Back again with another episode of "Where I Stache My Crypto"! I started this semi-regular update of what I have already invested into and how it is going in general. Today I wanted to focus a little on the Steemit platform and it's native coin Steem. Follow The 'Stache as I dive into how my investment is going, a little on what Steemit is, and why I still think it is undervalued as a platform.
What Is Steemit?
I found Steemit in the summer of 2017 and started blogging there (find my page here). It is very similar to reddit, but has a clean interface and is essentially a cryptocurrency based social posting platform. You can "upvote" peoples content and they actually get paid for each vote in Steemit's native cryptocurrency Steem. The platform rewards those with quality content (or a big reputation) and how much you can make from each post varies greatly. Steemit has grown by leaps and bounds in the last year and their speed, service, and dedicated community have been the backbone of that growth. When it comes to cryptocurrency projects this one is highly active with a community of almost half a million people, has a proven product that has seen excellent growth, and has a token with the speed and scaliblity you need for the long term which are just a few reasons I have been invested since mid-2017.
How The Steem 'Stache Goes
When you just start out as a content producer on Steemit you don't really make much. I was getting just a few cents for most of my posts if anything. This grew as I made more friends on the platform and engaged with people more (which I don't have a ton of time to do often!). Over the summer of 2017 I started to acquire a stock pile of Steem (the cryptocurrency that runs the Steemit platform) and invest it back into the platform as Steem Power (something that helps you with vote power). I pretty much only ever bought Steem when it was around $1 each. It bounced around this price a lot over the summer but never really went much below it. Over December the coin got a nice boost as most did and hit some nice highs but has averaged around $4 at the time of this post. Here is the current price:
Holding Steem In High Esteem
If you hold the Steem project up to most other top 50 cryptocurrencies it really does blow many out of the water. The blockchain is lightning fast and secure with no fees. Steem was created by Dan Larimer (same guy behind EOS & BitShares) so there is a great track record there even though he is no longer with the Steem team. Then you look at Steemit.com which is the first successful app built on the Steem platform being actively used by thousands of people each day and this coins starts to shine as a real winner in my book. As more and more people are turned onto the world of crypto they will turn to places like Steem that embrace this new lifestyle and help you to monetize your social brain dump.