Steem Soars 1,000%, Bypassing Litecoin, But Can it Work?
Steem, a new digital currency created to incentivize the use of Steemit, a new experiment in social media, has exploded in the past few days, taking third place after Ethereum, with a current market cap of more than $200 million, but can this actually work or is it just a fad? Ned Scott, CEO of Steemit, speaking to CCN described the platform as: A social media website built completely on the public Steem blockchain, which brings all the benefits of cryptocurrency and immutability to social media. Beyond that, users get paid to post and vote, similar to how miners are paid by Bitcoin. The....
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Steem is next in line to be at the second spot if the cryptocurrency market remains as it is today in coming months. The digital currency behind Steemit decentralized social media platform, which rewards posters and voters online, overtook The DAO to be the world’s fifth most valuable cryptocurrency following its 1000% plus growth in the days following Steemit’s first cryptocurrency payout on July 4. Steem’s rise. As of July 3, according to figures from coinmarketcap.com, it was on the fifteenth spot with market cap of $15,009,110 and a 24 hour trading volume of $8,351. Lisk, Monero, Nxt,....
In the wake of social network Steemit’s hack, Ryan X. Charles, co-creator of Yours, explained his reasons for using Bitcoin for his own network despite the disadvantages. Charles: Steem ‘Can’t Last’. The Yours platform, which like Steemit pays users who upload quality popular content, is still in its test phase, with a limited preview set for later this....
According to coinmarketcap.com who does cryptocurrency market capitalizations, newly-split Ethereum Classic is now trading third, just behind Bitcoin and Ethereum on the list of the world’s top cryptocurrencies. This new entrant, which currently stands in sixth position on the list of cryptocurrencies with the largest market cap after Bitcoin, Ethereum, Steem, Ripple and Litecoin, is worth $76m selling at $0.926285 per unit and has recorded $14.1m in trading within 24 hours (as at the time of publication). Dash has also moved from the eighth to the seventh position, though with a small....
While steem recently became the third-largest digital currency as measured by market capitalization, surpassing $400 million this month, some market experts are skeptical of steem and have expressed doubts about its economics. The digital currency’s market capitalization surged in July, rising more than 2,000% from $17.9M to $411.9M between 04:14 UTC on 6th July and the same time on 20th July, CoinMarketCap figures reveal. The digital currency’s price climbed more than 1,800% during this period, increasing from $0.24 to $4.63. For those new to the digital currency, users can obtain steem....
Online shopping website, Shopawl, announced on Tuesday that it would start accepting bitcoin on eBay orders. Paying with Bitcoin on Shopawl. Shopawl accepts bitcoin as well as any altcoins supported by Shapeshift as the company uses ShapeShift’s Shifty button to accept altcoins. Earlier this month, the company also started accepting Steem, the....