The Benefit Of Steem Over Other Coins
Obviously I am pro cryptocurrency. Those bitcoins and litecoins, all awesome. As we have seen, when bitcoin goes up, because the other coins are pegged to it, the price of most coins go up as well. And when any coin does well, it brings attention to the crypto market. So we are all (pretty much) on the same team here not matter what the FUDers like to say. But steem has a perk that it actively utilizes, one that you get without spending the coin and one that is very useful in a world where the attention economy is taking over.
Yes cryptocurrency is a better financial system. With transactions being verified it makes things cheaper and more efficient. And steem, as you have seen, costs nothing to send and it sends really fast. So that alone, makes the coin worth value. But, unlike other coins, steem gives you voting power. The more of it you have, the more voting power you have. All you have to do is hold it and you get this voting power. What is the money in your bank or wallet doing for you :p. Advertisers pay good money to get their work seen and you can get it for free when you have steem in your wallet.
We are living in a world where attention is big business. Almost everyone spends, at least, some of their free time streaming or gaming or on social media and every company wants to get people on their network. And every content creators wants people to see their stuff. With steem, in addition to being a currency, you can use it to promote yourself and your content. This leads to people wanting to buy and hold the coin.
Having a perk like this gives the coin a leg up and makes it more valuable to investors.
*my upvotes/rep disclaimer: https://steemit.com/steemit/@whatageek/my-steemit-account-where-i-stand-on-bots-self-votes-and-multiple-account
"The more of it you have, the more voting power you have. All you have to do is hold it and you get this voting power"
Never thought about this, and it is true.. ^^
So instead of taking your money out and loosing power, you just hodl and keep the power --> $$$
this currency has a low circulating supply and has a lot of room to grow, this platform has so much potential it could be bigger than reddit, if this coin reaches 100$ a coin a lot of our accounts will be worth a ton!
really wish more luck for steem and hope they get listed at bcnex very soon., btw they have a coin voting campaign today for free listing: https://www.bcnex.net/voting
hope to see you join here for their next voting event
People need to invest more and more in SP.
Great post...just to add to it, the steem economy to me is more stable than most other altcoins because we all invest in Steem long term buy powering up making it less susceptible to crashes and pump & dump
I agree with you - the power to have stronger upvotes, especially when combined with the ability to self-vote (although "good" users won't overdo it), creates a huge incentive to hold Steem for the long term. These holdings never need to be cashed out to get value from them, which is insane.
I'm definitely trying to get as much SP as possible now while it's still the early days - it's gonna be much harder in a few years.
Pretty interesting thread, Same thoughts here. The Trustworthiness the cryoto space brings with it one thing nobody seemingly cares about. This is quite an interesting website I found: https://www.coincheckup.com. They give great insights in the team, the product, advisors, community, the business and the business model and other techincal insights. Check for example: https://www.coincheckup.com/coins/Steem#analysis To see the: Steem Research report
Great thread. Good to see I'm not the only one who thinks like this. The decision to buy a coin should be based on real analysis of the coin. I found that people keep buying coins without have any knowledge of them. This is considered high risk. Personally I always use: https://www.coincheckup.com I'm using this site that gives in depth reports on every tradable cryto in the market.