Power consumption
Bitcoin mining machines consume at least 2.55 GW of power (source). In contrast, STEEM uses kWs of power.
Transaction capacity
Bitcoin blocks can hold 1 MB of information. STEEM blocks can hold less than 100 kB.
However, STEEM produces blocks 200 times faster on average.
Market manipulation
Many people are heavily invested in Bitcoin and use networks of influence to persuade people to purchase Bitcoin, in order to drive up it's price so that they can get more off their investment. This is why I see Bitcoin going up quite a bit in the future: Market manipulation by the heavily invested.
No real use
At current value and utilization, being barely used for commerce in only a few parts of the world (source), Bitcoin transactions cost around $0.30. (source) As higher utilization is not possible due to limited block size, further attempts in utilizing Bitcoin to facilitate real-world transactions will lead to progressively higher transaction fees.
Conclusion
Bitcoin is a speculatory asset with no real-world applicability, however, market manipulation is likely to allow it to rise. Artificial hype around this unbacked, speculatory asset has led to it's price massively inflating and investors' sunk-cost fallacy prevents it from dropping to nothing.
Postscript
If you have any questions about this or a related subject, or and especially if you disagree with me, I encourage you to leave a comment below.
I appreciate any votes/reblogs/follows I get, they tells me that somebody actually reads what I write.
All of this post's rewards are powered up, which is as good as burning them for STEEM's market price (as I do not plan on powering down and/or selling it in any way), more on that in another post. (possibly)
