Steem (CURRENCY:STEEM) traded down 1.7% against the U.S. dollar during the 24 hour period ending at 19:00 PM Eastern on June 10th. Steem has a market capitalization of $190.45 million and approximately $2.29 million worth of Steem was traded on exchanges in the last 24 hours. One Steem coin can now be purchased for $0.50 or 0.00001345 BTC on major exchanges. In the last seven days, Steem has traded down 14.7% against the U.S. dollar.
Here is how other cryptocurrencies have performed in the last 24 hours:
- Bitcoin (BTC) traded down 1.3% against the dollar and now trades at $36,893.31 or 1.00000000 BTC.
- Bitcoin Cash (BCH) traded down 4% against the dollar and now trades at $606.83 or 0.01644817 BTC.
- Bitcoin SV (BSV) traded 4.1% lower against the dollar and now trades at $166.15 or 0.00450346 BTC.
- Bitcoin Cash ABC (BCHA) traded 1.7% lower against the dollar and now trades at $21.08 or 0.00057126 BTC.
- PIXEL (PXL) traded down 1.2% against the dollar and now trades at $0.0647 or 0.00000175 BTC.
- Namecoin (NMC) traded 0.2% lower against the dollar and now trades at $1.72 or 0.00004669 BTC.
- DragonVein (DVC) traded up 3.9% against the dollar and now trades at $0.0458 or 0.00000124 BTC.
- Crown (CRW) traded 2.7% lower against the dollar and now trades at $0.0805 or 0.00000218 BTC.
- Color Platform (CLR) traded 7.3% lower against the dollar and now trades at $0.0064 or 0.00000017 BTC.
- Terracoin (TRC) traded 0.7% higher against the dollar and now trades at $0.0350 or 0.00000095 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
It is usually not currently possible to purchase alternative cryptocurrencies such as Steem directly using U.S. dollars. Investors seeking to acquire Steem should first purchase Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Coinbase, Gemini or Changelly. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Steem using one of the exchanges listed above.
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