Bitcoin is on a dive and it has pulled down most if not all of the top cryptocurrencies down with it. This has also created interesting new possibilities. Several exciting projects that had pumped up to some exciting and perhaps even insane highs have corrected their prices significantly.
Some of the notable ones include ETH, XMR, ETC, STEEM, SBD, WAVES, ICONOMI, DASH and LTC. Some of the recent ICOs including but not limited to EOS, ANT, BAT, BNT, BCAP and SNT have also tanked providing a new opportunity to get some coins for cheap.
As a Steemit user, I saw this as a great opportunity to get some Steem for cheap while it's still possible! In March, 2017 I missed the boat on buying Steem at 7-10 cents a piece as I lay in a hospital nursing my wounds from a fatal crash. At 90 cents to $1, in my opinion, Steem is still relatively higher in comparison to March, 2017 but let's remember how Steem rallied upwards and held it's own at over $2-$2.5 until the BTC correction started pulling it down a month ago.
So, given the fact that previous highs have now been corrected, the current price between $0.90 to $1 seemed like a reasonable amount to me. Steem certainly doesn't feel overvalued for a project of it's type at it's current market cap. I'm hoping to pick up some additional Steem if the prices fall below $0.80 - $0.70.
As a participant on the world's first social media platform that rewards its users to participate on it, having a greater amount of Steem Power gives me greater influence on the platform.
For a casual investor like myself, most projects don't represent much more than a speculative asset. If truth be told, 99% of us treat these ICOs as something only good for HODLing for pumps and dumps!
Therefore, to me Steem is valuable because it allows me to put it direct use on this platform atleast by way of voting our incredible and ever growing community here. It is helping make a real difference to the lives of it's users.
What Am I Doing With My Steem?
As Steemit and it's blockchain continues to evolve, today I find being able to use the tokens to participate here is a good use case for holding the tokens as Steem Power.
Realistically it allowed me to earn a monthly income and Donate over $1300 of it last month towards causes that makes a difference to Steemians and the society I live in!
It has certainly benefitted many new users that I've gotten onboard. I've brought onboard more than 100-150+ users directly and indirectly through my recruiting and marketing efforts.
Worth a read: Top Indian News Publication—TheQuint Features My Story as an Early Adopter to Bitcoin, Steemit & More!
With my ever increasing stake in Steemit and the latest hardfork, I've been able to vote on many excellent content that my referrals are producing and ensuring greater participation and retention levels from these new users + existing people that I vote on daily. Having a greater stake allows me to mentor these users into creating solid and consistent content as we go!
I've been buying at $1 and lower than $1 and I hope to step up my posting, commenting as well as purchasing Steem in the days ahead. This is because cheap Steem means greater distribution of Steem to the users of this platform.
If you are wondering how the old timers managed to increase their stake, this is how they did it! All of us that stuck around, did it by being regular when Steem price was in the dumps!
In the future when the price retraces I hope my votes will be worth more and I can do a better job at curating content so that it benefits a greater number of users on this platform. That's something to look forward for sure!
What is your strategy in this seemingly bearish market?
- Are you dumping your coins or HODLing?
- Are you buying any Steem? If Yes why? If No, why not?
- Are you powering up Steem into SP?
I'd love to hear your opinion on what you think makes you stick around and use this platform and buy it's cryptocurrency Steem. Feel free to write your thoughts in the comments below.
Disclaimer: Cryptocurrencies are subject to market risks. Do not invest anything unless you are willing to risk it all. This is not a financial advice and it's only a personal opinion and it needs to be treated as such.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- I Donated $1300+ Of My Income Earned On Steemit Last Month and This is My Mid-2017 Donation Update!
- Dummies Guide to Basic Steemit Account Security + Account Recovery Guide! Must Read For Steemit Users!