Steem (STEEM) Price Down 8.8% This Week

Steem (STEEM) traded 0.5% lower against the U.S. dollar during the 24-hour period ending at 7:00 AM ET on February 21st. One Steem coin can now be purchased for $0.0497 or 0.00000073 BTC on popular exchanges. Steem has a market capitalization of $25.93 million and $6.55 million worth of Steem was traded on exchanges in the last day. During the last seven days, Steem has traded 8.8% lower against the U.S. dollar.

Here is how similar cryptocurrencies have performed during the last day:

• Arweave (AR) traded up 6.9% against the dollar and now trades at $2.07 or 0.00003040 BTC.
• Bitcoin (BTC) traded 0.9% higher against the dollar and now trades at $68,080.43 or 1.00000000 BTC.
• Dogecoin (DOGE) traded up 1.5% against the dollar and now trades at $0.1000 or 0.00000147 BTC.
• Bitcoin Cash (BCH) traded 2.5% higher against the dollar and now trades at $568.49 or 0.00835022 BTC.
• UNUS SED LEO (LEO) traded 0% higher against the dollar and now trades at $8.64 or 0.00012693 BTC.
• Monero (XMR) traded 1.7% lower against the dollar and now trades at $328.54 or 0.00482577 BTC.
• Zcash (ZEC) traded up 2% against the dollar and now trades at $261.61 or 0.00384267 BTC.
• Litecoin (LTC) traded up 2.6% against the dollar and now trades at $54.96 or 0.00080724 BTC.
• Ethereum Classic (ETC) traded 16.3% higher against the dollar and now trades at $9.66 or 0.00014191 BTC.
• NyanCoin (NYAN) traded 2.2% lower against the dollar and now trades at $2.40 or 0.00008809 BTC.

About Steem

STEEM is a proof-of-work (PoW) coin that uses the PoS hashing algorithm. Its launch date was March 24th, 2016. Steem’s total supply is 540,142,395 coins and its circulating supply is 522,267,379 coins. The Reddit community for Steem is https://reddit.com/r/steemit and the currency’s Github account can be viewed here. Steem’s official Twitter account is @steemit and its Facebook page is accessible here. Steem’s official website is steem.com. Steem’s official message board 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. TSteem 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. Facebook, Reddit”

Buying and Selling Steem

It is usually not possible to purchase alternative cryptocurrencies such as Steem directly using U.S. dollars. Investors seeking to trade Steem should first purchase Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Gemini, GDAX or Changelly. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Steem using one of the exchanges listed above.

STEEM/USD price chart by TradingView