Posted by Rob Logan on Mar 9th, 2018 // No Comments
Steem (CURRENCY:STEEM) traded down 12.5% against the US dollar during the 1 day period ending at 10:00 AM Eastern on March 2nd. One Steem coin can currently be purchased for $2.49 or 0.00027625 BTC on major exchanges including Poloniex, Bittrex, Upbit and OpenLedger DEX. Steem has a total market capitalization of $626.02 million and approximately $5.
45 million worth of Steem was traded on exchanges in the last 24 hours. Over the last seven days, Steem has traded down 24% against the US dollar.
Here is how other cryptocurrencies have performed over the last 24 hours: Get Steem alerts: Bitcoin (BTC) traded 7.
9% lower against the dollar and now trades at $9,060.94 or 1.
BTC. Bitcoin Cash (BCH) traded 7.3% lower against the dollar and now trades at $994.33 or 0.11053200 BTC. PACcoin (PAC) traded flat against the dollar and now trades at $0.
0000 or 0. BTC. Counterparty (XCP) traded 13.3% lower against the dollar and now trades at $14.39 or 0.00159982 BTC.
Crown (CRW) traded down 10.7% against the dollar and now trades at $1.90 or 0.00021091 BTC.
Unobtanium (UNO) traded 1.6% higher against the dollar and now trades at $163.22 or 0.01814340 BTC.
Namecoin (NMC) traded down 4.8% against the dollar and now trades at $1.92 or 0.
00021373 BTC. ATBCoin (ATB) traded down 10.9% against the dollar and now trades at $0.26 or 0.00002884 BTC.
CHIPS (CHIPS) traded 5.5% lower against the dollar and now trades at $0.40 or 0.00004488 BTC. Terracoin (TRC) traded up 14.
1% against the dollar and now trades at $0.18 or 0.00002051 BTC.
Steem Profile
Steem (CURRENCY: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 268,884,201 coins and its circulating supply is 251,910,107 coins. The official message board for Steem is steemit.
com/@steemitblog . Steem’s official website is steem.io .
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 .
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: Upbit, HitBTC, OpenLedger DEX, Poloniex and Bittrex.
It is not possible to buy Steem directly using U.S. dollars.
Investors seeking to acquire Steem must first buy Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Gemini, GDAX or Coinbase. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Steem using one of the exchanges listed above.
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