Dear Minnow (part 16) - 5 WAYS STEEM IS BETTER THAN BITCOIN
Dear Minnow,
Have you ever wondered what it looks like comparing Bitcoin Vs Steem? Then you are in for a sweet ride as I fly you through the eyes of a cryptoanalyst. At the present, Btc may seem to be winning afterall the price is 4-figures while Steem is just barely managing 1figure. You see those who cannot look into the future, will suffer from the changes that the future will bring. Now lets take a critical look at now and the future of these 2 cryptocurrencies and see what it will give us. Wear your thinking cap let's go...
First of all, Steemit is a beautiful young woman while Btc is a pot-bellied old man LOLX!
source
1 NO TRANSACTION FEE
You see the issue of transaction fee has always been a crucial factor for Bitcoin transaactions. If cryptocurrency is claimed to be a replacement for the current banking system, then I see no reason why we should keep paying a transaction fee. This transaction fee is actually going to the miners based on how Btc is structured.
On the other hand, the Steemiverse boasts of zero transaction fees. You send and receive huge or small amounts of Steem/SBD and even delegate Steem power at no extra costs at all. You may not understand what this means for the future of cryptocurrencies. A time will come when transactions will be so free all over because many other alts will tap into this idea started by Steem.
2 SPLIT-SECOND TRANSACTIONS
The lenght of time taken for transactions is the reason for all these Hard-forks in Bitcoin. Proponents of a faster cryptosystem are looking for a faster way to run transactions while the old dudes have refused to move forward. Some suggested increasing the blocksize. Some are supporting the idea behind SegWit (Segregated Witness) which will remove certain bitcoin signature data. Before I get in too deep, just know that Bitcoin takes at least 5-10mins at off-peak periods to transact. During peak times, you may have to wait for hours.
Steem has changed everything. All you have to do is click send and your transaction is done. No hassles of waiting for confirmations before your transaction is complete. The system auto-confirms you. Steem can handle 10000 transactions per sec which is far more than that of Btc at 3 transactions per sec.
3 NO MINERS, ONLY CONTENT CREATORS
Cryptocurrency was failing with its goal of decentralization with the advent of Miners. These miners were meant to confirm transactions by solving mathematical problems with heavy equipment and computers. This may look cool in theory, but in reality it gives power to the big boys. They have the resources to purchase such heavy equipments and pay the electricity bills required. So they control the currency directly and indirectly.
While in the Steem ecosystem, that word miners almost doesn't exist. We we use Proof-Of-Brain instead of Proof-Of-Work. Thats to say that the real power of mining the new alts is handled by the entire community instead of a set of people. We decide how to share the reward pool everyday Hence its more difficult for any one person to call the shots here. Also the Steem blockchain uses witnesses which decentralizes the nodes for the network rather than the bitcoin mega-miners who can control the fate of the cryptocoin.
4 HUGE POTENTIAL FOR MORE GROWTH
Bitcoin is already tanking. I mean if you bought it when it was 1$ or 10$ or even $100 then by now you would have made amazing profits. But for those of you that are planning to go and buy now, you are buying it for more of as a store of value than as an investment.
When you talk of STEEM, you could easily imagine it at $10 or $100 0r even $1000 from its current value. Now thats the profit you have been looking for. If you have 1000 steem now, come back 3years time and you would be a millionaire.
5 AN ORIGINAL IDEA SUPPORTING MORE IDEAS
Bitcoin is just bitcoin. Its only surviving in this ecosystem because it arrived first and it is essentially central to the whole cryptocurrency world. Its position is strategic but not irreplaceable. Litecoin has been edging towards replacing it for a while now. Bitcoin Cash also yearns for that position. In the future, BTC will just be like gold...a store of value.
Do you see the number of ideas that have been implemented on Steemit? @Utopian-io? @steemgigs? @minnowbooster? etcz. All these couldn't have been possible without STeem and STeemit.com. Who knows what or where @surpassinggoogle, @elear and @reggaemuffin could have been now. We would most probably not have heard about or even met these wonderful people. Now we know them and enjoy their awesomeness all because of the STEEMING IDEA of @ned and @dan.
In conclusion, STEEM and STEEMit are original and unique ideas that have never been seen before so it must continue. I am a futurist and I believe so much in STeem to be that change we all need to see in this cryptosystem. The world is going to adopt cryptos and its better they meet us ready when they come. STEEM IS READY!
PEXELS.COM
PS: Don't forget to give someone a nice soothing hug today. You would get yours too, I promise! #Hug-Challenge is for you!
Coutesy @ogochukwu
I remain me, my mouth and eye @nairadaddy aka SteemDaddy. My aim is to leave you better than I found you everyday!
Courtesy @stellabelle
Steemdaddy, nice writeup.
Lolx. Thanks bro @juliusfatai. Cheers!
Great Post Daddy :)
Hopefully someday steem become cryptocurrency substitute bitcoin
Please Follback @visky
Yeah. Thats the hope indeed or at least get more public recognition...
I'll check out your blog to see what you have there.
Cheers bro!
#hug-challenge!
Zero transaction charge is one of the steem's best attractive selling point. Now, to transfer a $5 bitcoin you would have to pay a $10 transaction fees. The transaction delay is also annoying, to say the least. Cheers.
Yeah indeed bro. That analogy you gave of using $10 to transfer $5 is just plain wicked but its true.
Thank God I found steemit where everything is possible...Cheers man!
#Hug-Challenge!
It does not make an economic sense.
I believe stm would be far better when the SMT is fully running. I also dont like the fact that bitcoin is not as decentralised as preached. The charges, the resources requires and all. Glad to see someone post about. I was waiting to learn more about cryptocurrency before I can make this comparism.
Yeah @cwen. Nice that you can relate to this. Steem and Steemit has so much potential. Only if we know how to use it well to achieve our aims. Btc is too big and slow for the future. Cheers dear!
#Hug-Challenge!
Great post.. every day I read more about cryptocurrencies and couldn't quite yet understand why Eos and Steem didn't need miners. Keep up the good work.
Oh thanks dear. I'm glad I could clear that up for you. Stay tuned for more detailed info on stuffs that will help you succeed here on Steemit. Cheers!
BTW: I like the concept of your name @el1748eth... those who dont know won't see ELIZABETHclearly written. Lolx!
#Hug-Challenge!
There is a story behind my username.. I think I'll write a post about it. I wasn't sure if people could see my name in there. I'm glad it's working. Cheers.
Steem is the future.
Yeah dear. STEEM to the moon baby... Cheers!
#Hug-Challenge!
Hi @nairadaddy... Your vast of knowledge is irreplacable, if not for steemit, i wouldn't have met an amazing person like you.
I'm a futurist too... I'm waiting for the day, STEEM will takeover.
Hmmm! No burst my head oh with your rhetoric. Lolx.
I'm glad to meet people like you too. Welcome to the new world where everything is possible...Cheers!
#Hug-Challenge!
I believe so much in the future of steem.
Yeah dear. Steem is the future indeed. We are going places with this. No stopping till we hit the moon dear. Cheers!
#Hug-Challenge!
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