|Circulating Supply||330,676,861 STEEM|
|Max Supply||0 STEEM|
Steem is one of two cryptocurrencies that are used as a currency on Steemit, a social media site built on blockchain technology that allows users to earn cryptocurrencies for posting, sharing and creating content.
Steem is the base token for Steemit while the Steem Dollar (SBD) is another token which is tied to the USD. Both of these cryptocurrencies can be traded at cryptocurrency exchanges but can also be earned for free by using Steemit.
What is The Steem Coin (STEEM)?
The Steem coin (STEEM) is the cryptocurrency/token that can be bought, sold, traded and used on the Steemit social media site which has been built using blockchain technology. It currently has a value of $3.47 per coin, a market cap of close to $870 million and has a daily trading volume that is an average of $4.5 million.
That current value is a massive increase on the $0.40 the token was worth at launch back in 2016 and shows just the sort of profit that could have been enjoyed should you have invested in it early enough.
Whats Special About Steem (STEEM)
Steemit is a social network site rather than just a cryptocurrency, so it is more of a project. It also has a unique angle where users can earn cryptocurrencies just by performing tasks on the social media site.
Here is what allows Steemit to stand out:
- Earn Crypto for Free – Easily one of the best aspects of the Steem cryptocurrencies is that they can be earned for free. There is no need to purchase the currencies if you do not want too as you could just earn them from doing anything such as creating content, sharing content, or even commenting on other users content.
- Huge Potential – As you will know from other massive social networks in the past such as Facebook and Twitter, there is a massive potential to become huge household names. With the angle of being able to earn money for posting, this just adds to that potential for Steemit.
- Steem Currencies Can be Traded for Others – For some people in certain countries, it can be difficult to get on the cryptocurrency ladder. With the two cryptocurrencies available to be earned for free on Steemit, this gives them a way to finally do so. These currencies can then be traded for other cryptocurrencies.
- Built Using Blockchain Technology – Steemit is different from regular social media sites such as Facebook simply because it has been built using blockchain technology. This brings added security and stability to the social media platform.
Where to Buy Steem (STEEM)
Steem might not be up there with some of the more popular cryptocurrencies but it can still be traded in a number of locations online. In fact, there are probably dozens of cryptocurrency exchanges or brokers that you will be able to use.
We have found five that we feel would be your best bet to try out and these are:
If you were to ask a bunch of traders for some of their favourite cryptocurrency exchanges, we are pretty certain that many would include Binance as one of their choices. It allows for crypto-to-crypto trades and has some very impressive low fees.
If you do not have any cryptocurrencies of note and would like to purchase some with a credit card, Changelly will probably be one of your better options. It has hundreds of different trading pairs too, so there is plenty of options when it comes to your trading.
Livecoin is another cryptocurrency exchange that we strongly recommend. It is London-based, has some competitive fees and supports more than 40 different cryptocurrencies. Here you can also use fiat currencies to purchase your cryptocurrencies.
Poloniex is another option when it comes to trading cryptocurrencies. This is a US-based cryptocurrency exchange that allows crypto-to-crypto trades only. It has good fees and a good selection of currencies to trade with.
Shapeshift is another cryptocurrency exchange that offers great anonymity due to only offering crypto-to-crypto trades. This exchange also supports the trade of more than sixty different cryptocurrencies, altcoins and tokens.
Investing in Steem (STEEM)
Steem is certainly an interesting project and one that has gained a lot of popularity in the cryptocurrency world. The fact that you can earn cryptocurrencies is a huge deal for some people especially when you can earn hundreds of dollars worth just for a single post like the most popular ones do.
If Steemit is a project that you feel you can believe in, it is certainly worth investing in. You could also just jump on board and become a user yourself and start earning the cryptocurrency before then selling it off.
If you are only interested in trading the currencies rather than using the site, this is one cryptocurrency that does not enjoy the wild swings in value that the likes of Bitcoin do. It could still be worth trading but we feel it is more of a long-term token more than anything else.
Do I Need a Steem Wallet?
Unless you want to take a risk by leaving your cryptocurrencies such as STEEM in a wallet at the cryptocurrency exchanges, you are going to have to think about finding a wallet. If you regularly read the news in the cryptocurrency industry, you will know that these currency exchanges have always been a big target for hackers.
In a way, the anonymity that these exchanges offer its users is the very reason why they are targeted. Hackers have a much better chance of never being identified once they have hacked into the exchanges and stolen as many cryptocurrencies as possible.
There is not a lot of option when it comes to storing the Steem cryptocurrencies at the moment but as this platform develops we are sure there will be more options available. There are no hardware-based wallets that currently support the currencies but there are downloadable or online wallets that you can use instead.
If you are looking to trade these cryptocurrencies, we certainly suggest that you try not to leave much of the currency in the wallets at the exchanges. Waking up to hear that your cryptocurrencies have been stolen due to an exchange being hacked is never a good thing.
Online wallets are not quite as safe as client-side wallets simply because your cryptocurrencies will be stored online and not locally on your computer. Despite this, they are still a better option than leaving your currencies in the wallets at the online cryptocurrency exchanges.
Steemit themselves offer a downloadable client wallet that you can use. It can be found on the Steemit website and is actually one of the best ways to store the cryptocurrency. As you can earn this currency for creating contents and sharing posts etc, it certainly makes a good first storage place.
Busy is another social media site that has been built on top of the Steem blockchain technology and it too has a Steem wallet that can be downloaded and installed on your computer. This would be one of your better options when it comes to storing the STEEM cryptocurrency.
Application wallets are wallets that can be downloaded as a client for your PC, laptop or as an app for mobile devices. These are probably your best option when it comes to storing your STEEM currency simply because there are currently no hard wallets that support this cryptocurrency as of yet.
- CLI Wallet
The CLI wallet is actually the official wallet for STEEM. It is very basic and is operated by Command Line Only. Despite being quite basic, many users prefer it over anything else as it offers good security.
This is a mobile app that was designed for Steem. It is a social media site that also has a built-in wallet that you can use. Definitely, a good option if you want to combine a wallet with the ability to curate your own content.
Vessel is another good little option to have as it can be downloaded and run on your desktop. It has been developed purely for the Steem blockchain and will not be able to store any other cryptocurrencies.
Pros & Cons
We think that you will agree that Steemit is a project that has a great chance of developing into something huge. A blockchain social media site that enables users to earn cryptocurrencies almost sounds too good to be true but it really is. There is already a large pool of users on the site that spend their days blogging and sharing content.
- Unique social media idea
- Earn free cryptocurrencies
- Strong development team
- Big competition with Facebook, Twitter etc