Steem is the name of the token that can be bought and sold on the open market, based on the blockchain-based platform Steemit.
Steemit is a platform that allows publishers to monetize their content that functions similarly to many other social content networks.
Think Reddit, but in a way that pays writers and content curators.
For now, bitcoin enjoys a huge lead over the competition, at least in terms of market cap. With a market cap of $10 billion dollars as of writing this article, bitcoin is about ten times as large as the closest competition. Still, one day Ethereum, Steem, Litecoin, or another contenders could steal the crown. That’s why we’re going to take a moment to go over bitcoin’s chief competitors.
The biggest hesitation that investors have against altcoins is that they must spend real money to acquire virtual currencies. We often hear criticisms that bitcoin is simply vapor that is destined to vanish, eliminating billions of actual dollars. But what if there was a way to acquire cryptocurrencies for free? Steem is the answer to this seemingly rhetorical question.
The steem coin is the underlying cryptocurrency of Steemit, a blockchain-powered social media platform. Unlike Facebook Inc (NASDAQ:FB) or Twitter Inc (NYSE:TWTR), regular folks can earn money through posting original content. Before you dismiss Steemit as a too-good-to-be-true fairy tale, take a look at the network’s top earners. With just one post, you can make hundreds of dollars, even thousands.
Better yet, you can transfer the steem coins you earn to a third-party exchange like Bittrex. Using my Bittrex beginner’s guide, you can easily sell your steem coins for bitcoin. From there, you have access to hundreds of altcoins. Using the Steemit network is undoubtedly the least riskiest way of building a cryptocurrency portfolio.
However, there is a catch: it’s very difficult to build a profitable steem account through blogging alone. In order to “juice up” your profitability potential, you can purchase “steem power” coins. This of course is a capital risk.
But with most major altcoins flying through the roof, getting involved with steem today could pay huge dividends later.