About Steem (STEEM)
Market Capitalization$788.10 million
Coin or TokenCoin
Number of Exchanges5
Steem (STEEM) Frequently Asked Questions
What is Steem?
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. (Description provided by CryptoCompare)
What exchanges can I buy or trade Steem on?
How do I buy Steem?
It is not possible to buy most cryptocurrencies with U.S. dollars. Bitcoin, Bitcoin Cash, Ethereum and Litecoin can be purchased with U.S. dollars using Coinbase. Once you have purchased Bitcoin using Coinbase, you can then transfer your Bitcoin to an exchange such as Binance or Changelly to purchase other cryptocurrencies, including Steem.
Where can I get Steem wallet?
Steem produces its own wallet software that is available for download on its website, which allows you to store Steem on your computer. For maximum security, you can store your cryptocurrencies on a dedicated hardware wallet such as a TREZOR wallet or a Ledger Nano S. If you do not wish to buy a hardware wallet, you may consider using a mobile wallet such as Jaxx or Coinomi to store multiple cryptocurrencies with some added security benefits.
What is the value of Steem?
One Steem (STEEM) is currently worth $3.10 on major cryptocurrency exchanges. You can also exchange one Steem for 0.00034597 bitcoin(s) on major exchanges. The value (or market capitalization) of all available Steem in U.S. dollars is $788.10 million.
What hashing algorithm does Steem use?
Steem is a proof of work (PoW) coin that uses the SHA-256 algorithm.
How do I mine Steem?
Steem and other SHA-256 coins can typically only be mined profitably with a piece of specialized mining hardware called an ASIC, which stands for application-specific integrated circuit. Major manufacturers of ASICs include BitMain (AntMiner), Butterfly Labs, Canaan (AvalonMiner), FutureBit and GridSeed. ASIC hardware can be purchased directly from the manufacturer or from resellers on Amazon and eBay.
What coins are similar to Steem?
The following coins use Steem's SHA-256 algorithm and proof of work (PoW) proof-type: Bitcoin, Bitcoin Cash, Counterparty, Crown, Unobtanium, Namecoin, PACcoin, ATBCoin, CHIPS, Terracoin, UnbreakableCoin, Zetacoin, Titcoin, Dollarcoin and SoonCoin.
What is the Reddit page for Steem?
The official Reddit community (subreddit) for Steem is r/steemit.
MarketBeat Community Rating for Steem (STEEM)MarketBeat's community ratings are surveys of what our community members think about Steem and other cryptocurrencies. Vote "Outperform" if you believe the stock will outperform other cryptocurrencies over the long term. Vote "Underperform" if you believe the stock will underperform other cryptocurrencies over the long term. You may vote once every thirty days.
Steem (STEEM) Price Chart for Sunday, April, 22, 2018
Steem (STEEM) Search Trends
There is a correlation between price appreciation and public interest in cryptocurrencies, such as Steem. Many cryptocurrency investors use Google Trends, which measures the volume of web searches for a particular topic over time, as a tool to gauge whether public interest is increasing or decreasing for a particular cryptocurrency. The chart below shows how search volume has changed for the phrase "Steem Coin" over the last 90 days.
Steem (STEEM) News Headlines