So, I am back again after studying and discussing Steem for last three days. In my previous article, i.e. Steem is creating euphoria among Indian bloggers, I discussed how Steem in creating euphoria among Indian bloggers. After that, in last three days, I dived in deep to understand the heart of Steem. To be honest, it feels like my early days with bitcoin. For a few days, I could not concentrate anywhere alse and was reading Satoshi's witepaper, bitcoin.org and bitcointalk.org. The last three days went by in a almost similar manner. I spent all my time on steem.io and steemit.com to understand Steem better.
Now, let's come to the point. What I learnt in last three days? Steem seems to be fixing two of the biggest fundamental drawbacks of bitcoin...
i. Onboarding
ii. Stability
i. Onboarding
As I discussed in my last article, I have aproached many people, who make their living off internet, regarding bitcoin. But, mostly I have got cold shoulder from them. Why? Because people I aprached were neither coder nor trader. Bitcoin is easy and intersting for these two section to get on board. But, for an average person bitcoin is an alien product. Steem brilliantly fixes this problem. All you need to start with Steem is a Facebook or Reddit account and then just keep posting and commenting. You dont need to understand blockchain, no need to understand mining, no need to provide KYC to exchanges etc. Just sign up with Facebook or Reddit and star floating in the sea of Steem. The process of onboarding is so easy here...
ii. Stability
Volatility of bitcoin's FIAT value is a long discussed problem. Many merchants accepting bitcoin today are actually receiving FIAT at their end. They are using services like BitPay or Coinbase in between. For a holder, who wants to hold FIAT value as cryptocurrency asset, bitcoin is a nightmare. Steem beautifully solves this by introducing Steem Dollar. Moreover, the interest received on Steem Dollar is a bonus.
Being a long time bitcoin holder, I can see many such shining features offered by Steem, which were missing in other Alts. Hence, I seriously believe, Bitcoin + Steem can be a deadly combo in crypto-economics.
p.s. Those who are starting with Steem, please read the Steem Whitepaper first