Steem (STEEM) Reaches Market Capitalization of $174.26 Million

Steem (CURRENCY:STEEM) traded down 7.5% against the dollar during the one day period ending at 16:00 PM ET on September 28th. In the last week, Steem has traded down 11.7% against the dollar. One Steem coin can now be bought for $0.44 or 0.00001067 BTC on popular cryptocurrency exchanges. Steem has a total market capitalization of $174.26 million and approximately $6.03 million worth of Steem was traded on exchanges in the last day.

Here is how other cryptocurrencies have performed in the last day:

  • Bitcoin (BTC) traded 3.4% lower against the dollar and now trades at $41,585.40 or 1.00000000 BTC.
  • Bitcoin Cash (BCH) traded down 2.7% against the dollar and now trades at $484.54 or 0.01165160 BTC.
  • Bitcoin Cash ABC (BCHA) traded up 11.2% against the dollar and now trades at $274.48 or 0.00660030 BTC.
  • Bitcoin SV (BSV) traded down 1.6% against the dollar and now trades at $125.04 or 0.00300675 BTC.
  • Counterparty (XCP) traded up 5.1% against the dollar and now trades at $19.34 or 0.00046497 BTC.
  • Namecoin (NMC) traded up 3.6% against the dollar and now trades at $1.40 or 0.00003361 BTC.
  • DragonVein (DVC) traded 28.3% higher against the dollar and now trades at $0.0071 or 0.00000017 BTC.
  • DAOBet (BET) traded 4% lower against the dollar and now trades at $0.0243 or 0.00000059 BTC.
  • Citadel.one (XCT) traded 14% lower against the dollar and now trades at $0.32 or 0.00000766 BTC.
  • PIXEL (PXL) traded 23.6% higher against the dollar and now trades at $0.0033 or 0.00000008 BTC.

Steem Profile

Steem (CRYPTO: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 409,871,467 coins and its circulating supply is 392,897,373 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. Steem’s official website is steem.com. The official message board for Steem 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 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 Coinbase, GDAX 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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