Bitcoin Surge is an Opportunity to Promote Steem vs Other Cryptocurrencies
Introduction
Right now we seem to be having a resurgence of Bitcoin with it getting very close to the $1000 mark and a $15.5 billion dollar market cap - a region we haven't seen in approximately 3 years.
One effect of this resurgence is that it will almost inevitably increase the interest in other cryptocurrencies.
This presents somewhat of an opportunity for us to promote Steemit and Steem.
As the Steem/Steemit community it would be useful to have some shorthand ways to present our blockchain to people who are curious and may not necessarily be familiar with it.
I am currently thinking on how best to do this. Perhaps we could create a set of standard tools, tables, graphs and the like for easy comparison?
I would also be interested in putting up some comparison charts for Steem vs other blockchains on Steemithelp.
In view of this I have compiled my own table below:
Steem Vs Other Blockchains Table
Notes:
- Some of the data for this table has been quite hard to find and also seems to be a matter of debate. For example transaction fees vary and I have used estimates for average transactions in those cases.
- Further some currencies do not have block size limitations, however, in those cases transactions per second are estimates based on current technology and infrastructure.
- Prices and values are taken from CoinMarketCap today (28th December 2016).
- Where possible I have used the official sources such as ethereum.org - these may not be completely up to date.
- For apps I only considered those that were large scale i.e. of similar size to Steemit, currently the only similarly sized ethereum app that is live and I know of is Augur - please let me know if you are aware of any others.
In view of this please let me know if I have anything wrong or if you have any extra information that would be appropriate.
Thank you for reading.
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Great thoughts here! Just getting the name Steem and Steemit out there is great. There hasn't been much advertising done for the site or currency yet and if you ask anyone who is not a "crypto fiend" (see what I did there) ;) they have never heard of steem but they have heard of bitcoin...
I think us just all posting something on any of our social media sites talking about how we are using Steemit would go a long ways. We don't have to try to sell it to anyone just yet, just get the name out there and let people hear about it... We can worry about targeted efforts as the site matures and as steem distribution gets better.
Yes exactly. I don't think we need to do any kind of hard sell. Just put the information out there and let people come to us. The more bitcoin rises the more attention there will be on cryptos in general.
I love the idea and have already been doing it. I tell people if they don't want to put up funds and buy Bitcoin, why not work for Steem instead.
Exactly. A lot of people will come to Bitcoin and think they have missed their chance. They will be looking for what is the next big thing.
Thanks to Graphene and apps like Steemit we have a lot of big selling points over pretty much everything else.
Ethereum still has not got any real functional mainstream apps, further as someone pointed out recently the transaction costs are going to be a problem for apps like Akasha.
Bitcoin is really going to struggle to scale and we will likely see more fierce in-fighting as prices rise.
Monero is great as a currency but is not really meant for apps.
Steem is going sideways for quite sometime now even as btc is surging up for months now. Is it just me? I dont know
Going sideways is better than going down. With the economic changes there is nothing to push the price down and I think one of the places that the profits from BTC can go is Steem.
I agree that Steemit is targeting a different demographic than the other platform. Thus, different metrics probably need to be promoted. For example, my mom writes a great personal blog and would be a great addition to Steemit, but she's could care less about the nuances of different mining schemes.
Compared to other platforms, Steemit is extremely accessible to the non-technical person (I know because I am one) and the non-trader. You can see the rewards in dollar-denominated amounts right there on the article. You can essentially use Steemit like you use Blogspot. There are potential demographics that other platforms have little chance of reaching, which seems like a huge advantage.
Not that we shouldn't emphasize the technical/economic advantages. But the possibilities for emphasizing non-technical features and metrics also seem high.
You got cut off!
Yes I agree with what you say. I think we still need to be conscious of the competition. What the masses want and need changes over time as things develop.
nice blog as usual @thecryptofiend
really am not a fan of holding BTC in hope of the price to increase , i if it reach 1100$ it is like 50% rise witch can be achieve easy with steem if you know it will , actually you can douple your money in a less than month with multible trade cashing out between 20% to 50 % every trade because simply steem is dynamic and price is changing because there will be always large imbalance between people powering down and those who want to power up so Bids and Asks changing always and ever
enjoyed your blog , i know that table was hard work for you , thnx for the effort
Thanks yes the table took a while to do!
@thecryptofiend what do you think about this growth hack for Steemit?
https://steemit.com/steemit/@homosapiens/growth-hacking-for-steemit-how-we-can-reach-millions-with-simple-trick
That's a great idea especially if we can get something that looks professional. The only problem is that people are generally advised not to click on links in emails and some (work) servers in particular either strip them or block the email.
I think there may be a need to include a short explanation on the zero transaction fees, what's in place to combat abuse in high frequency transactions - if that can happen? Not sure on the inner workings, but I've got that question popped (basically, would 0 tx fees mean that its easy to abuse and load the network unnecessarily?)
That's a great point - I am not sure about the solution - perhaps someone else knows? I will ask around.
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Thanks.
Thanks for sharing. Upvoted and tweeted. Stephen
https://twitter.com/StephenPKendal/status/814265381430919168
Thank you:)
Disclaimer: I am just a bot trying to be helpful.
Interesting table you are sharing here. Good info.
I worry when price goes up high too fast.
Yes it can mean it will come back down again. In the case of Bitcoin now it is well overdue though. I think it will go a lot higher but will probably settle around $1000 as the minimum.