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The official Bitbns App is now available:
Buy Steem in India
Note: Steem is not yet live for trading, but we would add it soon. Till then, sign up and explore seamless trading at Bitbns.
Simple Steps to Buy Steem (STEEM) in India
Investors can simply 'Sign Up' with their email ID. As usual, you will need to enter an email address and a password, as well as confirm your email address with the link sent to you (Remember to look in your spam messages).
You will be asked to activate 2FA (2-factor Authentication) with the Google Authenticator app, which will help you secure your account.
For identity verification purpose investors are supposed to submit PAN Card, Aadhar Card photocopies.
As soon as uploaded documents get verified (the KYC verification process takes only 30 minutes), you can login to the site by clicking on 'Login' at the top right of the page and start purchasing STEEM.
Steem is designed to enable efficient micropayments. For instance: readers no longer have to decide whether to pay out of pocket to read content but they vote for or against an article. Steem uses the sum of these votes to pay the authors.
However, there are other forms of contribution that Steem recognizes and rewards using an objective metric: transaction validation, proof-of-work mining, cash reward and denouncing block producers who cheat.
Another instance: A community can attract capital in two ways; debt and property. Those who buy property earn when the community grows and loses if the community decreases. Those who buy debt, earn interest regularly but do not participate in the profits made by the growth of the community. Both types of capital contributions are used to grow the community and value its currency. In addition, there are two ways to own a property: in cash or as an investment. Investing in a steem property makes it a long-term commitment: it can not be sold for a minimum period of time.
In Steem, there are three asset classes:
Stem (STEEM) - STEEMs are the basic unit of accounts and serve as a standard for defining the value of other tokens. They should only be possessed in the short term. To enter / exit the platform, it will be necessary to buy / sell STEEMs, but once inside they must be converted as soon as possible into SP or SMD in order to minimize the impact of dilution in the long term. Steem has an inflationary supply model: every year the monetary base doubles, but every three and a half years the Steem reward per block is lowered by 1 / 10th.
Steem Power (SP) - The SP can be viewed as a power token and roughly represents the percentage of influence that a user has, compared to the rest of the community, measured in Steem. To reward members, 9 units of SP are distributed pro rata per unit of Steem created. This discourages the long-term ownership of STEEMs and protects the holders of the dilution. SP's being non-transferable and non-divisible do not lend themselves easily to trading.
Steem Dollars (SMD) - The creation of SMD requires a combination of three factors:
a reliable source of price
rules to prevent abuse
Having a reliable source of price in turn involves three factors:
minimizing the impact of possible incorrect information
maximizing the cost of producing incorrect price information
minimizing the importance of timing.
The Bitbns platform and service is designed, developed, and operated by Buyhatke Pvt Ltd, a company based out of Bangalore, India. It is backed by trusted investors and used by millions of Indians. The Bitbns trading platform offers great security with multisig addresses, security deposits and purpose-built arbitrator system in case of trade disputes, which happens to be the first of its kind in India.