Steem (STEEM) Hits Market Capitalization of $197.28 Million

Steem (CURRENCY:STEEM) traded 3.4% lower against the dollar during the 24 hour period ending at 0:00 AM E.T. on September 24th. Steem has a market cap of $197.28 million and approximately $7.20 million worth of Steem was traded on exchanges in the last 24 hours. One Steem coin can now be bought for about $0.50 or 0.00001177 BTC on major cryptocurrency exchanges. In the last week, Steem has traded down 22.1% against the dollar.

Here is how similar cryptocurrencies have performed in the last 24 hours:

  • Bitcoin (BTC) traded down 3.5% against the dollar and now trades at $42,753.29 or 1.00000000 BTC.
  • Bitcoin Cash (BCH) traded 4.4% lower against the dollar and now trades at $519.30 or 0.01214632 BTC.
  • Bitcoin Cash ABC (BCHA) traded 3.5% lower against the dollar and now trades at $225.58 or 0.00527640 BTC.
  • Bitcoin SV (BSV) traded 5.8% lower against the dollar and now trades at $136.00 or 0.00318111 BTC.
  • Counterparty (XCP) traded down 2.1% against the dollar and now trades at $22.96 or 0.00053693 BTC.
  • Namecoin (NMC) traded down 1.2% against the dollar and now trades at $1.29 or 0.00003027 BTC.
  • DAOBet (BET) traded down 4.1% against the dollar and now trades at $0.0251 or 0.00000059 BTC.
  • DragonVein (DVC) traded up 6.9% against the dollar and now trades at $0.0068 or 0.00000016 BTC.
  • Citadel.one (XCT) traded 0.2% higher against the dollar and now trades at $0.37 or 0.00000871 BTC.
  • Crown (CRW) traded 1.2% higher against the dollar and now trades at $0.0561 or 0.00000131 BTC.

About Steem

Steem is a proof-of-work (PoW) coin that uses the SHA-256 hashing algorithm. Its launch date was March 24th, 2016. Steem’s total supply is 409,162,022 coins and its circulating supply is 392,187,928 coins. The Reddit community for Steem is /r/steemit and the currency’s Github account can be viewed here. The official website for Steem is steem.com. 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.   “

Buying and Selling Steem

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

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