How to buy Steem Power, the quick and easy way

in #steemit7 years ago (edited)

This article is by request, @englishtchrivy asked me in chat for an easy step by step 'howto buy Steem Power {SP}'.

Buying Steem Power helps you raise your voting power. It is an investment in Steem {STM} for a longer term. The value of Steem Power {SP} is the same as that of Steem. Moving Steem Power back into Steem takes 104 weeks, that is called Powering Down. In this post I'm going to focus on how to buy Steem Power, the easy way.

The most simple way to go about this is to use your build in Wallet at SteemIt dot com. There you will find a button that says: [BUY STEEM OR STEEM POWER] After that a pop-up will appear from where you can choose what to buy, Steem Power or Steem. By default this is set to Steem, so you need to click Steem Power first.

Then you have the choice how to buy the Steem Power. The build in exchange uses the @blocktrades service to pay with Bitcoin {BTC}, Ethereum {ETH} or Bitshares {BTS} to get Steem Power {SP}.

You can choose which one with the 'Deposit using...' dropdown menu, this one defaults to Bitcoin. The specific data will be shown where to send the payment to, with Bitcoin and Ethereum that will be an address.

NOTE: For Bitshares there will also be a Memo presented that you need to use.

Which one you choose is up to you, but most of the time Bitcoin is being used. For the ease of use with mobile wallets, like CoinOmi/ CoPay/ SmartCoins, the QR-scancode comes in real handy, but only for sending Bitcoin.

When you want to know how much to send for an exact, more or less, amount of Steem Power you can use the [GET ESTIMATE] button. But you'll need to fill out the field below 'Estimate using...' with the value you want to send off course. This works two ways. It can calculate how much Bitcoin is needed to be send for a certain amount of Steem Power to receive. And how much Steem Power you will get if you send a certain amount of Bitcoin.

After you send your 'coin' it can take a while before the transaction gets confirmed and you'll receive the Steem Power in your Wallet at SteemIt dot com.

There are more ways than this to buy Steem Power. It is possible to use other 'coins' also using ShapeShift dot IO, for example. But that would be a little more complex than this.

This 'howto' was aimed at Steemers who are new to this subject and would like to get more Steem Power.

Have a nice one!


Enjoyable thread Nice to see I'm not the only one who thinks like this. Sell the coins that you know nothing about. Do proper research on any coin you buy. If the market falls at least you can hold your coins knowing they have a long term future. Does anyone know about: This site gives a complete analysis and investment stats on every single tradable crypto out there.

Thanks for sharing that link. It is another information addition.

Indeed I mainly hold cryptos I have knowledge about. Doing research is healthy. There are luckily more that do think alike about this.

If I already have STEEM on a different platform, how do I go about adding it to my Steem Power? Thanks for the help, great read!

Thank you, glad you like it.

About your question.
If you have Steem on another platform you first withdraw it to your Steem account here.

When it has arrived in your wallet you click on the dropdown menu behind the amount of Steem.

There is a menu item called Power Up. When you select that you can decide how much Steem you want to power up.

Then you need to confirm it with your password and its done.

Hope this was of help to you.

Thank you my crypto brother, spot on!

You are welcome Bro!

Uhm... thanks for the clue bro .. but I wanna ask if I wanna do the transfer to my Steem I had to use my active key as the Steem address right?

Never use your active key as an address to send to!

All you need to have Steem/SBD/SP send to is your @scotie address.

Always keep all your private keys hidden.

Why 104 weeks??

That was already changed to 13 weeks. So now only 13 weeks. ;-)

Ok cool! I am looking at buying some steem power and read your article. 13 weeks is much easier to swallow!

Yes that was a nice improvement. :-)
Looks that Steem is relatively cheap right now.

what!? is this true? when did this happen? thakns for posting this!

Yes true! Last december if I remember correctly.

And you're welcome!

@oaldamster !! Thanks for the post, especially for the screenshot part here. Yah! $ is a bit high to my local currency rate but still, hope can have a chance in near future for buying some steem power.
As a newbie I would prefer to collect some steem power from my post until I can arrange $ for this and know steemit rules and algorithms better. Thanks again for a senior member of the community like you stop here for us and help with your knowledge. God bless you!

Thank you for your kind words @mahfuzzaman, I am happy to know it is appreciated!

It is good to build up your Steem Power. Buying in can be quite expensive. Hope you can earn them by posting. Best of luck to you.

So kind response @oaldamster !!! Thanks for your best wishes!!!

It is my pleasure!

thank you for this info. More learning for me as newbie

You are welcome!
Good luck on Steem.

thank you

You are welcome.

I wrote an update to this post, as some things have changed:

thank you @oaldamster

Thank you. I will try

Any recomendations on which platform to buy bitcoin from?

I use AnyCoin Direct for transactions from and to fiat money, in Euro.

Here is an overview:
And these are just NL based companies who buy and sell BTC.

Do you know which are the most reliable services for use in the U.S.?

That is beyond my knowledge @fathermayhem. Maybe there are Fellow Steemers who want to share their experiences?

Good idea for a post?

There are many factors to weigh. I use the Kraken exchange and MultiBit wallet.

Thanks. I recently installed a Mycelium wallet on one device. I'll take a look at Kraken & MultiBit, thanks @rubellitefae!

I've used 9 different exchanges of the last year or so and my favorite by far is Kraken. They handled the Bitcoin Cash hard fork very well and they've not had the downtime, so busy you can't do a trade that DAX or Coinbase has, plus they trade about 15 different altcoins.

Upvoted 100% and reblogged!
I hope that #minnowsunite and every minnow get to read it!

#minnowsunite this is the shortcut to being a dolphin buy SP

Thank you @englishtchrivy! Appreciate it.

Hope it helps the minnows.

Thanks for doing the quick guide.

Hi @oaldamster,
I am new to Steemit and I appreciated your brief article on Steem and Steem power.

My pleasure, have a great time at Steem!

Thanks for telling. I enjoyed reading

It is my pleasure.

Thankx for the giving that important info

Nice thing.
You explained thorough process to buy Steem Power.
Hates off...

Thanks for the advice!!!

You are welcome, there is an update to this post on my blog. Some things have changed since I wrote this one.

thank you for this post @oaldamster :)
i have a question though, what can you recommend aside from bittrex? since minnows like me cant sign up for new accounts due to the increase of members. since i have btc in my, i want to buy steem power. thanks

Hi @iamkuyaj

There is an update for this post here:

That might also answer your question, although I used Dogecoin in the howto buy SteemPower, because it is cheap in fees and very fast.

But using the services of also cryptos like BTC can be used.

Blocktrades can be used without registration. And if you are looking for a trading platform I would suggest Bitshares no registration stop there.

Good luck.

can i use bitshares to buy and trade altcoins?
thanks for the response sir. :)

As far as I know that is possible.
And you're welcome.

thanks @oaldamster :)
really appreciate it

My pleasure!

Why doesn't the steemit platform just allow is to transform steem into steem power? Why would we need a third party with a fee to do that?

The Steem platform can be used to Power Up Steem from your Wallet to Steem Power.

This is an old outdated post how to use another Crypto to buy Steem Power.

For example if you own Dogecoin then you can use Blocktrades to buy Steem Power with that.

I get that it's an old post. This is the first to show up in a google search when I tried to look into it. I looked at the options in my wallet and "power up" isn't there. Only "Buy" and "Power Down". Am I missing something?
Edit: NM, I just found it. It's listed under the Steem rather than the Steem Power tab. Thanks for responding!.

You are welcome!

What is the cost of 10000 steem power in usd?

Posted using Partiko Android

$ 10'063,2718 will give you 10'000 Steem Power, at the current market prices.



What is the current rate?

Posted using Partiko Android

I am only just learning of steemit and want to be able to get rewarded for my blogging so this is quite informative

Glad to know I was able to help.


Posted using Partiko Android

My pleasure.

 6 years ago  Reveal Comment

You are welcome!