Steem (CURRENCY:STEEM) traded 1.2% higher against the US dollar during the twenty-four hour period ending at 7:00 AM Eastern on March 14th. Steem has a total market cap of $635.97 million and approximately $17.62 million worth of Steem was traded on exchanges in the last day. One Steem coin can now be bought for approximately $2.52 or 0.00028986 BTC on exchanges including OpenLedger DEX, Poloniex, Upbit and HitBTC. In the last week, Steem has traded 18% lower against the US dollar.
Here’s how other cryptocurrencies have performed in the last day:
- Bitcoin (BTC) traded 4.1% lower against the dollar and now trades at $8,766.20 or 1.00000000 BTC.
- Bitcoin Cash (BCH) traded down 0.4% against the dollar and now trades at $1,016.24 or 0.11708300 BTC.
- Counterparty (XCP) traded down 7.3% against the dollar and now trades at $15.75 or 0.00179951 BTC.
- Crown (CRW) traded 9.9% lower against the dollar and now trades at $1.80 or 0.00020746 BTC.
- Unobtanium (UNO) traded down 6.8% against the dollar and now trades at $147.44 or 0.01698690 BTC.
- Namecoin (NMC) traded 4.2% lower against the dollar and now trades at $1.87 or 0.00021528 BTC.
- ATBCoin (ATB) traded down 8.4% against the dollar and now trades at $0.23 or 0.00002620 BTC.
- CHIPS (CHIPS) traded down 5.1% against the dollar and now trades at $0.38 or 0.00004353 BTC.
- Terracoin (TRC) traded 3.8% lower against the dollar and now trades at $0.17 or 0.00001985 BTC.
- UnbreakableCoin (UNB) traded 6.3% lower against the dollar and now trades at $0.98 or 0.00011263 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. “
Buying and Selling Steem
Steem can be traded on the following cryptocurrency exchanges: Upbit, Poloniex, OpenLedger DEX, Bittrex and HitBTC. It is not presently possible to purchase Steem directly using US dollars. Investors seeking to trade Steem must first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as Gemini, Coinbase or Changelly. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Steem using one of the aforementioned exchanges.
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