Steem (STEEM) is a blockchain-based social media platform that rewards users with cryptocurrency for creating and curating content. It operates on a decentralized network, incentivizing users to engage with the platform by distributing STEEM coins based on the value they bring to the network.
Steem (STEEM) is a cryptocurrency used on the Steem blockchain, a decentralized social media platform. Here are the key ways it is used:
Content Creation and Curation: Users earn STEEM by creating and curating content on Steemit, the flagship app of the Steem blockchain. The content includes posts and comments, and the curation involves upvoting posts and comments to distribute rewards to the creators.
Rewards System: The Steem blockchain rewards users for creating and engaging with content. The rewards are distributed in the form of STEEM tokens, which can be converted to other cryptocurrencies or fiat currencies.
Steem Power (SP): Steem Power is a measure of a user's influence on the platform. Users with more Steem Power have more influence over the distribution of rewards. Steem Power can be earned by staking STEEM tokens for a minimum of 13 weeks, and it can be converted back into STEEM tokens in installments.
Steem Blockchain Dollars (SBD): SBD is a stablecoin pegged to the U.S. dollar. It can be earned as rewards and converted to STEEM tokens based on market forces.
Decentralized Applications (dApps): Steem supports over 300 dApps, including Steemit, DTube, and Utopian. These apps use STEEM tokens for various purposes, such as rewarding users for creating content, coding contributions, or other activities.
Trading and Conversion: STEEM tokens can be traded on exchanges and converted to other cryptocurrencies like Bitcoin, which can then be converted to fiat currencies.
Overall, Steem (STEEM) is used to incentivize users to create and engage with content on the Steem blockchain, fostering a community-driven social media ecosystem.
To store Steem (STEEM) tokens, you have several options:
Steemit Platform Wallet: This is the most convenient option, especially if you are a content creator on Steemit. The wallet is automatically created when you sign up for an account. It allows you to send, receive, and store STEEM tokens, and it is decentralized, making it secure. However, it lacks two-factor authentication and allows you to view your private keys when logged in.
ESteem Wallet: This is a mobile wallet app available on both Google Play and the Apple Store. It is user-friendly and allows you to send, receive, and store STEEM tokens. It is linked to your Steemit account, so you need to use your Steemit private keys and password. It is a secure option as long as your mobile phone is not compromised.
CLI Wallet: This is the safest option, as it connects directly to the Steem blockchain client. However, it requires knowledge of Command Line Programming and is not user-friendly for beginners. It is ideal for those who need to store large amounts of STEEM tokens.
These wallets offer different levels of security and usability, so you can choose the one that best fits your needs.
To buy Steem (STEEM) tokens, you have several options:
Create Content and Get Rewarded: You can earn Steem tokens by creating and curating content on Steem-based social apps like Steemit, DTube, and Utopian. Sign up for Steemit to start contributing and earning tokens.
Buy from Blocktrades: As a Steem account holder, you can purchase STEEM, Steem Power, or SBD (Stablecoin) using other cryptocurrencies like Bitcoin, Bitcoin Cash, Ether, and Dash.
Buy from an Exchange: Steem-based tokens are listed on various exchanges such as Binance, Bittrex, Upbit, and GOPAX. You can buy Steem tokens directly from these exchanges without needing a Steem account.
Use Kriptomat: Kriptomat provides a simple and secure way to buy Steem tokens. You can sign up for a free account, complete the onboarding process, and then purchase Steem using various payment methods like SEPA bank transfers, credit/debit cards, or Skrill/Neteller.
Use KuCoin: KuCoin supports buying Steem tokens through a centralized exchange. You can create an account, verify your identity, add a payment method, and then purchase Steem using fiat currency or by exchanging other cryptocurrencies.
Trade CFDs: You can also trade Steem CFDs (Contracts for Difference) on platforms like Capital.com, which allows you to speculate on the price difference without owning the cryptocurrency itself.
- Other Exchanges: Additionally, you can buy Steem from other exchanges like OpenLedger, as mentioned on Steemit.
