My journey from Bitcoin to Ethereum to Steem and why I believe I ended up on the best one
Hey everyone!
As you know I've been a member here since May 2016! I wanted to make this short post as part of motivation to newcomers and also part of showing how being consistent paid off at the end.
I've been here grinding for over a year now, started out with nothing but a lot of time on my hands. I was lucky to stumble on the site before the big pump of last year up to $4/Steem and stayed around during the whole decline in price. While many were leaving and giving up on the platform because of it, I myself knew that it was only a matter of time until the price would pick up again.
I had seen this happen before in so many other cryptocurrency communities.
The volatility and constant decline in price are a big factor for people losing interest, but its not the biggest one. As many of you nowadays are aware of fake-news and propaganda, this didn't exclude crypto communities, I'd say it was even worse here because of the anonymous nature of payments. I saw it happening with Ethereum, the worst was after and before the DAO where a surge of often newly created accounts, but not limited to them, were spreading FUD (fear uncertainty and doubts) all around the platforms. Even before the crowdsale I was getting spammed with PM's on Reddit not to invest any of my precious bitcoins on it. The price during the crowdsale was 2000 ETH per BTC if you got in as early as possible, at this time 1 BTC was worth around $600 which means that 1 ETH would've cost you $0.30.
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Yes, you read that right, 1 ETH that is currently valued at $330 only cost $0.30 back then. That's currently an increase of 1100x. The main reason people spread FUD is either because they are heavily invested in one currency and see others as huge competitors of their market cap and another could be that they wanted to hoard as many as possible of this new one themselves.
People are easily influenced, they listen to what the majority say on Media outlets. Either they don't have the time to re-search stuff on their own or its just not that important to them to care enough about it, I am sure that these fake-news spreads affected many readers who today are biting their hat that they didn't invest in ETH as early as they could have.
Combine these big impacts fake-news have with added censorship and at the end of the day even very experienced users in cryptocurrency won't know what to believe.
It was around this time when I noticed what was going on, combined with the creation of r/BTC just because of the censorship on r/bitcoin was when I started to distance myself from it and began diversifying into other currencies. Looking back at it now it was one of the best decisions of my life. Sure, bitcoin has seen huge growth since then but it is nothing compared to how other currencies have performed.
This is a chart that probably makes bitcoin-maximalists scream in agony.
It shows the marketcap of Bitcoin relative to the other big ones since 2014. I think this is only the beginning in this change we are seeing and that the current "big" alternative currencies won't be the only ones eating up on Bitcoins marketcap in the future.
Notice how Steem isn't even listed there yet?
It took Ethereum over 3 years to get where it is today and many argue its only around 5 times better than BTC. Mainly due to its programming languages but also the faster transaction speed. Bitcoin is known to be able to handle around 7 transactions per second compared to Ethereums ~25. If you would look at one of the previous big service providers VISA, they can handle around 2,000 transactions per second. Although its not fair to compare a centralized system vs. a decentralized blockchain since the technology is fairly new, but it gives you an overview on where it stands today.
I'd recommend reading "How agile is your Chain?" by the user @steempower where he compares all these blockchains and places Steem in a hypothetical transaction speed of 180,000 tx/s. Yes, you heard that right - Steem is able to handle more transactions than one of the biggest centralized systems Visa can. This is mainly due to how our blockchain is built and doesn't use a proof-of-work mining algorithm like Bitcoin and Ethereum do.
The mining part is also a big reason to Bitcoin and Ethereum having a difficult entry point for newcomers - they know they have to invest to be able to be a part of it. Either invest in mining equipment or just buy the currency and speculate on its price movement. This to me is one of the biggest advantages of the Steem blockchain. As you might have noticed here you can earn Steem by being an author, a commenter or an active voter. 90% of the newly printed Steem go to these users and 10% go to witnesses that keep the network safe through delegated proof-of-stake. This is also a huge factor why we will be seeing a big increase in users and how Steem is one of the best ones to introduce the newcomers to blockchain technology.
To summarize this post a bit. I usually get sidetracked really bad when I get into writing these.
I left the Bitcoin scene because of the huge manipulation of news and censorship, was a big believer that Ethereum would at one point pass it because of its technological advantage and have now found a new home on the Steem blockchain which in my opinion surpasses all of the previous ones. The best part is that here I can express my opinions freely without worrying that someone will delete or edit my posts.
It's censorship resistant, very advanced and makes it easy for everyone to be a part of.
This is what blockchain is all about.
I finally got around to edit one of my spreadsheets that I used to update my Steem journey on, been pretty lazy in general with it but felt really great to see the difference in value and motivated me even more to do a better job at curating in the future.
I agree man, I'm ALL IN on steem. Maxsteemed and followed.
It's to me that there are still tons of confusion regarding the value of Steem and everyone is posting and curating like crazy simply to maximize payout. If an upvote = to "money" then there will be a vote inflation.
Can somebody enlighten in this area? Is there something I'm not getting?
The three STEEMIT assets are STEEM, SP, and SPD. Having individual coins/voting power/dollars creates a determined market value against the other. STEEM and SP back/fund the community by speculation in the crypto market. SPD is the debt derivative that grows out of STEEM and SP being a increasingly trusted value of storage/promising tech in that market. SPD is what's spent and cashed out before SP so the middle man of STEEM coin will always keep the other two from inflating or deflating too quickly. If all of the STEEM was sold through the floor, SP and SPD would go down with it, but there is a reason we're all here ;) @dali.soh @inventor16 @acidyo hope this is accurate enough and helps enlighten!
<3
True🤔😏. Let's just say that the value of any currency is derived from what you can get with it & how confident you & others are in the value of the thing/S you want to get. Since STEEMIT is an effective platform to get your thoughts out there, just do that, create good content & the value of you account will grow. STEEM Dollars will only cease to have value when people stop using the platform. I don't see that happening because it's the only SM Platform I'm willing to use regularly. I post & comment but actually spend more time reading articles...not to upvote o r comment on as much as to LEARN SOME SH*t I DID NOT KNOW! 🤡 STEEM ON BRETHREN & SISTEREN
Couldn't decide which crypto to start (buying) with, so i bought none, except a small amount of btc to trade on poloniex.
regrets..
hi i thought i would show these figures of how steemit is stealing traffic from reddit
https://steemit.com/steemit/@newmarket65/steemit-is-stealing-traffic-from-reddit
follow me and i will follow you
I don't understand Steem. Is it not supposed to be pegged to USD at 1:1 ratio? Please someone explain to me how it could go up to the thousands? For now I'm buying Ethereum based on my technical analysis.
https://steemit.com/ethereum/@freedomvigilante/it-s-today-the-time-to-buy-ethereum-technical-analysis-25-june-2017
Follow me and I'll follow you also ;)
@freedomvigilante Steem Dollars are pegged to the USD, regular Steem is not pegged to anything. When you convert Steem Dollars to Steem you will get the same amount in USD. Keep in mind it's a loose peg, I think it's averaged over a period of a few days.
I new to Steem as well, and this is my understanding of the valuation of 1/1. With this knowledge I bought some at $2/1 just to tinker with the technology, and here I am exploring...
It seems to me if this platform is to keep homeostasis at 1:1, the one's profiting were mining last year (or prior >$1 valuation) or is a successful author... I am still feeling these rooms out...
Dont forget, steem still has a 10% annual inflation, but the potential should be bigger, thats right.
That's awesome. I have a decent amount of ETH, but now have almost twice as much in Steem (I hope the polo Steem wallet reenables soon so I can power up a little more). Steem has huge potential and really a 5 billion market cap within 6 months is quite reasonable to me. That'd put each steem around $20 I suppose. I've also been wanting to keep track of my Steem progress through a spreadsheet but it's sometimes hard to remember lol. I guess setting a daily alarm or making it a routine before bed would work. Great to see a little more about your journey and glad to see you're quite successful here!
$20 each would be nice! :)
Yep. I wanted to sell Steem dollars but temporarily disabled
I've also noticed it happens at crucial periods, when there's peak activity. Really considering moving out of poloniex tbh. But then selling SD on bittrex or blocktrades isn't as profitable....
I hope steem goes to $20 a pop lol
Haha yes, and thanks!
Check out blocktrades btw, you could withdraw your coins from polo as ETH/DASH/other and the service can convert it to Steem/SP instantly for you. Been using it lately since Polo has some currencies temporarily disabled.
Great post mate!
Is that better than just selling my steem there for btc or eth and transferring to bittrex to buy the steem? I've never tried blocktrades :o.
Hmm, not 100% sure on the fees, doubt it would be much more expensive than going the bittrex route.
I'll look into it thanks. A lot of times there are great arbitrage opportunies. A couple of weeks ago I sold a few thousand Storj on bittrex for 62k and rebought on polo for 49k at the same time just because the polo wallet was disabled (still is lol). Oh well, I'm sidetracked. Thanks again for more high quality posts!
Haha, did the same with Sia some time ago.
Thanks Polo, I guess. :p
Sia ! Me and my brother as well. Probably moved over 1 million sia coin to Bittrex to sell it lol.
Has a lot of Steem on Polo as well. Not being able to move it over here. Annoying! Great post btw, I think we're at a very early stage yet!
All players will probably feel that this is the truth and will invest in this project.
The real boom on this platform is yet to come.
That's why my friends, as someone said a little early ... all in :)
Is that from War Dogs?
I'm not sure but if anyone knows let tell us :)
I think its from Get him to the Greek.
But it's the same guy haha, I loved War Dogs. His manner of laughter...
Wow, what miracles! A steem becomes very convenient currency, more convenient than an etherium?
Time will tell. :p
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"The best part is that here I can express my opinions freely without worrying that someone will delete or edit my posts." - This is one reason why I like steemit. In platforms like youtube, facebook or twitter you can create content for years and there is always a risk, that your account can get a ban or get deleted.
On steemit you have a freedom of speech and the work you are doing here for years, cannot be deleted in a second, because of the blockchain technology.
So guys tell the platform to your friends as I do! Let steemit be #1 in the future
I tell them that they can make money only by making videos in youtube - they refuse, I tell them that they can earn even more by posting - the same.
@acidyo, great post! And good timing, given the huge influx of new members, these days.
I'm here for the long haul (5+ year time horizon)... I'm always a bit skeptical of ventures that claim to be "the future" but I actually see it here... and this is the first site in years that has not "overpromised but underdelivered."
I think we are just at the very front edge of Steemit becoming something really BIG as different apps and initiatives are made to expand the ecosystem. I hope part of the plan will also be to create more of a Steem-based peer-to-peer marketplace, giving a sturdier economic reason for the Steem token to exist... which will set us up far above most of the other alt coins. That's why I'm excited about steemgigs, steemshop and any plans to create a crowdfunding portal and charity/fundraising portal.
In an ideal world... we can move towards creating "the only web portal anyone would need" yet without the cumbersome politics and corruption typical of a centralized corporate structure.
Keep up the hard work my friend!
I think as well Steem is it and that Ethereum is just a lot of hot air... although today Steem took a beating... I guess it is because of the problems of some of thos exchanges... we'll see...
terrific article @acidyo, and I wish I could add something more right now, but I pretty much agree with just about everything you wrote! :)
The more things change, the more they stay the same, cuz as Machiavelli said, the "passions of man" never change...
Very interesting and informative read. I had a few Bitcoin that I sold a few years back, after which the price of Bitcoin hit the roof. I was disappointed that I sold too early.
Then I came to know about Ethereum in the initial stages when you could get 2000 or more ETH for 1 BTC. I missed that bus because I didn't pay attention. But I decided to get in at the $200 price range. I invested in it for the long-term. Currently, I also trade in it but with a very small amount.
Steem happened by chance, but I'm excited at the prospect of being able to EARN some steem without having to invest anything. This is an opportunity that I don't wish to let go. I also intend to invest a little in the future.
Posts such as these give us confidence in steem and the steem blockchain. Thank you!
for a amount of 10,000 $ in 4 month can steem earm 30 thousand $ like bitconnect ? if its more then that ill invest 10 to 20 k on steem.
Bitconnect is a Ponzi scheme, I'd suggest staying away from it - even if you're making money currently
the blockchain technology is definitely here to stay. we just have to keep ourselves at it and be involved with the promising ones
Acidyo - Wow - I had not realized that Steem has a potential transaction speed of 18000 tx/s. With the recent congestion of Bitcoin blockchain, transacations are really taking very long to execute and fees are increasing. That can not be good for any online business! Steem. transaction speed, coupled with the Steemit platform with it's innovative monetization of blogs concept is sure to be a big hit in future. Thanks for this informative article. Upvoted.
I would be honored if you check my latest blogs when you have time. Your comments will be very valuable to enrich my experience. Thanks.
Hehe, you forgot one 0 in there! :)
I recommend watching steemd.com as a blockexplorer, great info in there and also current transaction speeds. Still so much room for growth and it can only get improved from here on out!
Great. Will do. Thanks
Awesome post. I've only been here 9 or 10 days and I'm already realizing the staggering potential that this platform has, not to mention the currency itself. I didn't know Steem could handle that many transactions at once. I may just cash my ETH out and load up Steem! It's crazy to think we are in at the beta stage before Steemit really opens up to the world. I honestly believe it has the potential to be a major player in social media if the developers play their cards right.