I don't know about you, but I'm excited about all the sudden enthusiasm to refine and build STEEM.
There are marketing efforts, community building, creation of DApps, new Front-Ends, business alliances, STEEM onboarding efforts, and even efforts to lower the costs of STEEM nodes. These are all amazing and wonderful things, but there is one very important aspect missing. There is no exchange listing effort.
We are putting the horse before cart
Our goal is to build the fanciest carriage possible, but we haven't invested in a horse.
What we are trying to attempt is to build a empire with no funding. The entire STEEM community is a business. Yes a decentralized business, but a business non-the-less. If we want growth, then we need to improve the value of our assets (STEEM and SBD).
We do this by leveraging the value that cryptocurrency exchanges can bring to STEEM currency.
Without the support of major exchanges, buying and selling a digital asset becomes more challenging. Hence, there is a clear correlation between the success of a cryptocurrency and the number and quality of exchange listings it secures.
The effect of exchange listings and delistings on prices
The positive effect of being listed on a popular exchange has been quite substantial for altcoins and newly-issued ICO tokens as it not only provides the digital asset with a certain level of industry approval but it also allows a much larger investor base to invest in it. Naturally, a listing on a major international digital currency exchange usually results in a price boost for the token.
source: https://bravenewcoin.com/insights/how-exchange-listings-affect-cryptocurrency-prices
A project may have a lot of potential but may not be able to reach that potential due to a lack of exchange listings.
It is important to realize how important exchanges are in the big scheme of the cryptocurrency market. It is the exchanges which directly interact with the end consumer and allow for a new level of adoption and market impact.
Have you ever wondered why Bitcoin is so popular? It has high transaction cost and long transaction times. High transaction fees, long transaction times, and add scarcity makes Bitcoin a terrible currency. One could say scarcity makes it valuable (like gold), but that scarcity didn't prevent the collapse of Bitcoin's value in 2018. Bitcoin's popularity is due to the fact it is available everywhere. In addition, Bitcoin place is secured as the most popular coin because it is the primary trading pair on every exchange. Without exchanges, Bitcoin would easily be overwhelmed by better options.
What we need to do is make STEEM coin more popular. As a social media centered community, we should know a thing or two about popularity. We should be embracing popularity of our STEEM coin and promoting it's use everywhere outside the confines of our community. It is that popularity of our STEEM coin that will reach the potential cryptocurrency adopters and bring them to our communities here on STEEM blockchain. When we make the STEEM coin more popular, then it will provide more funding for the STEEM ecosystem to build stronger communities, more dapps, and more functionality. It will also attract more people to become STEEM account owners.
How can we get STEEM and SBD on exchanges?
- We need private funding to cover the listing fees on smaller exchanges
- We need @ned and @elipowell to facilitate listing of STEEM and SBD on major exchanges
I hope you enjoyed reading my Blog. Please remember to Upvote, Resteem, and Follow. Thank you.
---------------------------------------
For a breakdown of how Steemit Rewards system works:
https://steemit.com/steemit/@socky/simple-steemit-rewards-breakdown-how-it-works-since-hf20
For a breakdown of Steemit Keys:
https://steemit.com/life/@socky/do-you-understand-your-steemit-keys
For a breakdown of why Steem Power is Important:
https://steemit.com/steemit/@socky/why-is-steem-power-important-beginners-read
How to improve STEEM payment system:
