The simple guide to converting your STEEM into STEEM POWER - (new user Power Up walkthrough)

in #steem8 years ago (edited)

If you haven't got any already, then buy some bitcoin. You can purchase bitcoin from a number of reputable exchanges globally. Seeing as I'm not a day trader, I personally use This Circle app, to purchase bitcoins via my iphone, for simplicity. Here is the android version.

Now you've got your bitcoins, you need to buy some STEEM on an exchange with the bitcoin. I recommend using Bittrex, which is a leading US based crypto-currency exchange, run by 3 people who love crypto but are also security experts from microsoft, amazon, and blackberry. You can register for an account Here.

Once you have signed up to bittrex, click on the ฿ Wallets tab, as highlighted in red:


This will take you to your bittrex wallets page, where wallets for all crypto-currencies listed on the exchange can be accessed for deposits and withdrawals. We want to deposit the bitcoin, so we press the + sign next to where it says bitcoin, as highlighted in red:

Then we generate our bittrex bitcoin deposit address and send our bitcoins across. This is mine for example: 

(You will generate your own unique bitcoin address and that is where you want to send your bitcoins to)


Now that your bitcoins are in your bittrex account go to the STEEM market by clicking on the market tab, as highlighted in red:



Looking at the market trading history graph and the live trading data, decide on what price you want to buy your STEEM at. There are many different types of buy orders you can place, but for the purpose of this walkthrough, I opted to buy 1 STEEM at a pre-determined, particular price. Go to the trading execution box and enter your specifics. So for me, it was buying 1 STEEM at 0.00592959, as you can see in the following picture:


Once you have entered you information, press +Buy STEEM. You will then be asked to confirm your purchase as follows:


Confirm. 

You will see this confirmation when your order is filled:



Now, if you go back to the wallet section of your bittrex account you will see your newly purchased STEEM is now in your STEEM wallett. My 1 STEEM is now in my STEEM wallet. I now want to withdraw this 1 STEEM, ready for depositing into my steemit account wallet. To do this, click the - sign next to where it says STEEM, as highlighted in red:


To confirm the withdrawal, enter your steemit username into the registered acct. box. So for me, because my steemit username is yogi.artist, that is what I enter and the amount of STEEM that you want to withdraw, so for me that is 1 STEEM. You can also write a little memo for the withdrawal if you want to, but you don't have to. You can see I've entered "withdrawal to my steemit account wallet" in the memo box. Once all of the correct information is filled in, click the blue "withdrawal" button:



Confirm the information is correct to initiate the withdrawal:


You will then see this:



For security reasons, Bittrex requires you to confirm any withdrawals you make via email. These confirmations are sent to the email address that you registered with Bittrex when you signed up. Here you can see my confirmation email:



This is what the confirmation email will look like. Click the blue link, as highlighted in the red box below:



Now, go to your steemit account wallet. You can see that the 1 STEEM that i purchased on bittrex has been deposited into my steemit STEEM wallet, as confirmed by the balance. Now you want to turn this STEEM into STEEM POWER. To do this, click on the little blue down arrow next to where (in my wallet anyway) it says 1.000 STEEM, as highlighted in the red box:


When you click on this little blue arrow, you are shown a drop down menu, with the option to Power Up your STEEM, as shown here:


Click where Power Up is highlighted. You then see this confirmation screen:


Click "Power Up"

You are now Powered Up. The history box, as highlighted in red below, confirms the transfer.

That's it!

If you found this helpful then please upvote so that other users can benefit from this guide. If you're feeling really generous, you're also more than welcome to tip my bittrex bitcoin address, as shown above. I'll only spend it on more STEEM, so it's for a good cause!

Thanks for reading. 

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Thanks , very helpful to many beginners in the world of crypto.

Not so easy to get around the platform but finally, this simple tutorial by yogi.artist did the job for me. Highly recommended.

Hmm... Interesting, didn't realize the SP locks in for 2 years...

The time required to "power down" has changed to 3 months.

What was it previously? And how recently did it change?

very nice app, didn't know about it. Thank you for that. What's wrong with blocktrades though? I used that instead of bittrex, but i am noob too so maybe was a mistake. That being said, It's a pretty good guide.!

tutorial perfect, thanks

nice tutorial, really helpfull.

Thank you for putting this together!

Well done! Thanks for putting this together. I stumbled through all this myself and it was a little intimidating, even though I've been in the crypto world for a while. This should help a lot of people.

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