STEEM Explained: STEEM, STEEM Power and SBD
STEEM is shooting for the stars, with a 122% increase in value over that past 24 hours. Currently it's sitting at an astonishing $1.20 per STEEM. This post is for all the new users who have discovered STEEM whilst trading and I'll cover the basics of STEEM, STEEM Power and SBD (Steam Back Dollar).
STEEM Power VS STEEM
Steem power is like karma - it is rewarded for making good posts and for upvoting other people's posts (known as curation). Steem power is normally kept in your account and cannot be traded. The more STEEM power you have, the more influencial you are on STEEM - your articles and votes will be worth more. If at any point you want to start trading the power for fiat money (eg, USD), you have to power down your account. Power downs take 13 weeks (Thanks @craig-grant) to complete. What you get is a tradable form of STEEM Power, called STEEM. This can now be exchanged on Poloniex or any other exchange that supports it.
I hope you guys can support me and upvote this post so new users can see it! I'll also be powering up 100%, YAY STEEM!