Steem (STEEM) or Dogecoin (DOGE)? Which is the Greater Crypto Community?
If you are new to cyptocurrency and seeking a community that can further help you gravitate toward the crypto space. You can try using Steemit or Dogecoin.
It is quite easy to get started with Dogecoin (DOGE). You just have to get a dogecoin wallet directly from dogecoin.com. And it’s that simple. No intermediaries just a decentralized open-sourced network that touts sending money to anyone who has a dogecoin wallet. And hey they even have a mascot. If that doesn’t peak your interest. Their is always diving into deeper crypto waters.
Now obtaining dogecoin will be more of the challenge. But it can be considered fun once you receive your first dogecoin.
Ok, let’s get started. Their are several ways of getting dogecoins. You can try affiliated websites that will give you coins, you can buy them on the exchange, or you can mine them. And if you are interested, you can share information for the dogecoin community and may receive a tip for doing so.
Mining is a bit more complicated but don’t let the complexities scare you. Being a crypto maniac is going to require you to do unconventional things.
Mining requires computer power and electricity. Miners jobs are to use their computers to solve complex mathematical calculations in order to process dogecoin transactions.
Each time you perform work for the community by spreading healthy news getting more individuals involved in dogecoin you get paid in cryptocurrency. This is what they at dogecoin community calls a faucet I prefer to call it a tip jar.
Now dogecoin has been known to trade at roughly less then half a cent and has reached as high as two pennies. So it shouldn’t be to expensive to get involved if you want to purchase dogecoin. As more join the community it is likely to grow in scale and possibly be a good longterm investment.
There other crypto communities built on the same overall premise. Some which are trading much higher on the exchanges and have larger communities.
Take Steem for example.
Steem (STEEM) is built as more of a platform that rewards its members with income the same way dogecoin does. But in this case think dogecoin meets reddit in one space. The blogging-type platform is combined in order to allow writers to get paid for their content. Steem is able to pay for this content without advertisements.
The traditional way or the SteemIt way.
The traditional way publishers make money is by placing content with paid for advertisements everywhere. Take for example publishers of magazines. These publishers have to place in advertisements alongside content from writers and photographers in order to make the magazine. Which in turn makes a profit. And money is then distributed from the content produced.
The allocated money to the magazine publisher will be based upon how much the advertiser is willing to pay from their marketing budget and the location of where their ad shows up.
So the magazine publisher is only going to incentivize the writers and photographers based on that allocation. This may equate back into an hourly or salary type of pay.
Full Steem Ahead!
Steemit is different because it seeks to change the traditional model and to pay for content itself without the need for advertising. SteemIt is paying for content alone in which the content is the advertisement for Steem itself.
The writers get paid similar to reddit by upvotes. The more votes the more profit to be made.
Why is this better? Well for many reasons advertisers want to see that the content they are paying for works and so does Steem. This way they know for sure they will get more interest in using Steems platform. More interest in Steem means more value of Steem and more profit.
Steem is also transferable on the exchanges so individuals can convert the crypto into bitcoin, litecoin and ether and other currencies. This equates to real money when traded back into US dollars.
Steem (STEEM) has three types of currency which are used for investing back into the company. Each currency serves a purpose. One is used is to protect Steem from inflation, another is for investing in Steem, and then there is regular Steem currency to pay its content writers.
Now one may ask if there is more Steem currency being created daily and if one were to go and sell it on the exchange. Who would want to buying it? Investors is the only thing that can answer that question.
When you purchase Steem you are investing back into the company expecting it to grow.
But since more coins are being created daily it is also losing value.
Is Steem a good investment strategy?
For the creators of the community yes and for the content creators it can be as well.
Like dogecoin it is about the community. And as long as there is a strong community there will be investment opportunity. If something better comes along that surpasses Steem that’s when you may reconsider. In this case be weary of Facebook. They Appear not very pro-crypto. But if cryptos continue to pick up steam Facebook and others may be forced to join in on the action. And let’s face it is crypto currency really going anywhere?