Good Day Steemian, @steemitchitchat believe that you are Good
Don't forget that @steemitchitchat has been trying to put us through the needful knowledge of STEEMIT for the Past 3 days, even though in no time we won't be able to count days anymore because STEEMIT embodiment is much more than a year talk.
Yesterday, @steemitchitchat discussed WHAT STEEMIT IS ALL ABOUT (SERIES 1), I want to believe you enjoyed it.
So also today, we will be looking deep at steemit that looks complex but which in the real sense is understandable, but before I proceed, I'll like to say this, “every tutorial on what STEEMIT is, is inter-related,” So, in a short word please do well to note whatever is said @steemitchitchat blog.
What are we looking at today?
I think it'll be best if we look at the basic things
Basic Things To Know About STEEMIT
How STEEMIT reward idea
Well said yesterday that STEEMIT is a platform that rewards idea, but I think you should know how.
Yes! STEEMIT reward authors with its cryptocurrencies, On STEEMIT Platform there are Three Mode of Payment
- STEEM
- SBD
- STEEM POWER.
LET'S GO DEEP.
STEEM
STEEM is just like bitcoin, it is also a form of Cryptocurrency that can be used to transact. ( In a Short word we can regard STEEM as a digital money, which can be sent and receive from one person to another ).
SBD
This can be pronounced steem blockchain dollar, steem back dollar or steem base dollar all in all, it is a liquid currency that is scheduled to equivalent to 1 dollar, it can be sent directly as a form of money in exchange, and has volatility as its property too. Also, SBD can be converted to STEEM and it can also be used to buy things at the market directly. ( much will be discussed on sbd later, stay tuned )
STEEM POWER
SP as it as its abbreviation is an influence currency in the STEEMIT ecosystem, it is gotten buy powering up STEEM, the amount of STEEM POWER you have in the community speaks of your influence in the community.
NB: On a post, you can only get your reward as an author in Two different from
50: 50 option
This is a choice of getting your reward in 50% of the reward in SBD and 50% STEEM POWER100% POWER UP
This is a choice of powering up all your reward on a post.
So also, You may be curious to ask if these currencies can be converted to one another.
The answer is YES!!!
SBD Can be converted to STEEM, this usually take 3.5days
SP Can be converted into STEEM, in a process called power-down
STEEM can be converted into SP in a called Power-up.
For Today, @steemitchitchat says, have a wonderful time relating and mastering the tutorial given.
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