Steem Coin is a cryptocurrency that powers and fuels SteemIt platform. SteemIt is a social network, where users can create content and post it, just like other social network websites. The only difference being – SteemIt will reward their users for content they post. Steem Dollars and Steem Power are units of Steem cryptocurrency. Where Steem Dollar is equivalent to one US dollar, while Steem power is a token that displays the power you have inside your SteemIt account. As you grow your Steem Power, you are able to vote, and they count more. Increasing or decreasing your Steem Power is known as Powering Up or Powering Down – just like in some online game.
Steem started in mid-2016 and currently has over 300 thousand users, who post and curate interesting feed. Unlike Reddit, SteemIt has no strict guidelines, however if a commnity inside SteemIt wishes to impose guidelines, they are free to do that. The reward system works with proper moderation, where users will only get the pay for the premium quality content they write.
But unlike Reddit where users contribute heavily for free, SteemIt aims to value their efforts and allow them to gain rewards that benefit them financially.
Noteworthy Points in Steem Coin
Steem Coin works differently than all other cryptocurrencies out there. Some coins provide platform to develop decentralized applications, while some of them work on new-age technology like Tangle. But what makes Steem different from all other cryptocurrencies? Here are some key points to note :
Easy to Mine – You do not need expensive hardware or high processing systems to mine Steem Coins. You can mine Steem Coins easily by just voting, creating content and contributing on the SteemIt platform.
No transaction fee – Unlike Bitcoin, Ethereum and many others, Steem Coin has no fees at all, which means the transactions from one network to another happen dynamically and free of charges.
Easy to Remember addresses – Unlike complex and tough addresses used in Bitcoin and Ethereum platforms, Steem Coins use simple and memorable addresses. An example of Bitcoin address is – ’19dkwhs012373mslznw12394xx0192m00′, while in Steem Coin, addresses look somewhat like this – ‘steemcryptofriend’.
Scalability Issues Solved – Bitcoin has been struggling with scaling its operations to complete and verify more transactions per minute, while Steem is already capable of conducting thousands of transactions per minute.
High Speed Transactions – Unlike Bitcoin where you have to wait for hours for one transaction to confirm, Steem Cryptocurrency works almost instantly with lightning fast speed.
Other Steem Applications
Apart from SteemIt, there are some other applications too, that support Steem Coin, and some of the popular ones are – Esteem (a mobile app), Busy (a social media app like Facebook), SteepShot (a photo sharing app like Instagram, but it is currently under development) etc.
You can create account on any of the applications that support and reward you in Steem coin, and enjoy the benefits.
Buy Steem Coin:
ou can buy Steem coin at any popular exchange that supports it. Coinbase is a common name, that has a global reach and world wide popularity, when it comes to purchasing cryptocurrencies. Some other ones are – Bittrex and OpenLedger. OpenLedger is difficult and complex for newbies, hence Bittrex is better to use as it has an easy interface. Started at half a dollar, back in 2016, Steem Coin Price is around $5 to $7 now.