You may have heard of cryptocurrency before but don't have much of an idea of what it is. Well, cryptocurrency is a digital currency that only exists online. It may seem scary to you to invest in something digital that you cannot grasp but don't worry, cryptocurrency, especially Steem Coin is going to be everywhere in the next few years and has the potential to make you a lot of money and possibly redistribute world wealth.
Cryptocurrency is based on what is called blockchain technology. This is a decentralized system where information can be transferred between users directly without an institution in between. In the case of currency, it means payment transfers can be made without the need of a middle-man or central bank, meaning you do not need to pay a fee to make a transfer, which is especially useful if sending currency abroad and reduces the risk of theft by a third party.
Cryptocurrency is a relatively new concept which started with Bitcoin back in 2009. Bitcoin was revolutionary and introduced the idea of blockchain technology. Unfortunately, Bitcoin acquired a very negative image as it was used by many to purchase illegal products, such as weapons and drugs and illegal services such as murder for hire. Though these days are mostly behind Bitcoin, the image has remained. Cryptocurrency has also faced opposition from many governments around the world who do not recognize it as a currency. However, as they become more commonly used, it is likely government interference will be reduced.
There have been many other cryptocurrencies since Bitcoin and all have had varying degrees of success. Many attempt to offer their own spin on how blockchains can be used with many of them relying mainly on its users mining the currency, which involves completing complicated maths problems to create new currency.
What Makes Steem Different To Other Cryptocurrencies?
Steem does still allow its users to mine its cryptocurrency but it also offers its users to earn Steem by creating and curating content, which removes the need for many of its users to be well-educated in blockchain technology, especially blockchains which are not based on javascript. When users publish content about Steem on social media not only do they receive Steem tokens, they can also gain voting power, allowing users to have more of a say in how Steem develops in the future on issues such as scaling. This opens the door for numerous bloggers, article writers, and social media users to get involved in cryptocurrency who formerly had little or no knowledge in the area. Those who have good knowledge of SEO writing or have blogs with many followers can make a lot of money very quickly.
Aside from posting content, users can also be rewarded in Steem by acting as creators, commenters, bloggers, Internet readers, entrepreneurs, merchants, market makers, shoppers, sign up party hosts, referrers, remitters or community leaders. Which means users can use multiple ways to generate Steem. Whether they prefer to use one method or many the possibilities are enormous.
Creating content about Steem also acts as a great way to draw in high-profile investors and others who may wish to get involved in the cryptocurrency by spreading the word throughout the Internet. This is extremely beneficial as it means the community will continue to grow, bringing Steem closer to being used as an international currency and making your earnings more valuable for the future.
Originally cryptocurrency was created to redistribute world wealth and create a fairer world community with a single currency, removed from established world elites, such as banks. However, with many cryptocurrencies, users need to develop a high level of understanding of how cryptocurrency and blockchains work which can take a long time. This was a noble attempt to create new wealth but it only worked for those who already had the knowledge to make a profit. Steem, on the other hand, is the most accessible cryptocurrency because it removes the need to have an in-depth knowledge of cryptocurrency. Because of this, it is highly likely that Steem will expand at a much larger and faster rate than its rivals and will most likely over take them in the near future.
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