Steem coin is a cryptocurrency coin launched by the Steemit which is a well-known blockchain based social media platform. Today here at BlockchainBiome I’m going to share a complete Steem coin review with you and will clear all you need to know about it like what is steem coin, its price, wallet etc. In today’s era, the crypto market has grown up enough to contribute to the billions of earnings that it already is doing right now. As the market is growing day by day many altcoins gained popularity and the steem coin is one of them. It is used to power the platform steemit- a blockchain social media platform.

What is Steem coin?

It was first published as a white paper in March 2016 by Dan Larimer (the CEO of BitShares). Steem coin is the fundamental unit on steem blockchain. All the units like steem dollars and steem are from the value of steem. In general, we didn’t require to have steem coin in cryptocurrency form, it can be used to buy steem power, steem dollars and can also be converted into Bitcoins. It is different from other coins as it not only depends on mining.

Steem coin

Since due to its demand steem is created every day, it is not recommended to keep it with you for very long time instead of this it should be converted into steem dollars or any other form like bitcoin or Litecoin. It can be bought or sold on the open market, so you can earn it through the steemit platform or you can buy it in an exchange.

What is Steemit?

It is very similar to Reddit, where users can create and publish their content online and get rewarded for their work. It has no censorship, no downtime, no data vulnerability and no data abuse. And you can post to social media and be paid to yourself.

Latest steem coin news, Steemit migrating servers to Amazon, you can read this news here at Forbes too.

Steem Dollar Price(SBD):

It is also similar to cryptocurrency of the steem blockchain and it is considered to be more stable so, because of this 50% of, the payment to creators on steemit is processed in SBD. Steem dollars can also be traded on several exchanges and currently stands at a market capitalization of $0.37 billion. It was created so that users won’t be affected by the fluctuating exchange rate of steem coin.

Note: It is actually come into play as when you come to cash out then you will receive the USD equivalent in Steem of what you have earned. By holding these steem dollars you can earn 10% of annual interest.

Steem Power(SP):

It is basically the more SP you have, the power you have. It is considered a long-term investment as you will not be able to sell it until you have not kept in at least 13 weeks. And 50% of payments sent to contributors are made in Steem power. It cannot be traded on exchanges you can also power up and power down by increasing your SP holding and by selling it respectively.

Steem platform:

“Not at all like different cryptographic forms of money, steem has a worked in swelling of 100% yearly and no coin constrain.” The platform has grown since the coin was launched on July 4th, 2016 and currently has over 70,000 users but it doesn’t have so much active users. You can earn steem dollars and steem power on steemit by posting and curating articles.

The User Interface

Steem is having a great looking site, it is professionally designed and have been enhanced for the ease of the users who are just beginning. When the user visits the website. The person will itself realize that it is a straightforward website which is very easy to use. They are having a very well set-out menu a quick sign up process and a bar where the user can just key in the bitcoin address to the things.

All the users on their reviews tell that Steem is having a bad customer support or are having poor support. Steem coin is not having a public support forum where the users can exchange their ideas and can ask their queries out or they so that they can get owners response. Instead of this, they are having a customized page where an individual person posts their queries and gets answers for those queries individually. From the complaints on other forums, it seems that no answers are being forthcoming.

None of the users is going to win this game, the owner of the website is the only winner. Who had taken all over the half of the money of the users? Maybe the owner is having data centers and mines bitcoins somewhere. However, the owner just shares the Bitcoins with the users, they are not being paid back.  Just a little number of bitcoins is transferred from other members who have lost their half of the investments.

Steem Coin Security Privilege

There are only companies those are the same reputations as the Steem coin is having, and when there was no communication from the company’s side the community trust would automatically decrease.

  • Security and verification: It becomes easy to enter in this kind of mining, similarly it is this much easy too for getting scam.

No verifications are being carried out as we have discussed this already, the all thing that is required to is just the signing up and providing the wallet address and sometimes maybe paying a little initial amount as their investment. Which shows that the Steem coin thing is clearly a trap for the audience so as to attract them towards the company and using their small investment for their own profit.

  • Community trust: In all the reviews most of the reviews say that they are not getting paid. From early January 2017 number of Investors have complained the same, that they are not being got The company’s reputation is very low which means that they are having low chances of getting paid after making their investments too. In the United kingdom’s the company’s financial trouble indicates that Steem coin is not having enough money with them so that they can even pay the investors back.

Is the Steem Coin a safe platform?

No!! Steem is not exactly a safe website even when it is encrypted by HTTPS because nothing is Keeping the investor’s funds safe. When a user creates an account, they get the bitcoin on the daily basis. However, the website is holding the private keys to the user’s account and only they can release the coins. This is what creates a lot of problems when a user needs their bitcoin.

Any user’s withdrawal request has to be gone through the company, and the company can reject to process the user’s request. The company is not providing any details that how can the users secure their bitcoins which means that they could have unsecured wallets.

Does Steem Coin Really Work?

Nowadays, this cryptocurrency is highly in demand and it offers many unique benefits too. However, it has many pros but still, they are facing many problems. So, if this problem is not overcome as soon as possible then it will also be just a platform with a lost cause.

Let us now look at what are the key issues the steemit platform is currently facing.

  • Voting game:

The steem coin crypto that is awarded to creators is directly linked to it.  So, as we know it is very simple to code a few lines to create a bot for spam voting. So, coders can easily make the bots like genuine steemers.

But if you look at Reddit you will see that they have taken extremely complex measures to fight this voting game and stop the bots. This can be a work that is justified for the bots and can help them out from time to time. But after all these calculations, Reddit still faces the challenge of fake voters and they need to upgrade themselves.

The company’s reputation is very low which means that they are having low chances of getting paid after making their investments too. In the United kingdom’s the company’s financial trouble So, Reddit keeps updating themselves time to time so steemit need to have a setup up their game if they want to stop the problem.

  • Driven by Cash:

As it is seen that the users are rewarded with the steem coin for their contributors is a good idea but it has many bad effects too. Firstly, steemit was supposed to be a cool place to hang out with companions but it has now become a competitive space, which feels more like a workplace. Because now users try to make money and so their outlook has completely changed. When a user creates an account, they get the bitcoin on the daily basis. However, the website is holding the private keys to the user’s account and only they can release the coins.

When cash gets involved, people typically become more narrow-minded. It can also be seen many wrong kinds of users attracts to this. These are the users who would not hesitate to turn a blind eye to morals or ethics.

  • Plagiarism:

A most unfortunate outcome of this steem’s monetization is that plagiarism is also awarded. Many times, the original stories don’t get the appreciations but they get replicated quickly and are able to get more popularity and significantly more interest. So, many of the curators didn’t even bother about the fact that what is original and what is replicated as their main focus is on making more and more money. Due to this the worst thing happen is that it kills the interest of genuine users. This created a huge lack of original content and for this steemit was absolutely not created.

Final Thoughts about Steem Coin

The platform is very effective when it comes to talking about the privileges it has to offer to the people. We all like it when a platform brings us endless opportunities and that too which are not at all restricted. We all love it and that is what makes it easy for us to opt for the service.

At the end, this is the only option that will help people in moving out and going along the way. We can trust it and use it in the coming time. The options will be plenty and endless for one to use from. So, time to watch out for what the platform has to offer. This is very doubtful as we never know what future has in store for us. But, overall, the platform is very tight on its offerings.

It is very similar to Reddit, where users can create and publish their content online and get rewarded for their work. It has no censorship, no downtime, no data vulnerability and no data abuse. And you can post to social media and be paid to yourself.

Wrapping up Steem Coin Review

At last, I want to say that by reading the above steem coin review you get to know what basically steem cryptocurrency and steem coin is and how it is used to power the social media platform, steemit. You also know how creators and curators play an important role and they are rewarded for their contributions.

Basically, if you want to know in detail about steem coin you must be familiar with words like steem dollars, steem power, and steem platforms. In the end, what matters most is the fact and the way we are using it. Overall, the platform is very impactful and helps in adding up a lot to the whole thing when it comes to that. People looking out to try their luck in the crypto world must look out for this platform as the long-time options of the platform are sure to thrill you.

Let’s wait and watch on what the platform has got to offer us in the coming time. If you like this steem coin review then do share it with your friends and also don’t forget to do comment below and share your thoughts!

Categories: Altcoins

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