And what happens when Fiat exchanges add Steem Dollar gateways?
Can bitcoin even handle 1M users transacting that frequently?
Bitcoin may be a bottleneck if it attempts to stay in the loop between users and cashing in and out.
That is a good point. I would say that this level of traffic should be good for bitcoin and other crypto systems. As if bitcoin gets bogged down THAT bad, someone will come in and provide a service that fills the need. That is the beauty of capitalism.
Great point. It can play out a couple ways, right? More than I could ever list. But here are some potential scenarios.
Certain Bitcoin community members may see these microtransactions as spam and not want newbies who write posts about fashion tips as part of their version of Bitcoin. So maybe they work to repel them, and keep Bitcoin cloistered at a social level and tx limited at a technology level.
Or maybe the bottleneck forces change to happen. Where the case and value for adapting the Bitcoin technology become more clear one way or another.
Or maybe it becomes a place for Lightning to shine.
Or Bitcoin faces Steem developing its own fiat bridges and other bridges, which will likely happen anyway (you know better than I, obviously), and sees its critical mass barrier eroded on a relative basis.
But if Bitcoin is the bottleneck AND gets ditched, I still think this is good for Bitcoin, because it would represent so many fresh people getting exposure to overall cryptoworld.
The site's exchange could allow for alternative currencies to be traded for Steem thus reducing the load on BTC. A shapeshift-esque implementation may work.
When doing the calculations i think we need to work with %ages.
1200 users per day seems huge today. But if we have 1m users 1200 new users would likely be less than users becoming passive and indicate decline. I am sure the grow is going to be a %age of the currwnt size of the network until we have reached a plateau.
On the other this is the first of its kind of business case combining social with blockchain. It is likelely flawed and there might be a better way. The qurstion is is steem the new yahoo or is it google. I feel it has found a new way of doing somethi g but i am bot sure it cannot be improved.
Great article! I'm brand new to Steemit and crypto currency in general. Your article really got my mind running about what the future holds.
I have a question that I can't find an answer for, how do I upvote this article or others? I haven't posted any content yet. Do I need to so I can see the vote buttons?
Yeah, it's better than Medium potentially. But maybe also Yelp. Why not start doing food reviews and tag them. Or maybe Tripadvisor with travelling. Or maybe Wordpress with blogging posts under your @ name. Or why not also Facebook with ephemeral aspects of your life shared. We don't know what it will be. It could go in a lot of directions or all of them. But it's pushing ahead and fast.
Accurate and excellent summation about the crypto market in general. The population hardly knows yet alone understands Bitcoin and you will get deer-in-the-headlight blank stares if you talk about any of the other 1700 other currencies! Steem is easy to use and understand hence faster adoption. There is also a reason to use it. Their privacy policy is a little weak and if they were not US based I would not have signed up, so some improvement in privacy needs to be tightened up but with wise insights Steem could become a long-term viable system if everyone tries to make it so without undermining it.
And what happens when Fiat exchanges add Steem Dollar gateways?
Can bitcoin even handle 1M users transacting that frequently?
Bitcoin may be a bottleneck if it attempts to stay in the loop between users and cashing in and out.
More details here: https://steemit.com/bitcoin/@dantheman/can-bitcoin-scale-to-keep-up-with-demand-created-by-steem
That is a good point. I would say that this level of traffic should be good for bitcoin and other crypto systems. As if bitcoin gets bogged down THAT bad, someone will come in and provide a service that fills the need. That is the beauty of capitalism.
Bitcoin will never adapt. In the "killer app: scenario, Bitcoin will be out of the loop. Other alts will blow by Bitcoin.
Great point. It can play out a couple ways, right? More than I could ever list. But here are some potential scenarios.
Certain Bitcoin community members may see these microtransactions as spam and not want newbies who write posts about fashion tips as part of their version of Bitcoin. So maybe they work to repel them, and keep Bitcoin cloistered at a social level and tx limited at a technology level.
Or maybe the bottleneck forces change to happen. Where the case and value for adapting the Bitcoin technology become more clear one way or another.
Or maybe it becomes a place for Lightning to shine.
Or Bitcoin faces Steem developing its own fiat bridges and other bridges, which will likely happen anyway (you know better than I, obviously), and sees its critical mass barrier eroded on a relative basis.
But if Bitcoin is the bottleneck AND gets ditched, I still think this is good for Bitcoin, because it would represent so many fresh people getting exposure to overall cryptoworld.
It's going to be fun to watch. Exciting times.
This is true. I had a nightmare last night that this happened haha
The site's exchange could allow for alternative currencies to be traded for Steem thus reducing the load on BTC. A shapeshift-esque implementation may work.
Another Stellabelle example post from today. It's a great success story and probably difficult to replicate but she went for it and made it happen.
I'm excited because of all the excitement.
When doing the calculations i think we need to work with %ages.
1200 users per day seems huge today. But if we have 1m users 1200 new users would likely be less than users becoming passive and indicate decline. I am sure the grow is going to be a %age of the currwnt size of the network until we have reached a plateau.
On the other this is the first of its kind of business case combining social with blockchain. It is likelely flawed and there might be a better way. The qurstion is is steem the new yahoo or is it google. I feel it has found a new way of doing somethi g but i am bot sure it cannot be improved.
Great article! I'm brand new to Steemit and crypto currency in general. Your article really got my mind running about what the future holds.
I have a question that I can't find an answer for, how do I upvote this article or others? I haven't posted any content yet. Do I need to so I can see the vote buttons?
You hit the arrow that is to the left and pointing up below articles and replies. Everyone can upvote. Cheers.
THANK YOU eeks! I've been reading #steemithelp articles trying to find that out....such a little thing but obviously very important!
I like steemit, but it is basically medium isn't it? I'm not sure it is the killer app you think it is.
Yeah, it's better than Medium potentially. But maybe also Yelp. Why not start doing food reviews and tag them. Or maybe Tripadvisor with travelling. Or maybe Wordpress with blogging posts under your @ name. Or why not also Facebook with ephemeral aspects of your life shared. We don't know what it will be. It could go in a lot of directions or all of them. But it's pushing ahead and fast.
Accurate and excellent summation about the crypto market in general. The population hardly knows yet alone understands Bitcoin and you will get deer-in-the-headlight blank stares if you talk about any of the other 1700 other currencies! Steem is easy to use and understand hence faster adoption. There is also a reason to use it. Their privacy policy is a little weak and if they were not US based I would not have signed up, so some improvement in privacy needs to be tightened up but with wise insights Steem could become a long-term viable system if everyone tries to make it so without undermining it.
Glad to hear you're doing well with steem. Keep the videos coming Craig.
Great post... I totally agree. This is going to be huge.
Where and how can we see how many accounts are being created per day?
https://steemle.com/charts.php
Thanks!