How to increase the worth of Cryptocurrencies?

hitmeasap Level X⁵

October 12, 2016, 8:44 am

9

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I am not a cryptocurrency expert nor a person with "real" experience. I have slim to none knowledge about block-chains and I can't say that I even know for real, what a bitcoin is. More than the fact that you can use it as money. It is money. In some way.

That being said, Steemit.com are using two different cryptocurrencies. We have Steem Dollars which is worth about $0,92 right now and we have Steem. Just a few months ago Steem was worth about $5 and nowadays, it's worth around $0,30.

What I want to know is, what can the "average" person do, to increase the price of the currency? - Is there anything a non-millionaire can do to increase the value?

I understand that the value would increase if Steem was in demand. As that would make people buy it like crazy. - But I don't have millions to spend on buying it, so is there anything I can do?

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CryptoGuru

CryptoGuru

When it comes to crypto currency many factors can devalue or add value to the price. I will explain a few here so you can understand a little behind whats involved.

First thing that will make the price go up or down is the amount of people who currently hold or use this currency. For example we know with Bitcoin we only have 21 Million coins total so the more people that have or use Bitcoin the higher the price will have to go to sustain all the new people.

The second thing that affects the value is public opinion. Believe it or not if word spreads a negative taste about your currency it will likely fall a few notches. The reason i know this to be true is because when one of the core developers from Bitcoin left and he said he was selling all his coin and that Bitcoin was a failed experiment the price dropped about %15.

The third but not final thing is how many people are actively buying the currency. not so much holding it or sending it back and fourth but buying it. When Bitcoin was over purchased back in July the price went up almost 100%. Some rich guy decided he wanted to buy Bitcoin on a large scale and hold onto it and the result was a price increase similar to the one we saw in 2013.

Steemit is not working for me. I have a few posts on the site but they are just not moving around at all. I don't think its for me but im going to give it a few more tries before i give up.

10 years ago

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hitmeasap

hitmeasap

Thank you for a superb and detailed reply jkeyz2, I appreciate it. Although I understand some of these things, as it's actually common sense to me. I can't figure out what one can do about it. If there is anything the "little guys" can do that is. - I mean, a millionaire could obviously buy an insane amount of any cryptocurrency they want, just like in the example you've stated above. - And that would make it increase in value, as the demand is higher. Right?

But what about me. Or my neighbor, or my friend, or the newcomers. - Is there anything we or them can do to help the currency to become more valuable?

Steem for instance, is down to $0.303 right now. - To me, it sounds like a superb opportunity to purchase a TON of it, as long as you can afford to do so. I personally can't buy a million steem, but I will try to grab as much as possible, as soon as I can. Especially as I know it was worth around $5 about 2 months ago..

But that's just the thing. I don't feel like to invest a single cent, in case I can't understand how everything works. I don't know if steem have the potential to go up in price again or if it will keep falling. - Steemit are using two currencies at the same time.. Which might be one of the reasons for one of them to fall. But I'm not sure.

10 years ago

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CryptoGuru

CryptoGuru

I would not invest into steem crypto. Please do not take this the wrong way its just that i have never heard of it until just a few weeks ago and i have been doing this intensively for almost a year now. I research everyday i find new things and learn new things on a daily basis. Never have i heard of steam until i saw a post about it on Seoclerks. Rite now a currency like steem is affected more by the things i have mentioned above because the price is so low. i will give you a few Good ways to figure out whether you should invest or not.

One i would check to see what the lowest price has been within the last 6 months. This will tell you if its really at a all time low or if its possible for it to drop more. Also this will tell you what the possible high price could be in the future if you do invest.

Two i would check furoms and the companies site to see if they ave any new developments in the works. When crypto currency companies make new breakthroughs the price goes up. Being informed of this kind of thing ahead of time could prove to be the deal breaker.

Three how long has this crypto been around for and who is talking about it? The age will give you an idea if this company is new to the world of online currency or if its been around awhile. Newer companies are more likely to fail and you could lose your investment really easily.

10 years ago

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hitmeasap

hitmeasap

Thank you for a great reply jkeyz2, I appreciate it. Steem is down to $0.282801 right now, so even though your recommendation is not to invest, I will still invest in it. Not by much, but I will try to purchase as much as I can afford right now due to the low price. - Just imagine if it will rise again and reach $4-$5, as it was at it's peak about 2 months ago. That's a superb profit.

So, perhaps it's not the best investment, but I truly believe it's worth it, at least as a short term one. However, I do appreciate your input, thank you.

10 years ago

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Cristian

Cristian

Great explanation! I finally understand certain aspects that made no sense to me until now. But this make me wonder, why just 21 Million coins? Why not just 1 million? The price per coin would be even higher if the number of coins was smaller from the very beginning.

10 years ago

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CryptoGuru

CryptoGuru

If i where you i would invest into Peercoins instead they are about .29 cents a pop. Why? Peercoin rite now is at a all time low and the last time is went this low it soon after rallied past 6 dollars in 2013. Peercoins are sustainable they are more established than steem. You have a better chance of making a bnigger return on a crypto like PPC rather than steem. Peercoin is being accepted widely on the internet and is continuing to grow. in my opinion it is the better investment.

10 years ago

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overcast

overcast

Doing more transactions seems to be the only way for increasing the worth of the cryptocurrencies. I have found that bitcoin became more popular because they were used more offshore. And that's how they are hoarding more money from that. You can see that some of the people who make use of the BTC and stellar are doing those stuff. That should explain how to get more of such currencies for the use.

9 years ago

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Corzhens

Corzhens

I am also ignorant of cryptocurrencies that’s why my usual response is to ask about the concept and mechanics. Unlike the legitimate currency with the value dictated by the economy and governed by the central bank, the whereabouts of the cryptocurrency is unknown. And in your statement, the value went down abruptly. That is now my question – what really dictates the value?

8 years ago

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