Steemit is a social network that can be likened to platforms such as Reddit - but there is a twist.
There is an even more exciting feature about Steemit; IT PAYS BOTH THE CONTENT CREATORS AND CONTENT CURATORS OF THE BEST CONTENT BY UPVOTING OTHER BLOGGERS' WORK.
This is fundamentally possible because Steemit is built on top of a cryptocurrency STEEM.
On a daily basis new STEEM is created and distributed amongst the users and it can be later subject to withdrawal (to cash) if the user so wishes.
Like other cryptocurrencies, Steemit can be mined but it is not the only way to get paid. The mined units are distributed to the users who engage in the Steemit network. The more you interact the more you get paid!
CONTENT CREATORS, COMMENTERS AND UPVOTERS ALL GET A PIECE OF THE PIE.
Now with that abovementioned allow me to fly across an idea to you after I have explained to you the 3 currency units of the Steemit network.
STEEM are units that can be bought, sold and traded as if they were other assets like stocks, CFD's, currencies etc.
New Steem units are created & distributed on a daily so you might want to think twice before holding them for too long because they will eventually get diluted & lose their value. Scary? - not quite. Listen to this.
Steem Power units cannot be sold for the next 2 years from the time Steemit was published. They signify your part ownership of the network and therefore can be viewed as a long term investment in the network. The network grows - so does your stake.😉
90% of the Steem currency generated everyday goes to Steem Power holders and remainder 10% is distributed to content creators. 50% of your engagement remuneration will be in Steem Power units. The more Steem Power you have the more worthy your curation vote.
Last but not least we have Steem Dollars.
Steem Dollars do not lose their value like STEEM. They have been made to be a stable currency.
Popular content you post will be paid in 50% Steem Dollars. Holding Steem Dollars pays 10% interest because you would be keeping value inside the network.
YOU CAN CASH OUT YOUR STEEM DOLLARS BY CONVERTING THEM INTO STEEM AND SELL THE LATTER FOR CASH IN AN EXCHANGE.
If you want to invest in the long-term prospects of the network you can convert them into Steem Power - which I highly recommend.
In closing;
An asset is defined by its ability to continually generate value (in this case cash) for its owner(s).
Imagine your account being eventually worth $10,000 (there are people with more - I'm talking $100,000+).
There are no limits to how much your asset can be worth one day - JUST ENGAGE & ENJOY THE RIDE. 😃
THE FUTURE IS NOW - TO THE MOON! 🌍🚀🌚