Future of STEEM Cryptocurrency and know how to buy STEEM
What is STEEM?
1 - What is Steem?
The blockchain has made its way to social networks. In characteristic fashion, it is about to democratise and decentralise how social networks work, by moving revenue from advertisers to users, thanks to Steem.
Steem: The Basics
Steem is a blockchain network on which the Steemit social and blogging network runs.
Steemit is a platform on which content creation and social networking are done. The users are rewarded for contributing to the website.
This network is powered by the cryptocurrency STEEM. Other digital coins in the network are Steem Power and Steem Dollars.
It was started in 2016 by Ned Scott and Dan Larimer, the creators of BitShares and EOS respectively.
2 - What are the Benefits of Steem?
Steem is essentially a social media cum blogging platform. It follows the Smart Media Token protocol, developed by Steemit.
It uses the Proof-of-Brain algorithm (discussed below), and works on the same principle as portals like Medium or Reddit, i.e. people can curate content, and earn tokens, in the form of STEEM. Not only does creating content earns one tokens, even voting on certain blogs, articles, etc can earn you tokens.
Steem Technology
The Proof-of-Brain algorithm rewards a user by determining the value of the content they have added to the platform.
The more a user contributes, the more STEEM tokens they get. Users can write on any topic of their choice. Contributions in the form of voting and commenting on the written content are also ways of earning tokens.
STEEM is the digital currency which fuels this network. It can be exchanged for fiat currencies as well.
Every year, the number of STEEM coins increase by 100% each year. Thus, there is no limit on the number of coins.
Corporate Usage:
Corporates can use Steemit as a platform to promote themselves, while earning from it.
Writers can use Steemit to build a portfolio while earning.
Value Proposition:
STEEM tokens are blockchain powered, so all transactions done on the platform are stored in public ledgers which can be verified anytime.
The platform promotes content ideation, curation, and feedback on the content. Awarding tokens for this motivates users to write better to earn more.
STEEM tokens can be converted to fiat currency and have usage in the non-digital world as well.
3 - How to Buy and Store Steem?
How to buy STEEM
Unlike in Bitcoin and many other cryptocurrencies, STEEM mining is not possible. It is given as a reward to individuals who contribute content on Steemit and other Steem blockchain powered platforms.
However, the STEEM cryptocurrency can be bought using fiat currencies from major exchanges such as Binance, Bittrex, Huobi and more. It can also be exchanged with other crypto tokens such as Bitcoin and Ethereum.
CoinSwitch is the best cryptocurrency trading platform if you’re looking to pick up some STEEM via other cryptocurrencies. It allows you to view different exchange rates and choose the best among them. Moreover, it allows storage of all cryptocurrencies in the wallet of your choice, so you can have access to them anytime you want.
Storing STEEM
A Steemit Wallet can be used for storage of STEEM tokens, which you can sign up for when you register on Steemit. Since it was recently launched, wallet options are limited. Other wallets you can use are ESteem Wallet, available on Play Store and App Store, CLI Wallet, Vessel, etc.
4 - What is the future of Steem?
Also Read: Complete Analysis of Steem | Live Steem (STEEM) Price Charts And Predictions
In July 2016, the Steem cryptocurrency from $0.22 to over $4 in price in less than 2 weeks, generating 18x returns for its investors.
It did however see some correction and well back to its original value before rising to a high of around $7 in early 2018. Since then, it has fallen down to the $1.5-3 range as of June 2018.
As is obvious, STEEM is a fairly volatile cryptocurrency.
Having said that, the network is becoming popular as more and more people wish to earn from what they write. Thus, they will be looking towards Steemit and other Steem blockchain powered networks to work in.
5 - How is Steem different from other cryptocurrencies?
The STEEM cryptocurrency is quite different from other cryptocurrencies such as Bitcoin, Ripple, etc since it cannot be mined, and has to be earned from user contribution to the network.
STEEM can only be used to finance Steem-powered blockchain networks. However, it can be exchanged for fiat currencies.
It is a cryptocurrency geared towads democratizing social networks, unlike Bitcoin or Ripple or other major cryptocurrencies, which focus more on transfer of monetary value.
6 - Should you Invest in Steem?
STEEM is a relatively new cryptocurrency, but it has had its share of volatility.
However, it is a good idea both in theory and in execution, with a fully working product already and more updates to come.
The Steemit social network has been witnessing an expansion in its user base consistently, and the idea of users earning by contributing their content is one that attracts many positive sentiments.
Investing in Steem currently might be a bit of a risk given its volatility, but the demand is likely to increase, making it one of the more popular networks, and a strong long term hold.