Thanksgiving Day Entry in the Steemitblog My Favorite Cryptocurrency Contest: Steem
This is my entry for November 26th, Thanksgiving in the Steemitblog My Favorite Cryptocurrency Contest: Steem
Steem/Steemit: A true appreciating and income producing asset.
The amazing thing about Steem is Steemit, because investors in Steem are already investing in an income producing asset, which provides multiple ways to make income off your investment without selling it. Steemit has always allowed investors to earn interest on deposited Steem, which is common in DeFi. Additionally, DeFi is all about yields or income produced by different methods with purchased tokens and Steemit has always provided investors multiple ways to make money on their deposits.
A Review: The types of DeFi
Decentralized Finance applications are quite varied or diversified, but include simple staking of liquid tokens into i liquid forms in exchange of interest payments, actual deposits in platforms which loan your cryptocurrency for interest payments, credit debt facilities, which allow you to deposit funds, then borrow against them to earn interest, or more complex things like being a liquidity provider on a decentralized trading exchange.
The Ways Steemit allows investors to make income similar to current DeFi applications.
First, Steemit has a baseline yield of 6.5% inflation payable in the native Token Steem tokens powered up as Steem Power.
Second, Steemit allows you to earn curation rewards, directly proportinate to your investment.
Third, Steemit allows you to earn curation rewards on your upvotes of comments.
Fourth, Steemit allows you to earn author rewards by writing comments on others posts.
Fifth, Steemit allows you to earn author rewards by writing posts.
Sixth, Steemit allows you to earn curation rewards, by delegating SteemPower to other individuals or teams that focus on upvoting profitable authors or by supporting good content with upvotes.
DeFi a change from speculation to investment
The main change with DeFi in cryptocurrency can be described as a change from buy low sell high, to buy and earn dividend or interest payments, while also waiting to sell high. In this respect cryptocurrency is maturing, and evolving away from a purely speculative type of investing with investors hoping to buy the next Bitcoin, that will increase in value 1000 times. It has matured to the point where investors are seeking cryptocurrency tokens which can used to make profits while you hold them. If you look at the spectrum of DeFi investments they are all about income producing tokens.
Steemit: a mature and secure project.
New DeFi Programs are new, some are vulnerable to theft, Steemit wallet security is time tested. Steemit is over four years old, most current DeFi projects are weeks, months or barely a year old. Steemit protects your cryptocurrency wallet with not one, but four types of passwords. Steemit Wallets have a master password and three other less powerful alphanumeric keys for specific functions. This provides an unequally level of security. Steemit code has been audited and been attacked by hackers, and it has become safer over time with no major hacks or thefts of cryptocurrency by hackers.
Steemit was doing decentralized finance before decentralized finance was cool.
Questions?
Contact me here or on discord shortsegments #8903
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Create a new account via Steem Instant Sign-up LINK
Buy Steem on one of these exchanges: Binance, Upbit, Bithumb, Huobi Global, HitBTC, Binance, Bittrex, Bitvavo, VCC Exchange, MXC, CoinDCX, Gate.io, WazirX, Poloniex, Upbit, RuDex and Altilly.
Transfer the Steem to your new account wallet on Steemit
Power up your Steem to Steem Power.
Start earning on your Steem
The Steemit Platform did DeFi Before DeFi was cool!
This post is 100% Plagarism Free
This Post is 100% Powerup!
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Steemitblog Contest My Favorite Cryptocurrency: Steem
Yes, I think people are now investing for long term by understanding the future potential and at the same time earning interest and curation rewards. On Steemit we have options to become an author or curator or both which gives an opportunity to earn by choosing your preferred role.
Thank you for writing this post.
Thank you for your comment. I agree it is the diversity of opportunity, based on personal choice the makes Steem an awesome project.
I think steemit is a very trustworthy DeFi project. Personally, I prefer holding my steem in my steemit wallet than in anywhere else. This is because steemit is decentralized and there is not the issue of a single point of failure. I think steemit has also stood the test of time as you said. It's been over four years and yet no security stories, at least none that I've heard of.
Since you can't undermine the issue of security in any financial project, I judge steemit to be excellently reliable so far.
The introduction of DeFi also brought a new dimension to crypto as you said. Away from the usual buy-low-sell-high, DeFi introduced buy-and-earn-dividends. This is one of the reason I think DeFi is so important. Personnaly, I've so far earned more than I could think of.
Overall, I think DeFi can correct the wrongs that have been experienced by people while using crypto the old fashion way. You tell someone about crypto and they're like - "I don't have any money", then you tell them about DeFi and they're like "Wow! how do I start?". Because with some DeFi projects like steemit, one can earn as much as $500 though started with $0.
DeFi has really change our lives and also the way people view cryptocurrency.
#twopercent #nigeria #affable
Thank you for your thoughtful and informative comment!
Defi has really made an great impact on our life as well as crypto world and yes at the same time we can't neglect the fact that steemit is also having lots of features already as mentioned by you...
Thanks for sharing.
#onepercent #india #affable
Your welcome. Your right, Steemit has those features plus security.
Greetings @shortsegments ,
It was a really good read and thanks for sharing..
I strongly agree with you.. steemit wallet is protected form lot of strategies.. but I always believe 2FA should be introduced to steemit wallet.
Your welcome and thanks for commenting. Many sites have 2FA and it will be interesting to see if it is adopted here.
Super post!
Thanks!
Thank you for taking part in the Bitcoin is Booming Crytpo Challenge.
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The Steemit Team
Hi @steemcurator01
Thank you for supporting my blog.
@shortsegments