How are you all? Hope so everyone will be fine by the grace of Allah I am also fine and enjoying good health. I will like to explain the brief introduction of STEEMIT .After that I would like to answer all the required questions.
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Steemit is a decentralised platform. We have listened this thing many times but many people don't know that what is the meaning of decentralization in a platform. Basically decentralization meaning that the platform is not centralised because if platform will be centralized then it will be under control of just some authorities but steemit is very authentic as well as it is demanding platform because of its uniqueness
Steemit is a platform which was founded in 2016. From that time there are a lot of variations we can see in the rate of STEEM. As Steem is a cryptocurrency so there are a lot of variations in rates we all know in cryptocurrencies.Now it's very important to understand the working of steemit.
Steemit works in many ways.I would like to share the whole process behind the working of this platform that how it is working from that time when it was found and still how it is working.
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💫 Steemit is working due to users because it is a social platform just like other social media platform like Instagram Facebook Twitter WhatsApp and many more in which people engage with each other and if people will stop to engaging then the platform is nothing.
Engagement of users with each other is a most important and beneficial thing and this platform is working due to this engagement. If today all users will stop interaction with each other then platform will go towards a decline so now you can understand the importance of interaction
💫 If users are here then obviously they are here for interaction. I have said above that it's a unique platform and it is in high demand because of its uniqueness.Now I want to share that why I am saying it unique.
It's a very unique platform because just like other platforms people post here and also interact with each other and the thing that makes it unique is the reward that the blockchain or the platform give to their users
💫 Steemit works on a rule which is Proof of brain.It means is platform is rewarding you then you should also be very honest with this platform. You should put your material according to the requirement and recording to the rules.
Every steemian knows the meaning of Proof of brain work. It means that every user who is writing the post at the blockchain should utilise his mind to write a blog and for this he can share his knowledge or also can gain knowledge by searching from any site but plagiarism is strictly prohibited
💫 Steemit is working by giving rewards to their users in the form of different currencies and the name of this platform is indicating first that which cryptocurrency this platform is providing to their users.
The cryptocurrencies payout is in the form of this:
- STEEM
- STEEM DOLLARS (SBD)
- TRX
Above I have shown you the payout of the post or the blogs that users provide to the blockchain and quality posts or blog will get the upward from the different curators who are present at this platform for the purpose of curation or giving rewards to users
You can create steemit account from here screenshot link:
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STEEM COIN is one of the cryptocurrencies and today its ranking is 290. The rank of a coin depends upon the variations of the rates and we all know that every time we can see the variations in the cryptocurrency rate,They can very at any time.Steem is most volatile also.
Basically Steem is a cryptocurrency that is given to the users of steemit for their quality blogs I have already talked about it.Steem is one of the most rapidly growing cryptocurrency in the Crypto world. There are good predictions of this coin in future by the experts.
Steemit itself making it's money in many ways.
💫 Steemit is making its money by the help of users also because when users work at this platform so it is very definite that they have to withdraw the amount that they earn and sometimes they also buy the coins that's why at every transaction there is some amount collected by the blockchain and used for the growth of platform.
💫Steemit can also makes money by stacking. It's very easy to understand for all of you if I tell you about the initiative of the club 5050 club 75 and club 100. Basically this is the phenomena behind the stacking.Our steem power will collect due to this initiative in the blockchain and steemit earns money due to this also.
💫 Increase in the number of more users will also increase the number in the transactions that's why it is also a plus point behind the earning of this platform for the growth of this platform and hence the more there will be users the more there will be the transactions and the more will be the earning of this platform.
CoinMarket cap is very best for checking the rates of the cryptocurrencies because it gives the most authentic rates. So today when I check the current price of Steem at coin market cap then it was 0.2153$
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I have shared the screenshot as well as I have shared the source of the screenshot and this is not only the source of the screenshot by clicking on this source you can directly approach the current price of the Steem coin because basically it will move you at the page of CoinMarket cap
By clicking on the source you can check the variations in the rate of the steem within the 24 hours easily and this source will provide you the maximum and the minimum variations in the rate and you can also check the ranking of the Steem coin from here in all the cryptocurrencies as when I checked then the ranking was 290 you can also see in the screenshot.
The situation surrounding the steem coin is of a lot of variations. Sometime the coin is going towards the pump and sometime the coin is going towards the dump.Pumps and dumps are due to the standard coin rate variations
We all know that the standard coin is Bitcoin. So variations of bitcoins affects a lot the pumps and dumps of Steem coin. If the rate of Bitcoin increase then the rate of steem also increase and if the rate of Bitcoin decrease then obviously the other coins that are under the Bitcoin also go towards decline.Bitcoin and other cryptocurrencies have direct relation hence
This is a situation behind the low rate of the steem coin that Bitcoin is not stable nowadays and the main reason behind this that why Bitcoin lose the stability is the crash of some coins like Luna. Due to the crash of this coin many of the investors leave the Crypto world and this thing affects a lot the all cryptocurrencies.
It is estimated and predicted nowadays that very soon the Bitcoin will be stable and many of the investors again attract towards the Crypto world and then the steem coin will also be stable. This was the situation around the steem coin nowadays that I have explained after going into the depth.
If we talk about any cryptocurrency and investment in any cryptocurrency then we cannot say that there will be profit in it surely. There can also be profit and can also be loss so investment in a cryptocurrency is risky and now I want to talk about the investment in steem coin which is also a Cryptocurrency.
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We all know that steem is a good coin. The reason for this is that from the time it has launched it is progressing more than declining. But nowadays the market is not in our favour and hence steem rate is also in decline but many experts says about it that there will be very bright future of this cryptocurrency so we can say that investing in it might be very good.
💫 First of all if we talk about the supply of this coin then it can be increased by attracting the more investors at this platform. There can be different tips and tricks to attract the investors at this platform.
💫 Users of this platform can also plays a role in it by continuously investing in it with following the initiative of the burnsteem25 because in this way there will be more investment at this platform and when platform investment will be high than investors also attract towards it.
💫 Club 5050 club 75 and club 100 initiative is also very good that every user is following at this platform now a days to get the support because steem power of all users also increase in the growth of this platform so it can also increase growth of steem.
💫 Promotion of steem is also very important because when people one by one knows about this platform then there will be more attraction of the people at this platform and people will try to search about it and then by trusting on this platform starts to invest and you all know that investing is good.
There are many ways to solidify the steem in the terms of technology to attract the more investors.
1-Steemit promotion
I have already told above that promotion of this platform is a first initiative if we really want to attract the investors at this platform and promotion can be of two ways by using the technology and by not using the technology obviously we will use that technology then it will be called as online promotion and if we don't use technology then it will be called an offline promotion.
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2-Steemit awareness
Awareness should be the second most important initiative if we really want to solidify the steem because after the promotion awareness can play a key role to attract the investors because there should be the proper guidance about the steemit Blockchain and predictions and future of it so that investors will find their interest in it.
3-Improvement in blockchain security
Third initiative should be a very strong security system of this platform or blockchain and their should be the proper security for all users so that no one may even be able to try hacking the account of other user.
4-Merit system
There should be a proper merit system and everything should be according to the merit at this platform means there should be no support on the basis of favouritism or on the basis of other thing.Support should be just for those people who are active at this platform in true meanings like active in posting voting and commenting.This thing with also attract the more investors.
5-More DApps
There should also be modification and an increase in the technology of this blockchain and there should be more apps and technical tools at steemit so that the investors may attract due to the modern technology.
I want to invite now @wilmer1988 , @suboohi , @goodybest , @stef1 , @steemdoctor1 to participate here.
@kouba01 @pelon53 - another one for review please...
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Reviewed again by @kouba01
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Friend you have participating very well in the engagement challenge of season 8 and week 5 and you covered the all aspects of the contest in a very good way because you answer every question properly. You have told the mechanism behind the platform that how it is working and one thing that I like the most is that this platform is working by the users because if there will be no users then it will not remain a social media platform and will not work. So for the growth of the platform there must be a lot of users which should be active here. You also highlight the importance of the power UPS that we guys are going now a days and many of the person at this platform don't like this initiative because they want to withdraw their whole amount but I think if they really want the development and the growth of this platform then they should invest more and more by following with devotion the club rules.
About the investment at this platform I like your point of view and before you one person also shared this thing that investment is good at this platform because there is a continuous progress we are seeing but now a days as all the Crypto world is in trouble that's why this coin is also in a lot of decline now a days but we should not be disappointed due to this we should be struggle very hard and keep on working because one day there will be a stability that we will see very soon.
Overall I really want to appreciate your efforts that you made writing this article I can see as your presentation is also good and you properly use all the mark down style and you highlight the importance also that's why this is impressive and remarkable post for me and your entry is very good that's why I wish you a lot of success and blessings for you.
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Thanks for your lovely and extensive comment
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Hii @sahar78
Thanks for participating in the challenge. I appreciate your efforts in the creation of this article.You have mentioned some of the important points.
Steemit is a growing platform that is attracting the users due to its security and decentralization. We know that the Steem token is in the bearish trend in this situation the staking of the Steem or powerups will be good option to take good returns in the future.
You are right promotion of the Steem will be the good option to attract the users and investors instead of that patnerships with the other cryptocurrencies or forums will also be a good way to enhance the development and growth of the platform.
Thanks for sharing.Good luck for the next entry.
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Thanks for your valuable comment
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Dear friend
You have described about the steemit and how it works. Its best platform no doubt who support quality content of author, you described well about the market value of steem and whether we should invest or not.
Its learning process keep growing
Best of luck
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Thank you for comment
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My pleasure siso
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😊
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