To understand my thought-process, let me give you a clue of how i got in contact with the blockchain and cryptos first. A couple years ago i was quite involved into online poker, cause i loved the math, statistics and the competition. Thats where i heard the first time ,there would be a digital currency and you just need a power socket to generate it.
I talked to myself “wtf” :).Well, i even got annoyed because i didnt understand it and it would have been easier to just let the freaks be freaks , but kept on reading. So yep, you needed a computer and can "mine"bitcoins with it. I checked how much a bitcoin was worth and it was at 20$. I investigated a bit and thought of randomly investing since it sounded interesting and new and in a way crazy exciting, but the next day it was at 80$. The first time i felt that feeling of missing out on something big. I bought in @200$ for i think 2 grand, short before MtGox collapsed.
Through the years and endless challenges bitcoin developed.A lot of new alternatives cryptos came on the market. In the early days it were just 6 or 7 noteable coins (Bitcoin,litecoin,namecoin and a few crapcoins). The deflationary model convinced me and that golddigging adventurous mentality. The early adopters loved bitcoin and most of them were holding in fear of missing out on the train. People were speculating with altcoins all for the reason to build a higher btc-stack.
So why did i invest in Steemit?
I am a supporter of the blockchain technology, but there are 1000's of cryptos out there. Don't make the mistake to believe all of them are going to keep their value. 99% have to and will fail, because there wont be a need for usage and their value is pure speculation. But we can narrow the field by estimating whats really important and I have 4 things in mind :
► There has to be a practical use for a coin
► There has to be a good team of developers, capable to make important changes
► There has to be a community, that supports believes and uses the coin
► There should be a unique characteristic or feature
Steem's unique characteristic is ► The Community!
There is no community like this one, though btc and etc have enthusiasts and passionate supporters. Thousands of active people support steem and steemit on many different channels across the globe. I truly believe steemit is going to be big, since the concept is unique and the blockchain gets already globally adopted. It was an easy investment for me, since there is no competitor to steemit (besides from that russian clone).
Hope you enjoyed the read. If not you still can enjoy your day!:)
Have a good one
This is a lot of money to invest 7000$ in steem. But, you should in the long term make a nice ROI on your investment.
Are you thinking about a steem-investment or did already? What are you struggling with or what convinced you?
i think it was a smart one as well :)
Thanks for tuning in, i enjoy your blogposts!
it sound reasonable! I am a bit puzzled by the cryptocurrency market, it could be the best time for investing or the beginning of the end for the 99% of the coins
I would be careful with investing and trading right now. I wasn't looking for an investment opportunity, i just believe in the steemit concept, thats why i did it. 1.8. will be a very important change on btc (segwit), i have no idea how the market will react to it.
I just recently heard of bitcoin and other cryptocurrency and was intrigued by it all and thought to myself..I better jump on board and figure it all out later,lol
Yes thats the best way indeed, we are still on a very early stage.
We share exactly the same view. I posted in my introduction post pretty much the same principles I guide my investments on. It's nice to find someone having the same thoughts.
The funniest part is that I advised people to invest in Steem Power 3 days ago: Do You Want to Invest in Cryptocurrencies? Invest in Steem Power.
The similarities are not finished yet. Yesterday I brought 1100 steem and powered them up and I was planning to transfer today another 900, to reach guess to which number: around 4000 Steem Power. Exactly the amount you invested! And I also planned to write a post about it, but this time you were the first :)
Well i would be happy if a lot of people would think that way and invest in steem. Write a post about it, im sure it wont be identically :)
Just published my post, I mentioned your too...
https://steemit.com/steemit/@steem-buzz/why-i-decided-to-power-up-to-4000-streem-power-but-i-powered-up-to-6500-sp
Haha good job, i liked the "but i did 6500" in your title
True. I'm going to write it after I power up. Not identical, but not far away neither.... but I'll mention your post because is way too funny...
I think you will get the good intrest at the end of the year. Nice idea. Iam looking forward to invest in the future. :-)
I am a newbie, so I ask like a newbie. Is it correct that it is relative low fees to use/send steem too? For example sending bitcoins is more expensive. Regardless, I agree with what you write. Pretty interesting.
Great post. Will heed the message. Upvoted and followed. Please feel free to do the same. New to Steem.. just getting the hang of it. Cheers.
Smart move it will pay off in the Long Term
My only problem with putting money in and buying Steem, is that new steem is created every year which helps keep the value low. If I'm not mistaken the process is actually meant to double the coins every year to assist in decreasing the value. Steem Power is different slightly. Since Steem isn't actually used for anything and you can convert SBD directly to Steem power, I would be very cautious about holding long term. 3-5 years maybe, but by then you'll see things like Bitcoin, Etherieum and Lightcoin quadruple probably. I love Steemit and the community, but actually investing in STEEM has me worried. Just my two cents.
Steem inflation was a lot higher in the past. Its 10 or 9.5 p.a. currently? - and will be reduced 0.5% each year, in 20 years it will be 0.95% . Ethers inflation is way higher, at least until iceage comes. + You got interest for holding steem
Great post.
Yes I already invested a little in SteemPower ($ 30). We don't have the same resources. I'll follow you because you're a smart person.
Youre resources now might be worth 100times what they are in a couple years. Dont let go of your goals!
Thanks for your tips I found them informative and helpful.
Glad you enjoyed the read
Your post is very helpful. You have encouraged me to invest more into Steemit, because this is not just a cryptocurrency, but a place to participate and PLAY! Thank you so much for your post!
Enjoy your steempower and increased influence in the steemit network :)
Thank you for the encouragement. I will follow you.
Wow. I wish I had $7000 to invest. I've invested everything I've made on Steem in the last month so a little bit over 500$.
Wow, 500$ is really a lot. I would be very happy with that figure. So youll be at 4grand by the end of the year, probably more since your followers will increase as well. Very good job
hopefully. Crossing fingers. I'm here for the long haul, but don't have much capital to increase my power yet. :( My followers are awesome and I'm trying to increase them everyday.
I'm still kind of gaining an understanding of Steemit and Steem and all this stuff but at the end of the day do you think Steemit will be bigger or Steem will be bigger. I guess what I'm asking is do you think a lot of people who own Steem won't even necessarily be active on this platform but will just be Steem holders or do you think they are very interwoven and if someone owns steem they will be active on here?
I've been considering buying some Steem with prices around $1.50, I always feel like when I finally pull the trigger and buy in things always continue to drop further lol. Maybe I should'nt buy in for your sake lol.
My other thing I was wondering is how much would I need to invest to make a significant impact. Say I decide to throw a Bitcoin at Steem so say $2500 or there abouts. Will that have an significant noticeable impact on my account?
I dont see steem and steemit as two different things. steemit is based on the steem token. Sure there are guys out there who bought steem on a trading exchange who might never even heard of steemit. But the value of steemit is, that it attracts people who have no idea what a cryptocurrency or the blockchain is. Its social media, its for everyone. In terms of investing, i believe everyone should invest 2-5% of their money in cryptos, since there is a good possibility that the blockchain will revolutionize the monetary system and classical fiat currencys $/€ could significantly loose in value. If you are heavily involved in blogging on steemit, enjoy it and believe in steemit, i think its just consequent to invest in steemit. With 2,5k on 100% you will be able to upvote around 80cents i think? something like that. But im not an expert, so this is just my opinion. By all the positive expectation i have, it is highly speculative and could loose 90% in value.
Thank you for the information Steemboys...Upvoted and Followed.
I think there are LOT of upcoming good projects that are getting piled up on by all the scams, I have started ICO review series, latest of which was about Aventus to identify interesting projects and what I think (from what I can find in my research) about that ICO.
I would greatly appreciate if someone like you, who has interest in this field, would provide feedback on it..
I do not intend to spam your reply thread and this is a genuine attempt to get attention of Steemians who follow similar interests!
Thank you in advance for your time.
Thanks for passing by, yes i will check out your blog later on. Right now i have to hit the gym. :)
That's a great investment time favours the brave , by the way how much interest they pay i dont have any clue can you tell me about it ?
check this tool out and you can see how much you get in return https://www.steemnow.com/upvotecalc.html
thanks for this.
definitely good to think about the "why's" when we're doing things.
totally agree with the idea that some cryptos will die in the future and that the community factor is really important
it seems like steemit came to stay.
Thats what were working on and hoping for :)
HI, I enjoyed reading your article. I am someone who knows very little about bitcoins. It's all new to me. But after reading several posts, I understand that I need to buy some steem just to get my posts read. Do you know anything about this. I assume it must be true, since I've been on Steemit for about 5 weeks and written several posts, but have gotten very little response from anyone. Any helpful suggestions from you would be greatly appreciated. Thanks, Carol
Hi Carolyn,
You don't have to, with 500 Steempower you will be able to upvote 0.14$ on 100%. This is an amount that can be reached with creativity and consistency. I was just convinced we are at a very early stage on steemit, so i invested. I checked your blog, thank you very much for resteeming.
One tip for you, try do write 10-20comments everytime you do a new blogpost. That way you make others happy and people will find your blog and follow you. Its as important as blogging
I invested around 800$, but will be investing alot more if steemprice keeps going down :) I am preparing myself
Might be a good time , i bought another 400steem today as well :)
An exciting time to be involved with crypto currencies ... Steemit has great potential in the long run. I came over from TSU that was a platform that paid its users for content creation. The site went Dark Aug 2016 and I was looking for a similar site to get back onto after several tries with sites Like 8App, Rabadaba , Empower , Minds and several others I have found a home with #Steemit
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good job man !!
continue you have a good idea..
i support you @steemboys ...
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Just finding this article 11 months after you wrote it. This is some great information but if you were to rewrite it today, what would you do different?