Steemit is growing at a steady increasing rate. We have now passed 300 000 users and are growing more every day. Just 2 months ago steemit was under 200 000 users strong. We actually passed 300 000 users a few days ago, and today we are already stronger. The speed at which steemit is growing is very encouraging and I hope that it won't dry out. Actually I it makes a lot of sense why steemit is growing so fast.
Why is it growing so fast?
Well, steemit is growing at about 5% per week. That means that on average, every week we have 5% more users, and that means that we are currently getting about 15 000 new users each week. Of course, this might not be the case every week, but it has been for several weeks now on average. Now, why is this happening?
It probably all comes down to the fact that the same percentage of people always invite another person or a few other people on board. That means that in the beginning, maybe 1 out of the first 20 people invited a friend, but as the user base expanded, there were thousands of people, and about 5% of them had invited a friend along. Of course, there are people who invite multiple people and so on. However, this cycle probably has been going on for a long time and there really isn't any reason that it wouldn't hold true any more. When you think about it, if one out of 20 people invites a friend, that is enough for 5% increase.
The awesome thing is that when the steemit user base grows, probably more and more people will start to hear about steemit, and more people will get on board even without anyone asking them to. And we are really far away from a number that could be affected by the fact that everyone already has a friend who has asked them. We are only at 300 000, that is nothing on the scale of things. However, a huge amount for the community!
When will we reach 1 000 000?
Ok, so lets say we keep on growing at 5% per week and we are at about 300 000 users now. So it will take about 25 weeks! Now wrap your head around that! 25 weeks is less than half a year and we will be at 1 000 000 users! That is awesome wouldn't you say?
Of course it might be that I'm wrong and we grow 3-4% only per week. What a shame, it will take us 31 weeks to reach 1 000 000 users if that happens. Well still well under a year :) Or if things change a lot, and we only make 3% on average, we will still make it under a year at 41 weeks.
See, it seems that we are going to hit a million users in a year even if things go really bad and we only grow at half of the speed we are growing at currently! Now, what do you think will happen to the price of steemit when that happens? I'll let you think about that.