Steemit is a relatively new social media platform where you can get paid to blog online, upvote blog posts and also comment.
Steemit Background:
Founded in 2016 by Ned Scott and also Daniel Larimer.
Steemit is powered by new blockchain technology and uses cryptocurrency (Steem & SBD) to reward its users who are active on the platform.
This includes:
Writing a blog article
Uploading images
Commenting on other blog articles
Upvoting other blogs
Upvoting other comments.
Users of the platform are paid in both Steem Power and also in SBD (Steem Backed Dollars)
This can then be sold and transferred back to your bank account.
How Does It Work?
Steemit is very similar to many digital currencies on the market today.
(If you are unsure of what digital currencies are then I suggest you have a read of this article as it explains all about Bitcoin and digital currencies and then come back where you left off —–> Click here )
With other digital/cryptocurrencies like Bitcoin, Litecoin, and Ethereum the actual coins that are created every day are distributed to the many people who are mining the coins.
Steemit also allows for mining, but it’s not the primary way to earn rewards/money on the site.
Every day new Steemit currency units are created by the network and then these are distributed to the users on the platform.
The more you are active and engaged on the platform the more rewards you will receive. This is how you make money using Steemit.
I know at first it can a little hard to understand and get your head around, at least it was for me.
Let’s do a quick recap so far.
Q: What is Steemit?
A: Steemit is a social media platform that is based on the Steem blockchain.
Q: What is the Steem Blockchain?
A: The Steem blockchain is the technology behind the cryptocurrency which stores digital coins.
Q: What is Steem?
A: Steem is the digital currency of the Steemit platform.
Also here is a quick summary of the Steemit FAQs.
So how do you start on Steemit?
As Steemit is a platform based on the blockchain, it doesn’t allow you to join immediately.
The process normally takes 3/5 working days to get your account up and running.
Next, let’s look at using the Steemit platform.
Before we start creating content on the platform let me just give you some key points you should know first.
Steemit rewards your value creation.
To understand your value, Steemit has a system which decides how valuable your content is and also you the contributor.
This is known as your Reputation Score.
Everyone starts with a reputation score of 25.
As you spend more time on the platform and contribute your reputation grows.
People with a higher reputation earn more rewards than those with a lower score.
Look to attract followers.
This is the same as most platforms, but it is even more important on Steemit and here is why.
When you create an article on Steemit it goes into the “New” section as well as the other categories that you have used as your tag.
As there are hundreds of articles being uploaded every minute the new post you uploaded will be much further down the page after 5 minutes.
The best way to ensure people are seeing your posts is in their home feed.
Having followers on the platform ensures your content is being read and also shared which means more rewards and you making money on Steemit.
Uploads, Upvotes, and Comments.
These are the 3 different ways you earn rewards on the platform.
The more you contribute to the community the more rewards you can earn.
Rewards come in the form of Steem, Steem Power and also Steem based dollars.
What is the difference?
I am on Steemit and love it,