What are the advantages of STEEM over top SEVEN cryptocurrencies?
Though STEEM is relatively new cryptocurrency, it has some distinct advantages over its big brothers. Following section discusses the disadvantages of top seven coins by market-cap and how STEEM overcomes them.
Bitcoin: Slow-Single confirmation takes 10 minutes. High transaction Fee: take up $25 per transaction , Unusable for everyday purpose: Steam discontinued BTC, Power waste: Bitcoin consumes more power than Denmark, have scalability issues (low number of transactions per minute)
However, BTC is still considered the most secure, reliable store of value and top brand. It has the highest number of followers and developers being the first mover.
Etherium (ETH): Recently facing transaction delays and high transaction fee due to cryptokitty game, wasteful PoW mining, centralized control, unknown supply.
Bitcoin Cash (BCH): Power consuming PoW mining, relatively slow, mining is centralized due to requirement of large capacity nodes (large block size), early distribution may not be fair (e.g. airdropped on BTC holders)
IOTA: No mining (only way to acquire is to buy), Initial distribution as ICO (centralized distribution), Though transaction fee is zero due to lack of nodes it is facing delays.
RIPPLE (XRP): Centralized, No mining (only way to acquire is to buy), Supply Unkown
Litecoin (LTC): Not fast enough (2.5 mins per transactions), Power wasting PoW and expensive to mine, same scalability issue as BTC
Digital Cash (DASH:) Power wasting PoW, stealth for some it is an advantage, Not fast enough (2.5 mins per transactions), High node cost (several $100Ks)
However, all the above coins have a good bunch of core developers and established marketing campaign.
STEEM: Zero transaction fee, Highest transactions per minute, Easy to mine (e.g. just write a good comment or blog), Secure, Reasonably decentralized, Have a dedicated core developer team. Energy Saving Proof-of-Brain (e.g. Human Brain is the most efficient Energy user) therefore easiest access to mining, Engagements and communities. Though supply is not limited but inflation is reasonable due to growth (e.g. human population and activity is increasing). Powering Up, Saving Account, Internal Market, Steem Backed Dollar (SBD) provides more utilities, securities and features for STEEM. Finally, Delegation is another technique that has spurred lots of economic and creative activities within the STEEM blockchain.
Issues with STEEM: Power consuming PoW may be fair, still it provides higher number of coins to early adopters. STEEM initial PoW was very fast (energy saving) is to make a reserve for early developers and investors. Without a initial fund or ICO, it is hard to make for development cost.
Thanks for reading.
@riseofth
Cryptominer since 2013, occasional trader and blogger
Being able to lock your coins away is an advantage for me. I tend to sell just before something goes up and regret it later. The time it takes to power down has saved me from making that costly mistake with Steem.
Yes, thanks a lot for the reminder. This is another top advantage- power up and delegation. It saved me too, I lost 3000 equivalent of LTC due to obsessed day trading. I will add this feature to the blog, thanks again. I should not have missed it :)
Good job! Thanks to @theia7 you have planted 0.13 tree to save Abongphen Highland Forest in Cameroon. Help me to plant 1,000,000 trees and share my Steem Power to the others. Selfvoting is prohibited, but that should be the reason to spread the world to protect our precious environment. Check out profile of our conservation association @kedjom-keku and the founder/coordinator @martin.mikes to get more information about our conservation program. My current SP is 14399.03. Help me to plant more trees with your delegated SP.
Thanks a lot,
your @treeplanter
www.kedjom-keku.com
@riseofth payed 0.036 SBD to @minnowbooster to buy a stealth upvote.
transaction-id 967629fc390b29c3662322049d34ef200ea652f1
@stealthgoat
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by riseofth from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP. Be sure to leave at least 50SP undelegated on your account.