Steemit may become the killer app to bring people into cryptocurrencies

The exponential rate at which Steem grows may put on fast track a solution to the scaling issue that the Bitcoin community faces.

Steem is a digital currency behind Steemit, a decentralized social media platform which rewards posters and voters online. Scaling Bitcoin has become a hot button issue in the community. This is the process to increase block size from its current form in which the network can only support up to seven transactions per second to process more like Paypal achieves with about 100 transactions per second, and as Visa does with about 4,000 per second.

Steemit is on track to become one of the largest and fastest growing cryptocurrency projects worldwide in less than three months of its inception. As Steem reaches millions of people in the next year, it could possibly choke Bitcoin's capacity if all the people were to use Bitcoin as a gateway to buy in and/or cash out each month.