Steem Cryptocurrency meaning by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about What is Steem Cryptocurrency and how to buy Steem Crypto currency.
What Is Steem Cryptocurrency?
Steem doesn’t have the billions of dollars of infrastructure in place that Bitcoin does, nor the utility of Ethereum network. It also cannot be compared to Ripple in terms of enterprise partnerships with some of the most influential companies worldwide. Nonetheless, Steem has its own niche – the social media side of the crypto sector – and has established a large and loyal community of users.
Basically, Steem is the cryptocurrency of the Steemit social network, a blockchain-based content sharing platform. That is why it is often referred to as the “Facebook of cryptocurrencies.”
This cryptocurrency isn’t the only coin involved with the Steemit social network. There are also Steem Power coins (the backbone of an account’s voting-potential) and Steem Dollars (debt-like instrument), But Steem (STEEM) is the most liquid and flexible in terms of what it can do or be exchanged for.
By the time of writing this Steem (STEEM) is rated #25 by market cap. In mid August 2016, it even became the 4th largest cryptocurrency.
How to buy Steem (STEEM)
Unfortunately, STEEM currently cannot be purchased directly with traditional money. You can only buy it with KRW (Korean Republic Won) on UpBit, but this exchange only allows access to Korean residents.
That is why you have to convert your money into Bitcoin and then use our Bitcoins to buy some Steem (STEEM). Here are the exact steps:
1. Sign up with coinbase.
You can buy Bitcoin on a bunch of exchanges, yet we suggest Coinbase – it has been around for a long time and is reliable and easy to use. Besides, this exchange supports bank transfers as well as debit / credit card payments with comparatively low transfer and trading fees.
2. Buy some Bitcoin (BTC).
Aftyer you register and verify your account, you can proceed to buy Bitcoin. You will easily find your way on Coinbase’s simple “Trade/Buy” interface.
3. Register with an exchange that supports Steem.
As Coinbase supports only BTC/ETH/LTC, you need to register with some of the exchanges that allows you to exchange your newly acquired BTC for STEEM – Bittrex or Poloniex. Inter-crypto trading usually involves significantly lower trading fees and ID verification is not always required.
4. Transfer your BTC from Coinbase to the other exchange.
5. Search for BTC/STEEM on this platform and proceed with the trades.
6. After you already have some Steem, you might want to store it in a wallet, instead on the exchange.
The official Steemit website has built-in wallet functionality, so you will have a wallet for storing Steem (as well as Steem Dollars and Steem Power) if you just register.
How to Steem Cryptocurrency Conclusion
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