Steem 24 Hour Trading Volume Hits $2.60 Million (STEEM)

Steem (STEEM) traded down 1.1% against the U.S. dollar during the 24 hour period ending at 11:00 AM E.T. on March 19th. Steem has a total market cap of $93.03 million and $2.60 million worth of Steem was traded on exchanges in the last day. One Steem coin can now be bought for about $0.22 or 0.00000791 BTC on major cryptocurrency exchanges. During the last seven days, Steem has traded 23% higher against the U.S. dollar.

Here is how related cryptocurrencies have performed during the last day:

• Bitcoin (BTC) traded 0.8% lower against the dollar and now trades at $27,381.47 or 1.00000000 BTC.
• Dogecoin (DOGE) traded down 3.1% against the dollar and now trades at $0.0749 or 0.00000274 BTC.
• Litecoin (LTC) traded 2.7% lower against the dollar and now trades at $84.83 or 0.00309782 BTC.
• UNUS SED LEO (LEO) traded down 0.5% against the dollar and now trades at $3.36 or 0.00012260 BTC.
• Ethereum Classic (ETC) traded down 4.4% against the dollar and now trades at $21.23 or 0.00077531 BTC.
• Monero (XMR) traded up 3.9% against the dollar and now trades at $158.35 or 0.00578244 BTC.
• Bitcoin Cash (BCH) traded up 0.6% against the dollar and now trades at $136.07 or 0.00496891 BTC.
• DEI (DEI) traded up 0.4% against the dollar and now trades at $0.20 or 0.00000724 BTC.
• Conflux (CFX) traded down 6% against the dollar and now trades at $0.39 or 0.00001409 BTC.
• Pax Dollar (USDP) traded down 0.2% against the dollar and now trades at $1.00 or 0.00003634 BTC.

About Steem

Steem is a proof-of-work (PoW) coin that uses the PoS hashing algorithm. Its genesis date was March 24th, 2016. Steem’s total supply is 409,190,981 coins and its circulating supply is 429,542,455 coins. The Reddit community for Steem is https://reddit.com/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. 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

It is usually not currently possible to buy alternative cryptocurrencies such as Steem directly using US dollars. Investors seeking to trade Steem should first buy Bitcoin or Ethereum using an exchange that deals in US dollars such as Coinbase, Changelly or GDAX. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Steem using one of the aforementioned exchanges.

STEEM/USD price chart by TradingView