Digital Currency Steem Marks its 1000% Value High
Digital Currency Steem Value Hits 1000% in 2 Weeks Time
Digital Currency Steem is the currency behind Steemit, a social media platform which has given away rewards to their active users who provide value like sharing content such as images, videos and articles. The users are also getting paid by giving a “thumbs up” and sharing posts.
Steem which is a 2 month old digital currency already shows remarkable growth. Only within 2 weeks the value of steem soars up to 1000%. The value of this Cryptocurrency was more than $150M last Tuesday. This happens 2 weeks after the giveaway. This is according to the coinmarketcap.com.
Digital Currency Social Media Campaign
The result of this campaign from Steemit was an enormous content coming from people who are using the platform. The topic varies from posting recipes to sharing their travels. The users that this social media platform gained are not limited to people who are after with the digital currency, but users who want to share.
According to Ned Scott, a chief executive of Steemit, in an interview, the social media platform is basically incentivized. On Tuesday it was reported that the price of steem currency was $1.75 and this is equal to $151.8M market cap. This is now the worth of 81.6m steems that are out in circulation. Furthermore, Scott added that before that, the value of this currency was only at $13m. That was on July 4 when the platform paid its first users with steem currency in exchange with their contents.
Steem – The 5th Largest Digital Currency
Coinmarket is a price index website which tracks digital currencies, are now tracking 657 digital currencies. According to the website, Steem is now the 5th largest digital currency based on the market cap. Digital currencies are now gaining a wide appeal with the investors as an instrument in transferring assets without using a clearing party or a third party.
The users who are awarded with the steem currency can trade it for Bitcoin which they can use in buying goods or paying for services. They can also hold it as an investment. They can exchange their steem for Bitcoin within the platform.
What is Steemit
Aside from being a social media platform like Facebook and Reddit where people can share and post content, Steemit is also run by technology called blockchain, the same anchors used for other digital currencies like Bitcoin. This social media platform started last May 4 as an experiment without giving rewards.
Scott also added that there are many people who are interested in this project and they have hundreds of users daily. When people received the first pay-out on July 4, they use it to pay their debts or to buy something for their love one and then everything felt so real for them.
Scott also told the interviewers that they have an investor, they called “superangel” who helped them to get started last February. The momentum they have right now will be used in raising funds from investors of the institution.