Steem (CURRENCY:STEEM) traded down 0.5% against the U.S. dollar during the 24 hour period ending at 18:00 PM E.T. on January 27th. Steem has a market capitalization of $1.50 billion and approximately $83.73 million worth of Steem was traded on exchanges in the last day. In the last seven days, Steem has traded 10.4% higher against the U.S. dollar. One Steem coin can currently be purchased for about $6.06 or 0.00053189 BTC on cryptocurrency exchanges including Bittrex, Upbit, Poloniex and HitBTC.
Here is how similar cryptocurrencies have performed in the last day:
- Bitcoin (BTC) traded 4.6% higher against the dollar and now trades at $11,504.50 or 1.00000000 BTC.
- Bitcoin Cash (BCH) traded up 3.7% against the dollar and now trades at $1,637.21 or 0.14372900 BTC.
- PACcoin (PAC) traded 9.7% higher against the dollar and now trades at $0.0001 or 0.00000001 BTC.
- Counterparty (XCP) traded 12.4% higher against the dollar and now trades at $56.64 or 0.00497242 BTC.
- Crown (CRW) traded 2.3% higher against the dollar and now trades at $3.76 or 0.00032861 BTC.
- Namecoin (NMC) traded up 3.7% against the dollar and now trades at $3.92 or 0.00034243 BTC.
- Unobtanium (UNO) traded 4.1% higher against the dollar and now trades at $135.92 or 0.01186960 BTC.
- ATBCoin (ATB) traded 1.7% higher against the dollar and now trades at $0.59 or 0.00005160 BTC.
- CHIPS (CHIPS) traded 9.1% lower against the dollar and now trades at $0.39 or 0.00003399 BTC.
- Terracoin (TRC) traded down 3.8% against the dollar and now trades at $0.29 or 0.00002585 BTC.
According to CryptoCompare, “Steem.it is a blockchain-based social media platform where anyone can earn rewards by posting relevant content, curating quality content by upvoting and by holding Steem based currencies in a vest fund, which generates interest. There are three main currencies in Steemit: Steem, Steem Power (SP) and Steem Backed Dollars (SBD). Steem is liquid and can be bought in an exchange and converted into steem dollars or steem power. Steem Power is basically Steem that is locked in a vesting fund for 3 months. Users can use steem power to upvote content and get curating rewards. When a user upvotes content his steem power gets depleted and then slowly regenerated. Steem Power holders recieve interest from their holdings. The more Steem Power a voter has the more revenue he'll generate for himself (in form of SP) and for the content creator (In SBD). There is also an incentive to upvote content early, as the rewards are distributed according to time. The earliest votes gets the biggest share of the reward. Steem Backed Dollars are there to protect content creators from volatitlity and can be traded for roughly 1 usd worth of steem, in order to cash out from steem. Converting Steem backed dollars into STEEM takes 5 days. Users also recieve interest from holding SBD. T Steem is a proof of work currency with a scheduled blocktime of 3 seconds. Steem PoW mining is done in rounds of 63 seconds by 21 miners (witnesses). 19 of the miners are pre voted, one is the other with the most computational power, and the last one is selected from a queue of witnesses that did not get on the top 19 voted witnesses. 90% of the block reward is allocated to a vest fund to reward curators and PoW miners, the other 10% are made liquid in the form of steem and are used to reward content creators. Steem gets converted to Steem Backed Dollars and sent to the content creator. “
Steem Coin Trading
Steem can be bought or sold on the following cryptocurrency exchanges: OpenLedger DEX, Upbit, Bittrex, HitBTC and Poloniex. It is not presently possible to purchase Steem directly using US dollars. Investors seeking to trade Steem must first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as GDAX, Gemini or Coinbase. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Steem using one of the exchanges listed above.
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