Steemit Crypto Academy Contest / S8W5 - "Let's Think About Steemit's Future"
What is Steemit And How Does It Work |
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The steemit platform ever since introduction has been creating a source of financial income for many users. Not only helping people financially but also, it serves as a place where people interact get to know one another and then learn new ideas and skills. Indeed the steemit platform is filled with a massive beneficial tools that are capable of helping to build and help an individual.
Steemit is a decentralized social media platform, which rewards it users with cryptocurrencies(it native cryptocurrencies) that’s the STEEM, SBD and TRX for participating on the platform. The platform is actually a blogging platform where by users get to write on relevant topics in the various communities they have joined. Users get to participate in various contest in the various communities or they can show to write on any topic of their interest.
After a user has published or posted their blog or content, the content is then being upvoted or curated or other user. This basically a user earns a reward that’s the cryptocurrency from the steemit platform. Also, the rewards doesn’t all fully goes to the user. But also it is being divided between the author and the
curators. Which the makes it easier for everyone to earn on the platform. All that a new user need to do is to sign up and then they can also start blogging and earning rewards on the platform.
What Is STEEM Coin And How Does Steemit Make It's Money |
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The Steem platform works on a proof of brain algorithm. That simply means decisions and upvoting on the platform is done through intelligent thinking or decision. The steemit platform makes money through the selling and buying of steem coins in the various market places. Which can be said it makes some money through the transaction fees. The transaction fees are actually from the selling and buying of the steem coin.
The steemit platform also makes money through the staking of rewards, which termed as power up on the platform. The staking of this rewards helps both the user and the steemit. It helps the user to gain more influence and more voting power on the platform. The more steem power you hold on the platform, the more recognized and influential you become on the platform. Your voting power increases which eventually helps other users to grow. That’s if you upvote and support them. In return, you the individual too gets more support from the platform.
Lastly, there is the delegation of rewards on the platform. This is when users decides to give some amount of their steem power to other users with more steem power. This delegation helps both the one receiving and the one giving. This is because the one taking the steem power turns out to be earning more there by sharing it with the other user who delegated to it. Through this, that’s the delegation the steemit platform also earns something in return.
Current Price Of STEEM At Coinmarket |
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This current state of these coins is known as their worst and down state. Actually the current state of steem is not convincing at all. This is because the steem coin’s price has fallen for some time now. That’s since last year and yet till now it is still struggling to rise. The steem coin is affected by the market Fear Uncertainty and Doubt. Like i said even the major coin that’s Bitcoin is also being affected by the market Fear Uncertainty and Doubt.
The Fear uncertainty doubt is mainly influenced by the media and other political issues which in turn affects the cryptocurrencies. This is because it reduces how people patronizes and trust these cryptocurrencies. Therefore the value of the cryptocurrencies and their recognition in the world market tends to dismiss or reduce. When this happens, the value of theses coins reduces drastically.
Investment in STEEM Coin |
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This is because it has proven to be one of the best. Also, based on the current market price of the coin and it’s total supply which is very little makes it easier to gain scarcity which will gradually increase the value of the steem coin. This shows that’s this is the right time for anyone to invest in it for a better profit in the near future.
Also, there is the need for the promotion and adaptation which is the very way to help increase the value of the steem coin. This is because users will patronize and use the steem coin more.
A good example is users on the steemit platform are really helping to increase the value of steem. This is because they are using and patronizing the coin. There is the need for exchanges to try to recognize and give the steem coin more opportunity to be allowed on their platforms so that their users or traders can trade with the steem coin. A good example is the futures trading, which will create more awareness and recognition for the steem coin. When this is done the steem coin will be popular and also being patronized well. Finally the steem trading volume will increase too.
SOLIDIFY STEEM OFFERING IN TERMS OF TECHNOLOGY AND OPERATING SYSTEM |
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ENHANCEMENT OF SECURITY; the steemit is not exceptional from attackers or hackers just like any other cryptocurrency. Which makes it more necessary and important for the steemit platform to improve or enhance their security which will make it more trustworthy. Traders are more concerned about security of the crypto they are working with. So the addition of advance security like multi factor authentication and facial recognition could be very helpful.
IMPROVEMENT OF SCALABILITY: the steemit platform will be able to grow wide and gain more adoption and attract more users if it is able to increase it transactions volume. This is one factor, that’s higher transaction factor that attracts people to a particular crypto.
The platform should be more user friendly and easy to use. This will help to attract new users to the platform. Also, users will find the platform more easy and simple to navigate without any difficulties. That is actually one of the very key things that makes platforms more convenient and easy for beginners to interact with.
Conclusion |
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Brother you are right about the earning of the cryptocurrency STEEM at steemit. People are very lucky who are working at this platform because they are not just getting the earnings in the form of STEEM STEEM dollars and TRX they are also during all out of knowledge and information from this platform very decentralized. About content creation you told her I think that you are working depends upon the quality of the content and your engagement with other users means how much you are interecting with others at this platform.
From the time this cryptocurrency and this platform is introduced in the Crypto world from that time is going very smooth either there are ups and downs in the journey of any cryptocurrency as now a days we are also seeing a continuous decline in the rates and we are not seeing a positive thing but very soon there will be a good news regarding the prices and market will be stable again.
You tried your best to explain each and everything in a good manner and I like the answers of all questions that you have shared with us and you were most relevant in your hole post I can see after reading your blog.
I wish you a great success 🙌
Thank you
Your welcome
Thank you, friend!
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Curated by : @steemdoctor1
Thank you
Very good post. The steemit platform has helped to increase the writing skills of so many people. Steemit is a very large place with so many communities where one can learn different things. The communities and individuals also get rewarded when they make a good quality post. The steemit team are doing a very beautiful job by making sure the platform keep progressing.
The fall of Bitcoin affected the price of steem which made the steem price to drop. Now is a good time invest in steem because the price will definitely go back up. Thanks for taking your time to share your ideas with us, you broke everything down in details. wish you success in the contest.
Indeed the steemit platform has helped us gain enough skills. Thank you for your positive comments
Yeah, the steemit platform is very versatile in creative contents, and that makes us open to learning new things.
Assalamu Alaikum.
You have given us and deep knowledge of steemit and cryptocurrency.
You told us how we can work on steemit by publishing contents either on any topic.
we can get steem in rewards by publishing either on daily basis now by engagement it will urge to do more good work.
As steemit platform is the blogging system that works on blog and pays reward to its users on the ways of quality contents as it is work on the principle of proof of brain.
Then you describe the market value of coin so that we can new about the latest and of cryptocurrency market .
You are right in future there will be more Awareness of steemit and more people will be attracted towards it.
There is steemit promotion on different media so that it can be more familiar like other social media.
I agree with your point of view that in order to increase the number of users on steemit there is a need to develop a simple system of using it. when a new commers came the method of posting on steemit is quite difficult.
Wish you best of luck
A well detailed post man, wrote smartly man keep it up. You article about Steemit is so rich that I was amazed while going through.
Yea, steemit to me is the most important and lovely Blockchain technology as long as I am concerned, infact I don't see any social media as a competitor with steemit.
Thanks for going through, kindly comment on my post https://steemit.com/hive-108451/@starrchris/steemit-crypto-academy-contest-season-8-week-5-let-s-think-about-steemit-s-future
Hii @habdullah
Thanks for sharing your blog.You have explained in good way about the topic.I agree with your points that you have shared to increase the worth of the Steem.
Steem price is low as compared to the past there are many factors such as the low value of overall market.Steemit team has taken the important steps to stabilize the price of the Steem token.
Such as the programs of Steem burning and powerups and we are very hopeful that in the future the prices will go up.
Good post you have shared.Thanks for sharing . Good luck for the contest.