Bitcoin continues to make all-time highs, currently near $1,560, but altcoins are absolutely skyrocketing.
13 of the top 15 cryptocurrencies in the world by market capitalization were all heavily in the green again on Sunday with many of them in the double digits of percent gains.
One of the biggest gainers was Steem which rose 50% today to well over $0.50.
Many may remember that about 9 months ago we began talking about Steem and the social media site Steemit as our first post on that site earned over $15,000!
We recommended that people begin using the site and posting there and it has earned just my close friends alone tens of thousands of dollars. And I know many TDV readers have earned a lot of money posting there as well.
Many naysayers, trolls and haters all called it a scam… just like they did with bitcoin. But, fools will always remain fools and now Steem has been skyrocketing.
Back when I began talking about Steem nine months ago, I recommended using the site, Steemit.com, but not purchasing the cryptocurrency that backs it, Steem.
That’s because, at the time, Steem was trading far too high, in my opinion, with a market capitalization of over $400 million for a brand new cryptocurrency.
I started recommending it to subscribers in The Dollar Vigilante newsletter (subscribe here) a few months ago, however, when it was near $0.20.
My reasoning was that its market capitalization was much more in line with where it should be than it was last summer.
And now Steem has really taken off.
Steem had been massively lagging all the other cryptocurrencies which have been skyrocketing in the last few months and appears now to be making a catch-up move.
What separates Steem from a lot of the cryptocurrencies now, however, is that it has been a viable cryptocurrency and website for more than a year and it has continued to progress.
Steem, essentially, is a cryptocurrency that backs a decentralized social media platform, or platforms, such as Steemit.com.
Steemit, currently, is a bit of a mix between Reddit and Facebook. But the platform can also be used to compete with apps like Twitter.
Sites like Facebook, Twitter and Youtube are all implementing massive amounts of censorship… but Steem can’t be censored. It runs on a blockchain for all to see.
And, for this reason, Steem could theoretically and quite realistically be the killer app that destroys things like Facebook and Twitter.
It currently has a market capitalization of about $100 million. And if it continues to grow and become a real competitor to established social media sites and apps it will be valued in the tens or hundreds of billions of dollars.
So the upside is massive. But, we are a long way from that happening. At least a few years. And, it could fail in the meantime.
But, just like I have been urging readers to at least begin using bitcoin, since it was $3 in 2011 I am urging you to at least get on Steemit.com right now to see how it all works.
It is absolutely genius… and if you are a content creator with a decent size audience, begin posting on Steemit in addition to sites like Facebook. You get paid to post on Steemit. On Facebook you mostly just get your information recorded directly into the CIA’s database.
Bitcoin could very well be the only currency left standing in the next few years. Ethereum could be the cryptocurrency that backs millions of new applications being created right now. And Steem could be the cryptocurrency that ends up backing all social media applications.
I’ve said it before and I’ll say it again, the advent of the blockchain is the second biggest thing that has happened in my lifetime. The first was the internet.
If you wish you could go back and invest in internet stocks like Amazon in 1995 then you should be learning everything you can about cryptocurrencies right now.
We make it easy for you and are offering a discount to get our book Bitcoin Basics and subscription to our newsletter where we regularly feature cryptocurrency innovations and investments that have made our subscribers thousands of percent gains in just the last year alone.
You can sign up for it all right now here.
And make sure to like and follow us on Steemit here. We have the most followers on Steemit even above the founders of the site!