Our own Steem Dollar is challenging Bitcoin? There is no question about Bitcoin’s supremacy and the fact that it is still the king of cryptocurrency since starting but it is not a cake walk till now for Bitcoin because of lots of market fluctuation and challenges from rise of various equally best performing altcoins like our own Steem!
Lets understand in a better way:
Steemit a site which is used for blogging and is a part of social media platform. People get paid here for their quality work and upvotes given by the community members. Steemit able to manage huge community in 2 years only just because of their paid award system. Steemit has divided Steem into 3 parts to pay the users on Steemit, namely Steem, Steem Dollars, and Steem Power.
Steem: Is a digital currency like bitcoin based on Blockchain technology, that makes the payments easy and quick. But the difference between the Bitcoin and Steem is that Steem is not mined and one has to earn it by doing work on social media platform Steemit!
Steem Dollar: Is a Steemit’s own currency which is equal to $1 Steem. It can be exchanged to other cryptocurrency on various other exchanges worldwide.
Steem Power cannot be sold to any exchanges. It is used to boost other users and given to them by upvoting. More
Steem Power is directly proportional to more money.
Investing in Steem is a much smarter option to reach at the top on this platform. The tradable supply of Steem is limited.
Bitcoin’s is designed for hassle free transactions all round the globe and very limited supply of Bitcoins leads to increase in the price, just against demand as demand is growing day by day. Whereas, one can earn Steem against its work and dedication towards the community and Steemit platform. So to make the Steem successful, the rise of Steemit platform is must.
We can do the transactions of Steem very fast and at very low price as compared to Bitcoin making it a better payment option in digital currency but Steem is not adopted by any merchant and hence there are very less ways left to convert it into cash. Therefore, we can assume that despite of all the expensive and slow transactions cost bitcoin is still caps the maximum market and trust of investors in terms of appreciation. But as Steem's performance is based on Steemit platform, unlike Bitcoin, the chances of failure or loss are very less as more and more people are joining the community and hence making it a much more stable currency than Bitcoin!
Happy Steeming Friends!