This short guide might be quite helpful for those who recently joined Steemit.
What is Steam?
Steem is the cyrptocurrency much like bitcoin which you earn by using the Steamit's incentivized social network platform.
What is the difference between SteemDollars and SteemPower
Steem Dollars (SMD) are the actual cryptocurrency which you can instantly exchange for other currency.
Steem Power (SP) is your stake in the cryptocurrency. The more Steem Power you have, the more incentive you'll earn by upvoting.
How do I earn?
You earn by submitting and curating posts. Total revenue a post generates is then divided with Post Author and Voters.
50% of the reward is given in Steam Dollars while other 50% in Steam Power.
How to exchange Steem Power (SP) and Steem Dollars (SMD) into Bitcoins
You can convert SP into SMD after holding your SP for two years.
To do so, Head to your Wallet and select 'Power Down' from the Drop-Down menu.
To trade your SMD into Bitcoins or other currency, you need to head to any Bitcoin exchange that accepts SMD.
Poloniex is one of them. Create an account there and transfer your SMD to the deposit address provided by the exchange.
I'll keep updating this guide as I learn more.
There may be several dozen grammatical errors. Please pardon me for that. I'll fix them.
Thank you very much for reading.