Binance accepting STEEM deposits and trading for Bitcoin

in OCD8 months ago

Good news is that Binance is now open to accepting STEEM deposits again. So we are able to sell our STEEM directly from our wallets on Steemit. The price of STEEM may be somewhat low now of course, considering the bearish sentiment in Bitcoin as well as the recent hard fork to HIVE just three days ago or so. Nevertheless when Blocktrades as well as Binance suspended STEEM transfers and trading, I was concerned. But that is over and we can sell our STEEM if we wish. I'm not sure of the STEEM future but I am sure of Bitcoin bull run after the halving so I'm moving into Bitcoin for now and then into fiat for food when needed over the coming long night of the soul, where we are in lockdown with no income other than CRYPTO! Long live Satoshi. Check out the picture and chart here of Bitcoin's coming trajectory.

BTC price trajectory long term w StF ratio.jpg

And I do wish to sell since the global recession (or worse depression) is arriving, aided by the last straw of the covid-19 pandemic. I have run out of work and money in the bank so needed to sell some crypto for food. What a scenario. We have never experienced anything like it in our lifetimes. There is nothing more crucial in the world right now than the national shutdown, lockdown, quarantine in almost every country on earth. It is historic. And with my work also at a standstill, I needed money for food. Well this is where my long awaited moment to cash out arrives. Crypto to the rescue.

The price might be low but anything will do in emergencies. So if you want to sell your STEEM then you can transfer it to Binance among other exchanges. The wallet address there on Binance is called “deepcrypto8”. Just add that to the Steemit wallet “transfer” address as well as adding the memo that Binance gives you to receive the STEEM there on the exchange.

Binance is not my favorite but I have an account there and it works for now. I’m suspicious of CZ just as much as Sun J. Mafia bunch. Maybe I’m projecting or imagining it but the FUD around them both is massive. It’s sad to have to sell STEEM so cheaply. Who would have thought I would be celebrating that I managed to sell at $0.19, or 2500 Sats per STEEM. But exceptional times require exceptional trades, and with the global collapse and virus lockdown, I am in desperate need of liquid funds for food so this is it.

My writing will now feed me, thanks to STEEM and the old Steemit platform, and my hard work writing each blog post over the past year of course. This is what Steemit was designed for – as an alternative source of income now that the mainstream has collapsed. So if you are in need of funds over the coming lockdown for the next few months, then sell your STEEM – while it has any value and use the fiat for food. I certainly plan to. Talk about eating your words.

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Hey there sincere thanks, much appreciated.

Hey there @julianhorack, do I get it right ? .. I can get an account at binance and deposit my steem there as another coin, like you mentioned btc, directly in their own wallet called "deepcrypto8" ? .. Is this exchanging the same that I use to know from Blocktrades ? Only that in this case there is a wallet too, which Blocktrades do not have ? .. sry, I am kind of noob when it comes to that ^^

Hey there @adalger, if you need to open an account at binance, it may take a little while, I opened mine over a year ago. Not sure if they need kyc, maybe not for small withdraws.

Once you have an account at Binance, you can send your STEEM directly to them as STEEM, via the "transfer" option. You will then receive your STEEM in your Binance account. There you can sell it for BTC or ETH.

Once you have a Binance account, you go to deposit/withdraw on STEEM at your Binance account itself, and you will see that they prompt you to use "deepcrypto8" wallet there, plus they give you a personal "memo" number to fill in on the Steemit wallet transfer page.

I hope that clarifies. I just sent some STEEM there now and sold it for BTC. Let me know if you come right, or need more clarification.

Sounds quite easy, I will look at it. I actually know how to use blocktrades, so transfering there should work out very similiar, and your descriptions are great .. but so far the only wallet I have is the steem-engine wallet. But I do not know what will happen with steem-engine in the future .. or if I even can send my steem from steem-wallet via blocktrades into my steem-engine-wallet as btc . I never tried that .. so I was already looking for a proper wallet out there to use in the future ^^

Oh man, this site is totally confusing. I can not find anything on it ^^ .. not even the "transfer" option !

Yes it is confusing, I agree.
If you use the original Steemit.com platform to access your @adalger account or profile page, you will see "wallet" listed on the top right. Click on that and sign in there. Then click on the liquid Steem at the top of your list of Steem savings, above the SP. That is from where I sell my Steem via the "transfer" option, one of the 6 options that comes up when you click on the Steem option. When the transfer little page pops up, you fill in your Binance "deepcrypto8" as the wallet you want to send to, and the memo you fill in is the one that your Binance account will give you when you want to receive Steem in your Binance account.