Explain the difference between [SP, STEEM, SBD] & [TRX, TRC10, TRC20 tokens](with examples)? Explore Coinmarketcap.com to indicate the rank, coinmarketcap, and circulating supply of STEEM and TRX? Which exchange are you familiar with where both STEEM and TRX are listed? Does it cost any fee for transacting STEEM and TRX? How important is the use of Memo while transferring STEEM from Steemitwallet to an Exchange wallet, do you essentially need a similar memo for transferring STEEM from Exchange wallet to your Steemit wallet?
THESE ARE THE DIFFERENCES AND EXAMPLES BELOW
STEEM POWER (SP)
Steem Power to me can be known as a control or an influence of a member in Steem Network. Steem is a type of currency you earn from the Steem Network when you write a good post. The more steem power you holds, the more can have control over your personal post which you will earn a reward from called the curation reward and the more your Steem Power, it guarantees you to explore more on the platform and voting power as well.
Steem Power can also be reversed back to STEEM and you can get your money as liquid Steem in a duration of four weeks approximately a month after conversion. Steem Power can be delegated to a person with low steem power to enable him build up a reputation in the Steemit Platform which will fetch him votes from the good post he writes.
The lender does not looses anything as it remains safe and he still claims the ownership of his Steem Power. If a user wants to boost up your steem power, the best way is to write and post good articles everyday, otherwise you will buy. The easiest way to earn more curation rewards is to have much steem power to enable you vote for witness in charge of steem network.
STEEM
Steem is the basic cryptocurrency in the Steem Network that are rewarded to users who create good post and upvote. Steem can also be traded, sold and exchanged to other cryptocurrencies, which can also be withdrawn at anytime. Steem can also be used to build up your steem power through a process called power up.
Below are some few steps on how to trade steem by a user;
1. Login your steem account.
2. Login your wallet.
3. Go to your steem balance and select market.
4. The market appears with the steem prices.
5. Select your trading method, whether you are buying or selling and enter the price of your wish.
STEEM DOLLARS (SBD)
From my view, i will say this is the most beneficiary reward in steem network. My heart is always as cool as ice whenever I get SBD reward, it increases the wight of my wallet, Lol.
Steem Dollars (SBD) are the trade-able tokens you earned from each posts as rewards paid attached to your post in normal dollars which would be divided by four to give you a Steem Dollar (SBD) to your Steemit Wallet. For instance, if I am rewarded an amount of $16 on my post it implies that, the $16 will be divided by four to give me the total number of SBD's I have accumulated and now payouts in a week which would then be transferred in to your account whenever you redeem your rewards, it can also be transfered automatically. You can always withdraw your tokens at anytime you wish.
Currently, 1 Steem Dollar to Ghanaian cedi is aproximately= Ghs 43.00
1 SBD = Ghs 43.00
TRX/TRON
TRX is a token users earn in the Steem Network. The TRX is very important in managing your tokens in the Tron blockchain. It is also a token earned from a good article published by a user. TRX tokens area normally saved in the TRON wallet. The TRX wallet can also be downloaded for savings and transfers and it also makes transferring easier. As far as you stay in steemit as an active member, you can also use your TRON in the steem blockchain.
TRX, TRC10 AND TRC20 Tokens
TRC10 and TRC20 are two different types of tokens in the steem network. TRC10 is a type of token you can easily create its wallet but it is not commonly used these days as compared to TRC20. The standard token TRC10 does not require the Tron Virtual Machine for its function but the TRC20 requires the Tron Virtual Machine for its process. However, the abbreviated word TRC stands for Tron Request Comments.
EXPLORE COINMARKETCAP.COM TO INDICATE THE RANK, COINMARKETCAP AND CIRCULATING SUPPLY OF STEEM AND TRX.
FOR STEEM,
FOR TRON/TRX,
WHICH EXCHANGE ARE YOU FAMILIAR WITH WHERE BOTH STEEM AND TRX ARE LISTED?
Actually, I'm much familiar with the coinmarketcap exchange. I have also tried using other exchange markets such as; coingecko.com, coinbase.com, Binance and many others.
DOES IT COST ANY FEE TRANSACTING STEEM AND TRX?
of course it cost a fee of changing steem and TRX to my local currency but not a huge amount. the cost is always affordable and mostly it depends on your transaction.
HOW IMPORTANT IS THE USE OF MEMO WHILE TRANSFERRING STEEM FROM STEEMIT WALLET TO AN EXCHANGE WALLET
The Memo key is important because it helps you keep records of your transactions. It is required when transferring a token to a different account. The Memo key also reminds a user for the transactions he has made. It also makes it easy for a token receiver to know the reason for the payment he receives.
For security, Steem Network being much concerned would like to protect your account from fraudsters by requesting the Memo for your transactions.
DO YOU ESSENTIALLY NEED A SIMILAR MEMO FOR TRANSFERRING STEEM FROM EXCHANGE WALLET TO YOUR STEEMIT WALLET?
In transferring Steem from your exchange wallet to Steemit wallet, you do not need a memo for this transaction. necessarily, you have to enter you will have to enter your user name in lower cases without using the @ symbol .
Since it is from an exchange wallet to your Steem wallet, you have to provide your key.
Special thanks to prof @sapwood for such a wonderful lecture.