Steem Tops One Day Volume of $20.95 Million (STEEM)

Steem (CURRENCY:STEEM) traded 1.1% lower against the US dollar during the 1 day period ending at 9:00 AM ET on February 12th. Steem has a total market cap of $1.02 billion and $20.95 million worth of Steem was traded on exchanges in the last day. During the last week, Steem has traded up 18% against the US dollar. One Steem coin can currently be purchased for about $4.08 or 0.00047334 BTC on cryptocurrency exchanges including OpenLedger DEX, Poloniex, Bittrex and HitBTC.

Here is how other cryptocurrencies have performed during the last day:

  • Bitcoin (BTC) traded 3% higher against the dollar and now trades at $8,642.00 or 1.00000000 BTC.
  • Bitcoin Cash (BCH) traded up 0.7% against the dollar and now trades at $1,270.16 or 0.14752200 BTC.
  • PACcoin (PAC) traded 2.1% higher against the dollar and now trades at $0.0000 or 0.00000000 BTC.
  • Counterparty (XCP) traded up 5.1% against the dollar and now trades at $29.46 or 0.00342151 BTC.
  • Crown (CRW) traded up 4.1% against the dollar and now trades at $2.78 or 0.00031931 BTC.
  • Namecoin (NMC) traded 7.2% higher against the dollar and now trades at $2.55 or 0.00029349 BTC.
  • Unobtanium (UNO) traded up 2.8% against the dollar and now trades at $153.71 or 0.01768060 BTC.
  • ATBCoin (ATB) traded up 5.6% against the dollar and now trades at $0.41 or 0.00004762 BTC.
  • CHIPS (CHIPS) traded down 16.7% against the dollar and now trades at $0.33 or 0.00003802 BTC.
  • Terracoin (TRC) traded 3.2% higher against the dollar and now trades at $0.20 or 0.00002347 BTC.

About Steem

Steem (STEEM) is a proof-of-work (PoW) coin that uses the SHA-256 hashing algorithm. It launched on July 4th, 2015. Steem’s total supply is 266,203,719 coins and its circulating supply is 249,229,625 coins. The Reddit community for Steem is /r/steemit and the currency’s Github account can be viewed here. Steem’s official Twitter account is @steemit and its Facebook page is accessible here. Steem’s official website is steem.io. Steem’s official message board is steemit.com/@steemitblog.

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 traded on the following cryptocurrency exchanges: OpenLedger DEX, HitBTC, Upbit, Poloniex and Bittrex. It is not possible to buy Steem directly using U.S. dollars. Investors seeking to acquire Steem must first buy Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Gemini, Changelly or GDAX. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Steem using one of the exchanges listed above.

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