Review on Steem Dollars by David Olayide

Name: Steem Dollars
Item: Steem Dollars
Rating: 3

February 19, 2021

The Big Steem Dollars Stablecoin Idea

Steem Dollars is a cryptocurrency from the popular Steemit platform that rewards users for creating content on it’s social media platform. The Steem Dollars (SBD) is one of the cryptocurrencies that is built to function on the Steem blockchain. However, there is something different about this cryptocurrecy and this is the fact that it is actually pegged to the US dollar. This means that the SBD should be equal to USD on a one to one ratio.

I remember though, that sometime ago the price escalated to about $13 and I was really surprised. But now the price has become more stable and it hovers just above a dollar with some cents on top. So basically, the Steem Dollars was designed to bring stability to users of the currency. When I checked very recently though, I again found that the price for SBD is way above stable. Currently the SBD is about 4 dollars and 29 cents.

Personally I don’t think they can really succeed in maintaining a stable price for the currency for an extended period of time. So maybe the tag of ‘stable' should be dropped. That way it would be easier to understand and flow with how the Steem Dollars operates.

You can easily get the Steem Dollars on many important exchange platforms available globally. Upbit is one of the most active trading exchanges.  You can convert your SBD to STEEM and then to other currencies like Bitcoin and from there, to Fiat currencies. HitBTC and Bittrex exchange, among others, are also examples of well known exchanges that you can use.
Honestly though I personally think that the SBD currency is a good idea, but they should improve it’s stability or drop the stability tag. Either way users will still enjoy the benefits of using the Steem Dollars.

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