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RE: A Brief Explanation on How Steemit Works and Where the Money Really Comes From

in #steemit • 7 years ago

Thanks for the informative post @dogeking!

I think the best description that I've found for SBD is that it's an IOU for 1 USD worth of STEEM. Trading SBD for STEEM before exchanging to Fiat (or another cryptocurrency) is no longer necessary since exchanges now trade SBD, but I believe there was a point in which only STEEM was listed on the exchanges.

I found this YouTube video very helpful in explaining how the different currencies work:

7 years ago in #steemit by
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     7 years ago 

    Thanks for sending this video. Very useful information.

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