Bitvavo makes Steem as easy as possible. Here are answers to common questions to help you make your first steps in the world of digital assets.
Steem tries to grow communities with the help of blockchain technology by rewarding them for their involvement in the community. This reward takes place in the form of Steem and is currently being applied to social media platforms such as Steemit.
Steemit is a social media platform that can be compared with Reddit. However, Steemit distinguishes itself from Reddit and other social media platforms because it is built on blockchain technology and because it is possible for users to make money with Steemit. Users can earn money by producing content themselves and placing it on Steemit. This increases their rewards the more people have looked at the article or the more ""upvotes"" have been given. In addition, readers can earn money if they give upvotes to articles that later receive more upvotes from other readers. These fees are paid from the advertising revenue that is generated and all take place in Steem.
Steem works just like most other digital currencies. All transactions that take place at Steem are recorded on the blockchain and are accessible to everyone. The blockchain network has been maintained by miners who receive compensation for this in Steem. In addition, use the ""Proof-of-Work"" mechanism to reach consensus and process transactions. However, the difference is that three different types of Steemit are used as payment methods on Steemit. These are:
1. Steem; this coin is the main currency and you need it to get into the Steem ecosystem.
2. Steem Power; this coin entitles you to a part of the Steem blockchain. If transactions are carried out on the Steem blockchain for which transaction costs are paid, 90% of this income flows back to the Steem Power owners. The other 10% goes to the content writers. You must keep Steem Power in your possession for at least 2 years and it is not possible to sell it earlier.
3. Steem Dollars; this coin is linked to the USD and content writers receive at least 50% of their compensation in Steem Dollars. In addition, holders of Steem Dollars receive an annual reward for holding Steem Dollars.By offering the above mentioned different types of Steem, Steem has created an entire ecosystem that is tailored to different types of users of social media platforms such as Steemit.
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store Steem. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
Storing Steem and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store Steem without any technical knowledge. Here is a brief overview of the existing wallet options to store your Steem:
Hosted wallets are wallets where the private keys to your Steem are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your Steem online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your Steem. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your Steem, and if malicious parties have access to your device, your private keys (and therefore your Steem) can be stolen.
A hardware wallet is a physical device on which you can store your Steem offline. It is one of the safest ways to store your Steem, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your Steem is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive Steem. Once you have purchased Steem on Bitvavo, you can choose to send your Steem from your Bitvavo wallet to your own software or hardware wallet.