Steem (STEEM) Price Hits $1.89

Steem (CURRENCY:STEEM) traded 7.4% higher against the U.S. dollar during the 1 day period ending at 0:00 AM E.T. on March 16th. Over the last seven days, Steem has traded up 25.2% against the U.S. dollar. One Steem coin can now be purchased for about $1.89 or 0.00026968 BTC on popular exchanges including Bittrex, Poloniex, HitBTC and OpenLedger DEX. Steem has a total market capitalization of $483.24 million and $6.71 million worth of Steem was traded on exchanges in the last day.

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

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  • Bitcoin (BTC) traded 2.1% higher against the dollar and now trades at $7,000.20 or 1.00000000 BTC.
  • Bitcoin Cash (BCH) traded up 3.3% against the dollar and now trades at $651.98 or 0.09326050 BTC.
  • Counterparty (XCP) traded 3.6% higher against the dollar and now trades at $11.99 or 0.00171483 BTC.
  • Unobtanium (UNO) traded 0.3% lower against the dollar and now trades at $128.82 or 0.01842650 BTC.
  • Namecoin (NMC) traded 4.7% higher against the dollar and now trades at $1.50 or 0.00021456 BTC.
  • Crown (CRW) traded up 12.6% against the dollar and now trades at $1.20 or 0.00017142 BTC.
  • ATBCoin (ATB) traded 2.9% higher against the dollar and now trades at $0.20 or 0.00002844 BTC.
  • CHIPS (CHIPS) traded down 10.8% against the dollar and now trades at $0.28 or 0.00004050 BTC.
  • Terracoin (TRC) traded up 1.2% against the dollar and now trades at $0.16 or 0.00002265 BTC.
  • UnbreakableCoin (UNB) traded 0.6% higher against the dollar and now trades at $0.58 or 0.00008275 BTC.

About Steem

Steem (CRYPTO:STEEM) is a proof-of-work (PoW) coin that uses the SHA-256 hashing algorithm. Its genesis date was July 4th, 2015. Steem’s total supply is 273,287,827 coins and its circulating supply is 256,313,733 coins. Steem’s official message board is steemit.com/@steemitblog. 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 website is steem.io.

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 the following cryptocurrency exchanges: Poloniex, Upbit, Bittrex, HitBTC and OpenLedger DEX. It is not possible to buy Steem directly using US dollars. Investors seeking to acquire Steem must first buy Ethereum or Bitcoin using an exchange that deals in US dollars such as Coinbase, Changelly or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Steem using one of the exchanges listed above.

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