The first coin to make it out from under the cryptocurrencies fanclub dome as a viable way of payment with a few of the big on-line players will be huge. I doubt this will be Bitcoin, as it just can't handle such use in practice.
Steem could, but its marketing is totally misguided. "Grow the application landscape and get more users, all the rest will follow." Bollocks to that, Steem needs marketing as a practical currency out there where the transactions are that buy stuff. The VP of M at Steemit Inc. should consider this or leave.
I agree that which crypto the large online retailers choose will have a huge effect. I like a crypto like litecoin for this but I think a coin like ripple might have a chance to win this since banks and governments will like this due to the identity link. Hopefully the payment interface will allow for many different cryptos by using some service like shapeshift.
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You're spot on everybody is too focused on the Steemit platform, but the truth is that it's way better as a currency than all of the current top 10 currency coins, yet still languishing in about 35th place. I think people just don't realise how good it is.
What makes it better as a currency?
But it's still blockchain right? If Steem got to be as popular as Bitcoin wouldn't we see the same transaction time issues?
Definitely true about the addresses though...
Potentially but that's a hell of a long way off, the STEEM blockchain is currently doing more than double the transactions of BTC but only using 0.3% of its capacity
http://blocktivity.info
no because it is so much more efficient. Steem could easily handle all the BTC traffic without any drop in speed.
Hold on. I have heard steem is designed to double supply every year. Every 3.32 year, there is a 10:1 reverse split. This can not be a currency.
I think the inflation rate started at 10% per year and will drop by half a percent every year until it settles at either .5% or 1%. That's what I've heard anyway
Also for this to happen Steem will need a mobile wallet app or something like that ... as far as I know it is coming now, they talked about it at SteemFest 2. When the app is online then, I imagine, they will start promoting Steem. But before, without a wallet app, how will be a practical currency? ;)
How about a payment plug-in for the websites of on-line retailers? Seems like a good place to spend some development time.
Also a good idea to do for sure @ocrdu :) Everything that facilitate payments and movility is always welcome for a monetary system