Watching 2018 ending with the crypto asset class still reeling from the SEC ruling the middle of November, I had a decision to make.

Was this a problem? Or an opportunity?

_{Image Source}

Still believing the long-term prospects for this asset class are very promising, I choose to view it as an opportunity.

So ... I have not posted on Steem in 23 days (20 hours, 23 minutes ... 😉) What have I been doing?

Did I give up on the Steem blockchain?

Hardly. I have spent the time I had available in enhancing the investments I have in this asset class. Which are much broader than just STEEM ...

This post is about some of what I have learned, though, with respect to investing in STEEM itself. A look at my wallet will show those interested I have not been idle.

Before getting into some details of utilizing other exchanges, I will start with the "background story."

Comparison: Buying STEEM through Binance vs. BlockTrades

The "background story" would be the story of BlockTrades. Any of my fellow Steemians who have been "in here" a while are likely familiar with investing through BlockTrades, since it is so closely linked to our Steemit wallets. They clearly have a close association with the Steem blockchain. For reasons not clear to me, i.e. I don't know the history ...

If any of us want to increase our stake in Steem, then the "easy button" solution is to buy through BlockTrades. Why would we do anything else?

Well ... I have never been one to settle for the "easy out," if I can rationally make a case for a different route, leading to a better outcome.

While I have gone through this exercise before, I never took the time to document it, so ... For this post, here are some details of purchases of STEEM I just completed yesterday:

_{BlockTrades Transaction @ 13:12:15}

_{Binance Transaction @ 13:12:22}

_{Posting Transactions in SteemWorld}

From these transactions, we can do some quick math to see what, if any, difference there might be in using the services of these two exchanges:

As yesterday's data illustrates, for various amounts of STEEM and using an average price today of ~ $3,800 / BTC, then there is some savings in using Binance.

While there are other options, e.g. Bittrex, this example illustrates one of the reasons I go with Binance - cost effectiveness. I do not have a lot of data stored, but again I have gone through this calc quickly in the past and it has always been the case, i.e. yesterday, at these low market prices, is not an anomaly.

_{Image Source}

We are all free to make decisions in whatever we deem to be in our best interest. I will continue to invest in the Steem blockchain via external exchanges, for these reasons:

1. I want as much experience with different blockchains, exchanges, wallets, etc. as I can reasonably manage. The more experience I have, the better informed decisions I can make in the future.
   
   
2. We all should want STEEM to be available in as many markets as possible. All of them are tracking their profitability in making various cryptos available, so the more transactions linked to the Steem blockchain, the more incentive they have to list its tokens.
   I'm doing my small part!
   
   
3. As shown above, while modestly so, it is less expensive.
   
   

Note lower cost is the last reason for my decision, not the first.

With that down, in the rest of this post, dear reader, I would like to provide you with some details which may be helpful for those who may also wish to look into buying and selling on other exchanges.

Why?

There are some peculiarities in transferring STEEM which were new to me, compared to any other crypto I own. I can't imagine I am the only one, in which this is the case. So, I hope this will be helpful to some of my dear readers.

STEEM from Binance to Steem Wallet

My personal preference for centralized exchanges is Binance. They provide very good service at better prices than those here in America. And ... It is not in America ... 😉

I am not writing to give an exhaustive review of Binance. Or any other exchange.
In this post, I simply want to illustrate the steps you need to take to get STEEM to and from Binance.

_{Image: Setting Up Withdrawal Transaction in Binance}

Here you see illustrated what you have to put into a withdrawal transaction in Binance, to get your STEEM transferred:

1. Begin a STEEM withdrawal transaction on Binance.
   
   
2. In the STEEM Withdrawal Address you put your Steem account name.
   
   
3. In the STEEM Withdrawal MEMO you put your Public Memo Key!
   
   
4. Fill in the amount and Submit, following the normal remaining steps.
   
   

• Note: If unsure about #3, details on keys are covered in my "Flying Start" post.
  
  

The transaction fee is a miniscule 0.01 STEEM. And the transactions are completed quickly! Mine were completed in ~ 1 minute.

STEEM from Steem Wallet to Binance

OK, great @roleerob. How about the other way around? I want out of the Steem blockchain!

Here are the steps to go the other way.

_{Image: Binance Notice}

As illustrated above:

1. Begin a STEEM deposit transaction on Binance.
   
   
2. Check the box signifying you understand what is clearly stated.
   
   
3. Click the "Continue Deposit" button.
   
   

_{Image: Illustrating Binance Generation of Deposit Memo and Address}

_{Image: Illustrating Fields in Steem Wallet for Deposit Memo and Address}

As illustrated above:

1. With the needed Binance Deposit info now available, execute a Transfer transaction in your Steem wallet, to open a "Transfer to Account" dialog window.
   
   
2. Click the "Copy Address" button shown for the Binance STEEM Deposit Address. Paste this into the "To" field of the "Transfer" dialog in your Steem wallet.
   
   
3. Enter the amount of STEEM you want to transfer to Binance.
   
   
4. Click the "Copy Memo" button shown for the Binance STEEM Deposit MEMO. Paste this into the "Memo" field of the "Transfer" dialog in your Steem wallet.
   
   
5. Click Next, then OK to "Confirm Transfer." You'll then be asked to enter you Active Private Key to complete the transaction.
   
   

As with the transfer from Binance to Steem, it executes the other way very quickly as well!

SBD and / or STEEM from Bittrex to Steem Wallet

So @roleerob ... If your preference is for Binance, why do you have Bittrex in this post?

Because Bittrex offers you the advantage of buying and selling both external Steem blockchain tokens - STEEM and SDB. Binance, unfortunately (at least for now), does not.

_{Image: Setting Up Withdrawal Transaction in Bittrex}

Here you see illustrated what you have to put into a withdrawal transaction in Bittrex, to get your SBD and / or STEEM transferred:

1. Begin a SBD and / or STEEM withdrawal transaction on Bittrex.
   
   
2. In the "Recipient's wallet address" field you put your Steem account name.
   
   
3. In the "Memo to help route your deposit" field you put your Public Memo Key!
   
   
4. Fill in the Amount and usual remaining steps, from there.
   
   

• Note: If unsure about #3, details on keys are covered in my "Flying Start" post.
  
  

As with Binance, the transaction fee is a miniscule 0.01 STEEM. And the transactions are completed quickly! Mine were completed in ~ 1 minute.

SBD and / or STEEM from Steem Wallet to Bittrex

And the other way around? Here are the steps to go the other way.

_{Image: Illustrating Instructions from Bittrex for New Address}

_{Image: Additional screen for STEEM only}

As illustrated above:

1. Begin a SBD and / or STEEM deposit transaction on Bittrex.
   
   
2. Check the box signifying you understand what is clearly stated.
   
   
3. Click the "Continue with Deposit" button.
   
   
4. For STEEM only, click the "Generate new wallet address" button.
   
   

_{Image: Illustrating Bittrex addresses for SBD and / or STEEM}

_{Image: Illustrating Entry into Steem Wallet}

As illustrated above:

1. With the needed Bittrex Deposit info now available, execute a Transfer transaction in your Steem wallet, to open a "Transfer to Account" dialog window.
   
   
2. Click the little Notepad button shown for the Bittrex SBD and / or STEEM "Registered Account." Paste this into the "To" field of the "Transfer" dialog in your Steem wallet.
   
   
3. Enter the amount of SBD and / or STEEM you want to transfer to Bittrex.
   
   
4. Click the little Notepad button shown for the Bittrex SBD and / or STEEM "Memo". Paste this into the "Memo" field of the "Transfer" dialog in your Steem wallet.
   
   
5. Click Next, then OK to "Confirm Transfer." You'll then be asked to enter you Active Private Key to complete the transaction.
   
   

As with the transfer from Binance to Steem, it executes the other way very quickly as well!

Any Other Options?

There are other centralized exchanges, i.e. CEXes, offering services for both STEEM and SBD that are not covered here. This post covers the two which I use.

Your humble correspondent is a big, big advocate for decentralized exchanges, i.e. DEXes. The one with which I am most familiar is Bitshares, as I am invested in it.

Sadly, while I fully intended to execute trades there for comparison in this post, there simply isn't sufficient volume to make it a worthwhile exercise:

_{Image: Trading Volumes on 30 Dec 2018}

I am not alone hoping for the day when peer-to-peer exchanges really take off. The reality has yet to catch up with the promise. I know there is a lot of work going into changing that though, so we'll see what the market looks like a year from now!

Related Steem Accounts

To properly handle these different transfers, there must be associated Steem accounts tied to the Steem blockchain. From my experiences shown in this post, here they are:

• @deepcrypto8 - The "To" account for transferring STEEM from Steem Wallet to Binance.
  
  
• @binance-hot - The "From" account for transferring STEEM from Binance to Steem Wallet.
  
  
• @bittrex - The account for transferring SBD and STEEM to and from Steem Wallet to Bittrex.
  
  

_{Image Source}

These accounts just scratch the surface of all the accounts handling transfers back and forth between the various exchanges on the Steem blockchain. While I have accounts set up in others, my primary exchanges are these two.

If you want to have some idea of activity levels, go to these accounts in the interface of your choice. I prefer SteemWorld created by the great Steemian @steemchiller!

Closing

This post gives you a little window into my activities over the last few weeks dear reader. I hope you have found something of value in it, for helping you in increasing your own investment portfolio.

I’d love to hear any feedback you may be inspired to provide. If I can help you with any questions, I'll happily do what I can!

Until "next time," all the best to you for a better tomorrow, as we all work together to build our Steem Community! 👍 😊

Respectfully,
Steemian @ roleerob

Posted using SteemPeak and “immutably enshrined in the blockchain” early Monday morning, 31 December 2018!

_{This account is protected by @dustsweeper}