SBD

in steem •  7 years ago 

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Well, I've been here a while but the three currencies on this site still confuse the hell out of me ...and why do we actually need three currencies?

Steem , Steem Dollars , Steem Power

I get that Steem Power is needed to post on the sight and Steem is the tradable currency on the exchange ...but what the hell are Steem Dollars for ?

And how to i convert to Steem Dollars on the site ?

Any help apreciated .
Cheers

steem
7 years ago by

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      ·  7 years ago 

    Steem and Steem power are the same, 1:1
    Steem power is just locked up Steem. Which can be used to vote.

    Steem Dollars (SBD for short) are a secondary currency which should normally be pegged to around $1.

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        ·  7 years ago 

      Cheers ....why does it have to be pegged to a fait currency ?

      I thought the whole point of crypto was to escap from endless fiat inflatyion ?
      seams a bit counter inuative ?

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        [-]
          ·  7 years ago 

        And why is a secondary currency needed anyway?

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            ·  7 years ago (edited)

          There was some reason for. I can't remember the exact reason right now.

          But it had something to do with SBD being the Stable and Reliably currency. Which can be used for daily transactions. Therefor u have a stable currency as a form of payment. Without needing to worry about the prices on your grocery list fluctuating too much.

          Where as the value of Steem was to increase accordingly with the economical power of Steem block-chain.

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            ·  7 years ago (edited)

          Can I transfer steem to SBD in my wallet or do i have to buy SBD externally ?

          I want to promote a post but it only accepts SBD why cant i use Steem Power ?

          Cheers for the replies !

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              ·  5 years ago 

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