Facebook + Bitcoin = Steem!

in steem •  11 months ago

The easy answer to the question "What is Steem?" is "Imagine if Facebook and Bitcoin had a baby" which suggests combining the most innovative powerful parts of what they introduced into something new.

Facebook revolutionized social media and now there are over 2 billion users on Facebook monthly, according to Wikipedia.

Bitcoin has revolutionized money in 2009 when it was started, just a few years later it was only worth 30 cents for a Bitcoin. Today it's worth over $4,000, which is 10,000 times as much in just six years.

What would happen if you put the amazing innovation of these two into one?

I'll show you right now.

Facebook + Bitcoin = Steem!

First, to make this clear, I will need to share the basics of the best of Facebook and Bitcoin with you, if perhaps you haven't heard of one or both of them.

Facebook was started in 2003, when Mark Zuckerberg wrote a program called "Facemash." Two years later I was one of the first users relatively to join Facebook and I was really excited about it.

Now, 12 years after I joined when it was just still a relatively new start up, Facebook has 65 billion dollars in assets.

Meanwhile, let's look at Bitcoin.

Bitcoin has revolutionized money online introducing the term cryptocurrency and shaking up financial markets around the world. Bitcoin started in 2009 and after two years it was only 30 cents for a Bitcoin.

Today, the price of Bitcoin is $4,000+ which is a 10,000 times increase over what it was six years ago.

Doing the math on Facebook, I would guess that Facebook had similar growth from the time I joined it in 2005 to 12 years later, which is today where some estimate it's worth as much as several hundred billion dollars.

Now, what would you get if you put Facebook and Bitcoin together, had them mate and have a baby into something that introduced as much innovation as they introduced?

Here's what I think.


Steem is the equivalent of a baby of Facebook and Bitcoin.

It brings the innovation in terms of the cryptocurrency that Bitcoin has and it combines that with a social media network.

I'll show you right now.

You can see right on my Steemit profile today exactly what I'm doing.

I think this is really amazing because, even though Steem is new, even though I've only been on it for three months, you can see it's basically just a social network where you can host your blog.

And yet, if you look down, I'm making hundreds of dollars, sometimes a little less than that, sometimes much more than that. $3,000 was the most I made on one post and this is still brand new.

Now, I've been working online for six years, I don't know anywhere else where it's this easy to start something, and even if you have an existing audience to actually turn that into money. This is the most amazing thing I've ever seen and I was one of the first Facebook users, I was in Bitcoin several years ago, and this absolutely blows my mind.

Why?  Because it is simple.  You sign up for SteemIt, you make an account, you start posting.  Now, are you going to earn millions of dollars over the night?  No.

It does however give you a chance to actually earn money from what you do on social media.

How much money?

Here's my actual accounting data.

If you add up all the numbers, it adds up to $33,944.47 that I've made in the first two months on Steemit.

Now, I've reinvested almost all of that. If you look at my Steemit wallet you'll see that I've put in about $30,000. I cashed out my retirement portfolio and put it all into Steem. Today I have an account worth $61,000. I've also cashed out around $10,000 over to my Coinbase account.

This is just the beginning.

I think while today the price of Steem is at $1.22, it has a chance to go up a thousand times in value in the next eight years. I'm not investing in it because I thing it might be a little interest on my money, or it's cool and it's new. I'm investing because I see this as my entire retirement plan. No social security for me, no stocks, Steemit is my retirement plan.

At the same time, this is my daily job. I can go on Steemit and just make posts every day and earn money, even if they don't earn a whole bunch it's still a lot more than nothing that I get if I post on Facebook.

In my opinion, the biggest difference in life is from zero to something and Steemit crosses that threshold with the social network. It crosses over into money and allows less censorship. I absolutely love Steemit.

Would you join me on Steemit, because while you might have missed out on Facebook and Bitcoin, I'm going to guess that you probably didn't have the chance to be an early investor in either of these within the first two years they were launched.

This you don't have to miss out on. You can even put nothing into it, just try to make an account posting. You can even put a $100 into it.


That's why I'm here, to make an investment of a lifetime and to use the rewards from that to do some good in this life, to create a world I would like to come back to in another life.  My dream is to help continue building a world that's amazing and a world where we have the chance to just do what we love every day, where we're not required to slave in some job we hate, jut to pay the bills.

That's my vision for this.

I hope this is useful for you.

I love you, you're awesome, hope you'll have a wonderful day today.

Thank you very much for reading this post which was originally filmed as the video below!

Would you join me today, by leaving a like on this video or upvote this post on Steemit?

If you found this post helpful on Steemit, would you please upvote it and follow me because you will then be able to see more posts like this in your home feed?


Jerry Banfield with edits by @gmichelbkk from the transcript by GoTranscript.


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That's right


To me steem is twitter+ crypto currency!

Great ideas for telling people about Steemit. I try to tell everyone I can about it but sometimes I have to explain it further, since there are a lot of people that don't know what Facebook or Bitcoin are either but some do know what twitter is so I try to incorporate that in as well. Thank you for sharing more great ways to get people involved with this great community.


I am working on getting the 3 Billion Artists on Facebook to come over to Steemit and at least get paid for their Creations .... https://steemit.com/art/@offgridlife/join-the-facebook-group-steemit-artists-and-share-your-work-with-over-200-other-artists-and-art-collectors

Nice post, thanks for sharing. Your post Will bring easier understanding on steemit to my Facebook friends. thanks


This is a fantastic summary of why everyone and their mother needs to join Steemit.

Posting without any potential return on your time investment is silly! Even if you only get an average of $.01 per post, if you post 1000 times, that's ten dollars you wouldn't have had.

In the world of facebook, twitter, message boards, etc., you can post brilliant content that's extremely valuable to many people and end up with a few pats on the back, maybe a large following to market to, if you're lucky.

You can develop a large following, AND get paid while you do it in the process. Pretty damn cool.

Very true, Steem is like a baby of Facebook and Bitcoin... My only concern is that they should have sex again to produce siblings of Steem.


Sir i agree with you,nice post


hahah very true


Haha made my day :D


good joke funny hahahaha


Haha! Yeah! you got a point :)

The thing I'm worried about is on this post by @dbdecoy


He's got a very interesting analysis and lots of interesting input in the comments. The 98% at the bottom of the pile are a whole other ecosystem than the 2% at the top. If the little guys cannot survive, grow and thrive - this concerns me. I feel like we need more new people in Steemit, but they wither fast without support.

fb never had the monetization and I think that is part of the difference of why they grew like they did. As far as the crypto side of things - I'm still pretty ignorant but happy to be learning.


it is true what you said ...I made a post with the same idea of ​​that. although without the numerical analysis
I making a comparison with the disappearance of the krill by the global warming and the extinction of the whales


Exactly! I hope the big guys will believe the analogy since it is so relevant.


@jerrybanfield is one of the helpers and a lot ... I think that's how I put it in the post ... the great majority are not minnow ... we are krill ... and the whales need krill and that shows with jerry's expenses to attract new members

Upvoted you as a witness 😊

Wow, I only wish that you will be checking out my posts , you will see that we are twins when it comes to steemit and steem. Steemit + Steem till the very end!!!!!
You always get my upvote.

As someone said here many resist the new. I have been trying to get people in steemit and clearly the benefits are there. Yes, the interface is not like facebook but the reward out weights what its lacking. And it's still new so we never know one clever chap out there might improve steemit. I haven't been told why others don't want to try steemit. I would like to know why and why not.

Facebook + Bitcoin = baby Steem! ha ha that made me laugh sooo much! Genius! Jerry you are just Genius! To be honest my opinion is:

  1. Facebook / Bitcoin great inovations, when the main virtue for both is freedom. on FB people can transmit whatever messages they want, and connect with friends easy. Also mass scale ofc is helping a lot! BTC is great alternative to banks, so good news too.
  2. So both those inovations "broke the ice" in terms, that now social media, expanded that much, many more projects became more freely. Freedom of speech reached unbelievable scale! Even popular media channels such as BBC / CNBC / CNN etc are listening what free media broadcasters are saying (Youtubers, FB). So evolution is another important factor wight here.
  3. As about Steem, I am a believer. Just couple things Steemit team to have work faster, and harder: content of the project: so much trash is around.... sometimes hard to filter what is good information, and what is just copycats. And other thing is that Steemit, the whole idea can be copied itself.... Imagine any other big player, with huge finances coming and making ICO, then making such Social:crypto space, and just expanding at unimaginable speeds. Because like it or not, finances and budget still means a lot when it comes to expanding markets, and advertisements...
  4. Governments got shakes very seriously, by both projects: Facebook / Bitcoin. If you remember when Facebook was still in early infant level, some local govs of USA gov, was trying everything to stop FB expansion.... saying it is breaking copyright rules, etc etc. But Mark Zuckenberg is a very smart guy, and he gradually implemented FB growth into society. Then even those governor's daughters and sons started using Facebook all around. Same with Bitcoin, the open code is there. The 21 mln coins total supply is limited, and any government and any person in the world, can say anything bad about it, but the Crypto revolution is happening, it is right now, right here! Our chidren and grandchildren will be learning in history books about very this moment!

I am very optimistic about all the Crypto evolution!
(PS: I like Steem)

Steemit's use case is unbelievable. I am attracted to it because it allows me to not only grow an online audience but I can also leverage my creativity and work ethic to essentially acquire crypto currency.. And the ROI is limitless. Sounds like a great deal to me.

For me, it is more inclined towards Bitcoin + Reddit blogging feature.


But with almost no memes, which is good

@hms818 is very correct! This whole community must be aware the competition is going to be huge. Now there is a "beta" next to Steemit logo and I hope we can dump it soon to make the platform easier to use, insert the chat-function in the home-screen, easier to search other users, and most of all easier to search the topics... I truly hope @jerrybanfield is correct about the growth he projects, but there still is loads of work to do!

Sincerely Pele23

I would say it's more a baby of Reddit and Bitcoin...it's not really a social network since it doesn't really have a social graph. Following someone is different than being their friend / family member and blog posts and comments are different than posting or checking in on FB.

Still most of the points in the post apply either way...I wonder if SteemIt plans to add any type of FB like social graph / check-in elements in the future?

Also now that i'm thinking about it, a big draw of FB is that businesses use it as a way of communicating and connecting with customers. I wonder if there's any way that can be incorporated into the Steem platform...that might really help Steem take a big step forward.

What do you guys think?


I definitely agree with you here. I have often wondered what would happen if reddit users realised that they could start making money doing what they normally do... just somewhere else.

It would be interesting to see the most popular tags change if this were to happen as well. Things like video games, memes etc would shoot up the list.

It's nice to see when someone else shares the same views as you... Let's see if redditers make the switch :)

It does sound like a combo of Facebook and Bitcoin. Another great post Jerry!

People are already trying to create copy cats and are failing miserably.. Just join steem ;) no need to make something different

Steemit is better as Bitcoin- Transaktion fee is Zero

good concerns but steem website needs improvement.


It will come with time, can not wait to see how it progresses!


new social media crypto sites are on the way.


@taspingo, You're right. This site is great, yet it looks uninteresting in its design. I hope some website designer can improve on the look.
BTW @JerryBanfield's YouTube videos got me here :)


I agree, they should improve it.

very true sir...i followed and vote you.follow and vote me too @rizals

thnaks you !!

If facebook & bitcoin had a baby id like to be the God father to steem!

I just made a vote for you to be my witness..

nice info about steemit

thankx for sharing!

really informative post for us and I am enjoying this site and its paying me some money.

@jerrybanfield sir very informative post i am following all your posts you are amazing human please help me and give some tips i am new here thankyou sir

interesting post, i still not understanding the mechanism and the way that steemit generate this steem, can you explain to us that in other post please M. @jerrybanfield

everything that have a fusion with btc become better..
youtube + btc = dtube
spotify + bitcoin = dsound

Perfect equation!!! haha facebook + bitcoin = steem :)

Hi Jerry,

Thank you for your activity on web. I have to admit that It was your video which brought me over here just 2 days ago. I am trying to build a nice place on the web with many online training. Is there anything you can recommend to take off faster? For the moment I am in the process of uploading. but it is taking a while. Thanks again.

I Love your picture of Facebook and bitcoin having a baby and that's steemit. I can literally See it with my inner eye. If i could draw better I'd sketch it out. 😀😀

BTW... I am very thankful for your skillshare class about steemit. It really have me Great insights and a good overview of the whole system.

lolz very sooon facebook will be like 2go

There was a good idea

You are definitely an optimist. Hope you make it through Irma.


He moved over to a hotel in Alabama to escape the storm :)

one thing about facebook that bothers me is the lack of respons when you share something important, for example about an issue that really needs the attention of the masses, and then when instead you share something cute or funny, u get many likes or responses, this shows how the people on facebook stopped caring, im happy to see that here, many people still care about talking about things, and that gives me hope. thanks for sharing your vision about this. upvoted and following you :)

I couldn't agree more with your overall all valuation of Steem and the Steemit platform as a whole. I have been here for about a month now and I can complete relate and understand to you investing as much as you could afford to put into Steem. It's awesome to see someone with as much clout in the YouTube world, here on Steemit and really becoming an ambassador for the platform at such an early stage in its existence. For that I thank you and hope that you along with the rest of us "beta members" are reward greatly for taking this awesome opportunity and running with it. Steem on Jerry!

I joined Steemit more or less by accident. And everyday that I'm involved, I'm loving it more and more! Great post btw. I'm going to look out for some more resources to learn about this platform, I think I'm getting hooked! :-)

I disagree, steem is not like facebook fortunately


Why is that? Do you see it turning into Facebook after a while? Thanks for the post! I love the fact that you can used steemit and really not even know there is blockchain tech in the background.


¿ ?
I hope Steem never becomes something like Facebook

Thanks for sharing this post the info is valuable really! upvoted and resteemed!

Good one

this is mind blowing can some one tell why i should wait and not invest

This is a fantastic piece. I've been trying to get people to look into crypto and switch to SteemIt. With this, I feel more people will get the hint. Thank you for sharing this!

What is yours opinion of something like Yours.org which doesn't use its own blockchain?

An awesome video @jerrybanfield and this is an awsome post .Happy steeming .

This is a very simple way of explaining Steemit to new people.
I always tell people this definition.

It is a social media site like Facebook,but here you are paid to post,comment and reply.

You will be paid as long as what you post and comment is sensible(valuable)

I always tell them you can earn 1$ for the same things you have been doing on Facebook(being social).

I also tell them i have been on Facebook from 2009 but never earned anything!

I tell them Steemit is better because you can earn an additional 1$ on top of what you are doing currently.

I will aslo in-cooperate your definition here to my next explanations.

Thank you for sharing this basic definitions of Steemit.

The model of steem's blockchain as far as i understand is still different than bitcoin.

Its based on graphene, more made to run as a backbone of high end server with strong synch between a limited number of nodes to process lot of tx/sec.

Bitcoin is made to be 100% anonymous, and for anyone to get coins by mining and participate with more equality as in free competition of hash power, without requiring account, or entitled nodes.

The model with steem for block validation, coin emission and node network architecture is different from bitcoin.

But it seems to does the job well for what it has to do :) need to see how it holds in the long term.

And the model is interesting as it allow to distribute coins to anyone without involving crypto knowledge for end users, and emulate a sense of social community around the blockchain which is interesting :)

And it allows more direct and transparent scheme of monetizing content, compared to other blogging or social media platform.

Need to see how the funding model will evolve with more users, and with less predictible rewards and interactions as coins get spreaded to potentially large user base.

Very good

I love that analogy of facebook, bitcoin and steem. I can see steem growing exponentially in the next few years.It sure took guts and balls of steel to invest everything into steem. This just shows how much you value and believe in this platform and steem. May your full time dedication and hard work bear fruits. I wish you continued growth and success on here :)


Let's hope the growth is fantastic and the €100 I invested now will be Wirth € 10000 in 10 years. 😀😀

Thank you.help me vote

We know that...

Wao, which to have this might on the forum and and wonderful reading this great post from you. Great post.

I so agree the future is now!
So is Ganja!

you gave the topic of what steem is, a good thrashing i often wonder how your mind works great work @jerrybanfield

@jerrybanfield Me a gustado tu post acabo de hacerle un #resteem como compensación y gratitud... feliz domingo! siempre te admiro por el potencial que tenes en la comunidad #steem #steemit

I honestly can only see STEEM going up from here :]
Great Post!

More like Medium + Litecoin (luckily it lacks all the politics and drama of BTC).

gracias por compartir este contenido con nosotros te di un voto espero que te guste

We still need a better way for writers to reach out to their audience. The way steemit.com is designed now great posts just get lost in between the not so great posts.


Very true...
Considering the fact that daily entrance of new members on steemit increases the chances of losing great post and contribution.
Steemfollower will help you achieve visibilty of your post to a wider audience. Thus earning you more upvotes and followers


Thanks, I hadn't heard of steemfollower before. I registered, but didn't quite get the grips of how it works. Will have to read up on it later. Is there any way I can add you as my referrer?

That is a very good way of putting it!


awesome family

download (3).png

.i follow you.love you.upvote you .now your turn @jerrybanfield

I love reading your posts on daily basis. You are great guy; helping individuals to learn more about steem.

Thanks bro

You always write your heart out and we love your guide and help.
Thanks for this post.

Upvoted, resteemed, proxied to @jerrybanfield and shared to the aging and poorly written facebook, trying to bring my friends and such to steemit. I love it here.

Steem has many advantages, as well as Steemit ... But everything new must be introduced gradually. That's why, people need clarification on how this works. Many resist the new, so the struggle is ahead ...

I keep telling all my friends that steemit is the future! You are totally right jerry, there is nothing out there even close to the potential of steemit!

Excellent break-down and introduction, Jerry.. to the unique synthesis of paradigms that Steemit truly represents. I'll share this with my "not yet Steemed" friends so they can grasp what's happening here... thanks Jerry!

sorry, no time 4 a proper reply... Hurricane & on my sailboat.

had some serious issues earlier...

Gave 100% upvote...

No words to express your vivid explanation. Hats off and put my hats again there is one more post to bring my hat again off.

Haha Nice Post like always Jerry.
I think it would be if Facebook+Reddit and Bitcoin had a baby it be steem lol.
Hope to one day reach your level of steemness haha. Keep up with the good posts sir!

Hi @jerrybanfield, You've created a nice equation to help the ordinary users understand the concept of Steem. I found it very interesting. Facebook, Bitcoin and Steemit all are phenomenal steps taken by their founders. In my view, you're the one who is spreading the word more than anybody else in the witness list and taking it to the next level so you deserve to be a witness. I request everyone whoever reads this comments to make Jerry Banfield as your witness because he deserves it. He has given the link at the end of this post.

Wow, I love your post and plan. It motivate me not to give up cause I'm really not happy that new members are not encouraged with upvote on their posts. It's really not encouraging when you write a post and no upvote, comment or resteem as a newbie. Steemit all the way!

The gains you have made are incredible, I wish I could get my blog to get near this. I always enjoy your posts man. How come you didn't link the Ritz Carlton bathroom vid over here to Steemit? Funny shit man.....laughed my ass off.

Let's #steem anything steemable. #steemit for all

Your analogies are simple as toast ! , cheers @jerrybanfield

Fabcoin baby I guess

Now this is what i call quality post . Keep up the good work with good content.

thus right

steemit feels more like a mix between reddit and blogspot.

i wish it was more like facebook instead...
if i could get paid for my brain farts instead of having to write giant articles that would be amazing.


Google Trends: facebook vs. bitcoin

I used 2 windows because on one was looks like this:

Just imagine whats gonna happened when knowledge about bitcoin will match interest of facebook!
-I can't imagine...

I have 14.2 thousands Twitter Followers, I tried promoting Steemit but people seems to have little interest for money compared to the usual free likes and retweets. I'm still struggling luring my Twitter followers to Steemit.

Haha I like your idea btw, Steem can be facebook as it is social and at the same time it gives us a chance to earn Steem :D Well I love this idea :D

Wow! Beautiful analogy, I keep on learning from you everyday, thanks so much for this post

Nice post, thanks for sharing. Your post will bring easier understanding to my friends in Facebook. thanks

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Very useful information, and appreciate you have done very good jab, Now you are mentor for steemit community. I and many other steemit fellow will learn from your Articles.

@jerrybanfield estoy cerca de ty pero no logro esos Números woow que te admiro vejo!

Everybody just go ahead and close your facebook accounts! hahah bling bling, all I see is money :D

I think medium.com is more similar to steemit than Facebook is. Facebook helps you connect with friends, but Steemit helps you connect with fellow bloggers and strangers with the same interests.

I think you are making yourself rich with steemit jeje.
Anyway Good post and Good work. Keep doing this.

Upvoted by @andravasko , upvoted community helps minnow steemit . explanation HERE !!!

Hey Jerry! Could you please tell me how upvote pricing /balance works?

Congratulations @jerrybanfield!
Your post was mentioned in the hit parade in the following categories:

  • Upvotes - Ranked 2 with 686 upvotes
  • Comments - Ranked 4 with 113 comments

Thanks and Congrats on earning $30,000 here so early.

Good to see you are doing a lot for the community on a continuous basis.

Your energy levels are pretty high and your talking always motivating and optimistic.

Jerry, i have been following you form youtube and then i saw one of your video on Steemit. I was soo inspired by your speech, I immediately created a account ! I Like all your posts, they are informative and educational and the way you carry your self i know you are for real. We will sure come back to a world which was co-created by us.

The title says it all. Couldn't agree more. I find myself spending more time here on Steemit ever since I joined around 15 days ago than on FB nowadays. I look for tips in some of your old posts, I find them useful even until now. :)

Thank you for sharing this article @jerrybanfield. It´s interesting to know how power and potential you see in Steemit. I resteem this post formy network.

Have a great day,