Steem is a coin linked to Steemit, a rewards platform based in New York City, and founded by Ned Scott and Dan Larimer, creator of EOS, and Bitshares. It was created as an innovative way for publishers to monetize their original content and grow a community with help from Smart Media Tokens (SMT).
This is not just a theory, the platform has already rewarded over 22 million USD worth of Steem since launching in June 2016. The social platform has attracted over 330,000 user accounts so far with authors receiving Steem (STEEM) tokens based off the amount of upvotes their posts receive.
Historically altcoin price fluctuations had a positive correlation with bitcoin price movements. This meant that if bitcoin price increased, you would soon expect the altcoin prices to increase, but recently bitcoin price and altcoin prices seem to be independent. Factors that drive price of an altcoin are interest around the altcoin, if there is an upgrade coming up, listing on prominent and trusted crypto exchanges and new partnerships formed by the altcoin.
Altcoin adoption has a major role in positive price increases, adoption is hugely influenced by the use cases of the coin. Spreading of FUD by media, negative press from influential people, banning of crypto by certain countries (regulation) and hacking of altcoin and exchange platforms has a negative effect on altcoin prices.
STEEM can be bought via conversion on our marketplace. This means you can buy STEEM with ZAR, EUR, NGN, GBP, AUD and many more. Supporting 25 countries, STEEM can be bought using the most convenient local payment method; including bank transfers, PayPal, TransferWise, supported fiat deposits, direct deposits and M-Pesa. Credit card payments are coming soon.
STEEM can be sold for BTC or other cryptocurrencies via the Coindirect conversion service. If you are located in one of our other 24 supported countries, you can instantly sell your STEEM by selecting the best buy offer from vendors in your country or you can set up a sell offer on our marketplace if it's one of our major supported currencies.