Steem (CURRENCY:STEEM) traded down 14.8% against the U.S. dollar during the 24-hour period ending at 18:00 PM ET on February 5th. One Steem coin can now be bought for $3.31 or 0.00047714 BTC on popular exchanges including Bittrex, OpenLedger DEX, Upbit and Poloniex.
Steem has a total market cap of $823.46 million and $37.79 million worth of Steem was traded on exchanges in the last 24 hours.
Over the last week, Steem has traded down 42.6% against the U.
S. dollar.
Here’s how similar cryptocurrencies have performed over the last 24 hours: Get Steem alerts: Bitcoin (BTC) traded 16.5% lower against the dollar and now trades at $6,956.
16 or 1. BTC. Bitcoin Cash (BCH) traded down 23.5% against the dollar and now trades at $888.38 or 0.12802000 BTC. Counterparty (XCP) traded down 26.7% against the dollar and now trades at $22.
89 or 0.
00334511 BTC. PACcoin (PAC) traded 18.3% lower against the dollar and now trades at $0.0000 or 0. BTC.
Namecoin (NMC) traded 22.1% lower against the dollar and now trades at $2.
10 or 0.00030245 BTC. Crown (CRW) traded 21.
3% lower against the dollar and now trades at $1.81 or 0.00026037 BTC. Unobtanium (UNO) traded 4.6% lower against the dollar and now trades at $124.
51 or 0.01794190 BTC. ATBCoin (ATB) traded 12.7% lower against the dollar and now trades at $0.32 or 0.
00004545 BTC. CHIPS (CHIPS) traded down 15.9% against the dollar and now trades at $0.
23 or 0.00003362 BTC. Terracoin (TRC) traded down 18.5% against the dollar and now trades at $0.
18 or 0.00002529 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 265,672,225 coins and its circulating supply is 248,698,131 coins. Steem’s official Twitter account is @steemit and its Facebook page is accessible here . The Reddit community for Steem is /r/steemit and the currency’s Github account can be viewed here . Steem’s official message board is steemit.
com/@steemitblog . The official website for Steem is steem.io .
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: Poloniex, HitBTC, OpenLedger DEX, Upbit and Bittrex. It is not currently possible to purchase Steem directly using U.S.
dollars. Investors seeking to acquire Steem must first purchase Ethereum or Bitcoin using an exchange that deals in U.S.
dollars such as GDAX, Coinbase or Gemini. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Steem using one of the exchanges listed above.
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