Crypto Academy Week 6 - Homework Post for @yohan2on by @hasansid
hello, friends
how are u all? I hope u are all well. this is my second post to this community and I hope u all will like it .sir lecture has been very helpful to me as I have learned a lot from it which I did not know before in this homework we have to discuss one of the stable coins as sir told has told us that how what is stable coin how stable should it be it and as the sir has told us that how people start withdrawing their money as it prices/rates go down this causes inflation and how can people get the advantage of it if their country currency value is very low and how can make it easier for people to transfer their funds easily.
so let's get started
steem basics
Dan Larimer founded steemit, a blockchain-based social media site, in 2014. (the CEO of BitShares). steem coin is the cryptocurrency of steemit On Steemit. People gain reward on Steemit when their blogs/content are upvoted by other Steemit users. However, the content must be free of plagiarism.
There are three separate cryptocurrencies on the Steemit blockchain.
Steem
steem is the base currency of steemit and steem power and sbd is based on it.
Steem Dollars (SBD)
Steem Dollars (commonly abbreviated SBD) are liquid stable-value currency tokens designed to be pegged to $1 USD. Steem Dollars can be traded with STEEM and transferred to other accounts for commerce or exchange. Steem Dollars may also be converted into STEEM via a process that takes 3.5 days.Source It's a steemit-based cryptocurrency that's thought to be more secure and stable.It is supposed to be pegged to the US dollar at a 1:1 ratio, meaning that 1 SBD should be worth the same amount of Steem as 1 USD. It can also be exchanged on many exchanges, and 50% of author and curator payments are made in sbd to prevent price volatility.
Steem Power (SP)
it's a token that tells how much of an influence you have on the Steemit platform. You have more power if you have more SP. . Since compensation is directly linked to it, it is a very important feature of the Steemit platform. On Steemit, people earn rewards in form of cryptocurrency when their blogs get upvoted by other users of Steemit.50% of payments sent to contributors are made in SP.
Source
How to earn SP and SBD?
Contributing to the website is one way to do so. On steemit, you can earn money by writing posts, commenting, blogging, and upvoting. Mining is possible on Steemit, but it is not the primary means of earning rewards or income. The network creates new Steemit currency units every day, which are then distributed to the platform's users.You will earn more incentives the more involved and committed you are on the site.Advantages:
• Participating in the platform remunerates content creators.
• By buying SteemPower, any user may gain influence on the site and thus increase their profits.
• Confidentiality
• On Steem, all user data is encrypted and uncensored.
Disadvantages:
• This security feature can become a big drawback if you forget your password.On Steemit, there is no way to recover your password.
• Inflation is a term used to describe a rise in the price of something.
• Voting power inequality
This is the best piece of advice I can give you for making money on Steemit. Consistency is essential.
converse with others creates relationships by observing which kinds of posts receive the most interaction. Follow other bloggers whose work you value. Steemit is a unique forum where writers can make some money if they use it properly. Without a question, sbd can be used as a safe coin, but where there are benefits, there also come some drawbacks
That’s all from my homework. This post is plagiarism free and the pics used in this article are my own screenshots. I hope I have explained it properly. Thankyou
SPECIAL MENTION
@yohan2on
@steemcurator01
@steemcurator02
Hi @hasansid
Thanks for attending the 6th -Crypto course and for your effort in doing the given homework task.
Unfortunately, I found plagiarized content in your article and here are the links to it;
Plagiarism is not tolerated on Steemit
Homework task
0
sir, it's not like I have copied the whole thing mostly I've written on my own just one-two things I've taken from the internet just forgot to give the source of them sir I will modify it I have worked at it plz reevaluate it.
sir @yohan2on , I have modified my homework and I hope u will re-evaluate it