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RE: Steem - Is it fundamentally superior to Bitcoin?
Interesting post. I'm of the opinion that you can't really compare the two as they serve two different functions essentially.
Bitcoin as a strictly monetary function where it is used to facilitate transactions. Whereas Steem is monetary as well, but it serves a different purpose by awarding content creators. It's primary function isn't money exactly.
Hard to explain what I'm thinking in my head. But, that's as close as I can get.
forgot to mention: The "rewarding content creators" - Is a Community distribution of funds - Basically instead of giving all the mining rewards to miners - the bulk of the funds is distributed amongst the community content creators.
Bitcoin burns a huge amount of electricity to power the network...well the miners do. It's not very efficient in that regard...and the costs do not equate to such added levels of security as a result of the electricity costs. The huge costs of running the bitcoin blockchain were known by creator of Steem and it made more sense to give more value to more people by having/creating a better distribution of resources.
Interesting perspective. I hear you. The views you express, i also shared as my initial thinking and logic about Bitcoin and Steem.
What I am somewhat newly considering and challenging myself upon...questioning really is this:
Steem and bitcoin are both money. (loose definition and kind of slang paraphrase). More correctly defined they are cryptocurrency.
Steem can do what bitcoin can do....but faster.
Bitcoin cannot do what Steem is capable of doing. (at least as far as I am aware.)
Steem Addresses/Accounts are more user friendly than Bitcoin.
Steem dapps incentivize user participation.
Steem is free to move funds anywhere in the world. Bitcoin has multiple groups of people competing against one another to try and monopolize high fees as part of it's economic model.
Steem consensus versus bitcoin consensus.
Steem is more balanced in decentralization....could call this more decentralized.
Governance process of reaching consensus is much more efficient and effective on Steem Blockchain...and greater opportunity for the average user to participate in giving their vote.
Bitcoin has more commercial use....merchant acceptance at the moment.
Steem applications are the new world broadcasting networks. News and Information is money.