Steem coin is one of the best attempts we’ve seen at a sticky, consumer-focused blockchain product aimed at the average young internet junkie. Steem coin is a cryptocurrency with its own attributes, but it is most often used on www.Steemit.com which is more or less a clone of Reddit, with extra economic incentives.
Steem coin trades on many common crypto exchanges, but there’s another currency called Steem Dollars which is used only on Steemit itself. But that’s not all! There’s also Steem Power, yet another Steemit-specific currency you’re likely hearing about for the first time. Plus we’ve got powering up, powering down,…what’s with all these terms?!
Well don’t worry, friends. It’s not as complicated as all that. Stay tuned, and we’ll explain how the Steemit financial system works, as well as why we think that if you were to buy Steem coin you would absolutely not regret it.
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- 1 What is Steemit?
- 2 What Are Steem Dollars and Steem Power?
- 3 Are Steem Dollars the Same Thing as Steem Coin (SMT)?
- 4 Should I Feel Bad That I’m Confused?
- 5 How to Buy Steem Coin
- 6 Will Steem ever make it to Coinbase?
- 7 What’s the Future of the Steem Coin Price?
- 8 Final Thoughts About Steem Coin
- 9 More about Steem
What Are Steem Dollars and Steem Power?
If someone likes a piece of content that you submit, they may choose to “upvote” the content which makes it more visible by all users of the Steemit platform. Up till now, the model is no different than Reddit, but here’s where Steem Dollars come into play. Every time someone upvotes your content, you earn Steem Dollars which can be cashed out for different crypto or fiat currency.
Steemit users can also acquire Steem Power, which is another digital currency used only within Steemit. The more you use and contribute to Steemit (upvoting, adding original content, finding interesting videos from around the web, etc.), you will be given Steem Power. The more Steem Power you have, the more your upvotes count. Your upvotes also result in other users receiving Steem Dollars.
Should I Feel Bad That I’m Confused?
Don’t feel bad! The Steem coin and Steemit financial system is a little baffling the first time you hear about it, but once you’ve used Steemit, you’ll quickly get the hang of it. Just remember that Steem coin is the currency that’s universally traded. You can invest in Steem coin. You can buy Steem coin and trade it for Ethereum.
Steam Dollars and Steem Power only exist in Steemit, and you don’t have to think about them to use Steemit. You can just go to Steemit and chuckle at cat videos. But if you get interested and want to start to monetize behavior that you do anyway (enjoying and contributing content to social media platforms like Reddit), then you can dig deeper.
For our purposes, we’re only going to talk about how to buy Steem coin. By now you understand that Steemit exists and you can go down that rabbit hole whenever you please. Read on if you are interested in the Steem coin price, how to invest in Steem coin, and how to buy Steem coin in the most easy way possible.
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What’s the Future of the Steem Coin Price?
At this point, any investor is going to be wondering what the Steem coin price is going to do in the future. The Steem Coin market cap is only $691,736,867 USD at the time of this writing (late December 2017). That might sound like a big number (and it is), but when we compare that to the $3.8 million NEO market cap, you start to see that it’s not so big a number after all.
Steem coin is in the sweet spot. It’s well known and developed enough to enjoy a decent sized Steem coin market cap, and a sizable/growing number of active users. It’s very likely that with this much activity and development, Steem coin and Steemit are only going to grow. Steemit is mostly used in the United States. It has amazing growth potential into international markets if all continues going well.
We can’t predict the future, but it’s easy to imagine double digits for Steem coin price in 2018. Like so many good coins out there in the marketplace right now, get this one while you can.
Final Thoughts About Steem Coin
Steem coin has an interesting place in the crypto universe, specifically because it operates as a currency in the general market, but as a system-specific currency in an active social media community. Lots of people have had ideas like this about how to use cryptocurrencies, but this is perhaps the most successful application of such idea that we’ve seen yet. This creates a lot of opportunities for Steam coin and Steam coin holders moving into the future.
We think that as Steem coin continues to be added to large exchanges, and as users continue flocking to Steemit, you’re going to see this crypto really grow. Being introduced on an international exchange like Binance could do a great deal to introduce Steem coin and Steemit to an audience outside of the United States. There’s a lot that could go right in this project. It’s definitely one which we will be keeping our eye on in the coming year.