I think now it’s the perfect opportunity to invest in STEEM if you believe in it and here is why I think that is so.
Don’t worry, I won’t bore you to death with dull charts.
FOMO is trouble.
Everyone gets burned by FOMO (Fear of missing out) at some point in their Crypto investment career. Unless you are very experienced or the coolest frog in the pond it will happen to you to. I like to believe I’m a cool frog but I learned in July I’m not always.
When I saw STEEM go up in July I just had to sign up. When I realized Steemit wasn’t just another ‘idea in progress’ but an actual platform I could usefully use, I had to invest.
The price was exploding! This thing could go straight to the moon!
I invested without investigating. I was suffering from an investors illness. I had a bad case of the FOMO.
I invested a bitcoin and it bought me about 150 STEEM. To put this in perspective this would currently be worth around 6000 STEEM. Auch!
Since then, as we all know, the price has gone down steadily.
What is different about STEEM compared to any other cryptocurrency for me.
I would like to get this out of the way first because I think it’s very important:
YOU CAN USE STEEMIT WITHOUT HAVING TO BUY ANYTHING! (in other words, you don’t have to invest any of your own money.)
Since my initial investment, I have been using Steemit pretty much every day. I like to read the stories of others, I like to write my own stories and I like curating. I’m using blockchain technology every day but it doesn’t feel like it. It just feels like a new, normal, yet fresh, social media platform and it is insanely accessible.
It is so accessible that since yesterday my mom joined and wrote her first story. She doesn’t even have Facebook! I helped her set up her account and noticed that signing up has become a lot easier as well. You can now signup with your phone number. She could have easily done it without me.
That’s the biggest difference between STEEM and any other cryptocurrency for me. It’s accessible and I use/enjoy it every day and you can use it without buying anything (if you don’t want).
What I think you should be doing right now.
The most important thing you can do for yourself on Steemit right now is to read, write and curate. Get your reputation up. It's something you won't be able to buy later. Now is the time. I believe it’s a lot easier now to make yourself known before a lot more people join. And remember this is all for free (except your time). It’s also the best way to earn steem power.
What I have done so far.
I’ll be an open book here. Since investing in July I have written stories, I’m curating and I have continued to invest in STEEM. I’m buying a little STEEM every week to average out my investment.
My current buy in price with everything I bought and earned using the platform: 0.0002314BTC per STEEM.
Current price is 0.00015686BTC per STEEM. I have lost around a full bitcoin investing (basically, the Bitcoin I invested when suffering from FOMO).
I powered up everything, except at the beginning to check if I could really get money off the platform. I have never powered down.
What I got back in return using Steemit.
A lot of fun. I find tremendous joy in reading stories of others. I find it great to rediscover my passion for writing. I love getting paid and watching my Steem power grow. I like the reputation system and am proud of the fact I recently got it above 60. I love that I stuck with writing even though my stories at times didn’t make anything. I love the community that is so positive and amazing.
But what I loved most of all was meeting everyone at STEEMFEST. And from reading all the stories of others I am not the only one that thought it was great.
Even if Steemit for whatever reason may not make it. I am forever grateful for that event and the people that organized it. Steemit made that happen!
Emotionally invested
As you can probably tell I am emotionally invested in Steemit as well as financially. I’m the first to admit that emotionally investing in anything from an investor's standpoint is a bad thing to do. I might not be thinking rational now and that’s also why I wanted to write this piece. I am interested in your opinion.
Why I’m investing now.
The question on everybody’s mind is: What will happen with the price of STEEM after the hard fork. Will whales sell or keep their STEEM? Will the price drop? Will the price go up?
Nobody knows. And I think it doesn’t even matter. The only question that matters is: “Do you think Steemit could become bigger and better then it is Today?”. If the answer is, yes, then you should think about investing.
With the current developers, the current projects in development, the community that consists of the most diverse people I ever met and how accessible the platform is. I think it can be a lot bigger.
The price of STEEM is around $0.11 cents. For what Steemit is today I think that’s a decent price. I would recommend that (if you want to invest) you don’t play the game ‘Guess the bottom price’. It’s a very difficult game to play and almost impossible to win. It’s much easier to buy in gradually.
It also prevents you from checking the price all the time. And most importantly it prevents you from suffering from FOMO in the case the price will go up because you already have some STEEM.
End
This is my current reasoning for investing in STEEM. It might not be the best and a bit quirky at times but there you go. Remember that investing always comes with risks. Especially in Crypto. So never invest anything you can’t afford to lose.
What you can expect from me in the future.
I will just keep doing what I have been doing. Reading, writing, curating and investing. I have grown fond of this place.
All the best and good luck.
Follow Me @exyle