Steemit is the social media where you can get paid by posting interesting blogs or topics and as well as commenting on others' works. Why not get paid on something you are passionate about right? This will be the platform for you. Getting to know about Steemit, you need three things to learn. They are the core features on how Steemit works.
The three currencies used in Steemit:
The core currency of Steemit is Steem. This is liable to rapid changes when there is inflation. This currency can be trade for cryptocurrencies such as Bitcoin, OpenLedger, Bittrex and BlockTrades. It is the token of the owner which can be converted into a secondary currency called Steem Power. The process of this conversion is called powering up. Steem dollar is also another conversion you can make with this currency.
Steem Power is the equity of Steem that owner invested in this social media. The conversion can be reversable and the process is called powering down. There is a limit when withdrawing SP. Aside from protecting against hackers, it allows you to have a long term investment on this social media platform. You get one vote if someone give you one Steem in the form of SP. The more you have SP, the more power you have in Steemit.
Steem Dollar is equivalent to one US dollar. When you are holding Steem Power, you are enhancing the growth and value of the dollar in the community.
At the moment SBD is around $3.6 dollar. Since the circulation keep going up, eventually it will down to $1. When people trading SBD with Steem on the internal exchange, the SBD get burned, the circulation will maintain to a level that SBD worth $1 USD.