Steem (STEEM) Trading 7.8% Lower This Week

Steem (STEEM) traded down 2.9% against the dollar during the 1-day period ending at 8:00 AM ET on October 3rd. Steem has a market capitalization of $32.81 million and approximately $3.58 million worth of Steem was traded on exchanges in the last day. One Steem coin can now be bought for $0.0628 or 0.00000074 BTC on popular exchanges. In the last week, Steem has traded down 7.8% against the dollar.

Here is how similar cryptocurrencies have performed in the last day:

• Arweave (AR) traded up 7.6% against the dollar and now trades at $4.69 or 0.00005538 BTC.
• Bitcoin (BTC) traded down 2% against the dollar and now trades at $84,672.85 or 1.00000000 BTC.
• Zcash (ZEC) traded down 5% against the dollar and now trades at $1,310.66 or 0.01547911 BTC.
• Dogecoin (DOGE) traded down 3.6% against the dollar and now trades at $0.0929 or 0.00000110 BTC.
• Monero (XMR) traded up 0.4% against the dollar and now trades at $547.12 or 0.00646157 BTC.
• UNUS SED LEO (LEO) traded 0.4% higher against the dollar and now trades at $8.99 or 0.00010621 BTC.
• Bitcoin Cash (BCH) traded down 1% against the dollar and now trades at $311.87 or 0.00368326 BTC.
• Litecoin (LTC) traded 0.1% lower against the dollar and now trades at $69.67 or 0.00082283 BTC.
• Ethereum Classic (ETC) traded 2.4% lower against the dollar and now trades at $8.87 or 0.00010472 BTC.
• NyanCoin (NYAN) traded 2.2% lower against the dollar and now trades at $2.40 or 0.00008809 BTC.

About Steem

Steem (STEEM) is a proof-of-work (PoW) coin that uses the PoS hashing algorithm. It was first traded on March 24th, 2016. Steem’s total supply is 559,670,618 coins and its circulating supply is 522,267,379 coins. Steem’s official Twitter account is @steemit and its Facebook page is accessible here. The official website for Steem is steem.com. The Reddit community for Steem is https://reddit.com/r/steemit and the currency’s Github account can be viewed here. 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. TSteem 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. Facebook, Reddit”

Buying and Selling Steem

It is usually not presently possible to buy alternative cryptocurrencies such as Steem directly using US dollars. Investors seeking to trade Steem should first buy Ethereum or Bitcoin using an exchange that deals in US dollars such as Gemini, GDAX or Changelly. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Steem using one of the aforementioned exchanges.

STEEM/USD price chart by TradingView