Steem (STEEM) 24 Hour Volume Tops $12.41 Million

Steem (STEEM) traded up 5.6% against the dollar during the twenty-four hour period ending at 18:00 PM ET on June 23rd. Steem has a market capitalization of $89.82 million and $12.41 million worth of Steem was traded on exchanges in the last day. One Steem coin can now be bought for approximately $0.23 or 0.00001080 BTC on popular cryptocurrency exchanges. In the last week, Steem has traded 17% higher against the dollar.

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

  • Bitcoin (BTC) traded up 5.2% against the dollar and now trades at $21,056.09 or 1.00000000 BTC.
  • Bitcoin Cash (BCH) traded 2.7% higher against the dollar and now trades at $117.39 or 0.00557507 BTC.
  • Bitcoin SV (BSV) traded 3.6% higher against the dollar and now trades at $64.76 or 0.00307559 BTC.
  • Alpha Coin (ALPHA) traded 21.9% higher against the dollar and now trades at $0.0055 or 0.00000026 BTC.
  • Namecoin (NMC) traded 3.2% higher against the dollar and now trades at $1.35 or 0.00006418 BTC.
  • Coin of champions (COC) traded down 0.3% against the dollar and now trades at $0.0000 or 0.00000000 BTC.
  • Counterparty (XCP) traded up 5% against the dollar and now trades at $2.59 or 0.00012294 BTC.
  • Bogged Finance (BOG) traded 19.1% higher against the dollar and now trades at $0.45 or 0.00001469 BTC.
  • DAOBet (BET) traded flat against the dollar and now trades at $0.0318 or 0.00000056 BTC.
  • Uno Re (UNO) traded 4.5% higher against the dollar and now trades at $0.0535 or 0.00000254 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 409,190,981 coins and its circulating supply is 394,951,699 coins. 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. 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 possible to purchase alternative cryptocurrencies such as Steem directly using US dollars. Investors seeking to trade Steem should first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as Changelly, Coinbase or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Steem using one of the aforementioned exchanges.

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