What can be done to increase the value of Steem tokens in the current market conditions?
Namaste Steem Family,
For the past few days, I have been thinking about ways we can help increase the value of STEEM tokens, as Hive tokens used to be bought and sold on exchanges at half the price of STEEM tokens, but at this point Hive tokens are worth more than double the price of STEEM tokens.
What has been done in the Hive blockchain to increase the value of their main token four-fold, and can we also do something in the Steem blockchain in order to increase the value of the Steem tokens?
It is absolutely possible, but we need to take some concrete steps in order to achieve this. The next post will address this topic, however this post discusses an idea that has been on my mind for some time.
Together, we can take some steps to increase the value of the STEEM tokens. As a first step, we can encourage everyone around us to buy and sell products and services in the local market using STEEM tokens.
It seems logical to think about this idea, but can it be accomplished? To understand this, it is important to first understand what is legal tender. Hence, let us first understand what legal tender is.
Legal tender money: what is it?
The term legal tender refers to an instrument which is recognized by the laws as a mechanism by which debts can be settled, whether they are private or public, or as a way for citizens or governments to meet their economic obligations, such as paying taxes, complying with contracts, and settling claims for damages. Almost all countries rely on their national currency for legal tender.
It is the legal responsibility of creditors to accept legal tender for the repayment of debts that they have accumulated. Legal tender is constitutionally protected by a law that specifies the type of object that may be used as legal tender as well as the institution that is responsible for creating and issuing legal tender to the public.
Perhaps you have seen a YouTube video in which a youtuber appears to buy a car only with coins. Since these coins are recognized as legal tender by the government, the car dealer is legally required to accept them as payment.
Function of Legal Tenders in the Economy
There are many purposes for which legal tender is used. In addition to serving as a medium of indirect exchange, a unit of account, a store of value, it can also serve as a standard of value transfer between market participants.
What is not considered legal tender?
There are quite a few forms of non-legal tender money. These include bank drafts, letters of credit, postal orders, checks, and numerous other items that are not legal tender. The payment of such types of money is usually accepted, but there is no legal requirement that they be accepted. These types of payments can be accepted or denied by lenders, sellers, and creditors based on their individual circumstances.
Except for a few countries that have recently announced that Bitcoin is legal tender in their country, cryptocurrencies are not legal tender in many countries.
Issues associated with the promotion of Steem as a form of payment, and solution
We may promote Steem tokens as a mode of payment for buying or selling services and products in our local markets, however, the party with whom we are doing business can easily decline the payment and request payment in the legal tender authorized by the government.
Therefore, even though the problem may arise, people who are using cryptocurrencies to trade value and those who wish to purchase services for a lower cost will be willing to pay using Steem tokens.
What is the best place to look for such individuals?
It is most likely that you will be able to find such individuals on social media platforms such as Facebook, Instagram, LinkedIn, and YouTube.
Are there any services that we can offer to these individuals that we find on these social media platforms? Certainly, there are a number of them.
It is common for people to need assistance with the process of running their YouTube channel, for example. Some people are looking for service providers who can assist them with designing their video thumbnails, while others would like assistance with researching the content for their next video in order to gain more views. A number of YouTubers require individuals who are skilled at writing scripts and editing videos.
Can we not assist them and ask that the payments be made in Steem? It is certainly possible.
Nevertheless, the main challenge is how we can assume that these individuals will be making the payments in the first place? Wouldn't it be helpful if we had a middleman to ensure that the payments would be made on time?
In order to resolve this issue, we can offer our services to people we know personally and assist them in managing their social media accounts, and ultimately ask them to pay with Steem.
How can Steem's value be increased by buying and selling services and products?
The direct and accurate answer to this question lies in the relationship between demand and supply. The more Steem is purchased to pay for goods and services, the less Steem is available for trading. There is an automatic rise in price when there is a shortage of a particular product on the market.
How do we know that people will accept this way of doing business when there are so many channels available on the internet for buying and selling services and products at low prices?
High Quality. People will come to you if your product or service meets the highest quality standards in the market.
Conclusion
Although Steem tokens are not considered legal tender money in any country, they can still be used for the purchase or sale of goods and services. In order to sell our products or services using Steem, we only need to find clients or buyers who are willing to do business with us.
In the previous sections, I have provided examples of some of the platforms that you can use to locate customers and the products and services you can offer them. However, you can research several other ways in which you can utilize these platforms to identify clients who will purchase your products and services in exchange for Steem tokens as well.
Well said,but how it become true.
Its not so an easy task,but nothing is impossible.
If steem becomes one of payment currency,then its value easily increse than hive.
But in hive blockchain there is lot of new daaps building on but coming to steem,no development here.
Devs need to focus on it. After hard fork steem blockchain lost its growth and decreaseing day by day.
Hope soon we see some move from devs.
Nice information from you. Take care.
This will be covered in my next post, the biggest concern I have is people not developing applications on the Steem blockchain. Without a growing ecosystem of good dapps, the prices of Steem tokens will never grow much.
Waiting for your post.
It is a valuable idea for the growth of steem.It really is worth following ,it will take some time but the outcome will definitely be good.
Regards
@deepak94(Moderator)
Steem India - @steemindiaa
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Although I don't understand some of your above statements, since you are the expert, I think it is better to follow your advice
#siwcc
In India, we only have our national currency (the Indian Rupees) as the legar tender money, that we use on a daily basis to make transactions. Even if we want to, we can not force anybody to accept Steem tokens for the regular transactions in India.
But the idea I gave in this post is about selling services on the internet in exchange for the Steem tokens. Then these earned steem tokens can be used to power up.
The client who is buying your services is going to buy Steem from the exchanges to buy your services, that way there will be less Steem in the market, which in a way is going to increase the prices of the token.
Thanks you so much for share your idea with us,
One thing, can we develop steem based game like hive based games so that we can increase buy and sell tokens.
Sure, if you have the knowledge then why not.