Announcement : My impression of participating in the Steemit Engagement Challenge Contest | Campaign #burnsteem25

Hello everyone

Greetings to you all and welcome to my post. Indeed today is a great day for we all to be counted among the living. This morning, while going through this community Steem Entrepreneurs I came across this wounderful contest titled; "Your impression of participating in the Steemit Engagement Challenge Contest | Campaign #burnsteem25".

As for me everything about the just concluded Steemit Engagement Challenge Contest that ended 26-05-2022 was a great challenge that units hundreds of Steemians together as a means of commenting and upvoting of other users post.

What I enjoyed most in the challenge was the interactions between other users both those that participated and those that didn't participated at least they comments alone is worthy enough to build someone up.

During the first week of the challenge (season 1), I only participated in six (6) of the engagement challenge contest.

My my first entry in the Steemit Engagement Challenge was in Steem-food Community. In this entry I was able to showcase my most favorite receipt and I was happy about it because it gives.me the opportunity to shared what I love eating best with other users and in the same contest I got to know how to prepare some of the recipes that I don't know how to prepared from other users.

My day2 of the challenge I posted in Steemi-Pakistan community where I shared some reviews on the three things that I love in my country (Nigeria) and the things that I love to change.

In this challenge I find it very interesting because a lot of us want our country to be better and reading through other users post must especially those in my country i noticed that we have a lot to accomplished the challenge was great and indeed a lot of culture was desplayed by users through writing, images and videos.

My third participation was in this very community Steementrepreneur. During the session this was the contest that I loved so much. I so much love this contest because I got the opportunity to shared my favorite Supermarket with thousands of Steemians. We all share some business ideas with each other in this contest.

The other communities that I participated in was as follows Steem Venelisa, SteemWomen Club and Colombiaoriginal.

Aside the season1 challenge, I kept on participating in other seasons. Among all the seasons, the season4 was the season that I enjoyed most especially the contest that was organized in Steemi-Pakistan Community.

In this contest participants was allow to Propose a Project/Initiative that can bring Investors in Steemit and which can also increase the value of STEEM.

screenshot gotten from source

In this contest so many users wrote their suggestions and that of @remlaps was taken to be the best suggestion by @steemitblog.

screenshot gotten from source

@remlaps was the users that brought the idea of #burnsteem25 that was initiated by @steemitblog long time ago. #burnsteem25 is a way of increasing the value of Steem price. In this challenge 25% beneficiary reward is to be set to @null so the value of Steem can be increase.

I believe that with this initiative that was created even before the existence of Steemit has a great impact in the value of STEEM and it will be best for we all to participate in this #burnsteem25.

We can imagine what the value of five (5) Steem can do if the price of Steem is $5 dollars we all we be smiling even if a post payout is $1 it will still be better than a post that payout $5 with Steem price at $0.0259.

I foresee this initiative as a way of maintaining the value of STEEM. At first looking at the meaning of cryptocurrency burning from "investopedia"

"Cryptocurrency burning is the process in which users can remove tokens (also called coins) from circulation, which reduces the number of coins in use. The tokens are sent to a wallet address that cannot be used for transactions other than receiving the coins." Source

I came to understand that when it come to burning cryptocurrency, there is an address that is called "burner" or "eater" that is sent to users of whom are holding the coin. Once a users send they coin to the address it cannot be retrieve back as the wallet address has no private key which means that once we set 25% reward to @null it's means that the coin is gone forever and it's from they that the value of Steem can rise.

This is exactly what is happening in our financial institutions, where the government burns old money in circulation in order to maintain inflation and makes money to be more scares by giving value to our currency.

I believe it's the same ideas that is applied in cryptocurrency most especially the recent #burnsteem25 we have began this months. Doing this will increase the value of Steem and even us will be happy about the price of Steem.

I love this initiative. All thanks for the Steemit Engagement Challenge Contest that we did which prompt to this development. Honestly, I most say that in the Steemit Engagement Challenge Contest everything was okay for me.

By participating in the Steemit Engagement Challenge Contest, i learned a lot from other users, and got to know some of them which we are now friends that we share some understanding on Discord and WhatsApp chat.

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Conclusion

Steemit Engagement Challenge Contest is a means by which we share our ideas with one another, the challenge is also an avenue of creating relationships among users. Thank you so much for your time here my dear friend.

In this contest I am inviting @ngoenyi, @nancygbemi, @simonnwigwe and @preye2 to also join me and participate.

25% set to @null

Best Regards;

Cc:-
@harferri
@tucsond
@subkiusman
@f2i5
@afrizalbinalka