This article is a translation of the German post made by @uwe69 earlier today - thank you, @uwe69, for the cooperation!
Here's the link to the original post:
https://steemit.com/deutsch/@uwe69/bitcoin-vs-steem-feinde-oder-freunde

Bitcoin vs. Steem - Friends or Foes?

Are Steem or Steem Dollars a competition for Bitcoin or are they even supportive?

Steem compared to Bitcoin

Steem's biggest advantage is how people are introduced to this cryptocurrency. Steemit as a social platform is some kind of long-awaited killer-app for cryptocurrencies. Some of the platform's users might not even have heard of Bitcoin or other cryptocurrencies prior to using steemit.com and are now using them naturally, though. This way of introducing people to cryptocurrencies alone is a win for Bitcoin.

Since Steem are unlimited in terms of distribution and quantity, they are exposed to a high level of inflation. That makes them a bad investment. Steem's advantage is, however, their velocity and ease of handling. It takes about ten minutes for Bitcoins' first confirmation by the Blockchain and several confirmations are necessary for one transaction. With a time frame of about two seconds, trading Steem is done significantly faster. There is software for payment with Bitcoin with which processing and confirmation of the transactions is done instantly. Still, Steem are slightly ahead of Bitcoin as a currency, due to faster confirmation and better touting tactics.

The Steem Dollar is intended to be linked to the price level of the US Dollar.

According to Steemit, the Steem Dollar was created to serve as 'stock currency'. It is meant to be based on the price of the US Dollar and be kept at this level. It is not clear to me yet, how this should work on the long term. Just like Steem, the Steem Dollar can be used as means of payment and is therefore likely to end up at the stock exchange, where its price is set by the market. Over the next few years, the Steem Dollar will have to prove worth of being trusted in terms of stability and resulting suitability as a stock currency. Bitcoin is a bit ahead here, of course. Just like any of the other cryptocurrencies, Bitcoin can not be considered stable in terms of price level. However, due to the rise in price at second halving, it has proven some predictable continuity, which clearly should have had a positive effect on the overall confidence in Bitcoin.

Stock currency Steem Dollar or Bitcoin

Which currency to chose for one's hard-earned money is a choice, everyone will have to make individually. With the Steem Dollar's price meant to be regulated centrally, confidence in this system is crucial.

This is where the Bitcoin is shining a bit brighter, given its longer probation period and people having more experiences with it. In my opinion, however, all cryptocurrencies have their risks and should only be held within a financially sound environment.

Steem, Bitcoin, and a wonderful friendship

It would be awesome if Steemit expanded the direct trading of Steem to Steem Dollars to add another one-click-option. Having Bitcoin as a new friend in the gang, integrated in the wallet, with a trading option that can be executed by one single click (as it is already possible with Steem and Steem Dollars), would probably lead to another fan club of cryptocurrencies to feel at home on the Steemit platform. Many Bitcoin aficionados love the Bitcoin mostly due to the fact, that it is impossible to be regulated and the proceedings for quantitative growth are predetermined decentrally. Quick access to the wallet for daily needs would be complemented by the Bitcoin so well that a variety of choices for cryptocurrencies would be available which would suit every need.

Conclusion

Bitcoin, Steem, Steem Dollar, and Steem Power could wonderfully complement one another and are more of a chance to benefit from each other instead of being competitors.

I hope you enjoyed reading my translation and find it helpful, thanks again, @uwe69, for encouraging me. All images were taken from pixabay.

Cheers,
Ines