Steemit, Steem, Steem Dollars, and Steem Power explained
I got introduced into this platform by my team leader @cryptostash and I took my time to learn the in and outs of steemit. Many see it as a very hard or complicated platform but it's actually simple once u get to know most of the basic things about steemit.
WHAT IS STEEMIT?
As we get to introduce our friends to this great platform, they will as the big question?
Steemit is a blogging and social networking website that runs on a blockchain database known as steem. It's a service which users get paid for posting, discovering commenting on interesting content.
Monetary System of Steemit
This includes the Steem, Steem Power and the Steem Dollars.
STEEM- this is a cryptocurrency and it's the main network base token and it's being traded on cryptocurrency exchanges and markets. It's what's used to power up the whole system
STEEM DOLLARS- usually abbreviated as SBD, ie STEEM BASED DOLLARS. Its the currency of the steemit platform and this is what people send to each other when they upvote posts.
STEEM POWER- this is a token that shows how much of an influence u have in the steemit platform. If you have a lot of steem power, your upvotes will count more and will award different authors steem power and Steem dollars as well.
Authors have the option to choose post rewards of 100% STEEM Power instead of the usual default 50% liquid currency (a combination of STEEM and Steem Dollars) and 50% STEEM Power.
Users and investors do have the option of converting liquid STEEM into STEEM Power, this is called powering up.
hamzeto, you posts has been the best explanation for me on the Steem vs Steem Power and SBD. I will using your post going forward to educate those who follow me into the Steemit World. When will post on how the calculations are more for PowerUP and PowerDown? Also, is their an obvious arbitrage I am missing when SBP Fluctuates +- $.50 and Steem +- $1? Upvoted, followed and resteemed.
How to login to steem chat? The email id and the steemit generated password or newly we have to sign up ?
You have to newly sign up on steemit chat with the same email and username
@hamzeto got you a $3.03 @minnowbooster upgoat, nice! (Image: pixabay.com)
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Some of it is really cool!
Perfect info for newbies. I've been here about 5 weeks, still learning. Thanks 😊
Sure, you are welcome!!
Thank you for the information.
You are welcome
Hi @hamzeto,
I'm new to Steemit, I'm trying to learn at least the basics. What attracted me to your post was the first image and I said I'll find something interesting in this post but while reading I realized that you missed the opportunity to make a Call to Action. The post has many images. Remember that "Less is more".
The best of luck!
Thanks a lot for the corrections and I really appreciate that.
You're welcome! I'm going to follow you. I'm happy for the new announcements by Team Steemit. I share it. :) https://steemit.com/steem/@steemitblog/announcing-the-steem-bluepaper
Am following u back already, I am also thrilled abt the announcement
nice article for new on steemit like me thanks
You are welcome, I will be dropping more about what I've learned so far on steemit
Some great info for new users. I would be happy to help you get it to new users. Feel free to message me on Steem Chat is you want :)
I really appreciate the help and I will be sure to message u today