Introduction
I a previous article Transferring OPEN.STEEM to STEEM and Powering UP, I explained how to go about buying OPEN.STEEM with Bitshares and transferring that to STEEM within the Bitshares Wallet GUI for Blocktrades. Many users who want to be part of the STEEM network may have no direct interest in managing funds through the Bitshares wallet. If this describes you then continue reading.
Preparing
Blocktrades.us makes it very easy to exchange one crypto currency to another. This article assumes that you
- Already hold Bitcoin in some account. I use Coinbase It's been around and has a good reputation.
- Already have a Steemit account.
Let's get Started
If you've met the prior criteria, you are ready to transfer Bitcoin to STEEM. Head over to BlockTrades.us and choose from the two dropdowns (you are not required to set up an account at BlockTrades in order to use the service.
While you are not required to enter values, I like to do it so I can verify that the funds I expected to receive were in fact received. I am planning to send .060785 BTC to my STEEM account.
Next, enter your STEEM address. This is simply the unique account name you signed up with on STEEM. Mine is billbutler
Now click Get a new Deposit Address. This will present you with an address and a QR Code. This is the Bitcoin address where you will send your Bitcoin to. This is a unique one-time address that will automatically
- Receive your Bitcoin
- Convert it to STEEM at the best rate they can according to the market price on a number of exchanges
- Deposit it into your STEEM account
Since I have the iPhone app for Coinbase, all I have to do is choose Send (Icon in the upper right corner.
Enter the amount you wish to transfer and click SEND
When the send window comes up, you can click the bar code icon and it will pull up a your camera so you can capture the bar code address.
Verify the address and choose Send This will start the process. While STEEM transactions clear in just 3 seconds, Bitcoin can take 30 minutes to an hour. Be patient during this time and don't panic. I'd always suggest sending a small amount for your first try. There is no sense in stressing yourself out on the first dew times.
Once the transfer has occurred, your STEEM wallet will look like this
I highly recommend converting your STEEM to STEEM POWER. Be sure to read up on STEEM and Powering UP so you understand the implications of holding STEAM POWER.
Conclusion
BlockTrades is a simple way to move value between cryptos without being overly concerned about the trading platform or online exchange. I hope you found this tutorial helpful. If it did, please give me a vote!
How many confirmations do the BTC transaction need before blocktrades confirms it?
Great newbie resource. Thanks.
Good tutorial! Thanks for your efforts!
Old post but is what I was looking for :) thanks
Hi Bill, thanks for the helpful article!
I am wondering how this method compares with going to my Wallet on here, and selecting Deposit from the STEEM drop down list? That method seems to also use BlockTrades. Is this just two different ways to do the same transaction?
Yes, same and likely easier. Another option is to click on right top corner of this site, then "buy steem power".
I still don't understand how can one buy steem power if it's not transferable? How is BlockTrades transferring that steem power to the buyer? If they can do that, why cant the rest of us do it - e.g. trade steem power?
One can power up STEEM to another account with API. But can not transfer SP directly.
Good tutorial and maybe good intro for some in the community to learn more about Blocktrades.us, but, yes, this is already integrated into the Steemit.com wallet and what's running behind the scenes when you "Deposit" STEEM with BTC, BTS, or ETH.
Very Helpful Article and it should help newbs get involved a little more and grow the network
Thank you. I found it very useful.
Very informative thank you!
Well put, Bill Butler. You provided me with answers I was looking for. Appreciate it!
Beautiful, exactly what I was searching for <3
this is brilliant , just what i have been looking for
Thanks for the directions, very clear. Upvote as a courtesy - don't think you get paid more at this late date.
STEEM On !!
Dave
intresting ? https://steemit.com/steemit/@rublevoy/why-steemit-0-912-sbd-exchange-for-0-00012205-btc
I know I am coming in late here, but you just helped me buy steem from coinbase for the first time, fairly pain free :) So Thank you!
Wonderful information about the steem wallet and correct guide to transaction.
I like it
Great help thanks
@healthiswealth, I think I had better read this a few times to get a good comprehension of it. I thought it might be useful to you too.
While i am trying to buy steem from my coinbase its asked for fees.How can i avoid the fees?I am from bangladesh anyone help me