Why Steemit Will Succeed: Comparing to Past Cryptocurrencies

Let us begin by comparing Steem to bitcoin.

Bitcoin: Steem is very different from bitcoin. It can't be mined by the public, and therefore, someone with crazy and amazing mining rigs and asics can't just walk away with tons of money. However, Steem is always and constantly growing, and while there is a certain level of market dilution, the current amount of demand for Steem currency is currently extremely high and quickly growing. The issue with bitcoin is that it is slowing down, but Steem will never slow. It will keep growing, forever and indefinitely.

Litecoin: While this coin follows more or less the same structure as bitcoin, but uses a different algorithm, it is still a slight improvement over bitcoin. It was originally designed to be gpu proof, and then asic proof, but people have been able to get by all of these thing. However, Steem does not even need to be proofed against any kind of machines. Whether you are using Steemit on a low end laptop or a very expensive gaming desktop, the rewards in Steem Dollars and Steem Power, along with the abilities to get them, are still the same.

Darkcoin: This coin was supposed to be an improvement over Litecoin and Bitcoin, and while it was for a little while with its new x11 algorithm, the same issues that its predecessors faced caught up to it. Once again, however, Steem easily trumps these issues. It can be said that Steem has taken these ideas, along with the idea of a blockchain, and has fine tuned it so perfectly that there can't be much better of a system. Steem truly has learned from its predecessors what needs to be done to create a successful cryptocurrency.

Nextcoin: This coin, itself, was supposed a new kind of coin, a kind of revolution. In a way, it was, allowing POS based mining to start going mainstream on other cryptocurrencies. It started the idea of letting money make more money for you, long before automated cloud mining came into existence. However, it faced flaws. For example, people could instantly dump their nextcoin for bitcoin, and then bring down the market. However, Steem is proofed against this. The thing that earns the most interest, which is the Steem Power, can't be withdrawn instantly, and therefore can't cause a massive market failure.

Ethereum: This coin, supposedly, was going to mark the future of cryptocurrency. It had the innovations and attempted to fix the mistakes that the previous cryptocurrencies had before it. However, while it is still somewhat popular, it is quickly approaching the end of its mineable lifecycle, as people are surging up the difficulty. Soon, there will be ethereum asics, and then people's gpu mining rigs will cease to be profitable. Steem is also proofed to the advancement of technology. In fact, it can only improve. As people's computers and internet improve, Steemit will be able to cater to more people around the world. This will allow for an ever expanding user base, which is one of the core ideas of Steemit that have perfectly been put in place.

As is seen, Steemit is truly the next big thing in cryptocurrencies. It is the perfect child of all of its predecessors, and any new kinds of cryptocurrencies should take on its model. It is truly the image of a perfect cryptocurrency, as all of the algorithms are managed in such a way that no matter what happens, Steemit can recover, and continue to thrive with all of its glory.