The volatility of the current monetary system has led many world-renowned banks, such as Deutsche Bank, to predict that cryptocurrency may replace cash entirely by 2030. But, it’s essential to understand what is a cryptocurrency and how it functions before you think about investing in it.
Cryptocurrency is an internet-based medium of exchange, free from the control of one person or government. It uses cryptographical functions to carry out financial transactions. You can read more about this at Bitcoin Gambling Reviews.
The use of blockchain technology (digital information called ‘block and public database known as ‘chain’) makes possible transparency and immutability. It is also the feature of ‘blockchain technology’ that makes decentralization possible. ‘Blocks’ on the blockchain are made of digital pieces of information. And, it is possible to tell each block apart as they each carry different information.
Is Cryptocurrency A Safe Bet?
Bitcoin, released as open-source software in 2009, is named the first decentralized cryptocurrency.
Now, almost a decade down the cryptocurrency road, you’ll find many who support the growth of cryptocurrencies. There are many naysayers too. But, since Bitcoin, many other cryptocurrencies have come into the market and taken up a piece of the market share.
Anyone with the slightest insight about cryptocurrencies will tell you to take small steps into this unpredictable world of investment. Most will advise you to buy across the board, but only investing small amounts on each, so that if there is a market shift, you may be able to save some of your investment.
In truth, many have risked all and become financial giants, staking their bets for cryptocurrency. It is an undeniable fact that cryptocurrency, despite its volatility, has shown definite growth prospects.
Coming to other cryptocurrencies, many ask ‘where to buy steem cryptocurrencies?’
What Is ‘Steem’ Cryptocurrency?
Steem coin is the cryptocurrency of Steemit- a blockchain-based social media platform founded by Dan Larimar in 2014. Fundamentally, it’s like Reddit, where users create and publish their content online. But, as steem uses blockchain technology, there’s no censorship, no central authority, or downtime. And, users get rewards in cryptocurrencies.
Steem coin is just one of Steemit cryptocurrencies. The others are Steem Dollar and Steem Power. The Steemit network creates Steem coins every day. And, read on to find out how you get your hands on some Steem cryptocurrency.
Where To Buy Steem Cryptocurrency?
The Steemit network uses its cryptocurrencies to reward its users. So, Authors and curators get 75% of its new coins. Holders of Steem Power get 15% of the new coins. Only 10% of Steem block rewards go to miners.
Steem coins generation happens daily. According to Bitcoin Gambling Reviews, one shouldn’t hold on to Steem coins for longer. You ought to convert them to Steem Power Or Steem Dollar cryptocurrencies.
The other option for steem cryptocurrency holders is to use cryptocurrency exchanges. There you can change to Bitcoin or cryptocurrencies, and even to cash.
And, it is at these cryptocurrency exchanges that you can buy Steem coins if you’re interested. But, do take caution and learn the ropes of cryptocurrencies before you go ahead and invest a lump sum.