withdrawals during this time. With Liecoin (LTC) you' can exchange to bitcoin (BTC) and then STEEM on some exchanges.
As far as bitshares & whale shares they are more of a utility than an investment. They may be obtained and used for votes from a steemit account and more can be ready about by searching steemit for #beyondbits & #whaleshares or going to whaleshares.net
That's a wealth of information. I appreciate you sending me the link to whaleshares.net because it pretty much explained what I was asking and answered foreseeable questions.
Welcome.
I was hoping to do the same thing but when it comes to this crypto stuff, I am quite new and need to do more research.
Yeah, if I weren't learning new things, I would give up. The greatest value is all the knowledge on the other end. But hey, the money is good too.
There are a lot of good posts and info. Just have to be able to figure out which ones are of best value to learn from
Yeah exactly. Sometimes it's just information without much detail lol.
I don't know if you don't want to use an exchange, but I really like @tradeqwik
For 32.48 LTC you would receive aprox 203 VIVA.
And then changing those VIVA to Steem at a 5.1 rate would be 1035 Steem.
And the max ammount to withdraw in tradeqwik is 1000 Steem per day, so you should be able to withdraw it in 2 days.
https://www.tradeqwik.com
I signed up for @tradeqwik a few weeks ago but hadn't used it yet.
U could use tether but i have read the vetification process is a pain
I would have to look into tether became i am not too sure what it is lol.
Forget a $35 fee go through a better exchange like kraken or Gemini
I know there are people behind the scenes working on a method to have fiat converted directly to STEEM. It will come in due time.
I would look into blocktrades.us
I found this review of the service, but it's 7 months old.
You may want to try several methods using only $100. Like send some through your market site, and send some through blocktrades.us and some throuth tradequik. See which method gives you the most STEEM.
I believe blocktrades.us is the quickest and easiest, but I don't know about the rate you'll get. One nice thing is you don't need an account on blocktrades to use it.
Waleshares and beyondbit are tokens for buying votes on steemit. They're not intended for investment, as far as I can tell.
Also your explanation on what whaleshare and beyond bit is helps simplify it. Blocktrades doesn't handle USD to STEEM. It handles open .usd which is still a form of crypto. I initially wanted direct fiat to usd such when you first purchased BTC.
I haven't found a good way to get USD into crypto. I'm stuck with coinbase's limits too. As someone else mentioned, localbitcoins is likely a good option, but I've been too scared to try it.
The blocktrades info that I posted is to help simplify the LTC (or BTC) -> STEEM conversion part of the process.
I use bittrex for almost everything now. Haven't had s problem yet.
https://steemit.com/beyondbitcoin/@officialfuzzy/whaletank-is-reviving-steempay-why-are-you-downvoting-the-steempay-announcement-o
There are some very good options coming. It's tough to be the early adopters.