Steem (CURRENCY:STEEM) traded 3.1% lower against the dollar during the 1-day period ending at 14:00 PM ET on February 20th. One Steem coin can currently be bought for approximately $4.31 or 0.00037037 BTC on cryptocurrency exchanges including Poloniex, Upbit, OpenLedger DEX and Bittrex. Steem has a total market cap of $1.08 billion and approximately $21.01 million worth of Steem was traded on exchanges in the last 24 hours. Over the last seven days, Steem has traded up 3.8% against the dollar.
Here’s how similar cryptocurrencies have performed over the last 24 hours:
- Bitcoin (BTC) traded 5.9% higher against the dollar and now trades at $11,804.10 or 1.00000000 BTC.
- Bitcoin Cash (BCH) traded down 1.1% against the dollar and now trades at $1,513.03 or 0.13003200 BTC.
- PACcoin (PAC) traded 1.5% lower against the dollar and now trades at $0.0000 or 0.00000000 BTC.
- Counterparty (XCP) traded 0.3% higher against the dollar and now trades at $30.09 or 0.00258606 BTC.
- Crown (CRW) traded down 1.3% against the dollar and now trades at $3.16 or 0.00027199 BTC.
- Namecoin (NMC) traded up 1% against the dollar and now trades at $3.15 or 0.00027103 BTC.
- Unobtanium (UNO) traded down 0.2% against the dollar and now trades at $156.20 or 0.01342400 BTC.
- ATBCoin (ATB) traded up 2.4% against the dollar and now trades at $0.62 or 0.00005280 BTC.
- CHIPS (CHIPS) traded 38.8% lower against the dollar and now trades at $0.40 or 0.00003447 BTC.
- Terracoin (TRC) traded down 1.8% against the dollar and now trades at $0.24 or 0.00002036 BTC.
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 266,585,422 coins and its circulating supply is 249,611,328 coins. 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. Steem’s official message board is steemit.com/@steemitblog.
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 purchased on these cryptocurrency exchanges: Bittrex, OpenLedger DEX, Poloniex, Upbit and HitBTC. It is not currently 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 Changelly, Coinbase or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Steem using one of the exchanges listed above.
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