Steem cryptocurrency is owned and run by Steemit, a platform that launched in March 2016 with the intention of monetizing social media activity on the blockchain database. Steemit tags the social activity of commenting, contributing blogs and voting up stories, with monetary rewards, means it has real demand. People get free money on the platform by participating in this social activity because Steem dollars can be redeemed with real-world currency. The future of Steemit depends on the amount of people using it and how valuable the platform. This will become in future for real world applications. It is also clear that blogging, content consumption and social media is helping companies to advertise their businesses and brand, meaning it has real demand in the world out there. It is almost not possible that all people would stop using social media, blogging and content consumption in the near future. Steemit will continue to grow to become a platform for many. The platform is on its beta stage and there is no doubt that it would need to attract millions of users beyond the half a million unique monthly visitors to gain more popularity. But it has real potential. The amount of compensation is also something to look at when considering if or not more people will join the network. Another factor that will determine the success of Steem crypto is whether it will be accepted by other platforms such that people can pay for other goods and services using Steem dollars. So far, that has been critical in the success of Bitcoin and other cryptos. For now, there is a limit: Steem tokens are locked up in Steem Power for so long. It takes three months to turn Power into tokens in order to sell them or trade. In a way, that could be one reason that makes its price stable and look attractive to investors.
