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RE: Ask Me Anything About Steemit Wednesday (AMAWED) Exclusively For Newbies #2. Join Us From 10.30 AM (CET) Today.

in #redfishpillar • 7 years ago (edited)

Good job you are doing @maryfavour and @redfishpillar

My questions:

  1. Is steem strengths/rates determined solely by changes in btc?

  2. Why is SBD created as another 'coin'?

  3. Between SBD and Steem, which would you advise a Nigerian to sell

  4. What platform do you think is best to sell SBD/Steem (depending on ans to no 3) with low charges for Nigerian users?

These are questions i am still trying to get answers to. I hope they are not much ma. Thanks.

7 years ago in #redfishpillar by
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     7 years ago 

    @smyle. Exactly my questions! Okay, I'll hang on here to await replies. Thanks for asking my intended questions. @redfishpillar over to you. And thanks for creating this type of opportunity

    @eurogee

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       7 years ago (edited)

      Welcome to AMAWED, @smyle! My response to your questions are

      1. I do not even think that steem strenghts/rates are determined by changes in btc. My understanding is that the price of steem is determined by 'usability' which is the way people use the platform steemit and token, steem. I would also add that the price of steem in the market depends on whether or not the steem token is scarce. As in basic economics, scarcity brings about increase in value. So if steem is scarce in the market, the price will increase, but if there is too much of it in the market then you will see a decrease in price , just like money, which follows the rule of demand and supply.

      2. Steem backed dollars (SBD) was created as another coin for steemit to bring about stability of steem in the market. Please read more from steemit's whitepaper and her recent bluepaper .

      3. Well, between SBD and steem, I would advice a Nigerian to sell SBD. The Nigerian should ''power up'' his/her steem, in my opinion.

      4. From my experience, I think, it's easier to sell steem on blocktrades.us. However, transaction fees are less on bittrex.

      Thanks for the commendation and for participating in AMAWED. I really appreciate.

      @maryfavour

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         7 years ago 

        Thanks for your detailed response @maryfavour. I have a better understanding of steem and sbd now. 🙌

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         7 years ago 

        You are welcome, @smyle. Glad that I was able to help. Enjoy.

        @maryfavour for @redfishpillar

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