Evaluating Steem/Bitcoin Markets, Find Exchanges that have the most Trading Volume for Cryptocurrencies & Altnernative ways to purchase Steem
This is an Informative Post about Steem's Dynamic Market, learn more about Steem & Bitcoin Market and know where to get some Steem
For those interested in purchasing some STEEM, you must be asking yourself this;
Where can i buy the Cheapest Steem?
Everyone wants a good deal, this means many of us want the cheapest rates when comes to buying some Steem because you want a reasonable return on your investment. Especially when your goal is to buy Cheap Steem in order to gain more from compounding growth to eventually selling it at a higher price for profit
Keep in mind that Steemit is still in Beta, so Steem's Market is relatively small compared to other Cryptocurrencies like Bitcoin or Ethereum and Steem's Network is still in the growth Start-up/Development Stage, however this also means that there is a lot of potential for your investment to grow which is also the reason many us should be buying Steem while it's still cheap
Check Out Steem Transaction and Post Activity, with BTC Transaction Comparison by @krnel
At this very moment Bitcoin is the most valued Cryptocurrency with a Market Capitalisation of 14-15 Billion, this makes Bitcoin widely more accepted by Global Market especially when it comes to exchanging it with Fiat currencies. With Cryptocurrency sparking a new Digital Era based on Fin-Tech Innovation, many individuals have yet to invest thus this new regulated Market is about kick-off with Bitcoin leading the way
For now, you will mostly want Bitcoin because of the number of upcoming network of Crypto-Exchanges that are being established around the world to primarily serve Bitcoin Financial Market. Without Bitcoin, Crypto-Exchanges like Poloniex, Bittrex & many more would have not been established, not only that but Banks are slowly trying to adopt and learn more about implication of blockchain technology
Most Developed Countries by now will have at least 1-3 Big Cryptocurrency Exchanges where citizen can sign up for account to directly deposit their local Currency to purchase Cryptocurrency, however most of these exchanges seem to be offering only Bitcoin at this moment
It took bitcoin around 8 Years for it to be widely accepted by many Exchanges! In the early stages the most convenient way to get hold of Bitcoin was through peer-to-peer exchange, however now many of us are entitled to join Crypto-Exchanges that offer the greatest market liquidity so you can instantly execute Buy & Sell orders
Once a potential Customer has Sign up via a Crypto-Exchange, he/she can use local Fiat Currency by usually funding their Account via desired interbank Transfer, this will usually take around 1-3 Days and once funded it can be used to exchange to Bitcoin almost immediately
Steemit allows you to purchase Steem & Steem Power via Bitcoin directly via ''Buy Steem or Steem Power'' Button found in your Steem Wallet Tab, this is the most convenient way to get Steem and it's the most effective way of supporting Steemit's Community
When you deal with an Exchange, it's important to note that Security will be your No.1 concern as normally Exchanges hold or have direct access to your Funds. There are plenty of other scenarios that could go wrong, like their being a hack, withdrawal limits & hidden transaction fees
My recommendation is to Buy Bitcoin via your local Bitcoin Exchange that offers most liquidity & immediately go to your Steemit Accout Wallet to directly purchase Steem or Steem Power, this method will save you time and leave little room for error's
Based from my experience, I find that you get the most reasonable Bitcoin & Alt-coins rates at Exchanges that usually have more Marker Capitalization, thus Exchanges with greater Trading volume tend to have more price competitive rates. Because Bitcoin is traded on the open Market don't be surprised when you occasionally get lucky with special deals since Cryptocurrency is still consider a high-risk financial asset
Financial Markets Are Volential, it helps to have a more decentralized market with a lot liquidity so give Cryptocurrency Market time to grow!
Foreing-Exchanges Market that trade Fiat Currencies likes USD,GBP,EUR & Yen are part of Trillion Dollar Market! Cryptocurrencies like Bitcoin, Steem & Alt-coins have a lot of potential to grow once its goes mainstream to the general public
To make things more simple to understand, you can get STEEM;
- Directly with Steemit.com via Bitcoin
- Crypto Exchanges or Decentralized Exchanges ( More To Come )
- Peer-to-Peer
After you decide to invest and purchase some Steem, the first step will be to check the current market price of Steem. You should visit www.steemchart.com by @fyrstikkens
Or
www.steenprices.com by @jasonmcz & @zackcoburn
You will need to check several sources to confirm the price, keep a mental note and start to determine what the average market price of Steem offered by exchanges
Coinmarket.com is a handy toll which tracks & list the number of Cryptocurrency Exchanges that accept STEEM, remember every Exchange is slightly different especially when it comes to fees & interface.
Some Exchanges will be more popular than other's but what really matters is that we find a open market where we can sell & buy Steem with little restriction whatsoever and at the most reasonable rates
As time passes you'll most likely experience an influx of newly Established Exchanges will accept your STEEM for Bitcoin and there will be a growing Market for individuals that will trade Steem directly via USD$
There are some services that you let directly convert Steem to Usd(fiat currencies) & vice versa, this method tends to be more costly as there is a small market between Fiat Currencies & Steem
This is not really the case for Bitcoin, this is reason why many Steemians convert their earned Steem to Bitcoin to cash out! Steem/Btc already has liquid market particularly at Poloniex and Bittrex
We need to determine which Exchanges hold the most Steem, since a handful of Crypto-Exchanges accept Steem it would be good to check out Trading Volume to ensure that there are plenty of buyers & sellers on the platform accepting Steem. There more individuals trade STEEM the easier it should be to execute a trade as there a marketplace of willing Buyers & Sellers
From the Image above, you can easily determine that Poloniex is top exchange when it comes to Steem Trading Volume! You can easily find Traders who buy and sell Steem on Poloniex, thus you'll most likely get the most competitive prices. This makes Poloniex a great exchange to purchase STEEM
There will be plenty of individuals who sell Steem Tokens on Poloniex, so you'll definitely find someone willing to sell Steem at a cheaper rate or buyers that pay higher market price to purchase Steem
You could visit Coinmarketcap: Steem Market Page
Before I recommend you several services, you will need to get a better understanding of Steem's unique Market! Since this about obtaining Steem you will need to learn on how to read financial markets by understanding Supply & Demands forces
Here is a must read Post before you visit Coinmarketcap.com written by @dantheman (https://steemit.com/steem/@dantheman/how-to-calculate-the-market-capitalization-of-steem)
If you wish to directly purchase Steem without having to purchase Bitcoin but at the convenience of using more traditional payment methods like Visa/Mastercard
Changelly is an instant cryptocurrency exchange with clear interface that provides the best prices for Bitcoin, Litecoin, Ethereum and other altcoins.
Wanna Learn more About Steem Dynamic Market, have you heard about Steemit's Built Interal Market. Sounds familiar?
Check out The Benefit's of having a Built-In Marketplace and why Individual should trade on Steemit's Unique Internal Market
Here are some other Guides you might find Interesting
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Doesn't this go well with the SteemVerify Logo? Anyways, if you spot an error in any of my Guides please feel free to correct me and also if there is anything you would like to see a Guide on, let me know! Dedicated young Steemian interested in getting Vested. Will write more great Guides & Tutorials, Follow me for more!
Great post @steemitguide, this type of information should be very useful to newcomers.
Thank you very much :) Try to add Value by making easy to understand Content for Newcomers
nice post!!!
Is the wallet in your steem account the safest place to store your steem? (purchased at poloniex, and can't move them out for a month now.. disabled for maintenance and there is also a big price different with bittrex) and maybe you can make a post on how to do it? would be great!
Interesting post. Thanks for bringing this to my attention. I strongly advice people to only buy in to cryptos that have a solid background: A solid team, product, advisors, preferably VC investors, etc. Sell all cryptos that don't have this solid background. It's a waiste of money. This is quite an interesting website I found: https://www.coincheckup.com I don't know any other site that gives such good inisghts in the team, the product, advisors, community, the business and the business model, etc. See: https://www.coincheckup.com/coins/Steem#analysis To see the: Steem Research report