Most of us have been blogging on steemit for quite a while. Despite the long period spent on steemit we are still confused of the various terms in connection to steemit currency as used on steemit.
This article is intended to clear the air on the confusion between steem. steem power and steem dollars. This article will also assist the fresh steemians on getting a distinction among the above mentioned terms.
STEEM
This is the cryptocurrency used to power steemit. This is also the standard unit which determines the value of other units on steemit. It is important to note that you dont need to deal with steem directly unless you are withdrawing your earnings from your steemit account.
STEEM DOLLARS. (SBD)
This is the currency that is used by bloggers on steemit platform. Its what most steemians frequently transfer to each other. Also it is earned when your article is upvoted. However you cannot use steem dollars outside steemit platform unless you convert them to steem which is then traded for bitcoins or any other currency.
STEEM POWER(SP)
This symbolizes how much influence you have on the steemit platform.
Therefore the more steem power you have the you will award various authors. important to note is that this currency is not tradable and it is the internal currency of the steemit network.
KEEP STEEMING AND EARN.
