Before you start using steem, you have to know the difference between the three Steem Currencies and how to use them. I have gathered some information on them
STEEM
STEEM is the fundamental currency of the system. STEEM can be powered up into STEEM Power, traded for Steem Dollars, and transferred to other accounts. It’s unstable, subject to inflationary losses (its supply increases 100% per year) but also easily exchangeable for Bitcoin and other cryptocurrencies.
STEEM is an ownership token but is only votable when vested as the second currency — Steem Power — in a process called powering up.
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Steem Power
Steem Power (SP) is a measurement of how much influence a user has in the Steem network. It is a STEEM that has been invested into the network as equity (a process called powering up). The more STEEM Power a user holds, the more they can influence the value of posts and comments. It can be converted back to STEEM (a process called powering down) in 104 equal installments disbursed once per week.
Steem Dollars
Steem Dollars (commonly abbreviated SBD) are liquid stable-value currency tokens designed to be pegged to $1 USD. They can be traded with STEEM and transferred to other accounts for commerce or exchange. Steem Dollars may also be converted into STEEM in a process that takes 3.5 days. Steem Dollars can be used to buy things in marketplaces, such as PeerHub.com.