How & Where to Buy Steem (STEEM)
Step 1: Buy BTC or ETH at Coinbase
Sign up and purchase bitcoin (BTC) or Ethereum (ETH) at Coinbase.
If Coinbase is not available in your jurisdiction, view our list of exchanges that sell BTC or ETH for Government issued money.
Use Steem: Ways to send & spend STEEM
Steem Price & Information
Current STEEM price and historical price chart
What is Steem
Steem (sym. STEEM) is the token currency of the social network Steemit which is built over the blockchain mechanism and where people earn money (STEEM tokens) for posting, sharing, curating and commenting contents.
Steem is divided into STEEM and Steem Dollars which are fully trade-able tokens.
History of Steem
The idea of Steem was discussed in a whitepaper published in March 2016. Later the year, Ned Scott and Dan Larimer (creator of BitShares) founded the company. They also arranged for the funds to continue the development of the platform.
Steem began with a high inflationary supply model with 100% growth every year. However, later in December 2016, the inflation was brought down to 9.5% per annum.
In July 2016, Steem market capitalisation reached $405 million.
In March 2017. Dan Larimer resigned from the company.
How Steem Works
Steem has two different tokens, both of which are measured against STEEM, the base token for the network.
STEEM Power is the STEEM which has been put into Smart Contract mode and it helps users to gain more influence on the network.
Steem Dollars are STEEM tokens which are more like an actual cryptocurrency and can be converted to Fiat currencies or used for payments and transactions.
Exactly 50% of whatever the user earns is given to him as STEEM and the remaining 50% as Steem Dollars.
The network also has an internal conversion exchange where STEEM can be used to purchase Steem Dollars and vice versa. The process takes 3.5 days, approximately.
Steem offers 75% of the reward to the authors and 25% of the reward to the curators.
Steem also offers a wallet where the users can store their Steem Dollars or use for transactional purposes.
Steem aims to be a disruptive service in the cryptocurrency domain and offers multiple advantages.
- Virtually Free: There is no need to buy or invest Steem as Steem can be earned for publishing, curating or sharing contents on the network and even for commenting on the published materials. Thus, this cryptocurrency can be earned for free.
- Blockchain based: The service utilises blockchains, which is the backbone of almost every cryptocurrency. This brings solidity and security to the system.
- Trade-able: Leading exchanges offer trade of Steem Dollars and one can use Steem Dollars to purchase Bitcoins or Ethereum or other cryptocurrencies.
- Unlimited Potential: Steem is a social network, by definition, and thus, there is no limit where this network can reach. Facebook for example, is used by over a billion people, worldwide. Greater users brings greater revenue for the contributors.