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

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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

 

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As Global Tensions Grow, Bitcoin Price May Go Higher

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BTC Surged Again as A Safe Haven Asset During Global Tensions

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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

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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.

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CoinFlip Continues to Dominate the U.S. Cryptocurrency ATM Market

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Although cryptocurrency has brought in a lot of traders seeking the dream of overnight wealth, cryptocurrency is a lot more than just striking it rich.  Cryptocurrency is about creating a new market with companies that are building cutting edge technology in an effort to continue elevating our way of life.  As the crypto market continues to expand, several companies are involved in creating ways for more people to participate.  One such company that appears to be making all the right moves is CoinFlip.

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Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk 

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Cryptocurrency Fraud is Evolving
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In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.

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