Steemit is an incentivized blockchain based social media platform that rewards users monetarily for participating on the platform. In other words, you can make money on Steemit. Similar to the popular social media site Reddit, users on Steemit can publish blog post, make comments, and get paid for doing so. To make sure you have a good understanding of Steemit and the platform, I suggest you check out this straightforward article on exactly how it works.
This guide is going to take you through the five different ways that you can make some serious money on Steemit’s platform.
- BLOGGING
One very straightforward way of making money on Steemit is to blog. If you can write interesting and insightful blog posts, you can quickly build a following on the platform. The bigger your following, the bigger your rewards will be on the platform. You will then be able to convert your rewards to other cryptocurrencies such as Bitcoin and then into fiat currency.
Blogging is probably the most time-consuming way of making money on the Steemit platform. It requires you to be diligent with the quality of the posts you make, as well as to actively grow the number of followers you have. It’s something that cannot be done immediately, but if done properly, can pay off in a big way.
- COMMENTING & UPVOTING
If you’re someone that doesn’t like writing articles, don’t worry, there’s an even EASIER way you can make money on the Steemit platform. Simply posting a comment underneath a blog post or upvoting comments and blog posts can help make you money.
As you can see, comments tend to pay out a lot less than blog posts, but if you’re able to make a lot of them, the money can quickly add up. Remember, the more insightful and relevant your comments are, the more likely that other people will upvote them, and the more money you’ll make.
3)LEASING OUT STEEM POWER
STEEM Power really is the key to the Steemit platform. You can think about STEEM power as the amount of influence you have. The more STEEM power you have, the more influence you have on the Steemit platform. STEEM power is so important, that people actually LEASE out their STEEM Power in exchange for, interest paid out in STEEM dollar, plus the principal amount of STEEM Power that was lent out.
More STEEM power translates to: Posts ranking higher on the Steemit platform and a higher payout on comments and blog posts. There’s a real incentive to have as much STEEM Power as possible. Therefore, people who do have a lot of it, capitalize on this need by leasing it out to other people. However, it should be noted that you can either acquire a large amount of STEEM power organically, through everyday interactions on the Steemit platform, or you can purchase it with fiat currency. Regardless of which method you decide to choose, STEEM power is an important component of the Steemit platform.