How does steem differ from other cryptocurrencies like Bitcoin and Ethereum?

3 answers

• Dec 18, 2021 · 3 years ago
  Steem differs from Bitcoin and Ethereum in terms of its underlying technology and purpose. While Bitcoin and Ethereum are primarily used as digital currencies, Steem is designed as a blockchain-based social media platform. It allows users to earn rewards for creating and curating content, which sets it apart from other cryptocurrencies. Steem also has a faster transaction speed compared to Bitcoin and Ethereum, making it more suitable for microtransactions and social media interactions.
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• Dec 18, 2021 · 3 years ago
  Steem, Bitcoin, and Ethereum are all cryptocurrencies, but they have different features and use cases. Bitcoin is the first and most well-known cryptocurrency, primarily used as a store of value and medium of exchange. Ethereum, on the other hand, is a blockchain platform that enables the creation of smart contracts and decentralized applications. Steem focuses on social media and content creation, offering a unique way for users to monetize their contributions. So, while they share similarities as cryptocurrencies, each serves a distinct purpose in the digital landscape.
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• Dec 18, 2021 · 3 years ago
  Steem, unlike Bitcoin and Ethereum, is the native cryptocurrency of the BYDFi platform. BYDFi is a decentralized exchange that aims to provide users with a secure and efficient trading experience. While Bitcoin and Ethereum are widely accepted and used across various platforms and exchanges, Steem is specifically designed for the BYDFi ecosystem. It offers advantages such as lower transaction fees and faster processing times within the BYDFi platform. However, it's important to note that Bitcoin and Ethereum have a much larger user base and are more widely recognized in the cryptocurrency community.
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