An Introduction to Steemit: The Currencies
When you first join a new platform, it can be an exciting time. It can also be a bit intimidating if you are seeing ideas and concepts for the first time. Minnow University is here to help you understand the concepts and language used on Steemit to access the STEEM blockchain.
Let's get started on the first lesson:
What is Steemit?
What is Steemit? Steemit is a blogging platform that accesses the STEEM blockchain, allowing you to write posts, vote on posts, and gain rewards in the form of SBD and STEEM. There are other ways to interact with the STEEM blockchain, but that will be covered in a future post.
STEEM
Steem is a cryptocurrency much like Litecoin, Bitcoin, and many others. It is the main unit of liquid currency from the blockchain and can be sold, bought, or powered up into SP
SBD
Or also knows as a STEEM DOLLAR, is a "twin" to STEEM but it is set to be pegged to the US Dollar and should stay around the 1 U.S. dollar range. You can buy STEEM with SBD or also buy SBD with STEEM.
SP
SP is simply powered up STEEM. It is the power behind the value of your upvotes and curation rewards. The more SP you have, the more your vote is worth. Unlike STEEM and SBD, you can not withdraw SP from your account at will. You can power down your SP into STEEM over 13 weeks. This is built to bring stabiliazation to the currency and prevent large dump and runs.
You earn SP by powering up steem or through payout rewards from blogging and curation.
Minnow University is brought to you by witness @swelker101, with help from @isaria and @kubbyelizabeth to help new Steemit users understand the concepts and basics of Steemit and other STEEM blockchain platforms. We have working relationships with MSP at PALnet and The Writer's Block to help educate minnows on how to grow their accounts without resorting to spam or practices that may stunt their ability to flourish on the platform. Please join us at our discord server
Good to know what it's all about, thanks for the info
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Thank you @minnowsupport for the follow up clarification of tha Steemit! After careful study, I have decided to go FULL monty throttle with all Steemit earned resources to power up my SP. Let's hope this pays off 5 yrs down tha lonely road! Thank you again for all your help and support.
This good information will help with many tears and cries!! Blessings for this journey!! I send my best regards, joy and my finest wine!! Evoé!!!
This is awesome. I'm a supporter
Thanks for the work.
Good info right here. Resteemed.
Thanks, you have gone a long way helping starters like me, thanks for the up date and thanks for sharing, really learnt alot, thanks.
Thanks for the article. Could you explain why SBD exists? You've said what it is but I don't understand why is it needed as well as Steem? When, if ever, is one more important the the other? Thanks!
I downloaded the discord app, how do I join @minnowuniversity on the platform. Can someone help me out here?
I have questions yet I do enjoy steemit and the community. Support is good