This graph shows something fundamental: The rise in Steem price is not a fluke, but based on a fundamental: The increase in number of transaction due to a strong user base, and evidence that the network manages this like a charm.
So unlike many others (not all ) cryptos, the price rise has a rise based on something much deeper than mere speculation: the concept behind the coin is put to the test, works really well and has a demonstrates its huge growth potential.
You mention Venezuela and Nigeria. It is funny because I also noted that many new comers are from these 2 countries, just by going through the posts. For Venezuela, it's hyperinflation that pushes people towards Cryptos, making them discover steem and another potential source of revenue independent from hyperinflation ravaging their economy.
For Nigeria, I do not know, but based on my experience interacting with Nigerians, I noticed that these are very resourceful people, maybe able to spot opportunities better than the average...
I´m from Venezuela, and your are accurate, even thought Steem is not that popular here yet, It apeears to be a great opportunity not only to get crytocurrencies but to disconnect yourself for a moment from this reality.
In my opinion, you can use Steemit for more than just escaping reality, but also to try and improve it. Here, this morning, a full 100% upvote at 99% Voting power for you to give you courage in these difficult times.
I'm from Venezuela, and it's totally true, hyperinflation is a fact. Most people are already understanding how to acquire cryptocurrencies to avoid seeing their savings and income disappear with inflation.
I have a good Venezuelan friend, and I feel for you guys. Hopefully, you have a way to save your savings: Cryptos . Communicate what you know and teach your friends that are not familiar with the crypto world yet!
Yes, rightly said. Steemit is one of the few examples where we can actually see an altcoin actually working and doing something meaningful and being used and embraced by tens of thousands of people on a daily basis
Cannot agree with you more. Totally right on Venezuela been driven by an alternative means of livelihood and savings while Nigeria very respectful and youths that don't miss opportunities
I live in Turkey and steemit is very popular.Other social networking sites, according to the content is different.Everyone here more free and as a writer.
thoughtful judgement
Nigeria also experienced very high inflation in recent years.
I thought about that , but do not see it as the main incentive especially when comparing both countries(around 16% inflation and stable for Nigeria, while 800% for Venezuela).
and
(Sources: https://tradingeconomics.com/)
Yes, you're on the money! I'm Nigerian and inspite of all the economic and political instability that nation seems constantly plagued by, one thing you cannot miss is the entrepreneural tendencies in most everybody.
The last time i visited (I now live in the US) i had forgotten how one gets inundated by street hawkers when stuck in traffic, which seemed like all the time.
When I was in college, there were girls who would go to Europe...London, Rome.... for a weekend just to buy items to sell on campus.
Another friend of mine who was raised in the rural areas said by the age of 6 she had3 businesses...selling bread, kerosene and i forget the third one
This also coupled with the high level of unemployment across all age groups most prominently college graduates.
If platforms like Steemit could help provide alternatives to such youth who are victims of their environment and help them put food on their tables then i am so glad to be a part of such a community
Yes, I do see also this platform and the concept it carries like a way for many people to better their lives.
In addition to the little revenue it can bring, which can be quite significant in some countries of the world, it opens the door to education and culture through the many sub-communities that are building up here (like #Steemstem in science, or #openmic in music, etc...).
So your young friend, would there have been a Steemit around at the time, could have been learning new skills while earning money at the same time, instead of selling Kerosene in the streets.
It's not hyperinflation, but it's still at a high enough level to seriously affect people's lives. I am sure it is not the sole factor but I don't think it's a coincidence that two of our primary growth regions are places with very high levels of inflation.
I´m pretty sure inflation in Venezuela is around 2000% .