Hello everybody,
welcome to @smartsteem's original post-series - called: STEEM BASICS.
STEEM BASICS is a series of posts that covers all topics about STEEM, STEEMIT, BUSY, UTOPIAN, DTUBE and the whole Ecosystem and will help new users on STEEM to understand the plattform better!
Previous Episodes:
This episode is about the different currencies on STEEM(IT) - STEEM, STEEM-DOLLARS and STEEMPOWER.
Currency: STEEM
As we explained in the previous Episode - STEEM is a blockchain. Through which we - the users - are able to create all of our posts for Steemit, Busy, Utopian, DTUBE, D-Mania & Co and get rewarded for it.
But STEEM is also - similar to Bitcoin - a currency. Which can be transferred internally through STEEM(IT) - for example to @smartmarket for an upvote - or to the internal market to trade for STEEM-DOLLAR (and vice versa) and also to exchanges to trade it for another currency. One exchange that trades STEEM is Bittrex. And Bittrex has an account on STEEM called @bittrex.
So when you want to trade STEEM for another crypto-currency on Bittrex, then you send your STEEM to @bittrex with your Wallet Link as Memo. (More on that in another Episode)
The great thing about STEEM is that it can be used in the liquid form to trade, but can also be converted to STEEMPOWER as a way to invest into STEEM (as a plattform) and to gain passive and active dividends.
Currency: STEEMPOWER
STEEMPOWER is essentially the same thing as STEEM - with the only difference that it is powered-up for at least 13 weeks. Which means - STEEMPOWER can't be transferred instantly. It needs to power down - which takes 13 weeks while every week 1/13 is made available.
The great thing about STEEMPOWER is that it is used to determine how much your vote is worth. Your vote has a value behind it - which means that when you upvote a post - the posts receives rewards based on your vote-value.
Normally, when you start out - depending on the STEEM price - your 100% Vote is worth something between 0.25 and 1 cent.
With STEEMPOWER - you can increase how much your vote is worth. @smartsteem for example has currently around 42.000 STEEMPOWER which makes a 100% vote (at 100% Voting-Power) worth around 10$.
This value changes depending on how much STEEM is worth in USD. As of right now - the price of 1 STEEM in USD is around 2.7 USD. If this price would go to 4 USD - the vote-value would be even higher.
You can calculate the vote-value yourself through this calculator on steemnow.com
Currency: STEEM-DOLLAR
And now it gets a bit confusing. The reason why STEEM has a currency called STEEM-DOLLAR is because STEEM-DOLLAR is supposed to be pegged (equal) to 1 USD.
The reason: nearly all crypto-currencies change dramatically in price. 1 year ago - 1 STEEM was worth around 0.1 USD and now its worth 2.7 USD. And the price continues to increase or decrease.
So the goal with STEEM-DOLLAR was to have a stable currency for which STEEM-Users can get rewarded for their contributions regardless of the price-fluctuations and also trade STEEM for STEEM-DOLLAR and vice-versa.
But - as you prob. have noticed - the STEEM-DOLLAR price has exploded - at 7 USD right now ( from up to 14 USD).
That's why, we can't really tell more about STEEM-DOLLAR right now, since the future is not yet decided. The current goal is to bring it back to 1 USD but if this truly happens? We don't know yet.
But what we do know is that everything you do on STEEM right now is more lucrative than ever before.
We hope that you learned a lot through this episode of STEEM BASICS.
STEEM BASICS was brought to you by @smartsteem.
What does smartsteem offer?
Bid-Bot through smartsteem - send URL as MEMO to @smartsteem - votes are every 2.4h - both SBD & STEEM accepted - check on bottracker for current status.
Buy Instant-Upvotes through smartmarket - profit guaranteed - send URL as MEMO to @smartmarket - both SBD & STEEM accepted.
Sell your Votes with @smartmarket and earn up to 98% of your voting-power as revenue - you can enable it here: https://smartsteem.com/features
Delegate STEEMPOWER to @smartsteem and earn profit-shares of the bid-bot proportionate to your delegated amount. We pay out 90% of our profits! Go to https://smartsteem.com/sponsors and check out this post: https://steemit.com/steem/@smartsteem/guide-how-to-delegate-to-smartsteem-and-earn-profit-shares
Our amazing Sponsors who receive 90% of our bid-bot profits:
@xeldal - 20.300 SP
@motoengineer - 5.000 SP
@drorion - 3.890 SP
@doinglean - 850 SP
@yanosh01 - 250 SP
@c0ff33a - 100 SP
@ohamdache - 100 SP
@marty-art 100 SP
@felander - 100 SP
@doqstrader - 90 SP
@jpederson96 - 100 SP
@vidafitnessveliz - 50 SP
@detlev - 50 SP
@haxmat - 50 SP
@yogesssh - 50 SP
@plushzilla - 50 SP
@gyrosean - 50 SP
@juanv - 40 SP
@braveheart29 - 20 SP
@chnorris - 18 SP
@danielwong - 15 SP
@fatkat - 10 SP
@reko - 10 SP
@baroen96 - 10 SP
@abuzenk - 10 SP
@here-could-be-your-name
Who is behind smartsteem:
Join us on discord
If you have any questions, feedback, want to collaborate with us or something else you want to tell us - come and join our discord! :)
Great work @smartsteem
All Newbies should watch out for this great educational post by @smartsteem
Clears up a lot of things for me as a new user! Thank you very much for the amazing work!
excelente amigo dios lo bendiga por su apoyo...
le envio un obsequio de navidad para pie de pagina, espero le guste
Oh i was missing an essential info about steem, steem dollar and steem power. I am honoured by your tutorial. @smartsteem.
Thank you for your sharing @smartsteem
But what is the purpose of STEEM? I know steem dollar is for people to get rewarded for good posts, steem power for determening how much your vote is worth, and STEEEM?
@yato
STEEM is basically the blockchain - the token that makes this whole system run.
Wow, having been on Steemit for just a few days and coming in with zero knowledge of cryptocurrency is hard. This post definitely helps me to figure out how all the currencies here on Steemit work though. Thanks so much for the great information. I am going to follow you guys and can't wait for more help along the way.
Thank you @smartsteem! I am new to all of this and trying to wrap my brain around all the intricacies of this platform!
I have allowed you to translate your article and publish it on #cesky for the Czech community. Thanks
I didn't get my reward here ! :p
'With STEEMPOWER - you can increase how much your vote is worth. @smartsteem for example has currently around 42.000 STEEMPOWER which makes a 100% vote (at 100% Voting-Power) worth around 10$.'
Thanks for sharing all the info about steem & their differences. Here in this post you people explained in a good way which i really like. So now a days more people r using steemit which is Steem, the blockchain. Because of this platform many newbies are entering so that Steem Dollar is raising more when compare to previous years.
Now the current value of 1 Steem is $4.10+.
Here i want to know about that Bid- Bot
i have seen that many people are getting good profit.
So, kindly inform more details about it.
Thanks