Steem Future Asset - My Predictions, Crypto & Steem Understanding

in STEEM FOR BETTERLIFE2 years ago

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Hello everyone welcome to my blog.. Cryptocurrency is the basic reason why we still steem and earn rewards. And so today I will quickly be letting out my understanding of cryptocurrency and the platform “Steemit” and also lay down my predictions concerning the platform.

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CRYPTOCURRENCY

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Cryptocurrency which can be abbreviated as crypto is a digital currency that is designed to work as a medium of exchange. It therefore uses cryptography to secure and verify every transactions on the block, and as well control the creation of new units of a particular digital currency introduced to the block.

A lot of cryptocurrencies are been introduced and built on blockchain technology, which is a distributed ledger applied or enforced by a distributed network of computers. They are literally different from fiat currencies e.g like United States dollar or pounds, that's because any central authority does not take them, thereby making them very difficult and impossible for government to interven or arise with their manipulation.

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HOW DOES CRYPTOCURRENCY WORK?

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I will kindly explain to you in my understanding on how cryptocurrency works,

Many of the cryptocurrencies gets to function without the backing of a central bank or government institute. And Instead of depending on government guarantees, decentralized technology called for blockchain, underpins the operation of cryptocurrencies for better future experiences.

In further descriptions, Cryptocurrency is coiled through a process known as "mining" which means, enabling computer processing power to solve complex mathematical problems to earn coins as token. Users can get to purchase the currencies from brokers and then use it in storing and spending using a well encrypted wallets( Wallets like, Trust wallet, Metamask, etc).

This stuff called cryptocurrencies do not exist as physical coins or stack of notes rather they dwell only on the internet. We all should consider them as virtual tokens, the value of which is decided by market forces created by those seeking to buy or sell them.

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STEEMIT PLATFORM & BLOCKCHAIN

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Steem is a social blockchain, a public accessible database that gets to store all immutable contents in the form of plain text. IT is therefore powered by an in-built incentivization mechanism which gets to rewards the content creators and distributors with its cryptocurrency called STEEM.

Do you know the most interesting thing about Steem? It's it reward system. The rewards are been distributed to the Steem users, who produce and vote/curate content, participate in content socialization and vote on the content for more encouragement.

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MY PREDICTIONS TOWARDS THE STEEM TOKEN

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Currently, I checked on “Coin gecko” and it happens to be that the current steem price is #89 naira in Nigeria currency. As it is now, the price rises and falls between 70-80 naira and St most 90 naira, luckily enough 100 naira.

Bitcoin is the father of cryptocurrency and so therefore it happens to appear that as Bitcoin falls and rises it affect other coins. So according to my prediction on the 31st of January 2023, I see the price inflate a little. It might be in #100 - 113 naira or deflate to #85 naira. That's is what I see from now to that 31st, with my study about the market.

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CONCLUSION

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As a steemian we ought to have a future thought or mindset about the platform, not only that, also have trust in the platform. With my explanations of Cryptocurrency and Steemit, I believe to have given more conviction to my readers.
Thank you all for reading!...

Cc:
@amryksr

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