How Steem impacted my life
This post is my entry for the initiative by @theycallmedan “How Has Steem Impacted My Life Initiative.“ You can learn more about it here: Link
I would say that Steem impacted my life by showing me passive investment principles at work.
My investment here on Steem in SteemPower delegations brought me passive investment returns. I literally was making money while I slept. I would wake up and I was receiving Steem daily in my wallet. At one time over 90% of my SteemPower was invested in various businesses on Steemit and I was making a daily return around 5-10 Steem per day. It was a big range, but such is the nature of curation rewards. While that amount of Steem isn’t life changing, the concept was life changing because as I scaled up my delegations, so did my passive income. At a higher Steem market prices it is foreseeable that 30 Steem a day, or 900 Steem a month and at a Steem price of $1.00 I could make $1000.00 per month. That’s amazing and it would all be earned while sleeping.
I would also say that Steem has taught me how to understand decentralization as a process. When I think of Bitcoin I think of a coin which was once truly decentralized. In the beginning the Bitcoin mining difficulty was very low or perhaps I should say easy. So you could mine it with your personal computer. When the barrier for entry or mining is low, many people mine. I think this lead to more decentralization. But as time passed, the mining difficulty rose and the miners became more powerful and more expensive. Overtime the majority of Bitcoin was mined in large mining operations, so Bitcoin became concentrated in fewer and fewer people’s wallets and many smaller miners stopped mining Bitcoin and started mining other coins. So in a relative sense Bitcoin became less distributed and more centralized. It is still far from being as centralized as a fiat, but it’s code is fashioning it’s distribution. But the expense of mining and the need to sell Bitcoin prevents some holding by large miners. Steem however started more centralized with large amounts in the wallets of small numbers of people. But as these people have powered down and sold their Steem, while many more small accounts have been created Steem has slowly become more decentralized over time. It’s a process, but I it clearly illustrates the process of decentralization.
Steemit also taught me the power of delegated proof of stake. A system where Steem holders have the right to vote for the people maintaining the computer network which represents the distributed ledger and the democratization of business ownership due to the small stake holders earning the right to vote for rules that shape this investment, and influence their future and the future of the Steem blockchain.
Lastly Steem taught me the power of community, as the bear market brutally reduced the price of Steem. But the faithful Steem community continued to write blog posts about Steem blockchain, the Steemit Inc financial restructuring, ad revenue generation, technological changes which cut our costs.other advancements like a Hive Mind, MIRA, Steem engine side chain, Steem communities, tribes and other developments which showed the path forward to more publicity.
I feel like I have been transformed by my time here and I am a much more confident and more cryptocurrency Davy along the way.
Stay thirsty for knowledge my friends.
✍️ written by Shortsegments
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Shortsegments is a blogger or writer on the Steemit platform, where writers, photographers and video bloggers, along with other content producers get paid for posting their content. Steemit is a decentralized social media platform on a blockchain called Steem. A very important difference between Steemit and centralized platforms like Facebook, Instagram or YouTube, is that there isn’t a central authority or owner to take your account away from you and your account can’t be deleted. You are the owner of your account. Find out more at this Link
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