Hey guys, I’ve been on Steemit for almost 7 months now and I’ve no doubt that Steemit is going to be huge in the future. That is of course if no other much superior platform comes into existence.
What makes Facebook or Instagram valuable? Why is it worth billions in the market?
The user base.
Facebook may not have been the best in the past but it overtook MySpace and Friendster despite coming into the game at a later time. The user base is what gives it value. Everyone wants to be in a space where they can meet their friends or families. Over time, Facebook gained a bigger user base and became the dominant player in the social media industry.
So how does Steemit come in? Is Steemit a better platform than Facebook?
As far as the front end is concerned, definitely not. Steemit is still in beta and hasn’t been around for a long time.
The biggest selling point is the fact that you can actually earn tokens called Steem and Steem Dollars for blogging, commenting, voting or basically any form of content creation. All of this is generated via upvotes, i.e. new Steem Dollars and Steem are printed daily.
Think of Steem as social mining and bitcoin as computer mining. More bitcoins are generated when the computers solve the puzzle. Steem is generated via upvotes, and upvotes are normally given for quality content. The more Steem Power you have, the more influence you have. This is basically next-gen mining!
Even though Steemit is awesome as a social media cum blogging platform, that’s not the best feature. The fact that Steem can withstand more transactions than Ethereum and Bitcoin a day without slowing down is incredible. It also has a transaction speed of 3 seconds with zero fees. Definitely way ahead many tokens in the crypto market.
Here’s a summary of the advantages and disadvantages of the Steem blockchain.
1. You don’t actually need to invest into Steem to earn Steem. You can do so by being an awesome member of the community and produce quality content. Anyone can join for free!
2. You don’t need to create a website, all you need is an account.
3. Steem has zero fees for transactions and moves at a 3 second transaction speed.
4. There is no full censorship on the Steem blockchain.
5. No ads on the platform
6. You can see what anyone is writing. You don’t need a “friend” button to see what they’re writing.
7. Content is permanently on the blockchain and can’t be removed by anyone but the author. Removal can only be made within 7 days of posting.
1. The platform needs a lot of work as far as user friendliness goes. Sometimes the platform is a little unstable.
2. The concept of blockchain is hard to understand for many non-techie people.
3. The fact that there’s no censorship may be a problem. It’s a double-edged sword.
4. Earnings on the Steem blockchain are not equal. Sometimes it can be a popularity contest. That said, usually awesome members will do well after a certain amount of time.
Hopefully this short article would give you an idea of why Steemit may be a social media giant some day.
Disclaimer: This is merely my opinion and is not to be taken as an investment or financial advice. Always invest what you can afford to lose and do your own research.
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