New to the site...I see that there is an exchange to transact between STEEM and STEEM DOLLARS. Having read through the whitepaper, I understand that STEEM is a short term cash-like variety of the currency that is subject to high inflation. My understanding is that STEEM DOLLARS are something like a convertible note...either convertible into STEEM (which looks like maybe that process takes a week?) or exchangeable immediately for STEEM via the exchange. I'm guessing that payouts on content generation and curation are made in STEEM DOLLARS? For what purpose do you need STEEM vs STEEM DOLLARS?
With respect to STEEM, is there then another exchange where that can then be traded for non-STEEM currencies, like BTC or USD?
Please confirm or refute my understanding. Again, I'm new to the concepts and trying to understand. Thank you!
You will find all your answers in this post. https://steemit.com/steem-help/@hisnameisolllie/accounting-in-steem-steem-dilution-why
You can trade STEEM and STEEM DOLLARS (SBD) on Poloniex and Bittrex exchanges.