Why we could see Steem overtake BTC as the #1 cryptocurrency soon. Everyone have heard of bitcoin. It is the first and main currency in the cryptomarket. The next market competitor is none other than Ethereum (only having 26% of bitcoin market cap).
Nothing is here to forever bitcoin will be dethroned, here are reasons why.
1. Steem out performs Bitcoin in every aspect.
Bitcoin is a very basic blockchain technology. Many altcoins have been made to attempt improve on bitcoin, but most of them their owners simply end up running away, it turns into a pump and dump scheme, or it is simply a blatant copy of bitcoin, except for a few parameters.
Steem has all the main functions of bitcoin - a decentralized, trustless payment network. But better.
Steem is designed to have everyone to participate in a community. With bitcoin you can literally live under a rock, but with Steem, you're actively contributing to the community.
2. Steem is still young, and has more potential to grow.
Steem has only been active for really 18 months, and there is only currently around 250,000 total users compared to the 12 million users on blockchain.info alone. This leaves us with a lot of room to grow. And with only 250,000 total users,
It's also a bit like silver and gold. Steem is extremely undervalued at this point in my opinion, just like silver is undervalued to gold. Also, silver has real tangible industrial demands and actual uses, while with gold it's pure speculation.
The google searches for Steem and Steemit are soaring, even though the value of 1 STEEM has fallen due to dilution; while bitcoin's searches purely relies on the price of it. This proves that Steem has intrinsic value and has real life applications as a technology, social media and monetary system, while bitcoin is pure speculation.
3. Steam challenges all social media platforms
The idea for Steemit began with a white paper, which quietly spread among a small community of techies when it was released in March 2016. The exhaustive 44-page overview wasn’t intended for a general audience, but the document contained a powerful message. User-generated content, the authors argued, had created billions of dollars of value for the shareholders of social media companies. Yet while moguls like Mark Zuckerberg got rich, the content creators who fueled networks like Facebook got nothing. Steemit’s creators outlined their intention to challenge that power imbalance by putting a value on contributions: “Steem is the first cryptocurrency that attempts to accurately and transparently reward…[the] individuals who make subjective contributions to its community.”
4. Digital Contracts Are More Reliable
Digital contracts are more reliable then regular contracts in that they cannot be broken or manipulated like regular contracts. As people come to realize this crypto will grow and become more sustainable and the digital contracts will be much more widely used then today.
People are afraid of the new digital contracts and the technology the block-chain is built upon. I am sure there were people afraid to use the internet in the 80's and 90's we are just seeing a repeat of this in a new form. People will always be afraid of new technology if they do not understand the concept or anything about the technology.
5. Bitcoin has negative associations - Steem doesn't.
Bitcoin has been associated with many negative things - and will continued to be associated with negative things in the future. From illicit drugs to child pornography, you can literally get anything from the dark web, which pretty much only accepts bitcoin as its payment method. I support freedom of choice, and a free market, however for many average citizens they think that bitcoin is immoral simply because of the dark net associations. My friends in particular stay away from bitcoin for this reason, thinking that the police will track them down.
Steem can solve this problem, and erase the image of a drug cartel from the face of cryptocurrencies.
Conclusion
I am very excited about Steem. I believe that it will simply be a matter of time before Steem overtakes bitcoin as the number 1 cryptocurrency, simply because it has more intrinsic value and worth.
But in order for that to happen, we'll have to let more people know about this amazing technology. What you can do to help this happen faster is to:
1. Tell your friends and family about Steem.
2. Don't just tell them, explain to them how it works.
3. Keep on participating in the Steem community. Your voice is worth something, and it adds value to the community as well.
4. Upvote good content, so they can get noticed, and in turn generate more interest in Steem.</5>
I believe in a brighter and better future through Steem.
