How To Safely Spend STEEM On Amazon
Recently, my home server and my coffee grinder died due to a power surge a week or two ago. Now I need to buy a new power supply, coffee grinder, and coffee machine (seems like a good excuse to upgrade my coffee game).
Since all my fiat money goes to paying the bills and feeding my wife and me, I need to spend some hard earned STEEM to get some stuff to go along with the coffee machine. This includes the numerous chemicals to keep the new espresso machine clean and running well.
Plus, we all need to cash out some STEEM from time to time to cover the basics of living or splurging a little without affecting our fiat based budget. This by no means says you, or I am not bullish on STEEM but that we need to live a little.
For myself, I am still powering up the needed amount each week to hit 5,000 Steem Power by December 31st, 2018 and am actually ahead of the game! There is a difference between taking out what we need and taking out everything we earn.
I can't count how many times a participant of the Redfish Delegation Contest told me they need help due to bandwidth only for me to see that they pull out all of their STEEM earnings.
How I Do It
- Set up an account on Purse.io
- Use steemdollar.com to figure out how much STEEM or SBD you need to spend.
- Head over to blocktrades.us.
- Choose STEEM (or SBD) in the leftmost box.
- Choose Bitcoin in the rightmost box.
- Enter your Purse.io wallet address into blocktrades' receiving address box.
- Click "Get Deposit Address."
- Manually send the desired STEEM to the deposit address and make sure to include the memo (or use STEEM Connect).
- Wait for the Bitcoin transaction to go through then find your desired product on Purse.io and purchase!
If the Bitcoin exchange rate is too high for you on Blocktrades, you can try using an exchange like Changelly. Than use the Changelly receiving address in step six than add your Purse.io address as the Changelly output.
DO NOT USE THE BUILT IN SHAPESHIFT FEATURE ON PURSE.IO!
I have already lost $100+ in STEEM because the transaction never went through. It is much safer to use Blocktrades and convert right from STEEM into Bitcoin even if the fees look high. Not to mention Blocktrades is much faster than Shapeshift every was for me.
Using Blocktrades to move STEEM directly into Bitcoin and depositing it into the Purse.io wallet is the easiest way to go about this process. As I said, using the built-in Shapeshift exchange on Pure.io has already lost me money on two occasions.
While using Blocktrades to send Bitcoin straight to my Purse.io wallet was almost instant. I did transfer the max recommended to cover the fees, and it looks like Blocktrades only used what was needed to pay for the fees. Since the Purse.io wallet has more USD equivalent than if Blocktrades' used the entire transaction cost.
If you don't want to double check the details when sending STEEM to @blocktrades than use the Steem Connect feature. After testing it out, it is almost foolproof. The only mistake one could make setting the wrong deposit address for the Bitcoin so make sure to double check that you copied it correctly from Purse.
A good trick is to look at the first three or four characters in the address and make sure they are correct. If they are doing the same for the last three or four characters. If everything checks out that you copied the Purse.io deposit address correctly and can let Steem Connect handle the details for Blocktrades.
Finding Items On Purse.io
It's as easy as finding items on Amazon, and all it takes is a simple search. Purse will show things from Amazon that fit your search criteria. Also, if you have a link to a specific Amazon product, you can pass that link directly into the Purse search box to find the product form that exact seller.
This works will all shippable items from books to coffee machines, to computers. I have not bought any digital goods via Purse so I can not say if it works or not. But I do have two monitors and a mount that I used STEEM, blocktrades, and Purse to buy.
If you can find it on Amazon, you can buy it with STEEM!
Thanks For Reading!
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Keep the useful content coming Jerry. You are doing a great job promoting steemit and everyone here should be grateful to you.
I joined just few months ago and have brought close to 50 other people into the platform. This post, for me, isn't about now, but the future. It prepares my mind to the time when i begin to earn, even in trickles, on here.
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Saved for later as this is AwEsOMe!!! Thank you for enlightening me! Enjoyed!
Wow this information has just blown me away! The marketplace is amazing for buying and selling. That said there are a couple of big downsides. First, the one placing the order gets your shipping address and name which might be no big deal. Second, doing this at scale as an earner very likely could count as engaging in a cryptocurrency business and be subject to KYC and AML regulations. It looks like a lot of orders are coming in for graphics cards to mine. While buying them out might be tempting, it could also result in legal problems.
Especially with all that said, this is cool to take a look at and learn about at a minimum!
Resteeming soon!
Thanks for pointing all that out Jerry! It is good to keep these things in mind as we progress forward with our crypto-based lifestyles.
Hello! I take 1.5 months in Steemit. You have a large number of SP. I want to ask you to support my messages, and I will return to you % SBD for each of your voices - the percentage that you will define for me. Thank you. Excuse for troubling. Sincerely, @ maxdani.
Thanks for sharing such good post :)
This is very useful information. In this way everyone can use his/her hard earned steem to buy things. I have one question. Is it compulsory to buy bitcoin from steem or is Purse.io also supports other cryptocurrencies like etherium or bitcoin cash? Please make it clear. Thanks.
Purse.io only accepts Bitcoin at this time.
Thank you for your this information.
Thanks for this info, @jrswab. In my 33 days here on Steemit, I haven't yet had to set up a Training sub-folder on spending Steem. Mostly everything is under how to earn! ;)
Just did though. My Mom is always buying supplements from Amazon, so I look forward to being able to buy them for her with Steem. Thanks again! Upvoted and will also FB/tweet.
Thanks @jrswab , Resteemed. This is a very helpful and practical post. I'm not exactly at the point where I could use Steem to pay for anything, but I am glad to be able to learn how to do it. Also, it is great to learn that you and your wife are living on your fiat income, as it gives us plankton goals to which we can aspire.
All the best,
@phaazer1 [SquareLink]
If you can dream it, you can Steemit
How did they die? Did you buy from Amazon? If you have warranty, You can return to Amazon. They might money back to you.
How did what die?
I was looking for it. THANKS for helping me. I will test it once if it will work safely than what's better than it.^^. I am resteeming it for others.
Thanks for reading!
Your welcome mate. Please do visit my blogs page. Your time and comments will be appreciated.