Steem (STEEM) Market Cap Achieves $84.01 Million

Steem (STEEM) traded down 1.4% against the dollar during the 1 day period ending at 17:00 PM E.T. on January 25th. Steem has a total market capitalization of $84.01 million and $11.25 million worth of Steem was traded on exchanges in the last 24 hours. During the last seven days, Steem has traded up 2.5% against the dollar. One Steem coin can currently be purchased for $0.20 or 0.00000844 BTC on major cryptocurrency exchanges.

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

• Bitcoin (BTC) traded up 2.2% against the dollar and now trades at $23,405.52 or 1.00000000 BTC.
• Dogecoin (DOGE) traded 0.8% higher against the dollar and now trades at $0.0871 or 0.00000372 BTC.
• Litecoin (LTC) traded 3% higher against the dollar and now trades at $90.81 or 0.00387981 BTC.
• UNUS SED LEO (LEO) traded 2% higher against the dollar and now trades at $3.54 or 0.00015132 BTC.
• Monero (XMR) traded 0.9% higher against the dollar and now trades at $174.53 or 0.00745695 BTC.
• Ethereum Classic (ETC) traded 0.7% higher against the dollar and now trades at $22.04 or 0.00094162 BTC.
• Bitcoin Cash (BCH) traded 2.2% higher against the dollar and now trades at $132.70 or 0.00566948 BTC.
• DEI (DEI) traded down 1.8% against the dollar and now trades at $0.26 or 0.00001097 BTC.
• Pax Dollar (USDP) traded up 0.1% against the dollar and now trades at $1.00 or 0.00004269 BTC.
• Bitcoin SV (BSV) traded 3.7% lower against the dollar and now trades at $41.20 or 0.00176019 BTC.

Steem Profile

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 409,190,981 coins and its circulating supply is 425,357,011 coins. The official website for Steem is steem.com. 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 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.”

Buying and Selling Steem

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