Steem Trading Up 32.4% Over Last 7 Days (STEEM)

Steem (CURRENCY:STEEM) traded 24.5% higher against the dollar during the 1 day period ending at 20:00 PM ET on November 25th. One Steem coin can now be purchased for approximately $0.78 or 0.00001326 BTC on major exchanges. During the last seven days, Steem has traded 32.4% higher against the dollar. Steem has a total market capitalization of $307.97 million and $111.44 million worth of Steem was traded on exchanges in the last 24 hours.

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

  • Bitcoin (BTC) traded 1.7% higher against the dollar and now trades at $58,938.88 or 1.00000000 BTC.
  • Bitcoin Cash (BCH) traded down 1.2% against the dollar and now trades at $615.27 or 0.01043919 BTC.
  • Bitcoin SV (BSV) traded down 1.2% against the dollar and now trades at $157.83 or 0.00267782 BTC.
  • Counterparty (XCP) traded 0.4% higher against the dollar and now trades at $17.25 or 0.00029262 BTC.
  • Namecoin (NMC) traded up 0.3% against the dollar and now trades at $1.96 or 0.00003319 BTC.
  • DAOBet (BET) traded up 1.6% against the dollar and now trades at $0.0318 or 0.00000056 BTC.
  • SafeBlast (BLAST) traded up 3.4% against the dollar and now trades at $0.0000 or 0.00000000 BTC.
  • PIXEL (PXL) traded up 0.3% against the dollar and now trades at $0.0042 or 0.00000007 BTC.
  • DragonVein (DVC) traded down 1.8% against the dollar and now trades at $0.0031 or 0.00000005 BTC.
  • Citadel.one (XCT) traded 3.8% higher against the dollar and now trades at $0.18 or 0.00000311 BTC.

About Steem

Steem is a proof-of-work (PoW) coin that uses the SHA-256 hashing algorithm. It was first traded on March 24th, 2016. Steem’s total supply is 410,904,868 coins and its circulating supply is 393,930,774 coins. Steem’s official website is steem.com. Steem’s official Twitter account is @steemit and its Facebook page is accessible here. 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 presently possible to buy alternative cryptocurrencies such as Steem directly using U.S. dollars. Investors seeking to acquire Steem should first buy Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Gemini, GDAX or Changelly. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Steem using one of the exchanges listed above.

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