Nice post.
But keep in mind that bitcoin and steem serve complletely different purposes and aren't competitors for each other.
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Nice post.
But keep in mind that bitcoin and steem serve complletely different purposes and aren't competitors for each other.
Both Bitcoin and Steem can do basic money transfer and while Steem can do much more they are in fact direct competitors for people who consider how to send money or pay for products or services. Steem is new and does not have as wide acceptance by merchants and payment processors, but it will likely change with time. Don't forget Steem is only a little over 1 year old.
I just sent about $50 worth of bitcoin to exchange and it cost me about $5 for the transfer.
Steem charges no fees for the same action, I think many people will prefer to use it over expensive Bitcoin.
I really doubt that STEEM will someday get acceptance as a monetery system even though it do have such features.
It has a token of value which you can tranfer or sell, or hodl. But noone in PoS environment will accept a token which main purpose is managing posts and likes.
To say they are competitors is like saing that ExxonMobil and Google are competitors because they both have publicly traded shares.
"noone in PoS environment will accept a token which main purpose is managing posts and likes."
Why is that? Steem is currently used mostly for posts and likes, but it will likely be used for much more as more people adopt it.
Steem is better at money transfer and that is what matters for payment processors. Once enough people use Steem, which is likely as stemit.com grows payment processors like bitpay and others will integrate it making just another, but cheaper option to pay for anything.
Give it another year, likely less and Steem will be used to buy and sell products and services online and offline.