Steem (CURRENCY:STEEM) traded down 1.8% against the US dollar during the 24-hour period ending at 21:00 PM E.T. on March 12th. Steem has a market cap of $638.52 million and approximately $3.73 million worth of Steem was traded on exchanges in the last 24 hours. During the last seven days, Steem has traded 26.6% lower against the US dollar. One Steem coin can currently be bought for approximately $2.53 or 0.00027410 BTC on major cryptocurrency exchanges including HitBTC, Bittrex, Poloniex and Upbit.
Here is how similar cryptocurrencies have performed during the last 24 hours:
- Bitcoin (BTC) traded 3.9% lower against the dollar and now trades at $9,270.58 or 1.00000000 BTC.
- Bitcoin Cash (BCH) traded 6.1% lower against the dollar and now trades at $1,068.98 or 0.11592600 BTC.
- Counterparty (XCP) traded up 9.1% against the dollar and now trades at $17.43 or 0.00189052 BTC.
- Crown (CRW) traded down 7.6% against the dollar and now trades at $2.03 or 0.00022034 BTC.
- Unobtanium (UNO) traded 0.9% higher against the dollar and now trades at $160.65 or 0.01742200 BTC.
- Namecoin (NMC) traded 2.4% lower against the dollar and now trades at $1.97 or 0.00021347 BTC.
- ATBCoin (ATB) traded 3% lower against the dollar and now trades at $0.26 or 0.00002798 BTC.
- CHIPS (CHIPS) traded up 10.1% against the dollar and now trades at $0.46 or 0.00004997 BTC.
- Terracoin (TRC) traded 2.4% lower against the dollar and now trades at $0.18 or 0.00001972 BTC.
- UnbreakableCoin (UNB) traded 3.1% lower against the dollar and now trades at $1.07 or 0.00011615 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 traded on these cryptocurrency exchanges: Poloniex, Upbit, Bittrex, OpenLedger DEX and HitBTC. It is not possible to purchase Steem directly using U.S. dollars. Investors seeking to trade Steem must first purchase Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Coinbase, Gemini or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Steem using one of the exchanges listed above.
Receive News & Updates for Steem Daily - Enter your email address below to receive a concise daily summary of the latest news and updates for Steem and related cryptocurrencies with MarketBeat.com's FREE CryptoBeat newsletter.