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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

 

Bitcoin

Is Bex500 an alternative to BitMEX?

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An all around review of Bex500

Bex500 is a young but rapid-growing exchange, less adversarial than BitMEX, but with higher leverage than Binance, Bex500 has enough strings to attract many crypto traders. 

Those dissatisfied with the old exchange, may find Bex500 exchange with a stable system with no manipulation or “overload”, pleasant UX, user-friendly tool kits, and around-clock customer service.

Bex500 says they are making crypto margin trading “easier” and giving you a better return. 

Can they really achieve that? We conduct a comprehensive review as below to see if it is a trustworthy exchange

Question 1. What features does Bex500 have?

Bex500 offers perpetual BTC futures as well as three other cryptos including ETH, XRP and LTC, all paired against USDT. You may find Bex500 doing a good job aggregating most important features traders need for a robust trading experience with better return.

-A fair trade with no overload

Many traders are familiar with “overload” problem, which disables placing orders in peak trading times. It is suspected to be insider manipulations by exchanges which can cost users entire portfolios.

Bex500, with its unmatched TPS (claimed to be over 10,000 orders per second), ensures that the trading…

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How Bitcoin Has Changed Online Gaming

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We always hear how Bitcoin is great for the financial industry, how it can remove the middleman and help you save money while you spend money. How it can provide fast transactions at any time to any place, even when you wish to send money to someone on the other side of the world.

While all of that is true, it is important to remember that Bitcoin’s impact does not end there. The coin has already changed countless other industries, but one of the first ones that have accepted it with open arms — and therefore one that was changed the most — is the online gaming industry.

Bitcoin’s impact on online gaming

The first thing to note here is that digital currencies have found their use in online gaming thanks to microtransactions. However, it goes far beyond simply purchasing an in-game item from another player. Bitcoin’s biggest impact, without a doubt, concerns online gambling, sports betting, and similar activities.

Bitcoin brings security and anonymity

Bitcoin casino has become one of the new most popular places for an online gambler to visit, and for numerous reasons. Bitcoin brought increased security — to the financial industry, as well as online games. This is important because security is crucial for anyone who enjoys online gambling. It…

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Bitcoin

The Crucial Role of Cryptocurrencies & Blockchain in Modernising The Telco Industry

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Blockchain has caused quite a stir in recent years. In fact, there’s a school of thought that firmly believes the digital ledger technology will prove to be the 21st Century’s biggest innovation

There are a great many industries braced for the disruptive force of blockchain, and the sweeping benefits it can bring to telecommunications can’t be underestimated. 

A blockchain is a decentralised, distributed, public digital ledger that’s fundamentally used to record transactions online. Every transaction that takes place is recorded across an extensive array of computers in a way that ensures that any individual record within the chain can’t be tampered with or retroactively modified. 

Because of the virtually impregnable security associated with blockchain and the efficiency that comes with a fully decentralised ledger, there’s plenty of potential for the technology within the telco industry in particular – especially given the financial flexibility that comes with cryptocurrency transactions beyond borders. 

Let’s take a deeper look at the important role that both blockchain and its associated cryptocurrencies can play in modernising and securing the telco industry:

Unprecedented security

The arrival of blockchain is causing a stir at Deloitte. The professional services giant has contributed tens of thousands of words on blockchain within its ‘insights’ network, and there are…

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