Steem Trading 4.3% Lower Over Last 7 Days (STEEM)

Steem (CURRENCY:STEEM) traded 3.8% lower against the US dollar during the 1 day period ending at 19:00 PM ET on September 19th. One Steem coin can currently be purchased for about $0.62 or 0.00001319 BTC on major cryptocurrency exchanges. During the last seven days, Steem has traded down 4.3% against the US dollar. Steem has a market cap of $241.56 million and $6.82 million worth of Steem was traded on exchanges in the last 24 hours.

Here is how other cryptocurrencies have performed during the last 24 hours:

  • Bitcoin (BTC) traded 1.9% lower against the dollar and now trades at $47,216.09 or 1.00000000 BTC.
  • Bitcoin Cash (BCH) traded 2.7% lower against the dollar and now trades at $610.81 or 0.01293647 BTC.
  • Bitcoin Cash ABC (BCHA) traded 0.2% higher against the dollar and now trades at $239.90 or 0.00508097 BTC.
  • Bitcoin SV (BSV) traded 3.4% higher against the dollar and now trades at $162.15 or 0.00343416 BTC.
  • Counterparty (XCP) traded up 13.8% against the dollar and now trades at $27.32 or 0.00057864 BTC.
  • Namecoin (NMC) traded down 10% against the dollar and now trades at $1.26 or 0.00002662 BTC.
  • DAOBet (BET) traded down 2.3% against the dollar and now trades at $0.0280 or 0.00000059 BTC.
  • Citadel.one (XCT) traded down 19% against the dollar and now trades at $0.46 or 0.00000981 BTC.
  • DragonVein (DVC) traded 8% higher against the dollar and now trades at $0.0068 or 0.00000014 BTC.
  • Crown (CRW) traded down 0.4% against the dollar and now trades at $0.0633 or 0.00000134 BTC.

About Steem

STEEM is a proof-of-work (PoW) coin that uses the SHA-256 hashing algorithm. Its genesis date was March 24th, 2016. Steem’s total supply is 404,852,191 coins and its circulating supply is 387,878,097 coins. Steem’s official Twitter account is @steemit and its Facebook page is accessible here. Steem’s official website is steem.com. The official message board for Steem is steemit.com/@steemitblog. The Reddit community for Steem is /r/steemit and the currency’s Github account can be viewed 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 purchase alternative cryptocurrencies such as Steem directly using US dollars. Investors seeking to trade Steem should first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as GDAX, Coinbase or Gemini. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Steem using one of the exchanges listed above.

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