Steem (CURRENCY:STEEM) traded 3.4% lower against the dollar during the 1-day period ending at 13:00 PM Eastern on March 13th. One Steem coin can currently be bought for $2.36 or 0.00025777 BTC on cryptocurrency exchanges including OpenLedger DEX, HitBTC, Bittrex and Poloniex. During the last seven days, Steem has traded down 27.6% against the dollar. Steem has a total market cap of $597.40 million and approximately $7.65 million worth of Steem was traded on exchanges in the last day.
Here is how similar cryptocurrencies have performed during the last day:
- Bitcoin (BTC) traded down 0.6% against the dollar and now trades at $9,210.82 or 1.00000000 BTC.
- Bitcoin Cash (BCH) traded up 2.3% against the dollar and now trades at $1,074.83 or 0.11720200 BTC.
- Counterparty (XCP) traded down 2% against the dollar and now trades at $16.55 or 0.00180465 BTC.
- Crown (CRW) traded 2.3% lower against the dollar and now trades at $2.02 or 0.00021953 BTC.
- Unobtanium (UNO) traded 1.7% lower against the dollar and now trades at $157.57 or 0.01712890 BTC.
- Namecoin (NMC) traded down 1.5% against the dollar and now trades at $1.95 or 0.00021238 BTC.
- ATBCoin (ATB) traded 0.9% lower against the dollar and now trades at $0.26 or 0.00002783 BTC.
- CHIPS (CHIPS) traded 3.2% higher against the dollar and now trades at $0.41 or 0.00004451 BTC.
- Terracoin (TRC) traded 1.6% lower against the dollar and now trades at $0.18 or 0.00001938 BTC.
- UnbreakableCoin (UNB) traded down 0.6% against the dollar and now trades at $1.07 or 0.00011650 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 these cryptocurrency exchanges: Bittrex, OpenLedger DEX, HitBTC, Upbit and Poloniex. It is not currently possible to buy Steem directly using US dollars. Investors seeking to trade Steem must first buy 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 buy Steem using one of the exchanges listed above.
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