Buying Steem for this first time
The whole thing was a little daunting at first, especially when I first started looking into how to buy Steem, had I decided to do so. Surely it was as simple as presenting a debit or credit card, or even a PayPal account, right? Oh was I wrong.
To be honest, a few minutes into the first YouTube video I watched about it, I was put off, and gave up. The price of Steem was too high anyway for me to afford any significant amount with Fiat, I thought.
Wait! What about getting money out? There may come a time when I would want to withdraw some of the revenue I was generating on the Steem platform. A mild panic set in, which spurred me on to take the required steps to ensure that if I had to, I would at least be set up to withdraw Steem.
It was hurdle after hurdle - Bittrex had paused taking on new users, I couldn’t find anybody to trade BitCoin into GBP at first, massive bank fees and ridiculous waiting times. After a bit of more research, patience, and ultimately some help from a couple of fantastic Steemians, I was all set up and ready to go.
To test the waters, I decided to perform a small transaction from end to end. That is, from my bank account to my Steem wallet, and back the other way. The following were the steps taken to get money from my bank account to my Steemit wallet
- I deposited some cash into my Revolut card which I exchanged into Euros.
- I transferred the Euro sum into my Coinbase Euro wallet.
- I deposited the funds into my GDAX Euros wallet from Coinbase.
- In GDAX, I traded Euros for Bitcoin.
- I sent the BitCoin from Coinbase/GDAX to Blocktrades to receive Steem
Voila! I purchased Steem with fiat for the first time. I must also mention that this was the first time I had purchased Bitcoin too. Apart from the slight delay here and there, the whole transaction went pretty smoothly I think. I got the Bitcoin at a fair price, with no fees (because used GDAX), but there appears to have been a tiny fee during the transfer of the Bitcoin to Blocktrades. I did a little research about this and I believe it may have been the “miner’s fee”. Either that, or the price had changed slightly since I originally initiated the transaction, and the time the transaction went through. I am only speculating though, as I have no hard evidence of either scenario.
One half of the process is thus complete. I now have some shiny new Steem in my account that were bought with my own money. The next step is to take this money back to my account to ensure this whole machine is well oiled and ready for any eventuality. What it also means is that I am now ready to send in some fiat investment when the market conditions are favourable for that.
Peace and Love ✌🏿
Adé
All copy and photos are original content by me.
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Good to see that Revolut has worked for you as well. It’s the cheapest way that I’ve found here in the UK to love the various currencies around. And I’m with you on the learning, the first time I successfully did all the steps I was actually surprised that I had managed to do it without any hiccups! Hope you have a great weekend Ade!
I was also surprised I didn't sent Litecoin to Bitcoin wallet and lose everything. The steps are actually quite basic, as long as you have all the info required. In terms of fees, I only appear to have paid a total of £0.10 for moving around 11 euros. Natwest was going to charge me £15 or £25 depending. Crazy.
Thanks, you too.
Yeah, Lloyds wanted a similar amount, which is crazy! I’m sure over time things will get easier but it’s great to have a way to turn it into crypto as well as fiat, with minimal fees. That’s not a bad deal at all, I’ll defineitly check out GDAX, I’m using Coinbase currently as well.
Interesting process that you went through. Had no idea the process, and I've never tried it obviously, but it is great to know you can trust it at least from what you have experienced so far.
It's important I think. I'm planning to put a little actual money into Steem, so I had to ensure the machine was oiled and working :)
Great job! Yes we shouldn't be afraid. Coinbase puts the money in your bank the next day. At least that has been the consistent result for me. Do it a couple of times and the anxiety falls dramatically.
Handy info! I'll have to give this a whirl soon.