Market valuation for virtual currency has risen dramatically in the last few months and now amounts to $365 billion. Many cryptocurrencies became prominent as the market developed, including Steem.
What, therefore, is it about Steem that has become so famous? Our Steem guide offers a comprehensive explanation of cryptocurrency.
What Is STEEM?
It is a communal blockchain, a publicly available database containing permanent material in the form of clear text, as defined by the Ethereum protocol.
In addition, as previously indicated, it is driven by an in-built incentivization system that compensates content providers and distributors with STEEM, the cryptocurrency that is used by the platform. Find out an update on Irc Vs. Algo here!
Historical Facts About STEEM
Was it a surprise to learn that Steem was the third most valued cryptocurrency at one time?
- Yes, on the 20th of July 2016, the price of Steem currency skyrocketed from $0.27 to $4.34 in a single week. A total of $384.5 million was generated, making Steem the third most valuable cryptocurrency behind Bitcoin and Ethereum.
- Because of this, the price sank to a low of $0.12 in November of that year, as seen in the chart below.
- Steem currency, on the other hand, reached a new all-time high in January 2018 of $7.28. If we compare it to the $0.15 in January 2017, we see a gain of 4,853 percent.
- The price of Steem fell later in the first quarter of 2018 compared to most other cryptocurrencies. As of this writing, the Steem token is selling at roughly $0.247 per coin.
How To Get STEEM Coins?
The following are the procedures to do to get Steem coins:
- Get yourself a dependable Steem wallet (Ledger Nano S and Trezor).
- Sign up for Binance’s services.
- Binance is a cryptocurrency exchange where you can buy Steem currencies.
- Transfer a certain number of Steem coins to your wallet.
Who Can Benefit From STEEM?
HODLers
Steem tokens may be traded (bought, sold, and earned) by HODLers. Tokens for Steem are divided into three categories.
- The value of SBD is fixed to the U.S. dollar.
- Holders of Steem Power (SP) get a dividend in the form of Steem Power (SP).
- Because of its high liquidity, STEEM is well-suited to day traders.
Entrepreneurs
A reward-collecting social media network may be built on the Steem Blockchain by entrepreneurs such as online content firms, publishers, and online communities by constructing Steem DApps.
To encourage quality content, companies may leverage Steem’s built-in incentivization system. As a result, the social app’s impact grows, encouraging greater user participation.
To support real-time apps, Steem was built with a focus on fee-free and near-instant transactions in mind. More than 324 Steem-based DApps, more than 1 million users have put the Blockchain to the ultimate test.
Social Users
Social users may be involved with Steem by making accounts on Steem-based social platforms like Steemit, DTube, and Utopian. Individuals may earn free Steem coins by posting and curating content on the Steem social applications.
DApps created on the Steem blockchain, such as Steemit, are among the most popular. Social networking and weblog are the main features of this website. Click here to find out about Steem to eth.
Some Interesting Facts About STEEM Currency
- Each day, the Steemit channel generates new Steem coins.
- The writers and administrators each get 75% of the new coins.
- The holders of Steem Power get 15% of the currencies.
- Those that mine for Steem gets just 10% of the block payouts.
Because the supply of Steem is increasing daily, it is not advisable to keep onto it for an extended period. Steem Dollars, Steem Power, or another cryptocurrency like Bitcoin or Litecoin should instead be used to pay for the transaction.
