Steem Price Reaches $0.91 on Major Exchanges (STEEM)

Steem (CURRENCY:STEEM) traded 11.4% lower against the US dollar during the 24-hour period ending at 20:00 PM E.T. on April 19th. During the last seven days, Steem has traded down 27.3% against the US dollar. Steem has a total market capitalization of $339.09 million and $10.48 million worth of Steem was traded on exchanges in the last day. One Steem coin can now be bought for about $0.91 or 0.00001666 BTC on cryptocurrency exchanges.

Here’s how other cryptocurrencies have performed during the last day:

  • Bitcoin (BTC) traded down 2.6% against the dollar and now trades at $54,891.11 or 1.00000000 BTC.
  • Bitcoin Cash (BCH) traded 11.1% lower against the dollar and now trades at $858.71 or 0.01564382 BTC.
  • Bitcoin SV (BSV) traded down 13.4% against the dollar and now trades at $287.87 or 0.00524436 BTC.
  • Bitcoin Cash ABC (BCHA) traded 4.4% lower against the dollar and now trades at $34.86 or 0.00063509 BTC.
  • PIXEL (PXL) traded 15.4% lower against the dollar and now trades at $0.0920 or 0.00000168 BTC.
  • Namecoin (NMC) traded down 8.2% against the dollar and now trades at $2.44 or 0.00004436 BTC.
  • DragonVein (DVC) traded down 19.8% against the dollar and now trades at $0.0800 or 0.00000146 BTC.
  • Crown (CRW) traded up 1.5% against the dollar and now trades at $0.16 or 0.00000296 BTC.
  • Color Platform (CLR) traded down 0.1% against the dollar and now trades at $0.0125 or 0.00000023 BTC.
  • DAOBet (BET) traded 22.6% lower against the dollar and now trades at $0.0091 or 0.00000017 BTC.

Steem Profile

STEEM is a proof-of-work (PoW) coin that uses the SHA-256 hashing algorithm. It was first traded on March 24th, 2016. Steem’s total supply is 387,718,610 coins and its circulating supply is 370,744,516 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. The official message board for Steem is steemit.com/@steemitblog. Steem’s official website is steem.com.

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 presently possible to buy alternative cryptocurrencies such as Steem directly using US dollars. Investors seeking to trade Steem should first buy Ethereum or Bitcoin using an exchange that deals in US dollars such as Coinbase, Changelly or Gemini. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Steem using one of the aforementioned exchanges.

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