Getting to Know Steem Power, Steem Dollar, and STEEM: What's the Difference?
Steemit is a blockchain-based social media platform that uses a token system as a form of reward for its users. There are three main types of tokens used in Steemit: STEEM, Steem Power (SP), and Steem Dollar (SBD). Although the three are related, each has a different function. Here is a complete explanation of the differences.
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1. STEEM: The Main Currency in Steemit
STEEM is the main cryptocurrency used in the Steemit ecosystem. This token can be traded on various crypto exchanges such as Binance and Bittrex.
Main features of STEEM:
- Can be traded on the crypto market.
- Can be converted to Steem Power (SP) or Steem Dollar (SBD).
- Does not influence the voting system on Steemit.
2. Steem Power (SP): Voting Power and Influence in the Community
Steem Power (SP) is a form of long-term investment in the Steemit ecosystem. Having SP means having more power in giving upvotes and getting rewards from supported content.
Advantages of Steem Power:
- The more SP you have, the greater the voting influence you have.
- Cannot be sold or exchanged directly, but can be converted into STEEM through a 13-week power down process.
- Users with lots of SP are more valued for their contribution to the Steemit ecosystem.
How to Get Steem Power?
- Convert STEEM to SP.
- Receive payment in the form of SP from posts or curations.
- Get SP delegation from other users.
3. Steem Dollar (SBD): Stable Token for Payment
Steem Dollar (SBD) is a token designed to have a more stable value than STEEM. In theory, 1 SBD is equivalent to 1 USD, although in the market its value can vary.
The main function of Steem Dollar:
- Used as a more stable means of payment.
- Can be converted to STEEM or traded on exchanges.
- Some payments from posts on Steemit can be received in SBD.
How to Get SBD?
- Write and get rewards from posts.
- Exchange STEEM to SBD on crypto exchanges.
Conclusion
These three tokens have different but related functions:
- STEEM is the main currency that can be traded.
- Steem Power (SP) is a form of investment and gives influence in voting.
- Steem Dollar (SBD) is used as a stable token for payments.
By understanding these differences, users can optimize their strategy on Steemit to get the most out of it! 🚀