Price Of Steem In India (STEEM/INR)
By: Abhey Arora
Tags: India, Blockchain, Cryptocurrency, Steem, Bitcoin

Steem is a cryptocurrency used to power the platform Steemit — an incentivized blockchain social media platform. Steem is the fundamental unit of account on the Steem blockchain.All other units (Steem dollars and Steem power) derive their value from the value of Steem. There is no need to hold on to Steem in its cryptocurrency form, it used either to buy Steem power, Steem dollars or be converted to Bitcoins.

STEEM/INR is the most popular digital currency pair in Digital currency market in the world.It launched in April 2016 with an opening price of Steem in INR was 42.91

In starting the demand of the Steem was very low as investors didn’t take interest in this and its reached at the lowest price of steem in INR 14.68

But suddenly the demand of steem increased and Steem became the third-largest digital currency as measured by market capitalization and on month of July 2016 and it reached at its max.value of steem in INR 290.78 The digital currency’s price climbed more than 1,800% during this period.

The price of Steem was very volatile due to the limited amount that’s available on the markets and It was not very liquid and relatively small trades can move the price. That’s the reason its price started decreasing and on Nov,2016 it can’t able to maintain its position and value in market at the time of market crash. It reached at its lowest value of Steem in INR 7.05

after that it’s price started increasing and closed the year 2016 with Steem in INR 11.85

In January 2017 , Steem price in INR was 11.00 and it was growing with slow speed.

Because Steem combines techniques used by Delegated Proof of Stake and Proof of Work mining to create a new protocol that is more robust and censorship resistant than any existing protocol.So investors started investing in this and its price was fluctuated and But again in March it reached at lowest value of Steem in INR was 4.91

The market cap for Steem passed INR 24000 million for the first time on June, 2017 and the price of Steem in INR was 171.56

But fluctuation was going on in the price of steem. Again in November it reached its lowest value of steem price in INR 54.11

At the end of 2017 Steem reached at INR 206.67 and reached at 32nd place among 1,358 cryptocurrencies

Due to community demand the inflation rate of Steem was changed to 9.5% per year, reducing by 0.5% per year.

Steem wanted to encourage long-term growth,it is hardwired to allocate nine steem to Steem Power (SP) stakeholders for every one and also capable of 1000’s of transactions per second.

It entered into year 2018 with initial Price of Steem in INR 272.78

As It’s demand started increasing because steem is a token that is used on Steemit (an incentivized social media cum blogging platform) On Steemit, you can power up your Steem into Steem power. Your amount of Steem power decides how much your vote is worth.steem’s innovative approach has helped it rise above the vast majority of crytocurrencies and become the third-largest in terms of market capitalization. So its predicted that it will grow

To know the current rate of STEEM in India you can check BuyUcoin rate page.