When Bitcoin dropped around $7500, I thought that it was a great opportunity to buy Steem since Steem dropped to 12.5 cents. Since Coinbase does not have Steem and held purchased crypto for five days, I bought $200 worth Ethereum. I assumed that both ETH and Steem will rise or fall at the same rate so that I can get 1600 Steem.
Unfortunately, BTC dropped to $6700 and I lost $40 in unrealized profit. However, I took another hit to buy another $200 of crypto (82 EOS). In this time, I chose EOS since it fell more percentage than ETH.
Morevover, I converted my purchased ETH to EOS. Coinbase let you convert your crypto to another crypto with some fees. Now, I have around 152 EOS.
Since Bitcoin recovered to $7200, so does EOS. My current purchase recovered to full amount: $394. Anyway, I paid $6 or 1.5% to purchase crypto in Coinbase.
Interestingly, Steem price recovered sharply than EOS and ETH which jeopardized my Steem buying plan. My plan was to buy Steem. Since I can't buy Steem from Coinbase, therefore, I bought EOS in hope that both EOS and Steem will recover or fall at the same rate. My calculation was that I would get around 3450 Steem for $400.
But at the current rate of EOS/Steem, I will get 3310 Steem or, 140 Steem less.
If Coinbase let my fund release immediately, I could have get my desired Steem immediately. Coinbase let buy Crypto immediately with Debit Card. Though I have Bank of America Debit Card, it charges foreign exchange fee (2%) since Coinbase execute Debit card in UK which is very strange.
My first purchase is held for 5 days and second purchase will be held for 8 days.
These experience just showed how hard it is to purchase cheap Steem in the time crash due to different hurdles. Even though I live in one of the most crypto-friendly(!) country, I am not able to buy Steem on same day but wait for 8 long days.
When will we see Steem in Coinbase?
Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions. This opinion is only for educational purpose.
Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.
Thanks for reading.
@dtrade
Cryptominer , occasional trader and tech blogger since 2013
Could Leo make an exchange and/or sell on Paypal?
The Leo token sure has some buyers.
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There is a talk of multi-chain LEO. A gateway will convert LEO to TRON-LEO, EOS-LEO, SMT-LEO then LEO can be added to any bigger, mainstream exchanges. If that exchange support Paypal, then yes it is possible.
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Yea Steem on Coinbase .... the long awaited thing. Hope it happens at some point.
Congrats on your buyings :)
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Thanks ;)
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I am from Singapore. Over here, the easiest way for us to get crypto is through Binance.sg. There is a fee of 0.6% but the exchange rate is quite competitive.
The major plus point is I can transfer my crypto to my wallet almost immediately. That will allow me to switch to STEEM quickly if I want to. It will be even better if I can buy STEEM directly on Binance.sg with fiat. Still waiting for that to happen though
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Yes, Singapore is one of the most progressive countries for cyrptos.
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puh seems like a lot of hustle. I would be especially annoyed that they hold my crypto for this long.
I also bought some crypto the last days via bitcoin.de though and they let you withdraw immedatly.
did you try kraken or crypto.com yet?
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Crypto.com with credit card may be possible. Earlier some credit cards were blocked from purchasing Cryptos.
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Wow. I was waiting to by Steem also, but I was holding Litecoin, it followed Bitcoin down, but not up :(
So I bought 1 LTC worth of Steem and now waiting to see if Steem will go lower.
Some are predicting 7 cent Steem? What do you think?
I have account on Coinbase and I have tweeted to Coinbase, voted for Steem on Coinbase polls, but as yet no Steem on Coinbase.
I am in US a very unfriendly crypto country with exchange options shrinking all the time. We can’t use credit or debit card here..
Good Luck!
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Hard to tell. I would rather try dollar cost average. My DCA for steem is still 50 cents. However, long term it will go beyond $1.
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I think you will see Steem-Engine offering fiat conversion long before Coinbase has STEEM.
I think they are shooting for this by the end of the year, if not in January.
That will alter things a bit.
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That could be a game changer. Even stable coins such as USDC, USDT, DAI, PAX will be easier to implement and be convenient. For example, one can buy USDC without any fee from coinbase.
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