Steem (STEEM) Review (UPDATED 2018): A Beginner’s Guide | VKOOL

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What is Steem?

Steem is a cryptocurrency used on Steemit, a blockchain that allows people to publish content for monetization. Upvotes turn into more rewards, and people who make more popular content can gain revenue for their work.

Viewers are able to look at many kinds of topics, as well as see what the latest posts are and what gained the most popularity. The ability to section off the kind of media you like to consume also makes it specialized for the viewer’s tastes.

Fundamentals of Steem

Anybody can start producing content on Steem, and the most sought after content gets compensated depending on its popularity. They offer mining and a way to gain Steem tokens for those who engage with or make content.

Unlike other media platforms which rely on outside advertisement which may not fit well with the media you’re producing, Steem allows people to be immediately compensated depending on their reach. Content creators no longer have to worry about being demonetized, or of having to fit in with advertising guidelines.

This gives back power to the creators and consumers who want to look at content without having to sit through tedious advertisement. For people who create, this also makes them better able to know that their hard work and dedication won’t be spoiled by sudden demonization without knowing why it happened.

The Steem Coin

You can get a hold of 3 different kinds of currency on Steem.

Steem system

STEEM tokens are open to trading and selling though there is the important factor of possible loss of value since the blockchain makes it daily. Because Steem Is gaining popularity this is inflation isn’t as big of an issue, since it has gained value recently.

Steem Power Unit

This is a more long-term form of currency that cannot be sold until a full 13 weeks has passed. This is like getting a small ownership of the network. This is of value to people if the Steem network continues to grow.

With roughly 85% of units going to those engaged in content, the rest go to people who invest in the Steem Power Unit. This also generates much more power than the average upvoter, and both you and the content creator get an increase of tokens.

Steem Currency

Steem Dollars are backed by USD in order to make it more reliable. 50% of the generated income to content creators is in this form, and this allows people to: trade on crypto markets, retain it for interest, or keep it as a long-term investment. Steem Dollars are only offered for people who are already in the Steem system with an active account.

Steem’s Supply

For content creators the possible reward is Steem Dollar and Steem Power. The Steem platform offers tokens daily, and they give 15% to people who have Steem Power, and the roughly 85% goes to people who engage in content creation in any form. This can include commenting, upvoting and of course creating.

History of Steem

Steem or Steemit as the company is known was launched in 2016, and they are privately held in New York. They were created by Dan Larimer which made BitShares, and Ned Scott.  The company had major success in distributing $30 million of Steem currency.

Steemit was created as a blockchain platform where people can have better control over their content, as well as preventing unwanted comments from spammers and trolls.

Trading Volume

Steem tokens work much differently than any other cryptocurrency platform. The fact that they allow for 3 unique kinds of currency makes it more likely that people will want help the community grow, since there are many ways to be compensated.

Steem Marketplaces

There are few places to get a hold of Steem including Binance, Bittrex, Poloniex, Upbit, OpenLedger DEX, and HitBTC. They allow trading for KRW, BTC, ETH, BNB, BTS, BITUSD, and BITCNY.

You can go on these sites and trade your cryptocurrency for STEEM.

Steem and Micropayments

There aren’t any micropayments on Steemit, and the creators have released a full outline in their whitepaper as to why they don’t allow it. The reason they state is because this makes the process of joining easier so people won’t gave to think about participating by thinking about the possible pros and cons. It’s automatic for any and all payments without a needed middleman.

The people who engage on Steem can then determine its value. People are able to invest in Steem similar to a stock option. Whenever there are more users STEEM will drop in value, but people already in the network will see an increase of worth.

Steem vs SBD

SBD or Steem dollars are roughly in the same price range of regular Steem tokens. You can convert these two into each other, and this process takes about 3.5 days. You can also get SBD on different markets like Upbit, Bittrex, Poloniex, HitBTC, and OpenLedger DEX. As long as you have KRW, BTC, BITCNY, BTS, or BITUSD you’re able to make an exchange.

Steem vs Raiblocks

XRB or Raiblocks is a cryptocurrency that is a modified version of a blockchain. This uses what is known as a block lattice, and with it every single block offers a single transaction. This allows people to have fast transactions all without any fees, which is an improved approach to other forms of blockchains.

Steem vs Tron

Tron or TRX was created in 2017. This cryptocurrency is based out of Singapore and it is completely decentralized. It allows content creators to get revenue off of their content. People who use this technology are able to get instant access to content from all over the globe. This also allows for instant transactions for content creators, instead of having to deal with a middle man.

Steem vs Ripple

With Ripple the transfer of currency of any kind is allowed. People can use this system to engage in transactions whether it is from bank sponsored groups or not. The information related to transactions is also private. There are over 100 billion XRP, and 20% of this stake is owned by the founders.

Steem vs Bitcoin

Bitcoin is perhaps the most popular cryptocurrency that is offered as a fully decentralized form of currency. People can exchange BTC without having to deal with any middleman. This has grown with over 2 million users. It is also almost universally allowed by all cryptocurrency exchange websites, and there are also ATMs and trade sites for fiat currency to BTC.

Steem FAQ

  1. Where can I buy Steem coin?
    The marketplaces include Upbit, Bittrex, Binance, Poloniex, OpenLedger DEX, and HitBTC.
  2. Is there a Steem Reddit page?
    Their full page is: https://twitter.com/steemit?lang=en
  3. Where can I find a Steem wallet?
    Many different websites offer it including the official website, which has their Steem specific wallet.
  4. What is the Steem coin price right now?
    This is sold for $3.76 at the time of this review.
  5. What’s an accurate Steem price prediction?
    We can’t say for certain since there is no way to guarantee what an accurate prediction may be.
  6. Where can I get Steem coin news?
    Their website offers updated news, but you can also look at any cryptocurrency news website as it is a major coin.
  7. How to buy Steem with USD?
    You first have to trade your fiat currency for a major form of crypto like BTC or ETH.
  8. What is the best way to buy Steem?
    A trusted marketplace can be found by finding a coin market tracker. You can also see what marketplaces offer it by visiting the official Steem website.
  9. How to sell Steem?
    Trade marketplaces offer it in exchange for other cryptocurrency.
  10. How to invest in Steemit?
    A few different marketplaces offer it in exchange for KRW, BTC, ETH, BNB, BTS, BITUSD, and BITCNY
  11. Does Bittrex offer Steem?
    They do offer it for an exchange of BTC.
  12. What is the Steem Twitter handle?
    https://twitter.com/steemit?lang=en
  13. Where to store Steem coins?
    Different wallets are available which you can learn about on the official website. Both mobile wallets and desktop wallets are offered.
  14. What is the best Steem crypto wallet?
    There are different wallets depending on your preferred stage wallet such as the companies own wallet, Freewallet, Piston, CLI Wallet, and Vessel. We recommend doing research to find the wallet that’s best for your needs.
  15. Can you still mine Steem?
    Yes, at this time there still is STEEM available to mine.

Summary

Steem offers a unique approach to content distribution and creation. People can get an immediate exchange of Steem cryptocurrency for their effort, and the community can decide whether or not the content is worth becoming popular. It also eliminates the possibly for continued spam users, since these accounts typically won’t last long.  It’s also offered on many kinds of popular trade exchange marketplaces.

The ability to gain added compensation for retaining the Steem platforms forms of currency also ensures that people will want continue using it. This prevents the possible loss of compensation that can come from advertisers who may not want to fund certain topics. It also gives power back to the publisher who can let the market decide if their content is worth viewing.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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