How to Exchange JPY ¥ to STEEM & vice versa 🎌💴steemCreated with Sketch.

in #tutorial • 2 years ago

yen to steem.jpg

I'm writing this post on how I convert my FIAT Cash Japanese Yen ¥, into a STEEM token and send it to my steemit wallet and then power it up to make my upvote/curation worth more and get more curation rewards on Steem Blockchain. This post also to answer an inquiry on "How to withdraw steem to yen" from my fellow steemian from Japan @abbey701

Usually, I will cash out my JPY FIAT and deposit into my SEVEN Bank account through local seven eleven ATM machine.

photo source
This is how the ATM look inside the 7-11 convenience store.

I use SEVEN bank account to deposit my JPY FIAT money into my bitflyer account. You can use your other bank account too, I use SEVEN Bank because this is the only bank account that uses my name as in my Resident Card, the other bank accounts are using my children's fathers' surname. Bitflyer requires the bank account must be registered under the same name and address as the registered bitflyer account holder. I have registered a bitflyer account using my own family surname so I have to use a bank account that uses my own name and family surname and that is only my SEVEN bank account. I wish I had registered all my bank accounts here in Japan with my own name last time because of this.

Then after depositing my Yen into my Bitflyer account which usually appears on my Bitflyer account a few minutes later, I exchange my Japanese Yen for a LISK coin. Why did I choose the LISK coin? When you transfer your coin to another exchange they will charge you some fees, currently on bitflyer, LISK transfer fees is 0.1 LISK. Second is the difference of price/spread between buy price and sell price(bid&ask spread) is the lowest for LISK.
I just noticed at this time of writing when I logged into my bitflyer account, they have listed a new coin, XLM/Stellar Lumens coin on bitflyer. The ask&bid spread for this XLM is the lowest and the transfer fees are free. XLM is currently the perfect coin to move your money into other exchanges. Bitflyer has not yet listed STEEM on their market so we cannot buy STEEM on bitflyer, we will have to go to other exchanges that list STEEM on their market, such as Binance, Poloniex and Bittrex.

Look at how much big differences between ask/bid on BTC here 😳


LISK coin spread was 15yen at this time of screenshot, but I'm cheapskate, I will go for the lowest spread and transfers' fees available😄

Look at this XLM coin the spread was only 1yen!! This is perfect also the transfer fees is FREE 😃jackppot!

I will then transfer my XLM to Binance from my bitflyer wallet. You will have to register binance account in order to get the address wallet for XLM in Binance exchange. Since only STEEM/BTC trading pair listed on Binance, I will convert my XLM coin to BTC by selling my XLM for BTC. I will submit sell order and get BTC so I can buy STEEM with this BTC I got from selling XLM earlier.
After buying STEEM with BTC, I then have a STEEM token now on my Binance exchange wallet. Now I want to move this STEEM token to my steemit account wallet. I will withdraw and follow all the instruction on the withdrawal process such as putting memo if required/usually I don't put memo as its not necessary, the memo only necessary if you want to withdraw STEEM token from your steemit wallet and deposit into any exchange wallet, and my steemit account wallet address which is my steemit account name cryptokannon without the @.

Binance withdraw page for STEEM token

Usually after a few minutes, you will receive your STEEM token in your steemit wallet. Then you may proceed to this post on how to Power up your steem to steem power, so you can have more curation rewards through your upvote.

For STEEM withdrawal

This is easy, go to your wallet section and click on the steem and select the transfer at the dropdown menu. Follow the instruction on deposit process of your exchanges that you want to use to deposit your steem, for example if you use Binance exchange, select STEEM token and this time select for deposit and follow the instruction of putting the memo and correct account name for transfer the STEEM to your binance wallet.
Next is just do the reversal of the above process. Sell your STEEM to BTC then buy XLM with the BTC you sell earlier if you want to cash out your STEEM to JPY, then transfer your XLM to Bitflyer exchange or any other local Japan Crypto Exchange, make sure you have the correct address for deposit your XLM at your Bitflyer exchange wallet. Once your XLM is deposited into your exchange wallet then you can sell this XLM coin into JPY. The last procedure is to withdraw that JPY into your local bank account, and just follow the instruction of your exchange on how to withdraw. Note there is withdrawal fees of 220yen-770yen depending on the total amount of your withdrawal.

I hope this post helpful to you steemian who are currently steeming from Japan. There are many other ways too to do the withdrawal. For example you can skip many of the step above if you use @swap.app to transfer your STEEM as BTC and receive it in your Japan exchange wallet. Then you only have to exchange the BTC to JPY and do the withdrawal as usual. Note that this https://swap-app.app/ service charge you 0.0003BTC/364 JPY per transaction.

Another way is we can do peer to peer transaction. Meaning, if you trust me, and you don't mind revealing your true identity to me, you can just transfer your STEEM token to me and I will transfer you the Japanese Yen equivalent to the value of STEEM token that you selling/exchange with me into your bank account. We can use Coinmarketcap site as a reference for current STEEM token value at the market.

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To other steemian from Japan, do you have other better way on how to do exchange your JPY to Steem and vice versa? Please share with us in the comment section 😊

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Hi,

Your post has been voted on by the Ecosynthesizer curation team.

Thank you for your contribution to the Steem ecosystem.


If you would like to support us, please consider voting for our witness, setting us as a proxy,
joining our Discord server, and delegating to the project by using one of the following links:
500SP | 1000SP | 2000SP | 3000SP | 4000SP | 5000SP | 10000SP | 100000SP

Thank you 😊

@cryptokannon,
I read your article. Thank you for fulfilling my promise with me! You helped me understand. For the sake of studying, I also read the FAQ of steemit for the first time.

The last suggestion is also very attractive. What a nice person!
But I thought and decided to try. And I've come to think that it's not bad to have STEEM on JPY, as well as BTC and ETH.

There is no Japanese exchange that handles STEEM. So you use two exchanges, Binance and bitflyer.

As with your conclusion, I think it's good to use bitflyer as the main, and Binance as well. (I've heard that bitflyer is easy to use)
Actually, I still don't have an account on the crypto asset exchange.

I really appreciate for your kindness!!
(If my understanding is wrong, I would appreciate it if you could point me out.)

@abbey701 hi glad this post helps. Please ask me anything that you still don't understand.

There is no Japanese exchange that handles STEEM. So you use two exchanges, Binance and bitflyer.

yes, if bitflyer listed STEEM on their exchange then we can just buy STEEM directly there with JPY then transfer the STEEM into our steemit wallet. For now, we have to use second crypto exchange that listed STEEM on their market exchange such as Binance, that's why we have to go through many steps to get steem into our steemit wallet.

Great that you have read steemit FAQ. I actually never read the FAQ.. but I have to read some sections as I prepared the task for newcomers. You can check this post too on curation and delegation just for your additional understanding about steem blockchain https://steemit.com/hive-172186/@cryptokannon/achievement-6-understanding-curation-and-community

@cryptokannon
Thanks to you, I could imagine how to exchange STEEM. I would like to try it in the future. My reward is still small.

By the way, I had a better understanding of Delegation from the link you provided.Actually, I didn't really understand delegation.
My English isn't good enough, but more than that, there are still many things I can't understand about steemit...

I really appreciated you delegating SteemPower to me!! You previously wrote that I don't need to return them. But I feel sorry for you,and I think it is better for me to return to you. (Not now,but in the future.)

For that, I need to have more SteemPower, but it seems too hard to get...
In fact, I still don't understand the benefits of having more SteemPower and increasing influence in the steemit community.
When posting an article, there is a way to set SteemPower to 100% and gain power, but I do not know whether I should do it...
First of all, should I have a lot of my own SteemPower to increase my influence? Is this the most efficient means??

I still don't understand much...
Thank you for always teaching me!!

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Very useful information for Japan.

#steemitconnection

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