Backing the Truck Up and Loading Up on Steem...steemCreated with Sketch.

in steempurchase •  3 months ago

Last night I did something that I haven't done in a long time... I actually bought some Steem! Maybe I didn't quite "load up a truck"... I don't have a lot of disposable cash... so I guess it's more akin to "filling a fanny pack."

The last time I actually purchased some Steem with my own cash was more than a year and a half ago. I was rather fortunate as at the time I was making some purchases, Steem was trading somewhere around .10 to .15 cents in USD. I must admit, that price kind of spoiled me for further purchasing! Cognitively, I can't help but think of anything much higher as "expensive" even though I feel that Steem has a lot more value ahead of it and will gain significantly.

But with Steem falling under the $1 USD mark, it was just enough to nudge me into saying... "That's cheap enough to buy." I also think it's important for those who are able to "put their money where their mouth is" and actually support Steem a bit on the market.


steembuygraphic.jpg


For those who have never tried actually cashing in or out, the intermediaries I've always used are CoinBase and Blocktrades. At various times I've seen both of these entities take a bad rap for fees, unreliability, etc. but my experiences have only ever been positive. I don't think there is a single actor in the crypto space that hasn't faced a barrage of criticism at one time or another!

CoinBase handles the conversion from fiat to one of several cryptocurrencies they trade in, Bitcoin, Litecoin, Ethereum, etc. Then Blocktrades can make the conversion to Steem deposited in your wallet, without the need to even set up any kind of exchange account. Depositing fiat currency can have a multi day waiting period, but with some liquid funds already in my CoinBase wallet, I simply immediately exchanged the amount of my pending deposit in order to create a more instant experience.

The send from CoinBase through Blocktrades and into my Steem wallet took a little under an hour.

After all was said and done a $100 USD investment translated into 97.393 Steem. At the time, Steem was trading at .97 cents, so my total value received was approximately $94.47. So, between the CoinBase deposit fee, Bitcoin transfer fee, and Blocktrades fee; about 5.5% in fees are taken. Not egregious at all. Possibly I could have shaved a couple percent off that with other means... but sometimes we just pay for convenience!

I may repeat a buy like this in the future, but for now I'm happy knowing that I have a bit more Steem Power working for me, compounding my earnings growth with every activity! Every bit will help me reach my personal goal of 10,000 SP sooner.

If you'd like to know more about exchanging Steem and "real money" there are many fine tutorials out there, but I'll do my best to answer any questions as well, mainly pertaining to US options as I'm quite unfamiliar with the rest of the world! I'd also love to hear everyone else's thoughts on buying Steem and personal SP goals!

- Bryan "the Imp" Imhoff

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

I’m at about 5640 SP right now and have a year-end goal of 7000. Given that I’ve been earning about 60 Steem/SP a month lately, that means I’d need to buy a thousand or so Steem by then. Might be doable unless Steem pops significantly higher. My credit card debt could stand to be whittled down a bit more but my car is close to being paid off so my cash flow is looking okay going into the fall. 10,000 SP a year from now? I might be able to make it unless Steem moons. But I’d be okay with that problem. 😁

·

Yeah, a nice low price entry point has some appeal, but if Steem just wants to head straight for the moon I’m ok with that too!

I never really had a timeframe on the 10k SP goal, the sooner the better of course! It’s just the minimum I want to achieve and then allow myself to start diversifying any liquid rewards into other investments or spending.

This is what I’m talking about! I especially agree with your line about supporting it in the markets. I’m never one to impose and butt in on others finances but if a good chunk of folks would grab a few bucks here and there, it would benefit not only themselves in the long run...but the entire community here. Good job brother. You’ll get to 10k. I think we have the same goal...end of year?

·

End of year would be a big stretch for me... although I do want to really crank up my activity level (but I’ve told myself that many times before) In a good month I earn maybe 100 Steem, I’d have to up that to 1000 for a year end target! There is a nice snowball effect, but not that big a snowball!

I am prepping to launch a Fundition campaign of my own for ”I Thought It Would Be Zombies...” #1” so if that goes well it could have a potential boost...

·
·

Dude. Anything remember what I said. The shop will help support the book in any way!!! Do a big signing and release. Could be fun!!!

Ok maybe I’m being ambitious on the 10k by end of year...but I’m still going to try. Lol

It's great to see that you are in it for the long haul, Bryan, since that means I will see more of your posts XD.

Many take advantage of buying it now that it is cheap because they know that it is only a matter of time to shoot again, perhaps the best decision to do at this time!

In these moments the price is of 0.8 $ so surely you will be tempted to buy more.

Really these prices are very good and can never come back again, anyone who takes advantage of it is really making a big investment. 👌