Cryptocurrencies and Steemit

Hi everyone,

this is my first Steemit post writing about my opinions of steemit and its future as a cryptocurrencies. It has been over a month since I joined Steemit, and I was welcomed with fellow steemit users who genuinely looked to participate and collaborate in this online community. As a blogger and final undergraduate, networking is extremely important to get your creative content out. Once I have heard about an emerging social platform, I made no hesitation to join the global bandwagon which spans all across the world.

Although steemit is a whole new blockchain technology that focuses on social media interactions and blogging, I think that it has its limitations and threshold.

1. Cryptocurrencies such as Bitcoin, Ethereum, and various coins has only its legitimacy recognized when the public gives its recognition. It is only if the public is willing to use this technology over physical monies; the dollar, commodities such as gold as a form of alternative trading for goods and services.

2. Crytocurrencies are volatile and uneasy to predict its price. From the past few weeks, Bitcoin has been fluctuating on the market rising from a meer $5000 to a current of $16000. The demand of a bitcoin exceeds the flow of supply, which results in an enormous rise of price within the few weeks. Investors have been pumping so much money to get a piece of bitcoin that marginally inflate the price of it.

3. Blockchain technology requires huge amounts of energy to create cryptocurrencies from a huge amount of data. Quantum computing and blockchain needs electricity to operate of approximately (32.53TWh for bitcoin). However, I love Steemit concept where I can create content and make money.

Here are my thoughts about Cryptocurrencies and Steemit.
Please do check me out on https://medium.com/@chongboonwong

Thank you and I hope to hear your thoughts about this article.