Why i invested 7000$ in Steempower..
To understand my thought-process, let me give you a clue of how i got in contact with the blockchain and cryptos first. A couple years ago i was quite involved into online poker, cause i loved the math, statistics and the competition. Thats where i heard the first time ,there would be a digital currency and you just need a power socket to generate it.
I talked to myself “wtf” :).Well, i even got annoyed because i didnt understand it and it would have been easier to just let the freaks be freaks , but kept on reading. So yep, you needed a computer and can "mine"bitcoins with it. I checked how much a bitcoin was worth and it was at 20$. I investigated a bit and thought of randomly investing since it sounded interesting and new and in a way crazy exciting, but the next day it was at 80$. The first time i felt that feeling of missing out on something big. I bought in @200$ for i think 2 grand, short before MtGox collapsed.
Through the years and endless challenges bitcoin developed.A lot of new alternatives cryptos came on the market. In the early days it were just 6 or 7 noteable coins (Bitcoin,litecoin,namecoin and a few crapcoins). The deflationary model convinced me and that golddigging adventurous mentality. The early adopters loved bitcoin and most of them were holding in fear of missing out on the train. People were speculating with altcoins all for the reason to build a higher btc-stack.
So why did i invest in Steemit?
I am a supporter of the blockchain technology, but there are 1000's of cryptos out there. Don't make the mistake to believe all of them are going to keep their value. 99% have to and will fail, because there wont be a need for usage and their value is pure speculation. But we can narrow the field by estimating whats really important and I have 4 things in mind :
► There has to be a practical use for a coin
► There has to be a good team of developers, capable to make important changes
► There has to be a community, that supports believes and uses the coin
► There should be a unique characteristic or feature
Steem's unique characteristic is ► The Community!
There is no community like this one, though btc and etc have enthusiasts and passionate supporters. Thousands of active people support steem and steemit on many different channels across the globe. I truly believe steemit is going to be big, since the concept is unique and the blockchain gets already globally adopted. It was an easy investment for me, since there is no competitor to steemit (besides from that russian clone).
Hope you enjoyed the read. If not you still can enjoy your day!:)
Have a good one
This is a lot of money to invest 7000$ in steem. But, you should in the long term make a nice ROI on your investment.
Are you thinking about a steem-investment or did already? What are you struggling with or what convinced you?
i think it was a smart one as well :)
Thanks for tuning in, i enjoy your blogposts!
it sound reasonable! I am a bit puzzled by the cryptocurrency market, it could be the best time for investing or the beginning of the end for the 99% of the coins
I would be careful with investing and trading right now. I wasn't looking for an investment opportunity, i just believe in the steemit concept, thats why i did it. 1.8. will be a very important change on btc (segwit), i have no idea how the market will react to it.
I just recently heard of bitcoin and other cryptocurrency and was intrigued by it all and thought to myself..I better jump on board and figure it all out later,lol
Yes thats the best way indeed, we are still on a very early stage.
I think you will get the good intrest at the end of the year. Nice idea. Iam looking forward to invest in the future. :-)
I am a newbie, so I ask like a newbie. Is it correct that it is relative low fees to use/send steem too? For example sending bitcoins is more expensive. Regardless, I agree with what you write. Pretty interesting.
Great post. Will heed the message. Upvoted and followed. Please feel free to do the same. New to Steem.. just getting the hang of it. Cheers.
Smart move it will pay off in the Long Term
My only problem with putting money in and buying Steem, is that new steem is created every year which helps keep the value low. If I'm not mistaken the process is actually meant to double the coins every year to assist in decreasing the value. Steem Power is different slightly. Since Steem isn't actually used for anything and you can convert SBD directly to Steem power, I would be very cautious about holding long term. 3-5 years maybe, but by then you'll see things like Bitcoin, Etherieum and Lightcoin quadruple probably. I love Steemit and the community, but actually investing in STEEM has me worried. Just my two cents.
Steem inflation was a lot higher in the past. Its 10 or 9.5 p.a. currently? - and will be reduced 0.5% each year, in 20 years it will be 0.95% . Ethers inflation is way higher, at least until iceage comes. + You got interest for holding steem