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Steem (CURRENCY:STEEM) traded up 11.5% against the dollar during the 1-day period ending at 21:00 PM ET on February 3rd. One Steem coin can now be purchased for about $4.30 or 0.00047607 BTC on exchanges including Upbit, OpenLedger DEX, HitBTC and Bittrex. Steem has a market cap of $1.07 billion and $66.92 million worth of Steem was traded on exchanges in the last day.
During the last week, Steem has traded 30.3% lower against the dollar.
Here is how other cryptocurrencies have performed during the last day: Get Steem alerts: Bitcoin (BTC) traded 6.2% higher against the dollar and now trades at $9,035.
68 or 1. BTC. Bitcoin Cash (BCH) traded 11.4% higher against the dollar and now trades at $1,261.
98 or 0.13955900 BTC. Counterparty (XCP) traded 19% higher against the dollar and now trades at $38.43 or 0.00424939 BTC. PACcoin (PAC) traded 6.4% lower against the dollar and now trades at $0.0000 or 0.
BTC. Crown (CRW) traded up 1% against the dollar and now trades at $2.64 or 0.00029211 BTC.
Namecoin (NMC) traded up 7.9% against the dollar and now trades at $3.03 or 0.00033509 BTC. Unobtanium (UNO) traded 11.1% higher against the dollar and now trades at $141.94 or 0.
01569670 BTC. ATBCoin (ATB) traded up 13.5% against the dollar and now trades at $0.39 or 0.00004339 BTC.
CHIPS (CHIPS) traded down 8% against the dollar and now trades at $0.27 or 0.00003038 BTC. Terracoin (TRC) traded 2% lower against the dollar and now trades at $0.
23 or 0.00002575 BTC.
Steem Profile Steem (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 265,367,454 coins and its circulating supply is 248,393,360 coins. The official website for Steem is steem.io . Steem’s official message board is steemit.
com/@steemitblog . 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. “
Buying and Selling Steem
Steem can be bought or sold on these cryptocurrency exchanges: Upbit, Poloniex, HitBTC, Bittrex and OpenLedger DEX. It is not presently possible to purchase Steem directly using US dollars. Investors seeking to trade Steem must first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as Gemini, Coinbase or Changelly. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Steem using one of the aforementioned exchanges. Receive News & Updates for Steem updates for Steem and related cryptocurrencies CryptoBeat .
