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Steem (CURRENCY:STEEM) traded 6.9% lower against the US dollar during the 24-hour period ending at 20:00 PM E.T. on January 26th. Steem has a total market cap of $1.50 billion and approximately $221.15 million worth of Steem was traded on exchanges in the last 24 hours. During the last week, Steem has traded 19.
2% higher against the US dollar. One Steem coin can currently be purchased for $6.07 or 0.00054930 BTC on popular cryptocurrency exchanges including Upbit, Poloniex, Bittrex and OpenLedger DEX.
Here’s how related cryptocurrencies have performed during the last 24 hours: Get Steem alerts: Bitcoin (BTC) traded 2.1% lower against the dollar and now trades at $11,134.90 or 1. BTC.
Bitcoin Cash (BCH) traded down 3% against the dollar and now trades at $1,601.86 or 0.14504100 BTC. PACcoin (PAC) traded down 7.1% against the dollar and now trades at $0.
0001 or 0. 1 BTC. Counterparty (XCP) traded down 12.
3% against the dollar and now trades at $49.73 or 0.00450261 BTC. Crown (CRW) traded down 1.5% against the dollar and now trades at $3.55 or 0.00032105 BTC. Namecoin (NMC) traded 1.
4% lower against the dollar and now trades at $3.80 or 0.00034408 BTC.
Unobtanium (UNO) traded down 2.6% against the dollar and now trades at $130.55 or 0.01182050 BTC. ATBCoin (ATB) traded down 23.
8% against the dollar and now trades at $0.58 or 0.
00005244 BTC. CHIPS (CHIPS) traded down 8.8% against the dollar and now trades at $0.
42 or 0.00003847 BTC. Terracoin (TRC) traded 1.
5% lower against the dollar and now trades at $0.
31 or 0.00002836 BTC.
Steem Profile STEEM is a proof-of-work (PoW) coin that uses the SHA-256 hashing algorithm.
Its launch date was July 4th, 2015. Steem’s total supply is 264,467,210 coins and its circulating supply is 247,493,116 coins. 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 . Steem’s official Twitter account is @steemit and its Facebook page is accessible here . Steem’s official website 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. “
Buying and Selling Steem
Steem can be bought or sold on the following cryptocurrency exchanges: Poloniex, Upbit, Bittrex, OpenLedger DEX and HitBTC.
It is not possible to buy Steem directly using U.S. dollars. Investors seeking to trade Steem must first buy Bitcoin or Ethereum using an exchange that deals in U.S.
dollars such as Coinbase, Gemini or GDAX. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Steem using one of the exchanges listed above. Receive News & Updates for Steem updates for Steem and related cryptocurrencies CryptoBeat newsletter ..
