#1 Data Point Proving The Value of Steem!
What one number shows the value of Steem the most? 630,993 transactions with Steem PER DAY which is more than Bitcoin and Ethereum and Litecoin COMBINED! See the screenshot below!
Thank you to @jesta with https://steemdb.com/ for making the transaction data available there. I made this post because it is the first post with this topic I found that also links to a data source that we can monitor for both Steem and the other cryptocurrencies shown below.
The data above is from https://bitinfocharts.com/index_v.html showing that Bitcoin had 207,480 transactions within the last 24 hours along with Ethereum having 234,543 and Litecoin having 18,018.
Key differences
- Bitcoin transactions are sending money while over half of Steem transactions are votes including a lot of auto votes. The average value of a Steem transaction is pennies while the average Bitcoin transaction according to the data is $30,000.
- According to https://blockchain.info/charts/my-wallet-n-users there are over 15 million Bitcoin wallets while there are about 300,000 Steem wallets meaning that the amount of transactions per user is very small for Bitcoin and very large with Steem.
- Bitcoin was launched in 2009 while Steem was launched in 2016. What we are seeing for Steem is very promising based on the Bitcoin data!
Further research
- Blockchain wallet users https://blockchain.info/charts/my-wallet-n-users?
- Number of Ethereum wallets https://etherscan.io/accounts.
- Litecoin wallet address https://bitinfocharts.com/top-100-richest-litecoin-addresses.html
- Number of Steem accounts https://steemdb.com/accounts.
Conclusions
- According to the transaction data alone, we have the #1 cryptocurrency in Steem!
- Transactions are a key indicator of the real value of a cryptocurrency because this is how fiat currencies work also. USD are valuable because of how many people and companies accept them as payment.
- Now is a great time to buy Steem! I am planning to buy more today because in seven years I think the Steem price will be comparable to the Bitcoin price of $2000 today AND I think most other cryptocurrencies will have failed because of lack of user adoption = few transactions.
Love,
Jerry Banfield
PS: Watch instead in the video I made after writing this at
Thank you for your post Jerry! I see you raised the bar for the price of Steem to 2K now which is great! I think one of the last videos I saw of you predicting price was 1K per Steem coming up in next few years. Oh well, let's see, no crystal ball invented yet.... It would be great to reach your target of 10USD for this year. Even though I feel very optimistic about the platform though I feel that might be little too high to reach in next few months. It would be great if we triple from here with the increased adoption. I can see more and more people promoting it through posts on twitter as well as facebook and a lot of influencers with huge followings joining the community so let's see....we might see 10 bucks by the year end after all. You are doing amazing job so far and have done some incredible things over the past two months! Thumbs up or shall I say upvote:)... Thank you!
Thank you very much @czechglobalhosts for looking into these ideas with me and your attention to detail to notice the shift from $1000 to $2000 in prediction which I made by looking at the valuation of Facebook and making a comparable one for here!
Would you please vote for me as a witness at https://steemit.com/~witnesses by typing in my name either to make a vote or to proxy to have me vote for all your witnesses because it feels good to participate in what keeps the blockchain running by voting for a witness?
Can you kindly explain in plain English what exactly is a witness program? To be honest I am not really sure what is the sole purpose of it. Still so many things to learn over here. Thank you Jerry!
https://steemit.com/steemit/@davebrewer/steem-is-going-to-usd10-does-anyone-have-any-questions
$10 for STEEM in 2017 is a very aggressive target
Buying proves commitment. You are strong supporter, and evangelist for STEEM
STEEM On!!
DaveB
Thank you DaveB!
You are very precise in estimating the value of steem in 7 years :P but I am on your side, I know Steem will rise and surge to Jupiter! Maybe not $2,000 because of the high supply, but at least $100!
@ericwoelk yes I think $100 is almost certain!
2k for steem? that would mean a market cap 15X of BTC as there are that many more steem than BTC. If I'm right, Steem at $180 is the same market cap as BTC so if Steem hit the value of BTC it would need to have a value 15x - a number that does not include inflation - making that 2k a dream? Steem only needs to triple 4 times to get to $100 but that's a while off and needs mass adoption to overcome the built in steem inflation. (Steem has tripled 3 times since I first invested at $0.06.) Once there are enough people using Steemit, steem should become a currency of choice amongst the community which is the point steem needs to achieve. I reckon the site needs to move out of beta to get there. The only real possible issue in steems success would be a Steemit equivalent of a social media network based on EOS which I'd guess is highly probable... and that is the only steemit killer I can foresee?
I like your analysis of $2K for STEEM. Definitely a big stretch
https://steemit.com/steemit/@davebrewer/steem-is-going-to-usd10-does-anyone-have-any-questions
Steem has the first mover advantage meaning anything new will have to be 10 times better to achieve success in displacing us which is unlikely for the next 5 or 10 years.
The CryptoCurrencies is the paradise of the Internet and the Steemit is the paradise of the CryptoCurrencies; thanks for your constant quality posts, Jerry, that prove the above statement to be the actual truth.
I do have a question @jerrybanfield, there has been some info going around why many exchanges are always freezing the accounts. I don't have the details but reading further into it.
I don't know but what I do is keep most of my money off of exchanges now!
Steem transfers not working from Poloniex to other exchange or wallets even though they have been enabled. I tried 3 transactions and all failed. No problem with Bittrex
Yeah, i know. It is ridiculous. My main concern was why did Changelly.com take steem out a while back. I'm curious.
I'd love to know... Bittrex had a problem for a day or so too... upvoted and followed ;)
Thank you for telling us about this! Did they say they were confirmed and not appear in your account or were you unable to finish the process on Poloniex? Last time I withdrew from there it took a day or two before I saw it in my account.
The wallet was shown as functioning but three transactions (all done correctly) failed with an error. The Steem vanished but they were credited yesterday after another support request - about 9 days later.
I like that SBD risk vs reward on poloniex though :)
You are really into Steem...
What are your thoughts on EOS Jerry?
@captaincanary thank you for asking because I did a post on that at https://steemit.com/eos/@jerrybanfield/best-time-to-buy-eos-or-any-new-cryptocurrency
Im not jerry but im loving the look of EOS!
I sometimes lose perspective when I consider the fact that I just joined this community two weeks ago while some others got in in the first few months and are far ahead of many of us new users.
However, the perspective you've given in this post reminded me that this is a growing community that is still in its infancy relatively speaking. A few years from now I will probably look back at the time I spent pouring my heart and soul into my posts and interacting with others as one of the best investments I've ever made.
I cannot make an informed argument or speculate on how much STEEM could be worth in 1, 2, 5 or 10 years but I'm pretty certain we're going to see amazing growth and even those of us with small accounts now will still reap great rewards in the future if we continue to be involved in this community.
Regarding the great buying opportunity we have now...I have bought some steem last week and I plan to exchange some of my bitcoin for more STEEM today as the exchange rate is still near an all time low. Like you said, it's a great time to buy and I wholeheartedly agree. I'll also put more of my money into the currency again tomorrow which is my next payday and continue to buy small quantities of STEEM on a biweekly basis.
Thanks for yet another very informative post @jerrybanfield. You provide some of the most useful and practical content and insight that I've seen in my short time here. Thank you!
@cryptokeepr you're welcome love your comment here because you clearly show us the bigger picture!
Hey Jerry, Thanks for that info. I am getting a little worried about steemit though. I bet 80% or more of the content isn't even getting read. It's a great place for bloggers but, I hate to say this but if it was a little more like facebook. I could get all friends on here sharing pics of their kids etc. We really could get paid for doing what we do on facebook for free. I'm not going anywhere though. I know steemit will keep changing to do what's best for the steemit community.
It is okay to be worried and the question is how helpful is it to be worried? What makes Steemit superior already to Facebook is the potential for posts to be found in Google search which already brings many users here automatically and will continue to bring even more as the website grows. I focus on whether I enjoy making a post rather than how many people read it because no number is ever enough for readers! Not a lot of people read my early Facebook posts or most of my posts for the next ten years. Not all of us need a huge audience! Just a few friends investing a bit together can easily earn hundreds of dollars a month just voting up their own posts here. For example, if my wife and I each started from $0 and invested about $2,500 to buy about 1000 Steem each, we could literally vote our own posts as you voted your own comment up for about $5 a day at the current prices or $150 a month. Not even accounting for a price increase, that is $1800 a year back on a $2,500 investment. That is why I am not worried!
I like the fact you mentioned that the post are searchable in google... I did not actual even realize that! To add to the picture/facebook comment from @ginacarole there is absolutely no stopping anybody to do exactly what they do on facebook.... the best for new users without much SP and any proper input to the platform is just to do exactly what they do on FB.... bring your friends that are already liking your pics on facebook and create your own audience.... plus if they all decide to invest few hundred bucks and turn them into SP then there you can have a nice closed circle community... Well, just my thoughts!
Exactly @czechglobalhosts thank you for making it so easy to understand!
Thanks for mentioning those facts that I have not been realised for my whole life!
Is there any reason they cant use Steemit like Facebook? It would require getting everyone over here, but everyone would be making some money. They could post in both places, leaving a link in facebook to their steemit post.
Amazing value Jerry, thank you!