So how do you spend money from Steemit? (TUTORIAL - and proof that I have done so)

in #steemit8 years ago (edited)

A few weeks ago I decided to convert some steem to bitcoin and go try to buy some things I had never purchased anything with crypto-currency.

Since then I have purchased quite a few things and also acquired a bitpay card so I can petty much buy anything, anywhere with bitcoin.

I am going to show you the things I bought using bitcoin so far. This is mainly to get you excited and hopefully get people fired up and realizing that they can actually buy stuff due to blogging, commenting, and voting on steemit.

What I have purchased so far



That is a lot of stuff. I purchased the things on Steam while they were on sale, and most of the Unity Assets were on sale as well. The artist 3dfoin has all of his models at 60% off so I snagged a lot of them.

How do I buy things without a bitpay card


You can purchase from places that accept bitcoin as a form of payment without a bitpay card. This will limit the diversity of things you can purchase. I did find a few places of interest to me.

The Steam Game platform steam.storepowered.com will accept bitcoin as payment.
Newegg.com will also accept bitcoin as payment.

You need to have a wallet. I have mine on bittrex.com so that is how I will explain this. You can alternatively (or in addition to) setup and account at poloniex.com and use it instead. They both have the same transaction fees, but poloniex graphs seem a bit fancier. I had bittrex.com before poloniex started serving steem and steem dollars (SBD). I have an account at poloniex, but I have not used it yet.

Decisions


Do you wish to buy bitcoin directly with steem backed dollars (SBD) or with steem. If you wish to use steem there are several ways to convert steem dollars into steem. I will discuss the two of the methods I am familiar with.

  • Convert Steem Dollars to STEEM using the Convert to Steem menu
  • Use the internal market to buy STEEM using Steem Dollars

Converting to steem takes 7 days. It is slow, but it is beneficial to the platform. If you are not in a hurry you may want to consider this method.

The Internal Market is fast and you'll have your steem dollars converted to steem quickly at whatever rate you can manage to buy steem for. The market changes a lot.

You can send Steem or Steem Dollars (SBD) to bittrex

Send your steem or steem dollars to bittrex

Trade steem or steem dollars for bitcoin

Purchase something with bitcoin


If you have sufficient bitcoin in your bittrex account you will be able to use that at any place that accepts bitcoin. It is important to note that bittrex charges 0.0002 bitcoins anytime you make a withdrawal. So if you bought something that cost 0.1 bitcoins you would want to make sure you withdraw 0.1002 bitcoins when making the purchase. Don't forget to add the 0.0002 bitcoins or you're money could be lost unless you can convince the vendor to somehow refund you.

Bitpay visa - also can avoid the hassles and fees using blocktrades instead of bittrex

If you can get the bitpay visa it opens the door to buying literally anything. @craig-grant already has a video blog post that shows how to use this visa card. It is the video I watched that inspired me to go get one.

VIDEO: How to use your Steem Dollar Visa Debit card, USA only

I am not going to tell you how to do that, as it is similar to the buying anything else, but you charge your bitpay card up with dollars (US Dollars). You tell it how many dollars you want on your card, and it tells you how many bitcoins to send. Don't forget to add the 0.0002 bitcoins if sending from bittrex. Craig's video uses blocktrades which may be a better method in many cases as it looks like it can eliminate steps and a lot of the fees. Definitely check out his post.

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You can buy silver directly with bitcoin, and get a discount and next day shipping, at JM Bullion!

Hmmm... That's not a bad thing to know. I don't have much yet. All I have comes from steemit so far. :)

A good idea would be to to have a wallet somewhere outside of exchanges too. You know, not putting your eggs into one basket and all that.

Also use a wallet that does steal you information.

Yep I know this, I don't have enough in cryptocurrency to worry about this. I'll likely keep most of what I have tied up in the steemit platform and steem blockchain and only send funds over when I need them.

That is what I am doing. Also, I think it is is sensible thing to do for now. So far I've only moved about 1.2 SBD, in an experiment if I can by bitshares with them directly.
Got stuck on open ledger that noone is bying Open.SBD for BTS.
As soon as it happens I'll post a guide.

Very informative tutorial!

Very useful information! Thanks.

Straight up, Awesome!

This post is so 2016. I love it!

If you want to add another book to the list, check out The Origin of Virtue which I finished recently. Really enjoyed it. :) It's different than those two, but touches on a lot of interesting topics from nature/nurture to game theory to anarchism to ethics to capitalism.

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