Steem Rolling Through The Cryptocurrency Markets

in #investments4 years ago (edited)

If Ethereum was supposed to be the story of the year before the DAO attack, Steem is promising not only to take over as the cryptocurrency of the year, but it is also poised to become the most prominent blockchain project this year. 

Steem has seen a 2,000% surge in value during the past 2 weeks, a feat that took Ether about 6 months to complete. This new cryptocurrency, which powers a social network, is now in third place in terms of cryptocurrency market cap, relegating Litecoin and Ripple to fourth and fifth place on the list, respectively. Its secret seems to be precisely its social network angle, which is unique in the world of cryptocurrency. 

 Steem for the Average Internet User

Anyone who uses Facebook, Reddit or blogs on a WordPress based site, will be able to transition into Steemit instantly. The main advantage of Steemit – the platform on which the cryptocurrency Steem is used – is that it is a collective effort, in which content writers will be rewarded. All the other web 2.0 social networks do the opposite: they take advantage of the content that their users upload to make a profit, but they do not share it with their users. This is the real revolution of the blockchain powered social network. 

 Traditional Blockchain Roles Remain

Still, due to the fact that blockchain powered technology requires computing power to conduct its tasks, the now classic role of the miners is still available on Steemit for those who are interested. Miners still have to validate transactions, so they will get a reward for their work based on a proof of work system. This system is similar – in principle – to the mining system that the Bitcoin network uses.

Cryptocurrency for all

Nevertheless, Steemit represents an unprecedented opportunity for those who do not want to get involved in mining, or do not know how to do so. The only thing a user on Steemit has to do to earn Steem, is blog. They will be rewarded according to the value their content creates. This effectively puts the blockchain project in the hands of the many. Internet users who do not have the knowledge necessary to take advantage of other blockchain projects, will be able to be at the center of value creation in this blockchain project, and will be rewarded for it. The fact that a user does not need to know JavaScript or to read about how to program a decentralized app to profit, unleashes great growth potential that other projects like Ethereum have failed to capture.

Social Networks on Steroids

Steemit is poised to take its place among the best known social networks like Facebook, Twitter and Reddit, while capturing the imagination of cryptocurrency enthusiasts all around. This powerful combination alone, makes this blockchain project one of the most promising ever. This is why its 2,000% growth over the last 2 weeks, as shocking as it is, should not be a surprise. With the right tools in place and the power to truly democratize profits derived from the most basic activities everyone engages in online, Steem should keep on rising. 

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@steemtest I and the community would never recommend ETH, which is why I want to see about Steem work, this seems better than ETH

Comparing Steem to Eth is like comparing apples to oranges. They are to be exchanged on two different platforms . One is a social network that will hopefully really pushes the boundaries of what we understand a social network to be, and the other is more of an ecosystem for distributed apps, smart contracts, etc. Both Steem and Eth can appreciate in value without competing with each other.

I wish I have too, but I believe it's not too late yet. There is at least 10-50x upside potential. Very few people are here at the moment, compared to Facebook or Twitter.

You are still kind of early! Trust me, this is in a very early stage. The best indicator for that is the beta sign on the top left corner of the website.

actually it's kinda risk to invest in SP atm because the price is pretty high

steem will go up to $10 in next 2 weeks :)

STEEM might be $20 in two weeks....the quick Poloniex add was epic!

steem forever!!!!

hope so, i'm going to invest some

well... i think it's really a moon on steroids!

steem will go up to $8 in next 2 weeks :steem forever!!!!

up up n fly :D

ty dan, you are the man :v

One common thing between Steem and Ethereum is that both are difficult for understanding to newcomers. Their main purpose - to create real added value

i know , it really hard to understand their documents in short time

yeah, it took me some time to figure out

Steemit = Killer Bitcoin App... you know

ETH is still 1 of the best but steem has good chances of a place in the top, definitly

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