Here's What Justifies Steem (STEEM)'s 'Better Than Bitcoin' Rating - Global Coin Report
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Here’s What Justifies Steem (STEEM)’s ‘Better Than Bitcoin’ Rating




Steem (STEEM) is a top performing cryptocurrency over the past twenty-four hours. The coin is up a little over 38% across the period and currently trades for a market capitalization of a little over $1.5 billion. The primary driver behind this upside run is an increase in speculative attention and a boost in sentiment on the back of a fresh (and, indeed, the first) professional ratings report that spanned a large number of cryptocurrencies and that hit press midsession US on Wednesday. While many in the space have disagreed with the interpretation put forward as part of the report, holders of STEEM likely aren’t complaining, given that this coin was one of the few that actually received a highly favorable report.

The agency in question is Weiss and the report can be found here.

For anybody not familiar with Weiss, it’s a ratings agency that began in 1971 and is the self-proclaimed nation’s leading independent rating agency of financial institutions. It assigns letter grades to about 55,000 institutions and investments, including nearly all of the US’s insurance companies, banks, credit unions, stocks, ETFs and mutual funds. It also (and this is important) never accepts compensation of any kind from the companies or entities it rates.

STEEM Daily Chart

STEEM Daily Chart

Anyway, it’s the first financial rating agency to put forward a cryptocurrency based report and the response has been mixed.

Bitcoin, for example, picked up a C+, while Ripple picked up a C and Ethereum received a B.

STEEM, on the other hand, received a B-.

Here’s the justification:

“(STEEM) enjoys a relatively good balance of moderate strength in nearly all the key factors considered along with a social network feature.”

So what’s the deal? Why did STEEM outperform some of the incumbents in the space?

Well, for anyone new to this one, STEEM is the cryptocurrency that underpins the Steemit ecosystem. Steemit is a social network and content creation type platform that allows anyone who has an account to create and publish content for the consumption of other users.

It’s free to use for creators and users are able to use the blockchain based technology that underpins the platform to reward other users monetarily if they apprecitate the content that they are creating and sharing with the community. Think of it as a sort of hybrid between Medium, Reddit and Facebook.

Anyway, back to the ratings.

As noted, Weiss sees STEEM as superior to many of the coins in the space based on the balance of its features in line with the fact that it’s used to power a social network. While this seems like a bit of a loose statement, at core we agree with the agency.

Sure, STEEM doesn’t have the billions of dollars of infrastructure in place that bitcoin does. And sure, Steemit doesn’t have the enterprise partnerships with commercial behemoths that Ripple does. It’s also nowhere near Ethereum in terms of utility.

In its own niche, however, it’s an incumbent. In a very short period of time the company, the platform and the cryptocurrency that underpins them both have been able to dominate the social media side of the sector and establish a large, solid and very loyal base of users.

There’s also a healthy amount of speculative attention behind the coin.

But here’s what really matters – this is a coin that’s designed (indeed, one of its core functions is) to exchange hands. When it comes to long-term value potential, utility is key and this is one of the biggest strengths that STEEM has going for it right now.

So what comes next?

Now it’s all about STEEM living up to its rating. We can only see Steemit continuing to expand its user base and – as it does – expand both the base of STEEM holders and the transaction utility of the coin.

We will be updating our subscribers as soon as we know more. For the latest on STEEM, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of Steemit



3 Reasons Why WISE Token Could Be a Massive Winner in 2021



WISE token

After working in proprietary trading for over a decade, I decided to transition to crypto in early 2017.  Although crypto is significantly different from traditional capital markets, I managed to successfully find a niche for successful and opportunistic trading.  While 2017 was the perfect time to get involved, the past few years have proven to be a bit more challenging as far as generating ROI.

Cryptocurrency traders have spent the past several years searching far and wide for the next big winner.  While the market as a whole hasn’t been very bull friendly, one specific area that appears to be gaining traction is decentralized finance, more commonly known as DeFi.  This area generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum.  The reason why so many crypto entrepreneurs are flocking to this space is that it allows them to create traditional financial vehicles in a decentralized network, outside the meddlesome control of foreign governments.

One extremely popular DeFi project is Chainlink (LINK) which is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.  Chainlink has seen its token price increase by more than 300% year-to-date.    Another impressive project in the space is Kyber Network (KNC) which has seen its token soar from $0.20 at the start of the year to more than $1.60 at present.  Kyber Network’s on-chain liquidity protocol allows decentralized tokens swaps to be…

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The Pros And Cons Of Cryptocurrency




Many facets of our lives are now digitized––money is no exception. 

Have you noticed that paper money is on its way to being obsolete because so many people receive direct deposit and love the simplicity of their debit card? 

Not to mention, cash carries germs, as we’ve heard lots about during the pandemic. Many businesses have turned to card only options in light of this. 

But what about cryptocurrency?

You probably heard everyone raving about it a few years ago, but the excitement’s calmed down quite a bit. That doesn’t mean that it’s not a viable option you should keep in mind. 

What’s Cryptocurrency? 

Let’s start with the basic definition of cryptocurrency so we’re all on the same page. Cryptocurrency utilizes cryptographic methods and complex coding systems to encrypt sensitive information during data transfers. This protects your funds and personal information on a whole different level. 

These transactions are virtually impenetrable due to the combination of mathematical and technological protocols created and put in place. This aspect of cryptocurrency is what makes it safer. Also, the details of transactions are kept private. No one can see who sent what, etc., because those rigorous mathematical and technological protocols protect it.

The Pros: 

Different From Traditional Banking Transactions

One thing people hate about traditional banks is the fact that they can…

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As Global Tensions Grow, Bitcoin Price May Go Higher



BTC Surged Again as A Safe Haven Asset During Global Tensions

  • India – China Border Conflict

After weeks of squabbling and brawling along their long-disputed border, hundreds of Indian and Chinese soldiers engaged in a deadly clash Monday in a river valley that’s part of the region of Ladakh last week. Troops had massed on both sides of the border in recent months in the northern India region of Ladakh and the southwestern Chinese region of Aksai Chin, causing global concerns of a potential escalation between the two.

  • North and South Korea Clash

Last Tuesday, North Korea destroyed the liaison office it jointly operates with South Korea in the city of Kaesong, just north of the demilitarized zone that separates the two countries. 

North Korea also said it would send troops to now-shuttered joint cooperation sites on its territory, reinstall guard posts and resume military drills at front-line areas in a violation of separate 2018 deals with South Korea. Jeong said South Korea will take “immediate, swift and corresponding” steps to any North Korean provocation.

The tensions grown in Asia and the potential “second wave” of coronavirus in the United States may add more difficulties to the global economic recovery. Thus, Bitcoin, as a safe haven asset, attracts more investors to buy and hold. 

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