Hi @harpooninvestor,

#1 - No, Bookie is not live yet. Bookie Public Beta will be launched and open to all in time for FIFA World Cup 2018 (which starts on June 14).

#2 - Bookie Public Beta will use 'play tokens'. All users of the public beta will be eligible for real Bitcoin prizes through a range of competitions and leaderboards based on their play token betting success.

At full launch (after the WC 2018), Bookie will be enabled for Bitcoin betting. There are plans to enable betting with other cryptocurrencies in the future, but nothing concrete for Steem currency. But the second half of 2018 will see firming up of plans in this area, so stay tuned.

We agree that there is a need for clear education around betting exchanges, tailored to the cultural expectations of the North merican sports bettor. Obviously, this series of articles is a move in that direction, but it takes time to change people's intuitive understanding of market terminology, as you say. Interestingly, there is no consensus on whether backing is buying or selling, even amongst betting exchange users, as per this thread:
http://www.geekstoy.com/forum/showthread.php?7323-What-is-BUY-amp-SELL-on-Betfair-Betdaq

We believe that the best way to educate new exchange users is to make the Bookie in-app betting experience as familiar as possible. We are developing a feature that will allow non-exchange users to compare exchange market displays to (the more familiar) sportsbook displays. Working at this more intuitive level, we hope to make moving from sportsbook to exchange a quick and simple transition.

Really appreciate your thoughtful comments on this issue - We hope it continues! And would definitely love to see you giving us feedback on the Bookie Public Beta.