HELP! 2 small issues I have with Steemit - would love some answers
I signed up using my phone. Saved the password in notes. I tried twice today to sign in on my ipad but I keep getting "incorrect password" even tho I painstakingly typed the entire generated password out exactly as it appears ( I can't paste it in). I'm 99.9% sure there were no mistakes. Any reason anyone can think of that I don't know about which may explain this?
I have a basic understanding of bitcoin and block chain technologies. The part I don't get is how the mining rewards (or steam) which is just an algorithm can actually translate into hard currency, which I believe they do. I realise that steam converts to btc which converts to currency through the exchanges but can't quite connect where the hard currency value is derived from in the beginning or to the end of the process. I hope that makes sense and would appreciate any enlightenment.
Can't help with the first one but the second is simple supply and demand. Things have value because people want them. Ages ago it was simple seashells and beads. Then precious metals followed by money. Today it's crypto currencies. As long as someone want's to buy it will have value.
Thanks mate, I appreciate that. How does that value translate Into hard cash tho? I'm interested in that process, from intangible to tangible.
Well traders give steem value because they want it. Same goes for bitcoin. You can sell steem for bitcoin and other coins the same way you can trade oil for gold for example. You do this at an exchange. If your planning on going to cash you trade your steem for bitcoin. After you have bitcoin you can sell it for cash at exchanges as well. Once you have the cash on an exchange you just withdraw it to your bank account. That's all there is to it.
Very helpful, thanks again. Also just read another post for nubes explaining it further so I think I'm starting to connect the dots. Cheers!