[Steem] Key Performance Indicators: How Strong is Steem Right Now?
Thanks to an amazing community, Steem has grown a lot as a currency in a short amount of time. It is easy to get excited and jump on board immediately with Steemit.com (a smart choice, if you haven't yet!)
Lets take a step back and look at steem from a few perspectives you may not have considered.
If you've read my more serious posts, you'll know that I derive value from cryptos based on their distribution, trading volume and consistency. While there are many other factors at play, I hope to provide a macro-perspective of Steem's current place in the market using the following mixed-methods analysis:
Steem vs BTC
An obvious comparison we want to monitor is STEEM vs BTC. As you can see, Steem is tracking nicely with BTC, however I just wanted to show BTC as a comparison for whats to come.
Steem vs ETH
As many of you know, ETH surpassed BTC daily trading volume on May 30th. ETH hit $210 per coin. The reason I bring up the ETH to Steem comparison is because STEEM and ETH are fundamentally similar, not in their blockchain set up or dispursement but because they are both currencies of the people. The concept of Proof of Stake, and SteemPower are both meant to be gained via alternative means than computational power. While you can gain both currencies through alternative means, it's my belief that both currencies will maintain a degree of consistency in the market in the future due to a barrage of stake holders that seek to maintain or increase its value. Currencies without this push will have to work twice as hard, or have a serious competitive advantage.
Steem Adoption & Accessibility
Steem has shown heavy support as Steemit and other platforms gain more users. While many are skeptical when something looks too good to be true, people understand steem as a currency and as a social platform. The barrier to entry is lower than any POW currency.
Even a 14 year old could amass a huge amount of steem because they've been equipped with everything they need to succeed in social media. The same is not true for coins like BTC, LTC, XRP, DGB or NEM. They are inherently less accessible.
Resources require a high degree of accessibility for them to be useful. If you do not know that there is food available to you, it is impossible for you to eat it.
A Crypto that is not accessible will be less distributed
Less distribution means less investors
How can new steam accounts benefit?
Great question. There are many ways to grow your steemit account. You can post content that is highly popular, now this doesnt mean dank memes. This means content that Steemit Users like. Spend some time reading and watching other people, you can also get ideas outside of Steemit, but make sure to post something that reads well and gives the reader some value. If you give value, they'll return it with an upvote :) Best of luck!
Well said. I am looking forward to see Steem become what BTC has attempted to become.
I want to find a way to accept Steem for my online store.
Steemit will be popular long after BTC is considered a relic. I believe this because people actively will trade Steem in the crypto market, whereas BTC may fall from grace when people realize its flaws.
Again well said. I am also enjoying the social platform that it was designed around. :)
It definitely helps that Steemit.com is well coded. Lets work hard to hold other steem based institutions to the same standard!
I think so too, delay in transactions and high fees are something that people have been overlooking for a long time, as these newer coins promise better rates, they'll see what's up. Only a matter of time before BTC falls. Dan Larimer even talked about it here in his introduceyourself post.
And other cryptos are fixing those very blatent problems. It wont be long before something like Dash 2.0, for example, trends on Facebook due to some technology benefit over BTC, and it spikes in the market alone. The only reason BTC controls the market atm is due to people requiring BTC to invest in other currencies.
I like your way of thinking about this, and I agree. The accessible nature of steem and sbd will continue to push it higher. That along with the way post payments are paid partially in steem power will ensure some lock up period as time moves on, and incentive for the market to keep the prices stable and increasing over time.
SteemDollars is also governed by steempower, so they should be able to make it so they never give out more than they've budgeted.