Steemit definitely has the potential to play a big role in the social media sphere and stand next to giants like Facebook and Twitter. It can also look Reddit, Wordpress and Blogger in the eye and give them a run for their money.

Steemit has introduced us to a whole new concept of social networking and content authoring that defies traditional barriers and paves the way for future success and amazing innovations. Steemit might as well be the killer Bitcoin app that we've all been waiting for. Or maybe not?

(Tip: You check out the latest Tools & Services for Steem at http://steemtools.com/)

This is not Social Media Wars

So much (virtual) ink has been spilled lately on debates whether Steemit will dominate the Social Media and bring Facebook to its knees. I don't see that happening any time soon though.

When it comes to social networking, Facebook has always been and will continue to be the benchmark. Facebook stats are looking better than ever. In reality, as of June 2016, daily active users on the social network reached 1.13 billion people, a 17% increase compared to June 2015 (1).

Despite all the criticism that Facebook has received - Privacy issues, Tax avoidance, Misleading campaigns, Censorship etc (2) - the numbers don't lie; The social network is thriving.

The truth is that the debate ends before it even begins. You can't compare apples to oranges. Steemit does not want to become Facebook and Facebook definitely does not want to become Steemit.

Reaching a bigger audience takes much more than a brainy technology

The 1.13 billion benchmark is certainly appealing to the Steemit ecosystem. But that result did not come overnight for Facebook. It has built its success over the course of 12 years by staying ahead of the competition and creating all kinds of tools that are tailored for many different types of audiences.

Those who expect the skyrocketing of Steemit will be sorely disappointed. The road to success is paved with many failures, bad decisions and misfires.

Are there inherent flaws in Steemit? Of course there are. Is Steemit capable of rectifying them? Yes, I believe so.

Let us not forget all those failed social networking experiments. Some driven by greed, others by panic but most of them just failing to create a vision for themselves. Looking up to Facebook will only get you so far. If you want to reach further you need to create your own destiny.

MySpace, Orkut, Wave, Buzz (3) and many others, they all collapsed under the pressure of competition and perished. And, of course, Google Plus. Backed by billions and still struggling to gain traction 5 years after it was officially released.

Facebook is the Coca Cola of social networks. Google Plus is not Pepsi, it's more like Coca Cola garlic.

Really, you don't want to drink this.

Reaching outside the 1%

Widespread adoption of Bitcoin and other cryptocurrencies is the holy grail of crypto enthusiasts, investors, speculators and innovators around the globe.

However, there is an inherent flaw in the system: The pool of users is severely capped. And there is a perfectly reason for that. For the average person out there, the blockchain technology is like rocket science.

No cryptocurrency has succeeded so far in shedding the skin of undue complexity. Every crypto technology has been described with fancy terminology that means absolutely nothing to the 99%.

No amount of technical ingenuity can make up for the abrupt and overly complicated user experience of cryptocurrency applications.

One example is the lost passwords plague.

The first rule of Steemit is: Do not lose your password.
The second rule of Steemit is: Do not lose your password.
The third rule of Steemit is: We cannot recover your password.

Try to explain that to my mother. A 58 year old Facebook fanatic with 2,000 Facebook friends and authoring aspirations who constantly loses her password. She's out of the game on strike one.

Studies show that 17% of internet users often forget their online passwords (4). That's too many people. And they need a new password. And no, they don't care about the amazing blockchain technology that protects their sensitive data by not saving them anywhere. They just care about their lost password and getting locked out of their account.

For the average person, an unrecoverable account is not a feature, it's a problem.

The final destination

I could go on for hours writing all the bad stuff that makes Steemit a place not suitable for the 99%. But that is not my point. Steemit can and will adapt to what people need. It will just take time, a lot of time. But it will get there. Flaws will be amended, injusticies will be rectified. More and more people will come. Some of them will make loads of money, other will just earn a decent buck, other will only make change money.

This is not Social Media Wars. Steemit never wanted to become Facebook. This is the future knocking on our doors. A whole new concept that will ultimately penetrate every aspect of our lives and hopefully make the world a better place. Stay for the ride. You will be rewarded one way or the other.

PS. Don't take the money and run

That new toaster can wait. Right now Steemit needs you to keep your earnings for as long as possible in the system. Besides, powering them up will only bring you more money.

In this game there is only one way to win; You win if we all win. Tit for tat.

Peace! And Power up! :)

References

Facebook Newsroom - http://newsroom.fb.com/company-info/
Criticism of Facebook - https://en.wikipedia.org/wiki/Criticism_of_Facebook
Inside the failure of Google+, a very expensive attempt to unseat Facebook - http://mashable.com/2015/08/02/google-plus-history/#4rHJnr4edPqN
Lunabee Survey Finds that 17 Percent of Internet Users Often Forget Their Online Passwords, Creating Mandatory Password Reset - http://www.marketwired.com/press-release/lunabee-survey-finds-that-17-percent-internet-users-often-forget-their-online-passwords-1850682.ht