What’s with the sudden Bitcoin obsession? The hype around Bitcoin is raging more than ever before. Naturally, I suspect it has something to do with the price
Looks like easy money, right? That seems to be what many think (despite inevitable extreme volatility). It’s FOMO at its best: If everyone else is getting rich off of Bitcoin, so should I!
“Cryptocurrencies are an emergent property of the Internet — almost a fifth protocol in the Internet suite. If Satoshi Nakomoto did not exist, it would still be necessary to invent them. Someday, they will be used by the machines in our network, on our desk, in our garage, and in our pocket to exchange value and achieve consensus at blinding speeds, anonymously, and at minimal cost.”
Bitcoin was the shot heard around the developer world that catalyzed the booming crypto ecosystem that’s emerging today.
LocalBitcoins
local bitcoins is probably the fastest and easiest way to buy and sell bitcoins. Local bitcoins is a peer to peer bitcoin exchange. Whatever country you might live in there will be someone on local bitcoins willing to do a trade with you. All of the traders have eBay style ratings so as long as you pick a well established trader you shouldn't fall victim to any scams. Local bitcoins isn't a bitcoin wallet service provider but it does provide its users with a bitcoin address , however you do not have control of your private keys with local bitcoins which is fine in most cases.
One thing i like about local bitcoins is that it has an affiliate program, so if you have any internet marketing skills you can earn yourself a few bitcoins by promoting their website.
Steemit:
It is the equivalent since the STEEM is exchangeable for bitcoins. If people sell more Steem than buy it then the price will go down and vice versa.
For example, a post that earns $10,000 of value will have it paid 75% to the author and 25% to curators. The 75% to the author is paid half in Steam Dollars which can be immediately sold for bitcoins and the other half in Steam Power which must be held for two years but does earn interest. Some of the 25% paid to curators is also paid out in a mix of the two.
Consequently, when an author has a $10,000 post they will get about $3,750 of liquid capital that can immediately be turned into BTC, USD, EUR, etc. and the other value is locked up for a while.
I like the general idea of Steem, but distribution is a major issue. The problem is that at the current rate they will be diluted in 50 fucking years.