Vlog #38: A social economic ecosystem is needed in my mind to make any cryptocurrency a success.
If you look at the liquid Steem token or the Steem dollar the same can be said about it as for any other crypto (except bitcoin).
All you can do with it right now is send it from A to B or trade it for another crypto. You can't use it in 'the real world'.
In the Netherlands, for instance, it's only possible with bitcoin to buy goods and services.
But unlike the bitcoin blockchain wich is purely used for sending bitcoin from A to B. The Steem blockchain has a fully functioning social media platform built on top of it and it's also possible to send Steem tokens from A to B.
It's also built on superior technology. Bitcoin has a 10-minute blocktime, Steem has 3 seconds. This means that when you give an upvote (this is a transaction) it's always confirmed within 3 seconds. And unlike Bitcoin, a Steem transaction is for free.
Now given enough time to grow. (and remember Bitcoin has a 7-year headstart) wich of these two is more likely to succeed as a social economic ecosystem.
Future
I guess for most the Steem blockchain is just a platform where you post blogs and have a chance to earn Steem tokens doing so. But for me, there is so much more. But you have to have an open mind (and a little bit of faith :) )
A social economic ecosystem is what is needed in my mind to make any cryptocurrency a success. And that's what you find here.
To get back to businesses for instance. I have no interest trying to find businesses that use Bitcoin so I can buy things I need there.
I want to look for products and services I need on the Steem blockchain in the future so I already know for sure that if I find something I like I can buy it with Steem dollars. I also want to buy from reliable sellers so interaction with other users is useful for that.
When more users join that understand the power of the Steem blockchain and get more faith in the currency it will be used more and more for monetary transactions in between businesses and users without converting it to fiat. And it's worldwide.
The problem with most people I have realized is that they have no patience. They all want instant gratification. They hear about 10 cent Bitcoin that is now worth $2300. And they want it now. But that's not how it works.
Same goes for the Steem blockchain. There is a lot I would like to do with my Steem tokens I can't do today. But I have a good idea about what the future will look like. That's why I stay invested.
This is what it means to invest early.
I believe development will take place there where the users are. And the users are coming.
The steem blockchain is just over a year old. The moment I saw it I knew it would be a game changer. The social-economic aspect was key. But I'm also a very patient man. I already know it will take years and years for this thing to completely develop. And that's fine. Rome wasn't built in a day.
Follow Me
@exyle great post resteemed , followed and upvoted
Thanks as always @exyle. I remember daytrading steem as a noob and was excited to sell at 0.18 after buying at 0.13. Not a bad percentage gain but wow did I miss out. Now I know how valuable Steem is and have no intention of selling anytime soon no matter the price. Have a great evening over in NL.
Man all I can say to that is..I have been there too....and...perfect trade for day trading! Day trading and long-term investing are different beasts. They don't mix at all. So I have chosen the path of the hodler :). You have great day too man!
Yep I'm following you on the hodl path now as well, thx a ton!
It just occurred to me, that unlike other coins, which I've impatiently sat on for months or years as they attempt to get working products and mainstream adoption (so far, all futile, btw), Steemit gives me something to do while I wait.
I earn money, while simultaneously adding value to the product for everyone else (and future me).
What a fantastic concept!
It's double fun right. Steempower generates more steempower while you have fun while you wait :)
I agree.
Speed of lightning. I wonder how people manage to comment so quickly. I need like 15 minutes to read whole post and watch the vid even with 1.5x speed lol.
Especially when there is information about the platform where you want to stick for some time and you are interested. And you sit with a microscope looking for more useful info :P
About the topic. Amm... expanding community and space for creators it's obviously amazing thing.
I'm just still not sure how steemit keeps refreshing SBD everytime so people can keep upvoting with steem power.
Following you.
thank you, i'm jealous i wish i could follow myself too even though i didn't post anything yet and have no idea why
You don't have to be jealous. I did that for you already.
good for you!)
Taking my Dutch Daily Dose (DDD!) in the garden today with a large flowery cup full or coffee :) Great vid as always @exyle Steem on!
Wow, that pic put a smile on my face. Nice way to Steem man. Outside and with a nice brew.
It's fun to see how others see us. Another Steemer did this to me yesterday and it was super-cool and really surprised me :)
The way I see it is that with the growth of users we will soon have millions of people with steem in their wallets, wanting to use it for everyday transactions, this will put pressure on businesses to accept it as means of payment.
Thanks for the nice post.
True, the only concern for us is the volatility of Steem price , once the price of Steem stabilise then we can see much more use cases, which I believe will happen very soon.
Will stabilise.
investments have to be made on a long-term horizon...short sightedness will not let you reach anywhere...I completely agree to your point, this is the time to be part of steem blockchain...again few years down the line people will discuss and regret that why they didn't invest in steem when it was in it's nascent stage
Ofcourse that is very true. I think a price of 100,-- USD per Steem is realistic.
Steem is the only long term investment I have to I use daily and have a lot of fun with.
Have tons of patience people... I am new for 21 days and put in the work... just bought more steem power now. Yippieee lol
You're right as always, patience is the key and social engagement also. I think that Steem will be a big deal, that's why i invested my time and effort in it. In time there will be stuff u can buy wit it I'm sure, potential is big.
And as always zie je later !!!