What currency does STEEM coin belong to?

STEEM, the native currency of the Steem blockchain's decentralized social media platform, incentivizes content creators and curators through rewards and transaction facilitation.

Nov 24, 2024 at 11:38 am

What Currency Does STEEM Coin Belong To?

STEEM is a cryptocurrency that is native to the Steem blockchain, a decentralized social media platform. It was created in 2016 by Ned Scott and Dan Larimer, the same team that created the Bitshares blockchain. STEEM is used to reward users for creating and curating content on the Steem blockchain.

Currency Details:

• Symbol: STEEM
• Blockchain: Steem
• Algorithm: Delegated Proof of Stake (DPoS)
• Total Supply: 260,199,104 STEEM
• Circulating Supply: 185,353,414 STEEM

Relationship to the Steem Blockchain:

STEEM is an integral part of the Steem blockchain, which is a decentralized social media platform. Users can create and curate content on the platform, and they are rewarded with STEEM for doing so. STEEM can then be used to upvote content, which helps it gain visibility and earn even more rewards.

Value and Use Cases:

The value of STEEM is determined by supply and demand on the cryptocurrency market. It is traded on various cryptocurrency exchanges, and its price can fluctuate significantly. STEEM can be used to:

• Reward content creators and curators on the Steem blockchain
• Upvote content to increase its visibility and earnings potential
• Purchase goods and services from merchants that accept cryptocurrency
• Convert to other cryptocurrencies or fiat currencies on exchanges

Steps to Acquire STEEM:

1. Create a Steemit account: Steemit is the flagship platform of the Steem blockchain. To acquire STEEM, you can create a Steemit account and start interacting with the platform.
2. Create and curate content: To earn STEEM on Steemit, you need to create valuable content that other users will enjoy. You can also curate content by upvoting posts and comments that you find interesting.
3. Receive upvotes and rewards: When other users upvote your content, you will receive a portion of the rewards in STEEM. The amount of STEEM you earn will depend on the quality of your content and the number of upvotes it receives.
4. Power up your STEEM: You can "power up" your STEEM to increase your voting power and influence on the platform. Powering up involves converting your liquid STEEM into Steem Power (SP), which is a staked version of STEEM that cannot be traded or transferred.
5. Delegate your SP: You can delegate your SP to other users who you believe will make good decisions on your behalf. When you delegate your SP, the recipient will have a portion of your voting power, which they can use to support content that they believe is valuable.
6. Unpower your SP: If you need to access your liquid STEEM, you can unpower your SP. This process takes 13 weeks, and you will receive 1/13 of your SP back each day.

Other Ways to Acquire STEEM:

• Buy STEEM on exchanges: You can purchase STEEM on various cryptocurrency exchanges, such as Binance, Huobi, and Kraken.
• Earn STEEM through faucets: Some websites and services offer free STEEM to new users. However, these faucets typically provide small amounts of STEEM and have strict limits on how much you can earn.

Conclusion:

STEEM is a cryptocurrency that is native to the Steem blockchain, a decentralized social media platform. It is used to reward users for creating and curating content, and it can be traded on cryptocurrency exchanges for other currencies or goods and services.