A lot of fuss has been going aroundSteemIt in the past few months. Steemit is kind of a social news platform that pays users with digital currency called Steem for posting and upvoting good content. Think of Reddit, but with a nice add-on of getting paid for your participation.
The problem as I see it with Steemit, is that the concept is just too hard to grasp. There are too many confusing concepts. For example, you have Steemitwhich is the platform, Steem – the digital currency, Steem power, Steem dollars and it all becomes one big mish mash of unexplained terms. In the end the average user who wants to get started with Steemit is left confused and leaves the platform.
In this post I will try to make some sense out of these terms and the platform in general, and help you understand how to get started with Steemit if this is something you’d like to pursue.
A bit of history about Steem.
Steem (the digital currency, not to be confused with Steemit the website) was first described in a whitepaper in March 2016. Steem and Steemit were in Beta until July 4th 2016. Once the platform (Steemit) became live and payments were made to the contributors, the currency saw a 1800% increase in its price from $0.24 to $4.63. However, since then the hype dulled down and the currency has slowly declined back to $0.28.
This explosive growth and fast demise of the currency made people suspect Steem was perhaps just another Pump and Dump scheme. In such a scheme the founders and early adopters drive up the currency value through media hype and then sell off their coins at a huge profit. The people who get hurt by this are the late joiners who are stuck with a lot of coins that lost their value.
The Steemit platform however has grown immensely in the past few months. Here’s how the traffic on Steem grew according to Alexa’s web ranking:
This is a quick glance about the steem coin We will continue in the next article I'll talk about steem, steem power and steem dollar And how we can make big money from this wonderful site