Something was pointed out to me several months ago that changed my mind towards Bitcoin.
I have learned that Bitcoin is a good storage of value due to it's extremely low quantity in existence and the extreme low print rate. This extremely low quantity of Bitcoin makes it similar to gold in the respect that there is a limited supply. Unlike gold, Bitcoin is very liquid. You can move large sums of Bitcoin easily. You just couldn't do this with gold. The caveat is that Bitcoin doesn't make a great currency as it is costly to transfer and that there is a limited supply. While the cryptocurrecy community may want to store value in Bitcoin, the real use of a currency will be the ones that are cheap/free to transfer and there is a plentiful supply that grows to accommodate new people adopting the currency.
Bitcoin requires mining to perform transactions. This is Proof Of Work (POW). Part of the security of the Bitcoin blockchain is that it is costly to attempt to get a majority of the mining. The blockchain requires a consensus that the transactions are valid. When someone has a majority of the mining power, they become the consensus and can make fake transactions. Since they own the majority of the mining power, they can validate the fake transaction. Bitcoin and many POW coins already have pools of mining power that make up the majority. The back up mechanism is that the majority owner of the mining will not want to create fake transactions as they have spent considerable amount of money to build up the infrastructure to have the majority. Making fake transactions will deflate the value of the coin they profit from. The majority mining control is however not the Achilles Heal.
The mining of Bitcoin is essentially a reward system for the first computers to win a transaction. When a transaction is submitted, a mechanism that most refer to as "complicated puzzles" are added intentionally for the mining computers to solve. The first to solve the puzzle gets the right to process the transaction. The computer is then rewarded for processing the transaction. These puzzles are getting more difficult over time to prevent faster computers from taking over the mining dominance even though that has already happened.
But what is the Achilles Heal?
It is the simple fact that Bitcoin takes many millions of dollars worth of resources each day to keep it alive. I knew that there are many large mining operations around the world that utilize massive warehouses, employing people to maintain the top-of-the-line computers, using massive electrical power, and constantly replacing those computers with more powerful ones to maintain competitiveness. What the pivotal point for me was hearing the cost of mining. It is many millions of dollars every day. That might be a drop in the bucket compared to the market cap of Bitcoin, but that adds up over time. It then requires that much of new investment into Bitcoin every day just to keep the price of Bitcoin stable. Imagine if gold that you own actually requires people to buy gold just to keep the value of your gold from plummeting. If a POW currency doesn't have enough new investment to cover the cost of mining, the currency is not sustainable.
This is why I like STEEM
STEEM doesn't rely on POW to function. The actual transactions that take place are simple and fast for a computer to accomplish when there are no "complicated puzzles" to solve. Since STEEM doesn't rely on solving puzzles, transactions can be extremely fast. For STEEM, transactions are recorded every 3 seconds. It also doesn't cost any money to make the transfer. It is FREE. STEEM works on a different system that divides the majority of the transactions among 20 witnesses. Those witnesses are voted into position based on popularity, proof of good intentions, and other factors. If any witness shows signs of being a bad actor or not keeping their nodes operational, then they can immediately be pulled out of power. They are also being rewarded differently than POW systems. The witnesses have a reward pool specifically for witnesses much like our own reward pool. The witnesses don't rely on us to pay them or winning a transaction to get paid. The division of power is also important factor. With the STEEM system, power is automatically divided which brings security to the system. The witness votes that put the witnesses into power is based on stake. The more SP someone has invested, the more voting power they have to choose the witness in the top 20 position. For those people that have invested heavily, they have an important task to vote witnesses that are not bad actors because they want to keep their investment secure.
An added bonus is that STEEM has a community that actually uses it. STEEM also has a conservative print rate that can support growth. Wallet depots addresses are not some crazy long string of numbers and letters. If I want to send currency to bobmeyers, I just send it to 
I hope you enjoyed reading my Blog. Please remember to Upvote, Resteem, and Follow. Thank you.
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For a breakdown of how Steemit Rewards system works:
https://steemit.com/steemit/@socky/simple-steemit-rewards-breakdown-how-it-works-since-hf20
For a breakdown of Steemit Keys:
https://steemit.com/life/@socky/do-you-understand-your-steemit-keys
For a breakdown of why Steem Power is Important:
https://steemit.com/steemit/@socky/why-is-steem-power-important-beginners-read
How to improve STEEM payment system:
