The price of Steem is going down as we speak. This is the opportunity you've all been waiting for. After this dip, the only way is up!
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Low Prices
The last time we've seen the price of Steem go under the $1 mark was at the end of November 2017. That was just about the time that I was looking for promising, low-cost cryptocurrencies I could add to my portfolio.
Steem was one of those. I bought myself some, using the profits I had made from my investments in other cryptos. When I was looking for a wallet to store my newly bought Steem, I discovered there was a whole new world behind that crypto. It was my first encounter with SteemIt, and I have no regrets whatsoever for buying that cheap, little coin called Steem.
A new world opened up. Not only did I find my love for writing again, I met all of you. I found new friends from all over the world and learned more than I could have ever imagined... about people, about crypto, about new stuff, but especially about myself!
ATH's
In December and January, the crypto world went crazy. Every single coin reached its all time high.
Steem reached its ATH of $7.31 on January 5th, SBD went up to $13.79 on December 21st.
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Since that moment, prices have been dropping. There is still a lot of FUD going around, which is not so strange. After all, once cryptocurrency and Blockchain application will get their foot on the ground, a whole lot of people who are in control now, will lose that control. And they don't want that to happen, so they are scaring people.
A Matter Of Time
But let's face it, Blockchain technology has so many possibilities that it is just a matter of time before people see the value in it. And that's exactly what we are waiting for. Prices will go back up eventually.
Meanwhile, - and let's get back to the original idea of this post - why shouldn't you take advantage of these low prices and buy in?
Months ago, my good friend @davemccoy predicted that the price of Steem would drop under a Dollar again. I didn't want to believe him at that time, but here we are. The guy knows his stuff, you know?!
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Of course, I do realize that not everyone has the means to buy in with fiat, but if you do, now is the time to do it! Remember, only 8 months ago, Steem was worth over 7 bucks, and SBD was worth even more.
If you would buy in with $100 now, that same $100 might be worth $700 or even more in a couple of months.
@taskmaster4450 has written an interesting post about this same subject. You can read it here: STEEM: Is One Committed Or Complaining?
In his post, he mentions:
As I write these words, STEEM is at .95. That means any Plankton can make Minnow with only $475. There are only 8,500 Minnows in the entire ecosystem.
Of course, this is only usful if you have the fiat to buy in.
Opportunities
But let us be real here. The Steem blockchain is in full development.
If you take a look at the chart below, you will see the huge difference in activity between the various Blockchains.
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You don't have to be tech-savvy to see that the top three Blockchains are way more active than the other ones.
New applications are being created every day. New applications that will attract people who are not on SteemIt, and will make them invest. Applications as @steemmonsters, @actifit, @steemhunt, @cleanplanet and @air-clinic are only the beginning. Many more will follow, opening up the Steem blockchain for the masses.
You could still be an early adopter, and if you've got the means, now is the time to grab your chance.
Source
As always, I'm very interested to hear your thoughts! Let yourself go in the comments section below!
Nothing in this post should be considered as being financial advice, nor am I telling you what you should do with your money.
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^^^THIS^^^
The above is EXACTLY what I did the first go-around, buying and saving. When the big Run-Up happened, my account values were in excess of $40,000 U$D and I was ecstatic! It is now well under $10,000 but I am still stacking, buying and playing. If we hit the $10.00 Steem Price that was forecast, I hope to be at the $100,000 mark for total account values. THAT is "life-changing money"!
Great Article, "MIKE"! Resteem and I am going to write a similar one for my crowd, they do need to get on board and BUY STEEM!!!
100 % #steem to the moon! Buy low sell high. 😊 great post! And congrats on your steem success ❤❤❤ a model Steemian you are!! Cheers! (Is @taskmaster4450 a guy? Or a woman? I really don't know! But i did see a business in Leduc, AB Canada called 'Taskmaster Technology' sure made me think of our Steemit friend 😉) ✌🌸🌼🌱❤
Lol. I think he is a guy, but here on SteemIt, you can never be sure until you ask. This week alone, I found out that at least 5 people I was interacting with on a pretty regular basis were girls, while I always thought they were guys.
I think it is refreshing, though. Being either male or female is of non importance here on SteemIt. That's more than you can say from real life :0)
And on the 'buy low, sell high'-part, I still have a lot to learn, lol. You can't imagine how I regret not selling off a lot of my crypto last December. Now I'm stuck with a portfolio that is worth only 1/10 of what it was back then. :0)
But I'm a believer: mass adoption will happen eventually, and prices will go to the moon again (fingers crossed, knocking on wood)
Yes, indeed knocking on wood 🌳 they totally will. I so wish i had the means to be buying crypto!! It's awesome to be earning steem by blogiging!! It's really frigging cool actually! It's crazy awesome you've reconnected with a valuable part of yourself by having a place to write!!! I also appreciate the seemingly open and functional relationships here on Steemit. TBH I thought you were a guy for the first while when we interacted at first! LOL i've called a guy a girl 🙊 oh man.... can only do my best! Haha being alive is quite an adventure 😂🤠❤ #steemtothemoon
If the price continues to drop or not, if you believe in Steem there is no denying that $1.00 for Steem is a bargain price regardless of if it continues to sink before recovering or not.
I still haven't purchased any. If there was a simple way to do so I would have likely already done so. I dislike exchanges they ask for way too much info for using something that is suppose to be anonymous.
I agree. All the documents you have to send them... it's really annoying. In my particular case, it is a huge problem too: they ask for ID, a picture, but often they want a copy of a bill with your name and address on it. Since my girlfriend owns the house, and all bills and most official documents are sent to us on her name, it's always hard for me to find a document they will accept.
In the future, I will simply put the account on her name. Why on earth didn't I think of that sooner, lol??
I have the exact same problem, not only with using exchanges but for online Pokersites as well.
It's such a pain .....
That's the big question this time around....will it recover. The recent drops supposedly were in response to some crypto not getting approved for something. (I don't recall exactly but it had something to do with being recognized on a more legit basis). The big question during that article was how much of a affect was it going to have on the crypto world overall...since that day it's been dropping.
howdy this fine Sunday @simplymike! love this post, very informative, educational and motivational!
Thanks. Although I'm not an expert - by far - I thought some basic info and a light kick in the but could do no harm :0)
haha! it was a very successful kick in the butt that's for sure!
You have given more reason to hope for! I really hope will go back up like last time, eventually...
Of course we can never be 100% sure, but all the odds are in favor, so let us keep our fingers crossed :0)
(crossing)
I joined back in november as i was researching the same thing. Having found this whole new world of awesome behind steem i was immediately sucked in. Having no money to invest (fiat) i went to blogging to earn. Then a few days later we all went to the moon. Never thought i would get this opportunity again and this time i do have fiat to invest so ive been taking advantage. Will be powering up for sure!
I couldnt help but notice that 8,500 minnow statistic. I didnt fully realize there was "plankton" under minnows either. A few weeks ago steemitboard commented on a post if mine saying congrats, youre a minnow! So I reached a milestone i didnt realize was there.
Once you reach 500SP, you are 'officially' a minnow. Before that, you are plankton or redfish - that depends on whether you use Busy or SteemIt.
But what's in a name, right? A small fish is a small fish, lol.
I must admit I was shocked by the low number of minnows too. For some reason, I always assumed that number would be a lot bigger...
I thought there would be more minnows too, but it also makes me feel good to be among such few!
it is really nice to make friendship on this platform isnt'it @simplymike?. wish you all the best
Oh yes, I'm planning on putting a bit more into Steem (and others as well). I'm not willing to invest my other crypto at the moment, so I'm waiting on some fiat to clear an exchange... I'm hoping the low prices stay down for a bit!
I've reached the limit I set for myself when it comes to investing more fiat in crypto. So all I do know is sell off one coin to buy another.
It is possible I will regret it one day, but time will tell :0)
While it's no fun watching it drop so low, as you say, now the only way is up! I find it interesting to see who has backed off posting in recent weeks (months) and who continues. What does @davemccoy say about the immediate Steem future?
Your pig pic is hilarious @simplymike
Glad you like the piggy pic. It wasn't easy to find one that would suit the content. I think this does its job pretty good :0)
It is indeed shocking to see how many people quit when the prices dropped. The good thing is that only the community-minded people stayed, even when there is barely a buck to earn.
Maybe we should ask @davemccoy to dress up in his fortune teller costume and invite him for a brainstorm session about the future price of Steem.
@davemccoy, I bet you have such a costume lying around somewhere. ;0P
I don't know what's going to happen but I know that in order to be happy we must enjoy the day right now.
Buy if it makes you happy.
Grind if it that is your call.
With love @spellmaker
Agreed!
I've bought all the steem I have the money for right now and I bought them when they were a lot more expensive than now. I will get more soon, as soon as I have any spare money
Me too. I bought at $1, at $2.50, even at $4.
The moment the smaller cryptos in my portfolio go up again and get out of the red, I'll probably be exchanging them into Steem, SBD, EOS or BTS...
I appreciate this post @simplymike, I am trying to learn as much as I can. At this point all I do is writing. :)
Trying to learn as much as you can is the best you can do, @starjewel. Rome wasn't built in a day either. I think everyone here is taking it one step at a time. After all, there is a whole lot to learn. Personally, I'm still learning new things every day, that's just how it works.
I really want to invest some fiat in steem, but have not found a way that works for me yet since I do not feel comfortable connecting a bank account to an exchange.. If anyone knows a way to invest fiat that does not require that and is reputable, please comment back.
+1 For those who have done it, what exchanges do you recommend?
I would like to use a credit card (so I don't have to connect a bank account). I found one place, but they charged like 15%. And then I think there would be some more fees getting it to Steem. I haven't actually looked at using my debit card or bank account. Are the fees similar?
I must admit i never used fiat to buy Steem. I've always used my profits I made through other cryptos to convert to Steem.
My favorite exchange is Binance, but I'm not really an expert in that.
Maybe, I should call in some help here:
@davemccoy, @abh12345, @taskmaster4450, can any of you give tips concerning this matter?
Just use localbitcoins of paxful and purchase btc by bank transfer.
There is various ways, hit me up if you need detailed help.
Thanks for offering your help , @rldiamond.
I am so used to the facilities available in my own country, that I don't have a clue how things work in other parts of the world...
I imagine some people are selling steem privately, if you do a google search you might be able to find them and bypass the exchange. You take a unique risk dealing with individuals just like with exchanges, but if you do your research and check to see if they have a good reputation and if you do it right you should probably be safe.
Here in Belgium I can use like an ATM system to buy crypto, and then I can exchange this crypto into Steem.
I'm using https://www.litebit.eu/en for that.
You do need your bank account (your card, to be more exact), but the data isn't saved into the system.
Unfortunately there are no crypto atms in my area that I can find. I wish there was that would definitely be an ideal way for me to initally invest. I do have a binance account though other recommendations, but am new to crypto investing so I have not really used it yet.
You're right this is the best time to put some money. I'm with @wizardave. I have no clue how to buy Steem directly. I had started a Coinbase account since I can purchase Bitcoin, Ethereum (sp) and Litecoin using my debit/credit card, but no idea where to go from there. I would rather purchase Steem directly.
If you have Coinbase account, you are halfway through.
You could either follow this tutorial, which means you buy any of the available currencies in Coinbase or GDAX, then create a Binance account, send your purchased crypto there, and then exchange it to Steem.
Or you can buy either BTC, ETH or LTC in Coinbase, and then go to https://blocktrades.us/ to exchange your crypto into Steem.
If I'm right, @davemccoy has a tutorial on his blog somewhere. I'll go look for it.
Now I feel a little dumb. It's the pain meds making my brain fuzzy. I don't know why I didn't think of that LOL Thanks @simplymike <3
No problem. When I first started out, I had to do a lot of Googling before I was able to buy my first crypto :0)
Yeah, I've actually used the oppty to bring myself from minnow to dolphin. I started before STEEM even dropped under $1, but put in a little more yesterday when I saw irresistible prices.
Interesting that your chart shows that the top 3 most active coins are all Dan's coins! It's basically stuff he led the charge on, then the big 2. Everything else is just dust in comparison. Makes me think I actually should buy back into EOS at least a little.
Congrats on becoming a dolphin. I'm about half way there. The urge to buy more is there, but for now I can still resist.
I noticed the exact same thing about the Blocktivity chart. Can't be a coincidence, for sure.
I really need to pay some more attention to both other blockchains. I've got a small investment in both BTS and EOS, but I don't really follow up on those. Shame on me.
SteemIt is taking up so much of my time ...
Hey man because of this post I am going to buy a minnow..
Thanks for enlightening me ! I followed and upvoted you as well.
Thanks for the upvote and the follow.
Good luck reaching minnow-hood :0)
Very good tips and info for a plankton like me, still looking for a way through this Steemit ocean.... :-)
Don't we all?
The SteemIt ocean is so incredibly big it takes a whole lot of time to figure it out.
I'm still discovering new stuff every day :)
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good and excellent information, thanks for sharing! @simplymike
Great post @simplymike! I agree with ...
.. and elected to do something about it today, after reading @steemchiller's latest update post on SteemWorld.
This is the tough part. The wait ... Hopefully, us HODLers have a solid, long-term perspective, as I personally believe that is what it is going to take to "weather the storm."
I agree, it's a great time to buy if you have the means! Unfortunately, I don't at the moment, but I'm sure I'll live to tell this tale :)
Look at you giving "financial advice" (Yes, I noticed the disclaimer haha), and to think that we both went to the same technical school lol
Lol
Ya I bought 50 a day ago at 1.05 should be getting a bit more soon.
Definitely good advice @simplymike; and something for everyone to consider is that it was only about 40 days between a Steem price much like today and Steem hitting that All Time High. Not easy to "time" these upward spikes... far safer to just buy in when you feel the price is "low enough."
Noteworthy, too, that all three of those top blockchains are Dan Larimer creations...
=^..^=
Good time to increase your stake...but if the prices keeps going down...going to be bad for steem blockchain.
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Let's keep our fingers crossed that the prices will be going up again eventually...
Couldn't agree more. Crypto in general is a fast-growing currency. Sure it has it's ups and downs just like any other currency, but through time, it will take over because the world is moving towards a digital form and tangible money will no longer be the only dominant form of currency.
I'm no crypto expert; I'm trying to learn as much as I can in the meantime, but I still see great potential here.
I'm not an expert either, but if you ask me, cryptocurrency is going to be one of the least important factors once Blockchain technology starts developing at full speed and starts to grow its potential...
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Hey @simplymike
Nice post. This is a great place to be for lots of reasons that you have mentioned.
I might also take this opportunity to hit minnow by trying to purchase some more Steem. I have used the Revolut, G-dax, Bittrex route previously to buy them. Low fees and fairly painless.
Keep up the good work.
Gaz
I'm going back and forth about getting some more. Lol. Can't decide.
I have already invested enough fiat in all my crypto, so I don't want to exchange more fiat.
If I buy more Steem, I'll need to exchange some otber crypto. But now the prices are all so low, it's hard to decide what to sell and what to keep.
And I've already invested quite a lot. So I'm also doubting whether I should get extra Steem, or buy some extra EOS...
Decisions, decisions,... it's not something I'm really good at, lol
I kind of feel the same way. I've actually invested in crypto with other family members including my steem, so I don't want to ask them for more at the moment. I may just add a little myself.
It feels like if you pick another crypto investment to switch it will immediately go up and you'll miss out.