How to Buy Steem - Updated 2019

Image source: Wikimedia Commons

This post supplies the steps to buy Steem using Coinbase. You can also use other exchanges. To buy Steem at this time, you must purchase another cryptocurrency (e.g. Bitcoin or Litecoin) that can be converted to Steem. One day, when Steem is on the major exchanges, it will be easier. Today it requires several accounts and a number of steps. But I've made this as super simple as possible.

First a few important notes:

1. A side note and disclaimer: I think we will look back on this time in a few years and say: "That was the most awesome time to buy Steem!" That said, this is not financial advice. Only a qualified financial advisor should provide recommendations about your investments. Also note that the value of Steem, like all cryptocurrencies, fluctuates all the time. You will see values in this post, and they will not match the current value of Steem when you read this.

2. I wrote this post for my own easy reference, and to help others, as the top search results for "how to buy Steem" on Google are several years old and a few things have changed. If you have corrections to my steps, please let me know in the comments. Thank you!

3. For the uninitiated, you can find a few definitions (e.g. Steem, Steemit and cryptocurrency) at the end of this post.

How to Buy Steem Using Coinbase

1. Create a Steem account, if you do not have one. I recommend starting with a Steem Actifit account. You can do so here. (You can also do so from Steem.com.) Notes:
   Be sure to securely store your keys! You will need your Active Private key to perform transactions via your Steem wallet.
   One way to securely store keys for easy access is in a Google doc with double sign-on set up. This means only you can access the Google doc from one of your personal devices. You will be required to verify identity to access it.
2. Set up a secure wallet in Coinbase.
3. Buy the dollar value amount of Bitcoin or Litecoin that you want to spend. My examples below show Litecoin. Then confirm that the sale has gone through and you have the money in your Coinbase account. (Note that depending up on the type of transaction you choose, and other factors like whether you use a credit card or debit card, this can take several days to a week.)
4. Log into your Steem wallet. (See the "Wallet" link in the upper right corner of your Steem account.)
5. Click “BUY STEEM OR STEEM POWER.”
   
   This will take you to an external website: BlockTrades.us. Note that you must set up an account on the BlockTrades site, or log in if you already have one.
6. In the Send window, select the type of crypto you purchased - e.g. Bitcoin or Litecoin.
7. In the Receive window, select Steem.
   
8. Enter your Steem account name in the Receive address window. Blocktrades verifies that your receive address (Steem account) is valid.
   
9. Click the Get Deposit Address button. Now you will see a Bitcoin or Litecoin wallet address. Copy this transaction-specific address to your clipboard.
   
10. Go back to your Bitcoin or Litecoin wallet in your Coinbase account and click Send. A new window opens where you can send funds.
    
11. Paste the address you copied into the Recipient window. A green checkmark will appear to show that the address is valid.
    
12. Now enter the amount that you want to send. You can see what you have available in your wallet in the Available to send space. Select either a dollar amount or a Bitcoin/Litecoin amount. If you want, you can click the Send Max button once you click inside the amount window, and it will populate both the dollar and BTC or LTC values for you.
    
13. Click Continue.
    In the Confirmation window, you must enter a verification code from your mobile phone to confirm. If you didn’t receive it, click the Re-send SMS link.
14. Go get some coffee or a beer and wait a bit for your transaction to clear. Once it clears, you will see the funds in your Steem wallet. It generally takes a few minutes.

A few definitions

• What is Steem? "Steem is a social blockchain that grows communities and makes immediate revenue streams possible for users by rewarding them for sharing content. It’s currently the only blockchain that can power real applications via social apps like Steemit." (Source: Steem.com.)
• What is Steemit? "Steemit is a social network that looks and functions a lot like Reddit, but with one HUGE difference: Steemit pays both the content creators when their work gets upvoted, as well as the people who curate the best content on the site by upvoting others' work." (Source: Steemit.com.) Addition: Steemit is the original social platform built on the Steem blockchain, but there are others, with different user interfaces and methodologies. Others include Steemleo, Busy.org, Steempeak and Appics.com. All of these post to the Steem blockchain and are accessible with your Steem keys.
• What is cryptocurrency? "Cryptocurrency is an internet-based medium of exchange which uses cryptographical functions to conduct financial transactions. Cryptocurrencies leverage blockchain technology to gain decentralization, transparency, and immutability." (Source: Blockgeeks.com.)

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