| json_metadata | "{"appParentPermlink":"pk9mkc9kw","musingAppId":"aU2p3C3a8N","appTags":["steem"],"appDepth":2,"appBody":"<p>Steem blockchain as a choice of payment instrument....is having a great potential and it has all that qualities to be acceptable as a kind of payment method, this is because of the following properties of steem blockchain:-<\/p>\n<p><strong>Scalability<\/strong><\/p>\n<p>Generally for the consideration of a cryptocurrency as a payment instrument, scalability is the foremost criteria and it should scale at least 1000 transaction per second and <strong>steem blockchain can scale up to 10000 transaction per second and second important aspect is that its block producing time is 3 second only<\/strong>. That means sending and receiving of steem is like almost instant, that is an excellent feature of steem. So in this criteria steem blockchain sufficiently excels to be considered as a payment instrument.<\/p>\n<p><strong>Transaction fee<\/strong><\/p>\n<p>Any cryptocurrency which incur high transaction fees, will not be accepted widely as a payment instrument, so ideally it should be either low or no transaction fees. We all know <strong>steem does not incur any transaction fees<\/strong>, therefore making it perfectly fit to be used as a payment instrument.<\/p>\n<p><strong>Native Wallet<\/strong><\/p>\n<p>Any cryptocurrency having its own native wallet is considered as ideal to be recognized as a payment instrument and again <strong>steem has its own native wallet<\/strong>, therefore in this criteria too steem excels.<\/p>\n<p><strong>Listing in major exchanges<\/strong><\/p>\n<p>If a cryptocurrency is listed in major exchanges then it is generally considered as ideal to be used as payment instrument. Because the users can buy and sell the cryptocurrency in exchanges and if it is available in major exchanges means it is sufficiently liquid and easily available. In case steem, <strong>it is listed in major exchanges like Bittrex and Binance,<\/strong> so again making it fit to be used as payment instrument.<\/p>\n<p><strong>Inflation<\/strong><\/p>\n<p>Generally for the consideration of a cryptocurrency to be used as payment instrument, <strong>the inflation should remain below 5%<\/strong> and <strong>in this regard, steem has a little higher inlfation rate which roughly 8.4% <\/strong>and but in the long run the inflation rate will go down for steem as every year it is reducing. So in this criteria steem is little on the back foot.<\/p>\n<p><strong>Stable currency<\/strong><\/p>\n<p>A cryptocurrency should not be too volatile and should trade in a stable range and in this criteria almost all the cryptocurreinces fail (except stable coins like TUSD or USDT) and steem is no exception too. Because of the craze of cryptocurrencies the price is really quite volatile and this may not be ideal for the consideration as a payment instrument.<\/p>\n<p><strong>Hard Forks<\/strong><\/p>\n<p>If a blockchain has survived a hard fork then it is generally considered as stronger than ever and in that sense <strong>steem blockchain has succesfully passed through 20 hard forks with the latest being HF20 and it is a testimony of the fact that how good steem blockchain is.<\/strong><\/p>\n<p><strong>Consensus, security and Safety<\/strong><\/p>\n<p>A network deploying a consensus protocol should ensure that the network is absolutely safe against any kind of attack and it should be well maintained too in regard to safety and security. Steem has DPoS consensus protocol and<strong> I think steem so far has proven that its network is safe and secure<\/strong>, so in this criteria steem excels for the consideration as a payment instrument.<\/p>\n<p>Thank you and Have a great day.<\/p>\n<p><br><\/p>\n<p><br><\/p>\n<p><br><\/p>","appCategory":"steem","app":"musing\/1.1","appParentAuthor":"ijoel","musingPostType":"answer","appTitle":"Will steem be accepted and recognized by the world community as a payment instrument such as USD?","musingAppVersion":"1.1"}" |
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