Steem coin is the native token running on the Steem blockchain. It is a vital digital currency of the Steemit, which implies that Steem Power and Steem Dollars are reliant on it. Steem was officially launched in 2016 and since then has continued to have an increase in circulation supply.just go to profitbuilder for more details.
Steem is quite unique and distinct from other kinds of digital coins as it is not exclusively dependent on mining to produce new tokens. New Steem coins are generated by the Steemit network every day through a “proof-of-brain”. The tokens generated are then shared among authors, Steem Power holders, curators, and miners.
Just like Bitcoin and Ether, investors having an interest in Steem coins can buy and sell Steem in the crypto market. Acquiring Steem is quite simple and easy. One can either get Steem from the Steemit network or buy from a crypto exchange like Binance.
Buying Steem Coin
Want to buy Steem? You can purchase Steem coins in the crypto sphere using fiat currency. For instance, you can buy steem directly from your steemit account using the Us dollar. You can also buy Steem using cryptographic forms of money like Bitcoin (BTC) and Ether (ETH).
However, the easiest way to go about buying Steem coins is through a crypto exchange platform. Binance is one of the very reliable platforms to buy Steem coins. It is safe, user-friendly, and easy to understand. To buy Steem coin on Binance, you will have to make use of either Ethereum or Bitcoin for the transaction. This is because Steem coin is only traded against Bitcoin and Ethereum on the Binance platform.
How to Buy Steem coin
As mentioned earlier, to buy Steem tokens, you first need to buy either Bitcoin or Ethereum. Once you have either of the digital coins, you can then trade it for Steem coin. As an example, we’ll explain how to buy steem tokens on one of the most reliable crypto exchanges; Binance.
Follow these simple steps to buy Steem tokens on Binance.
Step 1: Register your Binance account
- Download the Binance app either on Google Play Store or Apple Store for your Android or iPhone device respectively.
- Input your region, then email address or phone number and a strong password
- Agree to the terms and conditions
- Click on “Register”
You will receive a confirmatory email in the email address provided to verify your email address.
Step 2: Verify your account
After completing registration, you will have to verify your identity to prove you’re real and not some robot or fraudulent character. The verification process is also simple and easy. All you have to do is;
- Issue your phone number (if you’ve not done that already)
- Upload an image of your government-issued ID card
- Verify your bank account information, and also your credit and debit card info.
Step 3: Deposit Funds
Once you’ve completed the verification process, you can then make some deposits into your finance account. You can deposit funds using a credit or debit card, bank transfer, or send digital currency from an external wallet.
Step 4: Convert fiat currency or other digital coins to Ethereum or Bitcoin
Steem coin is only traded against Bitcoin and Ethereum. As such, one can only use these digital coins to buy Steem to keep. To this end, you need to convert your fiat currency, stable coin, and other digital coins to Bitcoin or Ethereum before you can buy Steem
Step 5: Find and choose Steem currency pairs
Steem is listed as STEEM/BTC and STEEM/ETH on Binance. To make a purchase;
- Choose a pair based on what you’ve converted your funds into and click on buy.
- Input the quantity or amount of Steem you would like to buy.
- Ensure you change the buy order to market order
- Click on a buy once again to complete the process.
Your purchase order should be approved and you can check your Steem coin balance on your Spot balance.
How to Sell Steem Coin
Like every other cryptocurrency, Steem can be sold for fiat currency and other forms of digital coins. To sell your Steem tokens, follow these simple steps;
- Search for Steem currency pairs STEEM/BTC and STEEM/ETH
- Choose the currency pair you want to trade your Steem tokens against.
- Click on sell
- Ensure you change the sell order to market order
- Click on sell once again to complete the process.
- After selling your Steem for either Bitcoin or Ethereum, you can then sell the digital coin for fiat currency
- After that, you can withdraw your fist from the exchange platform into your bank account.