I would like to make this a short post, so I will get right to the point.
I personally believe STEEM has the potential to outweigh and outperform many other currencies out there in many different ways. I would just like to show the growth charts of a few different cryptos and compare.
The first will be STEEM up-to-date:
From it's time being tracked on coinmarketcap, it has made an impressive leap at one point in time, increasing in value by tremendous percentages. To be this successful, this early on, in comparison to a majority of currencies out there, is insanely incredible. Especially with such a large supply. The market cap within months shot well over 100's of millions of dollars. Meaning many people have much invested into it and it's value has risen over time. Considering the amount of steem out there and steem power, to be valued so high is amazing in-and-of-itself!
Let's look at the next coin, Litecoin:
As you can see, litecoin followed a similar trend as steem is showing and continued on that rise to reach an impressive 50$~ at one point. It started at a mere few dollars, dropped to near a dollar, then rose like a bat outta hell up to 50! What did it have that other coins didn't? Not much.. In fact, it was mostly just a larger supply coin that people looked at as just an alternative to Bitcoin. Something you could buy whole coins of and feel like they had better value than they actually did. What we see with litecoin is that after it's peak, it slowly dropped over time and then landed comfortably around 3-4$ for the past 6 months or so, with some highs and some lows in-between. Compared to steem, litecoin is nothing, it provided no special platform, no extra community (beyond the one created by it's users, no "official social home.") but it succeeded wildly for some and holds a place as a solid coin to hold but not so much as an investment now.
Now on to DASH:
Dash is still wildly volatile in my opinion and it's a hard crypto to tell what the future will hold. Lately the trend is up, up and more up though.. So maybe things are going on behind the scenes that's just being brought to the light. I would stay tuned and watch it. At $10, almost it's highest point since it reached near 15$~, I would say it's got potential still. Compared to dash, steem has much much more volume of supply, so for it to be over a dollar alone is astonishing and if it follows the same trend dash has, with a higher market cap, that means it's momentum stage could be insane and then over time, it's value would be mostly retained as more people buy into it and invest in the market.
On to ETH (Ethereum):
Now, Ethereum had a lot of hype about it before it was released, it supposedly had some new innovative form of something or other (I missed out on the ether wave unfortunately and have now found steemit, so I'd rather not switch to anything else anyways.) that drew a large investment early on and eventually soared to over a billion dollars in it's market. If I'm remembering correctly, Ether had some kind of smart-contract something or other that made it unique.. Regardless, it didn't have anything nearly as incredible as steem does and it performed wildly successfully, reaching over 20$ at one point. The supply is much closer to steem, but steemit is a much MUCH better concept to go along with a currency, so if steem can perform as well as ETH or better, it will be a bright future for us all! :)
I'm in no way a crypto-expert or anything, these are just some observations I've noticed while exploring the markets and each currency and I believe STEEM is THE future of digital currencies and true value!
Thanks for reading mates! If you have any input or advice, feel free to share! :)
Nice post! I love well thought out articles that add value to all of us! This one is well written and is an interesting comparative analysis. I've been into crypto for quite a few years and for many people the barrier into entry is too high......not so with Steemit! Steemit is also fun and you can learn and earn!
Thank you for the input! I appreciate it! :) I agree, for some of the cryptos, the barrier is definitely too high and for others, there's too much of a learning curve or you have to constantly do multiple market analyses (I believe that's the plural of analysis?) and research on what they're shifting their platform toward, to know if their future is going to be bright. Here on steemit, basically you get a nice introduction to a new currency on a new platform and it's explained at least 100x, 100 different ways (if you search through the posts, especially the higher-quality ones) so you never feel lost. Plus, if you have questions, there's a whole community ready to assist you and send you positive vibes.
Honestly, also, converting and powering up/down to cashout/invest isn't that hard to comprehend at all! So it's a wonderful way to introduce people to a thriving new world.
Thanks again for your input! :)
Etherium lost me at hard forking :)
Otherwise, that whole thing is hard to predict, Steem do have the coolest blockchain ever, and no telling where is it gonna end :)
When Ethereum was released, I had just recently won around 1k$ or so on primedice (bitcoin gambling dice site) and I was busy spending that for a good while, so life had me distracted.. I guess liquor, beer, friends and women were just more appealing than a new crypto at the time! ;) I still only have a basic understanding of cryptos, anything beyond algorithms and ya lost me basically. Like I'm not truly fully sure what hard forking means to be honest! haha :P
Hard Forking (adverbial phrase)
Hard forks occur when a cryptocurrency updates the codebase of its full nodes in a way that renders previously built full nodes incompatible.
See, ethereum did a hard fork not to correct a bug, but to correct a "theft" that didn't break any of the currency's rules. The results were predictable.
Thank you for explaining that.. I would have to agree, that sounds pretty shitty..
More correct it would be to compare Steem to Monero or Byitcoin. It would be interesting such analysis.
Thank you for the input! :P I considered doing Bitcoin and Monero as well as Dogecoin and CLAM, but I thought that these 3 were much more accurate comparisons as far as the market trend/potential market trend went. If that interests you though, I might consider doing an analysis of those along with other altcoins not listed here on a later date. Appreciate the feeback!
Thanks to everyone who upvoted, sincerely! <3
Awesome news dude.
Thanks! It was just a personal opinion and not truly too analytical, just from what I've experienced, thanks for the input!
"So maybe things are going on behind the scenes that's just being brought to the light"
Indeed: About Dash: https://steemit.com/dash/@dutchpainter/dash-big-winner-of-hardfork-ethereum
I really believe, I just make a job for a friend and went want to pay is paying me with steem power for me is all ready a currency
Nice to know my article compares to an incredible russian writer! :)