Bitcoin Cash (BCC) was created when the bitcoin blockchain was split in two to make a new digital currency that could accommodate more transactions.
Steem (STEEM) was created in 2016 and is now a big player in the digital currency world. This is due to its innovative social media platform Steemit. The Steemit network rewards its users with Steem when they contribute to the platform.
In this article, we take a comparative look at Bitcoin Cash and Steem.
|
|
Bitcoin Cash | Steem |
| Utility | P2P Payments
|
Reward for contributing
to Steemit platform |
| Circulating Supply | $17 million | Above $250 million
|
| Total Supply | $21 million | $268 million
|
| Community | Growing | Large
|
| Market Capitalization | $20 billion | $700 million
|
| Daily Trading Volume | Over $400 million | $6.5 million
|
| One-Year Performance | 3500% | 2175%
|
| Public Awareness | Low but Growing | Low |
Utility
Steem provides a decentralized peer-to-peer payment option for its holders. However, it does not solely exist as a digital spending currency. Steem encourages its users to contribute to Steemit by rewarding them with its currency.
Bitcoin Cash is a permanent fork of bitcoin and also uses peer-to-peer payments. It is a continuation of bitcoin with a focus on transaction capacity. Bitcoin Cash has a bigger megabyte block and is, therefore, faster than bitcoin.
Supply
According to CoinMarketCap, Bitcoin Cash has a circulating supply of just over $17 million and a total supply of $21 million.
In comparison, Steem's circulating supply is hovering above $250 million, with its total supply just over $268 million.
Community
The popularity of Steemit has provided Steem with a community of users that continues to grow. The social media network is well known among investors and is growing globally.
<p>Bitcoin Cash is just over six months old, and as a result, its community is in the development phase. That said, it already has a fast-growing network that is embracing it as an alternative to bitcoin.</p>
Market Capitalization
According to CoinMarketCap, Steem has a market capitalization of just over $700 million. In comparison, it shows Bitcoin Cash with a market capitalization of $20 billion.
Daily Trading Volumes
CoinMarketCap shows Steem with a trading volume of just over $6.5 million. At the time of writing, Bitcoin Cash had a 24-hour volume of over $400 million.
One-Year Performance
Both altcoins are performing strongly. Steem's one-year performance is at 2,175 percent. While Bitcoin Cash has been in existence for a little over six months, it has a 3500 performance percentage to date.
Public Awareness
While Steem has cemented itself in the world of digital currencies, it still has a low public awareness. The Bitcoin Cash conversation is very much underway, with the currency enjoying a good start to life in its short existence. The public awareness surrounding it is still low; however, it does have the potential to grow.
Conclusion
Steem and Bitcoin Cash are currently both hot topics and are performing well in the digital currency market. The innovation behind Steem's social media concept continues to see its stock rise globally.
<p>The idea of Bitcoin Cash being an alternative to bitcoin is an interesting option for investors. However, there are still question marks on whether it can go head-to-head with its predecessor.</p>
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