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What is Steem

Steem is the crypto currency of the decentralized social network Steemit. It is a lot like the other social networks or forums, like Reddit or Facebook, but the authors of the content on this network are granted by the rewards in Steem coins.

Advantages of using Steem

Steem dollar

As the authors publish the content other users can encourage them using Steem. Steem dollar is the equivalent amount of Steem that is equal to one dollar. Steem dollar was developed to not affect the authors of a great content by the fluctuation exchange rate of Steem coins. This means that when they would like to cash out earned amounts of Steem they will receive the fairly amount of USD.

Steemit social network

Steemit is the social network, that was created on the Steem blockchain. It allows users to create content and share it earning Steem coins as a reference payback.

This network now consists of more than 60 000 active users and will grow exponentially in future.

Faster than Bitcoin and Ethereum

Steem social network should surely run smoothly. The developers have created new algorithm based on the blockchain, that is much faster than Bitcoin or Ethereum.

Steem definitions

Cryptoasset

Steem is a crypto token and can be bought sold or exchanged using different services. However, it is not an ordinary token and can be only used to encourage creators who make really good content.

Exchange

You can exchange Steem to other coins using special platforms. Or you can compare their prices between each other and choose the best one using aggregators like Bestrate.org.

Node

Nodes are the computers that process every transaction and check the whole blockchain for the ability of contragents to make a transaction. They are probably the most important part of the network.

Market cap

Steem coins can be converted to USD. There is a special term for the amount of Steem coins that are equal to one USD on the certain time – Steem dollar. But you can go further and multiply the number of coins by their present price. This amount of USD will be called Market Capitalisation of the Steem blockchain.

Steem investment strategy

Steem is probably not the coin for investors. It should be used on the Steemit social network. You can earn Steem coins for being the moderator or administrator. Or you can make your own content and be rewarded for it with Steem tokens.

Where to keep Steem

The best and the right way to keep your Steem coins is to create an account on the Steemit blockchain social network. You can use Steem coins within this network, earn it or transfer between other users of Steemit.

You can also use the alternative user interface for Steemit called Busy.

There are also several other solutions. For example you can use eSteem – mobile app for Steem and the build in wallet, or desktop wallet called Vessel.

How to transfer RLC securely

Steem coins can be transferred as the ordinary cryptocurrency. So you should be careful making the transaction. So there are some advice for you not to lose your money.

Never type a wallet address manually

Always use only copy-paste operation to enter a wallet address. Any mistake can cause an error and let your money get lost in the network.

Look up the transaction fee

Any good wallet or an exchange platform will show you the transaction fee for your money transfer. Look for it anytime you send Steem coins to anyone.

Double check the address

Make sure that the address of the recipient is correct and check it several times before sending off the sum, especially if you transfer big amounts of Steem coins at a time.

Test before sending

Anytime you send huge amount of Steem check the whole procedure on a small amount. When you will be sure that your partner has received the money, do the same thing with the rest of the asset.