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RE: 💵 Today's Crypto Updates: February 21st 📈
Do you have any insight into the relationship between bitcoin and steem, and which is better to invest in for the long term (say 1-5 years) . I am aware that their values fluctuate in somewhat comparable patterns (as do all crypto), but I feel like steem will grow relatively slower in the long term. On the other hand, SP can validate the early investment in terms of higher rewards over time for blogging and curating. Thus, it appears as if they offset somewhat but that is from my novice perspective.
Well in my opinion, all altcoins are at least somewhat dependent on the Bitcoin price. So if Bitcoin goes up you can expect Steem to follow long term.
Additionally, I think Steem and Steemit provide some of the best examples of how cryptocurrencies can disrupt existing industries. It's a crypto that has a whole ecosystem actually functioning apps and websites around it. Not too many cryptos that are available on the market right now can say the same thing.
As for which one is a better buy long term, you'd probably be better off flipping a coin than asking me. My advice would be to hold some of both.
Thanks. I actually wonder if the correlation will decrease over time as other currency options are added to wallets such as coinbase. The fact that bitcoin is the overall index has to at least partially be attributed to it's age and accessibility.
Once Coinbase starts adding other coins I wouldn't be surprised if we start seeing Bitcoin's dominance get chipped away more and more. And I definitely agree about the age/accessibility.