Where To Buy Steem
Steem is a cryptocurrency which is used to power the platform Steemit – an incentivized blockchain social media platform where users are able to share information, videos, opinions, photographs and other stuff. Users can create and curate content on Steemit just like other social news platforms and get rewarded in Steem for their work.
I would suggest using a well-known exchange platform like Binance when buying Steem coins. You can either choose to store them on the platform or withdraw them and keep them in a personal wallet. Should you be looking to hold for the longterm, then move them off the Binance platform. For anyone who is new to Binance, keep on reading this article to get a step-by-step guide on how to make use of this trading platform.
Steem Coin Wallets
eSteem – A mobile app with a built-in wallet
Vessel – Desktop wallet for the Steem blockchain
Freewallet – a mobile wallet that supports Steem and has dedicated applications for IOS and Android.
How To Sign-Up To Binance
Enter your email and a strong password (that you won’t forget!) and then Click ‘Register’. They will send you a email to verify your email address? Click the link in the email. If you can’t see it, then check your spam folder.
You will be taken back to Binance as your email is confirmed. Press ‘Login’. On the login form, enter the email and password you just used to sign up, then press ‘Login’.
A pop-up will tell you to set up 2FA (two-factor authentication) on the account. We highly recommend you set up 2-factor authorization (2FA) on your account.this second degree of security makes it very unlikely they will be able to get into your Binance account.
Adding Ethereum To Binance
Hover the mouse over ‘FUNDS’ on the top menu and then click ‘Deposits Withdrawals’. The screen displays any coins that you’ve stored on Binance – you will need to deposit some. I would suggest using Ethereum mainly because of the more affordable sending fees. Having said that, you are able to deposit various other coins.
Type ‘Ethereum’ in the search box. This will narrow the wallets displayed to just a few- in those, find Ethereum. Press ‘Deposit’ You will be given an Ethereum (ETH) deposit address. Make sure you have the correct address. If you send a currency to the wrong address, it will be lost forever. (The image below show LTC – this is for example purposes only).
How To Trade Steem Coins On Binance
The exchange page on Binance might appear too much to handle to start with, but don’t worry, you only need to use a small part of it.
There are 2 methods for buying coins on Binance:
- A ‘Limit’ order, that allows you to manually set up the price you want to buy Steem at.
- A ‘Market’ buy, which fills your order automatically at the best price available. The value might have rised at this time, so take care not to overpay. In the event that you like the price then go ahead and use this method. Above the Buy Steem’ button, click the ‘Market’ option.
In the input box marked ‘Amount’ you now need to complete what amount of Steem you want to buy. It can be much easier to use the percentage buttons below the input box – for example, press 50% if you’d like to exchange 50% of your Ethereum for Steem.
When you are satisfied with the amount, press the buy button. The order will be filled immediately.
Withdrawing Steem Coins From Binance
If you’re happy with it, you can just leave your coins on Binance and they would in all probability be safe. On the other hand, exchanges have been compromised in the past, and users have lost coins, therefore we do suggest you keep them in a personal wallet.? (The image below shows LINK coin – this is for example purposes only) Ensure you have selected Steem.
- Press ‘Funds’ along the top menu, then ‘Deposits Withdrawals’. In the search box, type Steem. You will now see your new Steem within your Steem wallet.
- Click the ‘Withdrawal’ button.
- In the boxes that appear, complete all the required information:
- Label: Write ‘My wallet’
- Address: Put the wallet address that you copied from your wallet.
- Amount: Press the ‘Max’ button to send all your Steem.
When you are sure all the details are accurate (check you’ve inputted the correct wallet address!), press ‘Submit’. If you’ve set up two-factor authentication, you’ll be asked for a code from your phone. Enter it and press ‘Submit’. You will be sent an email to be able to confirm the withdrawal. Go to your email and click on the link that’s been sent to you.
How Does Steem Work?
In many ways, Steemit resembles other digital currencies. For instance, Steemit currency units may be traded, purchased, and sold on the open market much like the rest of the digital currencies.
Steemit allows for currency mining as well, yet it’s not the key way to earn Steem. Every day, new Steemit currency units which can be created by the network and distributed to the people who engage with the site. The more you engage, the more you get.
Individuals who create content are compensated for their content. Individuals who upvote content are rewarded for helping to curate the best content available on the site. Commenters that add to the discussions are paid too.