Steemit, the First Online Economy
I have purchased coffee with Bitcoin, even bought a T-Shirt on Openbazaar but these transactions all involved an interface with the "real" world. Sure there is a digital or online aspect to the commerce but the goods and services traded are part of a normal nation state economy. The vendors probably all converted their Bitcoin to Euro/Dollars straight away, the post man who delivered my T-Shirt was paid in Euros.
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Steemit
I came to Steemit 4 months ago to start earning digital currency.
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Today I had the realisation that I have been regularly spending digital currency since I got here. I have spent over 100 dollars promoting posts, this strategy has not been giving me the reward I was hoping for so I stopped recently but again yesterday there was a post I felt had been missed and I wanted to give it a kick. Without realising what I was doing I transferred some Bitcoin to my account then it hit me.
I have been fairly regularly spending Digital currency thanks to Steemit.
Steemit created a service (post promotion), a need that I could only pay for in digital currency. I have also been earning with my posts so this means that Steemit effectively is a fully fledged online economy where you can earn and spend money, Digital Money.
What other Digital currency can say the same? The majority of the transactions in every other digital currency have not been for trade, or regular everyday interactions but for speculation. They have not paid for a need generated by an online economy.
Image Source: Stone Banana Bitcoin Series
Let the Digital Currency Revolution begin!
As the Steemit Economy grows, more services will be offered, more people will earn digital currency. Steem and the pegged Steem dollar may become the currency of choice for online trade.
Thank you for reading this. I write on Steemit about Blockchain, Cryptocurrency, Travel and lots of random topics.
I would say that it's the first digital economy with sound money held non-custodially.
People have been trading digital currencies for digital items, services and attention for years now on Facebook, World of Warcraft, Second Life, Team Fortress, Counterstrike etc. But in all those cases the money can either be created at will by the owners/administrators of the database, or are held in trust. Steemit provides a digital economy without those limitations.
Great point @demotruk
All those digital currencies have value too. They can be earned in the apps, traded and spent but realistically only within the app or platform. I would consider those currencies like chips in a casino. They have value but not outside a confined location and not commonly for a wide variety of goods and services.
Because Steem is non-custodial, there is an added element of trust and specifically counterparty trust, compared to those other examples. Steem is also a currency that exists outside of a confined ecosystem and is used for regular transactions; art, music, advertising (post promotion) and numerous other examples.
I think the Economy that Steem supports is the first truly Digital Economy that has characteristics of a conventional Economy.
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Resteemed!!
Thank you
An excelent article, and just what I wanted to read this morning :)
Your post motivate me )
Steem on!
Great post! Thank you for sharing :)
Thank you.